This is the aim of the national oil company

[yota691]

OIL MINISTER: WE WILL FORM A NATIONAL OIL COMPANY

March 19, 2017 Iraq News , 

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BAGHDAD / IBN

Oil Minister Ali Jabbar Hussein Allaibi ministry's keenness to reshape the national oil company, and its importance in the development of the oil industry in Iraq, came after the cabinet approval of the draft decision to reshape the company and sent to the House of Representatives for discussion and approval.

He Allaibi, on Sunday, in a statement received by Iraqi transmitter Network (IBN), "The ministry has paid great attention to the re-activation and the formation of the national oil company, where she has worked since the six months to prepare a new draft was sent to the cabinet where they were voted on at the last meeting Council and forwarded to the House of Representatives for approval. "

 

He said, "The company did not repeal the law, but was attached to the Ministry of Oil in 1986, according to Resolution 126, and that the draft, which was sent to the House of Representatives recently included the re-formation of the national oil company."

 

The minister said that "the ministry aims to restructure and regulate the ministry work of several steps Perhaps the most important reshape the national oil company, on the basis of solid and in line with increased production and export rates and the development of infrastructure and raise the efficiency and performance to be one of the leading regional companies in the world."

 

"The ministry is working to establish a national gas company and national refineries, and that these steps are designed to regulate oil and gas wealth management in the country and identify the tasks and responsibilities of each party."

 

It is noteworthy that the National Oil Company was founded in 1962 and was one of the region's leading companies and the world.

[yota691]

add this from last week...

Cabinet to vote on the draft law of the Iraqi National Oil Company

 

 

Economy News / Baghdad ...         Voice of the Council of Ministers, the draft anti-terrorism law and referred it to the House, also voted on a draft law the Iraq National Oil Company, in addition to voting on the Bank of Japan for International Cooperation loan to finance the Ministry of Electricity projects.   Information Office of the Prime Minister said in a statement obtained by "Economy News", a copy of it, that "the Council of Ministers held, its regular headed by Haider al-Abadi," pointing out that the Council of Ministers, "the voice on the draft anti-terrorism law and forwarded to the House of Representatives."   He said the office, that "it was during the meeting to vote on the draft law of the Iraqi National Oil Company and submitted to the House of Representatives," noting that "the Cabinet was briefed on the actions by the Chairperson Rafidain and Rasheed banks and the Iraqi Trade Bank and National Investment Authority to facilitate the sale of apartments in Basmajh which notably reduce the proportion of interest and through standardized instructions adopted by the banks. "   He continued, "The Council of Ministers search through the report submitted priorities for implementation of water and sewage projects in Baghdad and the provinces, according to the comprehensive plan that the President of the Council of Ministers prepared and according to schedules and periods of time completed in 2017 and provide the funding for it," noting that the Council voted on the "Bank loan The Japanese international cooperation JBIC to finance the Ministry of Electricity projects. "       mm
Views 13   Date Added 03/15/2017 - 9:41   last updated 15/03/2017 - 12:20   No. Content 6902

[captl1]

Thanks Yota and good morning. This is outstanding news. Must have this in place for the HCL to be inacted. IMO.

[jeepguy]

isn`t  somo  the oil guys  of Iraq ?

 

[  somo slowmo    }

[captl1]

2 minutes ago, jeepguy said:

isn`t  somo  the oil guys  of Iraq ?

 

[  somo slowmo    }

One of them. They need to control all oil companies for the HCL to work.

[yota691]

Oil Ministry pave the way for restructuring

Il Giornale March 19, 2017 Add comment 5 Visit

 

 

BAGHDAD - The Journal News

Oil Minister, Jabbar defect, Sunday, to reshape the national oil company.

He said in a statement that "the ministry has paid great attention to the re-activation and the formation of the national oil company, where she has worked since the six months to prepare a new draft was sent to the cabinet where they were voted on at the last meeting of the Council and forwarded to the House of Representatives for approval."

"The company did not abolish the law, but was attached to the Ministry of Oil in 1986, according to Resolution 126, and that the draft, which was sent to the House of Representatives recently included the re-formation of the national oil company."

"The ministry aims to restructure and regulate the ministry work of several steps Perhaps the most important reshape the national oil company, on the basis of solid and in line with increased production and export rates and the development of infrastructure and raise the efficiency and performance to be one of the leading regional companies in the world.

The Cabinet approved a draft decision to reshape the company and sent to parliament for discussion and approval.

[nannab]

3 minutes ago, jeepguy said:

isn`t  somo  the oil guys  of Iraq ?

 

[  somo slowmo    }

I know  jeepguy the faster they go the be-hinder they get.

SOMO is the government oil company. 

Good morning Yota, DV

[yota691]

Allaibi: eager to reshape the national oil company and the law did not cancel

 

 

58 minutes ago

 

Twilight News / Oil Minister Ali Jabbar Hussein Allaibi on Sunday, the ministry's keenness to reshape the national oil company, and its importance in the development of the oil industry in Iraq.

