This is the aim of the national oil company

[Theseus]

Once they "mull" then they have to cogitate the draft before they can finally perpend the draft law as we ruminate over their ponderance of a decision to be made soon.

[The Englishman]

1 hour ago, 10 YEARS LATER said:

Hmmmm . . .  " Iraq mulls " etc. about sums up the last decade. When you're finished " mulling " kindly do get after it. Your citizens ( and the rest of us ) are waiting 

Just waiting for that word, will we form a " committee " to pop up again  

[SocalDinar]

Iraq mulls rekindling national oil company

 

BAGHDAD, March 20, 2017 – Iraq is working to re-establish the Iraq National Oil Company (INOC), Oil Minister Jabbar Al Luaibi confirmed on Monday.

In a statement on the ministry website, Al Luaibi said a draft resolution for the return of INOC had been ratified by the Iraqi cabinet and sent to Parliament. Debate on the INOC draft law got underway in March 2016.

The draft law is not without controversy. According to consultant Ahmet Mousa Jiyad, the text was a result of an “unhealthy chaotic situation” at government level and hadn’t been thought through.

According to Al Luaibi, the decision to re-establish INOC is part of the ministry drive to reorganise and restructure its operations. He added that the ministry was also working on setting up a national gas company and a national refineries company.

Founded in 1966, NIOC was broken up in 1987, with regional national entities now responsible for oil and gas developments at operational level.

The ministry did not elaborate on what the plans mean for regional national oil companies such as North Oil Company and Missan Oil Company, nor what it would mean for the newly established Dhi-Qar Oil Company.

The Ministry of Oil kicked off 2016 with the establishment of a fifth national oil company and the rebranding of South Oil Company (SOC), responsible for almost 80 percent of Iraq’s oil production, to Basra Oil Company. The latter would hand over four fields to the Dhi-Qar Oil Company.

There have been little to no updates regarding the SOC rebranding effort and the fate of Dhi-Qar Oil Company since the formal announcement on January 5, 2016. Evidence suggests that SOC continues to function as it always has.

The gas and refineries sectors are organised in similar fashion to the oil industry, with regional entities such as South Gas Company and Midland Refinery Company responsible for operations in their respective geographic areas.

In related news, Iraq Oil Tankers Company on Monday signalled its intention to purchase a very large crude carrier and two so-called handysize vessels with a deadweight of between 20,000 and 25,000 tonnes.

http://www.theoilandgasyear.com/news/iraq-mulls-rekindling-national-oil-company/

 

[yota691]

This is the aim of the national oil company

economy

 Since 23/03/2017 12:02 am (Baghdad time)

Baghdad balances News

A spokesman for the Oil Ministry, Assem Jihad, said on Thursday that the ministry tracing modern mechanisms for the development and investment of oil wealth and attempted to go to establish a national oil company, is an example.

Jihad said in an interview with / balances News /, that "the ministry has prepared a project to establish the national oil company law in addition to the two drafts of the gas and the liquidation of these companies and is managed by the Board of Directors and enjoys administrative and financial autonomy and the advantage of flexibility."

He said Jihad, said that "the aim of establishing the national oil company is the optimal investment of the oil wealth and expand its business and projects within and outside the country to achieve the financial revenues and by using modern techniques and standards and mechanisms are very sophisticated."

He noted, "The company will be more like a global international companies advanced arm for the development of the national oil industry, according to the latest methods and techniques applied on a global scale without having to enter the oil ministry affairs except for the planning and supervision."

Turning that "he often national companies are the new global reputation, according Matstkhaddmh of possibilities in addition to the flexibility possessed by where so companies are free from large restrictions in the absence of non-integrated into the Ministry of Oil."

He pointed out that "the Iraqi National Oil Police were ancient at its founding in 1986 by the former regime to freeze its work and its annexation to the Ministry of Oil and today we presented the draft to move toward re-established."

It is worth mentioning that he was the founding of the Iraqi oil company in 1961, where he was released in Iraq Act 80 under which Iraq issued 95% of the oil company announced the formation of Iraq and the Iraqi National Oil Company in 1964.

In April of 1987, merging Oil Minister Issam Chalabi, the company with the Oil Ministry, which has become a direct player in the industry as well as its regulator.

But at the operational level, the company has been divided into groups of regional companies, including the North Oil Company, based in Kirkuk, the South Oil Company, based in Basra, an oil center.

The Council of Ministers during its voice in this March 14 on a draft law of the Iraqi National Oil Company and submitted to the Council of Alnwab.athy 29 / D 24