March 19, 2017

Oil Minister Ali Jabbar Hussein Allaibi ministry's keenness to reshape the national oil company, and its importance in the development of the oil industry in Iraq, came after the cabinet approval of the draft decision to reshape the company and sent to the House of Representatives for discussion and approval.

He Allaibi, on Sunday, in a statement received by Iraqi transmitter Network (IBN), "The ministry has paid great attention to the re-activation and the formation of the national oil company, where she has worked since the six months to prepare a new draft was sent to the cabinet where they were voted on at the last meeting Council and forwarded to the House of Representatives for approval. "

He said, "The company did not repeal the law, but was attached to the Ministry of Oil in 1986, according to Resolution 126, and that the draft, which was sent to the House of Representatives recently included the re-formation of the national oil company."

The minister said that "the ministry aims to restructure and regulate the ministry work of several steps Perhaps the most important reshape the national oil company, on the basis of solid and in line with increased production and export rates and the development of infrastructure and raise the efficiency and performance to be one of the leading regional companies in the world."

"The ministry is working to establish a national gas company and national refineries, and that these steps are designed to regulate oil and gas wealth management in the country and identify the tasks and responsibilities of each party."

It is noteworthy that the National Oil Company was founded in 1962 and was one of the region's leading companies and the world.