The Cabinet has recently approved a draft decision to reshape the company and sent to the House of Representatives for discussion and approval.

Allaibi said in a statement responded to the Twilight News, said the ministry paid great attention to the re-activation and the formation of the national oil company, where she has worked since the six months to prepare a new draft was sent to the cabinet where they were voted on at the last meeting of the Council and forwarded to the House of Representatives for approval.

He explained that the company did not abolish the law, but was attached to the Ministry of Oil in 1986, according to Resolution 126, and that the draft, which was sent to the House of Representatives recently included the re-formation of the national oil company.

The minister said that the ministry aims to restructure and regulate the ministry work of several steps Perhaps the most important reshape the national oil company, on the basis of solid and in line with increased production and export rates and the development of infrastructure and raise the efficiency and performance to be one of the leading companies in the region and the world.

He said the ministry is working on the establishment of the National Gas Company and National refineries, persisting saying that these steps are designed to regulate oil and gas wealth management in the country and identify the tasks and responsibilities of each party.

It is noteworthy that the National Oil Company was founded in 1962.

 

 

[yota691]

Allaibi: eager to reshape the national oil company

economy

 Since 19/03/2017 14:24 pm (Baghdad time)

Baghdad balances News

Oil Minister Jabbar Luaibi, Sunday, the ministry's keenness to reshape the national oil company, and its importance in the development of the oil industry in Iraq, came after the cabinet approval of the draft decision to reshape the company and sent to the House of Representatives for discussion and approval.

He Allaibi in a statement received / balances News / copy to, "The ministry has paid great attention to the re-activation and the formation of the national oil company, where she has worked since the six months to prepare a new draft was sent to the cabinet where they were voted on at the last meeting of the Council and forwarded to the the House of Representatives for approval. "

"The company did not repeal the law, but was attached to the Ministry of Oil in 1986, according to Resolution 126, and that the draft, which was sent to the House of Representatives recently included the re-formation of the national oil company."

"The ministry aims to restructure and regulate the ministry work of several steps Perhaps the most important reshape the national oil company, on the basis of solid and in line with increased production and export rates and the development of infrastructure and raise the efficiency and performance to be one of the leading regional companies in the world."

"The ministry is working on the establishment of the National Gas Company and National refineries, and that these steps are designed to regulate oil and gas wealth management in the country and identify the tasks and responsibilities of each party."

The national oil company, was founded in 1962 and was one of the leading companies in the region and Alm.anthy 29 / D 24

[tigergorzow]

1 hour ago, yota691 said:

"The ministry is working on the establishment of the National Gas Company and National refineries, and that these steps are designed to regulate oil and gas wealth management in the country and identify the tasks and responsibilities of each party."

Yota Thanks,  DV,  Excellent news now it is time for Parliament to do their job and read, vote on the law and published in the Gazette.  I do believe he sent both "Oil & Gas Law and "National Oil Company Law" to COM to be approved however only the "National Oil Company Law" was approved by COM and submitted to Parliament for approval.

Yota, DV, Is that correct?

 

Always Keeping The Faith!!

 

GO RV / RI

 

[Laid Back]

The Iraq National Oil Company (INOC) was founded in 1966 by the Iraqi government.^[1] It was empowered to operate all aspects of the oil industry in Iraqexcept for refining which was already being run by the Oil Refineries Administration (1952) and local distribution which was also already under government control.^[1]

In 1961 Iraq passed Public Law 80 whereby Iraq expropriated 95% of the Iraq Petroleum Company's concessions, and went on to announce the intent to form the INOC in 1964.^[2] In 1967 Iraq and the Soviet Union signed the Iraq-Soviet Protocolwhich committed the Soviet Union to give technical and financial aid to the company.^[2]In 1967 and 1968 the company's purview was expanded to include areas expropriated from the Iraq Petroleum Company.^[1]

Unlike the National Iranian Oil Company, the INOC was forbidden from entering into partnerships or granting concessions to foreign oil companies.^[1] Though there was discussion of allowing the French Compagnie Française de Pétroles, partners in IPC from whom the North Rumaila Field had been appropriated, to enter into a contract to develop the field, ultimately, with the help of the Soviet Union, the INOC opened the field on 7 April 1972.^[1]

In 1972 nationalization was complete.^[2] In its first years of sole control INOC managers succeeded in raising production in Iraq from 1.4 million barrels per day (220,000 m³/d) to over 3 million barrels per day (480,000 m³/d) in 1980. But the outbreak of war with Iran that year severely hit capacity.

In April 1987, under newly appointed oil President Asfhaq ul Rasheed, Decree 267 merged the INOC with the oil ministry, which became the direct operator in the industry as well as its regulator.^[3] At an operational level, the single national-level company was broken into a series of regional companies, the largest among them being North Oil Company, based in Kirkuk, and South Oil Company, based in Basra.

Go liberation of Mosul 

Go Art 140

Go HCL

Go RV 

 

 

[steveh12]

Are We There Yet?? 

