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Showing results for tags 'federal oil ministry'.
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19-10-2017 01:39 PM Oil warns companies from contracting with any party without reference to the federal government The Ministry of Oil warned on Thursday that all countries and international oil companies from contracting or agreement with any party inside Iraq without reference to it or the federal government. "The irresponsible statements made by some officials inside and outside Iraq or by foreign companies about their intention to contract or conclude oil contracts with this or that side within the geographical boundaries of the country without the knowledge of the federal government or the Ministry of Oil, Is a blatant interference in the internal affairs of Iraq and a reduction of national sovereignty and a clear violation of international norms'. He added that 'the federal government and the Federal Oil Ministry are the only parties that have the constitutional and legal powers in the conclusion of contracts and agreements relating to the development and investment of oil and gas wealth'. He added that 'the government and the Ministry of Oil are responsible for drawing and developing strategies related to oil and gas wealth in accordance with the Constitution and the laws and powers and instructions in force, whether in the conclusion of agreements with countries or contracts with international companies, otherwise these agreements and contracts are illegal and non-binding to the Iraqi state and grant the right to the government and the ministry In taking legal action in domestic and international courts in order to protect national wealth '. The Minister of Oil stressed that 'the government and the Ministry of Oil are keen to provide a safe environment for the work of international companies and protect their investments throughout Iraq, including the northern provinces'. It is noteworthy that the Kurdistan region, signed a contract with Russia's Russian oil company, worth 400 million dollars, to begin the exploration in Erbil, and if successful start the company, according to local media.