Advertisment Iraq Puts Plans for a New Oil Company | Iran Energy News Skip to main content
IRAN Energy News Agency
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel
Oil, Gas, Petrochemical and Energy Field Specialized Channel

Iraq Puts Plans for a New Oil Company

Lawmakers passed a new law in March to establish the new national oil company.

Baghdad has put plans to create a new national oil company on hold until a new government is formed, industry sources have told Offshore Technology sister publication MEED.  

At stake is who controls the purse strings when it comes to dealing with the country’s oil fortune once the new company has been established.

“This is a key issue that has not been decided,” say oil executives in Iraq. “It will be either the oil ministry or the national oil company.”

Lawmakers passed a new law in March to establish the new national oil company.

At the time, officials said the new company would serve as an umbrella organisation for existing Iraqi state oil firms, leaving the ministry free to concentrate on broader strategic objectives for the development of the Iraqi energy sector.

Sources have told MEED that the new national oil company will be modelled on the structure used by the Abu Dhabi National Oil Company (ADNOC).

Iraq is still a long way from forming a new government after its election on 12 May.  

The election delivered a surprise win for Shia cleric Muqtada al-Sadr, but his Sa’iroun political bloc fell short of the majority needed to govern.

The final results are yet to be approved by the federal court, and the winning coalitions haven’t been able to form a new government.

The last parliament’s term ended on 31 June.

 

Join us on Telegram Channel."Energy Today"
Google +
Twitter
Facebook
Google Translate
Instagram
Digg
Telegram
Blogger
Linkedin
Pinterest

Add new comment

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Fill in the blank.
49