Infallible endorses the law of the Iraqi National Oil Company

Shafaq News / The Information Office of the Presidency of the Republic, announced on Sunday that Fuad Masoum Sadiq today ratified the law of the Iraqi National Oil Company.

The Office explained in a statement to the News Agency that this law, which was voted by the House of Representatives earlier, based on the provisions of item (I) of Article (61) and Article (III) of Article (73) of the Constitution, The oil resources in the fields and land allocated to them under the law on behalf of the Iraqi state and to increase production and development of oil and gas industry and related facilities and facilities and working methods on the basis of efficiency, flexibility and competitiveness to maximize revenues for the benefit of the Iraqi people.

He added that it came in accordance with internationally recognized standards, which requires the formation of the Iraqi National Oil Company as a public company wholly owned by the state and reflect the concept of ownership of the people of oil and gas and the development of specialized formations within the organizational structure commensurate with its role in the management and development of oil and gas fields produced and discovered to promote the oil and gas industry and develop various Other energy sectors in Iraq.

The statement pointed out that this law was sent for publication in the Official Gazette.

Article Credit: https://www.shafaaq.com
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