Energy Committee reveals law establishing a national owned company to extract oil from all over the country, including Kurdistan

Posted: August 10, 2013 in Iraqi Dinar/Politics

Editor: BS, NF 10/08/2013 12:57

Revealed to the Commission on oil and energy parliamentary Saturday, a draft law to establish a national company for the oil to be Supervisor extracted in all parts of Iraq, including the Kurdistan region, while confirming that the draft raised the Presidency will be discussed after the Eid holiday, she noted that “the company will be Iraqi one hundred percent, without foreign participation. “

The decision of the Commission on oil and energy Qassim Mohammed said in an interview to the (long-Presse), “finished in the Oil and Energy Committee to discuss the draft law on the establishment of a national company for oil, and رفعناها to the Presidency,” explaining that “The draft will be discussed in the House of Representatives after the resumption of work after the holiday Eid al-Fitr. ”

Mohammed pointed out that “the company will be one hundred percent Iraqi and without foreign participation, it will be placed capital,” pointing out that “the size of its capital will determine the course of the discussion in the House of Representatives, their work will also be a multiple, within the oil and gas extraction.”

He noted the decision of the Commission on oil and energy that “the company’s headquarters will be in Baghdad and would be honorable to extract oil in all parts of Iraq, including the Kurdistan region.”

It is noteworthy that Iraq has no national oil company, and there are some companies that operate under the umbrella of the Ministry of Oil, as a SoC, and the North Oil Company, and Maysan Oil Company, and founded the Southern Oil in 1969, and after 2003 tended Iraq to foreign oil companies to invest in Iraq’s oil through a number licensing rounds.
It is noteworthy that Iraq exported crude oil from the ports of Basra and Khor al-Amaya on the Arabian Gulf, as well as the Turkish port of Ceyhan on the Mediterranean Sea, and is export haulage truck to Jordan, and the percentage of Iraqi exports from the Basra oil 90%, while the remaining issue of Kirkuk, Iraq currently produces about two million and 700 thousand barrels of crude oil per day, and emits nearly two million and 200 thousand barrels per day.

Iraq seeks through the development of oil fields in the two rounds of licensing the first and second, to reach a production of at least 11 million barrels per day within the next six years, to 12 million barrels per day after the addition of the quantities produced from other fields of national effort.


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