URGENT The President of the Republic approves the law of the Iraqi National Oil Company
URGENT The President of the Republic approves the law of the Iraqi National Oil Company
2018/3/25 12:53
(Baghdad: Al-Furat News) The Information Office of the Presidency of the Republic announced that President Fuad Masoum Sadiq on Sunday, the law of the Iraqi National Oil Company.
A statement issued by the presidential office received the agency {Euphrates News} a copy of it, “This law, which was voted by the House of Representatives earlier, on the basis of the provisions of item {I} of Article {61} and Article (III) of Article {73} of the Constitution” .
He added that the law “for the purpose of ensuring the exploration, development, production and marketing of 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 methods of work on the basis of efficiency, flexibility and competitiveness to maximize revenues for the benefit of the Iraqi people, Which requires the formation of the Iraqi National Oil Company as a public company wholly owned by the state and reflects the concept of ownership of the people of oil and gas and the development of specialized formations within its organizational structure commensurate with its role in the management and development Oil and gas fields produced and discovered to promote the oil and gas industry and the development of various other energy sectors in Iraq. ”
The statement added that “this law was sent for publication in the Official Gazette”
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