Iraqi parliament votes to establish “National Oil Company”

Iraqi parliament votes to establish “National Oil Company”

05 March 2018 05:12 PM

Iraqi parliament votes to establish National Oil CompanyThe meeting was held today at the headquarters of the Council headed by Salim Jubouri and the presence of 220 deputies

Direct : The Iraqi parliament voted on Sunday on the draft law of the Iraqi National Oil Company and submitted by the Committee on oil, energy and natural resources, according to the statement of the Iraqi Council of Representatives.

Today, the Iraqi Oil Ministry welcomed the inclusion of the law in the agenda of the House of Representatives, for discussion and vote on it.

For his part, the Iraqi oil minister said that the parliament’s vote to establish a new national oil company aims to improve the management of the country’s wealth and protection, describing the vote as “the historic decision.”

Jabbar al-Luaibi said that the ministry will take the necessary steps to implement the law, according to (Reuters).

The company’s law provides for the establishment of a public company with a legal personality represented by its president or its authorized representative, with headquarters in Baghdad and with branches inside and outside Iraq, with a capital of 400 billion dinars (about 337.27 million dollars) .

The company’s founding law, which was approved by the president last April, allowed the company to increase its capital on the proposal of its board of directors and the approval of the cabinet after presenting the feasibility study, according to a previous statement by the Iraqi parliament .

The law stipulates that the Iraqi National Oil Company shall invest all the oil and gas areas in all the lands and territorial waters of Iraq and may share with others the approval of the Council of Ministers .

It also allowed it to borrow from home or abroad to finance its investments inside and outside the country .