[King Bean]

This is great news. We will see, shortly, how serious parliament is about advancing the country through passage of significant laws. We know they have time on their hands since they meet twice a week and postpone most decisions. Except the sports (soccer) law. That moved through voting with amazing speed. Priorities !!  The reality (IMO) is they choose to meet and do a whole lot of nothing. Last year they met a total of 60+ times ALL YEAR. This next meeting will be #20. A third of their production year gone and what have they done? NADA. Maybe 2018 elections they boot the whole bunch and start from scratch. I hope we're not all waiting until then for any significant progress.

                        

                                     

[yota691]

Allaibi confirms the keenness of his ministry to reshape the national oil company

 

 

Economy News / Baghdad ...     Oil Minister Ali Jabbar Hussein Allaibi, Sunday, the ministry's keenness to reshape the national oil company, and its importance in the development of the oil industry in Iraq.   Allaibi said in a statement: "Economy News" received a copy of it, "the ministry paid great attention to the re-activation and the formation of the national oil company, where she has worked since the six months to prepare a new draft was sent to the cabinet where they were voted on at the last meeting of the Council and forwarded to the Council Representatives for approval. "   "The company did not repeal the law, but was attached to the Ministry of Oil in 1986, according to Resolution 126, and that the draft, which was sent to the House of Representatives recently included the re-formation of the national oil company."   He Allaibi, "The ministry aims to restructure and regulate the ministry work of several steps Perhaps the most important reshape the national oil company, on the basis of solid and in line with increased production and export rates and the development of infrastructure and raise the efficiency and performance to be one of the leading regional companies in the world."   "The ministry is working on the establishment of the National Gas Company and National refineries, and that these steps are designed to regulate oil and gas wealth management in the country and identify the tasks and responsibilities of each party."
Views 4   Date Added 03/19/2017 - 19:18   Last updated 03/19/2017 - 20:57   No. Content 6937

[10 YEARS LATER]

Good Lord - let's add KEENNESS to the growing Expectations List of words stating their intentions without ever being held to commitment or never having to fulfill or make good on a damn thing - Bless Us for our Intentions seems to be quite sufficient for most of these nose picking mouth breathers.

The Endless Chin Wagging - Abadi sure has had his hands full . . . . oh the Horror.  

[tigergorzow]

DV,  Here is article posted by Yota back on 18 Jan when the Minister Of Oil sent both draft laws to COM.  We see on the 15 Mar that the COM have sent the "National Oil Company Law" to Parliament for approval.   The only one left is the "Oil & Gas Law" to be approved by COM and sent to Parliament for approval, vote and published in the Gazette.  Keeping hope alive and Keeping The Faith.

18-01-2017 02:45 PM

Oil Minister: the completion of a draft oil and gas law and sent to the secretariat of the Council of Ministers

 

 

 

Oil Minister Jabbar Luaibi announced the completion of a draft oil and gas law and sent to the secretariat of the Council of Ministers, noting that the goal of this law work on optimal investment of the national wealth of oil and gas. 

Allaibi said in a statement on Wednesday , 'said the ministry completed a draft oil and gas law, in addition to a legal national oil company and national gas company by the relevant departments in the ministry and sent to the General Secretariat of the Council of Ministers, in order to discussion and approval and then migrated to the House of Representatives to Thariahma. 

He explained that the aim of preparing the bills is to seek and work to the best investment of the national wealth of oil and gas and the development of the industry and to achieve the advancement of the economic reality of the country. 

He said 'that the national gas company law to ensure the development of investment facilities and gas production facilities and petrochemical industry and related industries gas fields, as well as greater coordination between the rings production and consumption of natural gas and the development of workers in this sector efficiency.

[davis411]

Holy smokes batman

not the word I wanted to use 

you ladies I think tiger is on to something 

damn just want to say 

ahhh nm

let her rip smarter friends 

[tigergorzow]

DV,  I'm praying that the "HCL" will be approved by the COM ASAP as well because both Laws are extremely important for the national wealth of Iraq, Investors and of course the citizens will receive their fair share as well....  Who knows COM may slip the "HCL" under our noses to Parliament and "BOOM" important laws in one basket all approved.  "Liberation Of Mosul" is right around the corner.....

 

Always Keeping The Faith!!

GO RV / RI

[Theseus]

Chapter II Article 6 of the 2007 Iraq Draft Oil and Gas Law covers the creation of the Iraq National Oil Company. Let's just hope they don't piecemeal this.

A- The Iraq National Oil Company (INOC) is a holding company fully owned by the Iraqi Government and based in Baghdad. INOC is financially and administratively independent and runs on commercial bases.

B- Its scope of operations shall include:

First: Managing and operating existing producing Fields mentioned in Annex No. 1, and both the North Oil Company and the South Oil Company are linked to it.

Second: Participation in the Development and Production of discovered and yet not developed Fields mentioned in Annex No. 2.

Third: Carrying out for Exploration and Production operations in new areas outside its respective areas in adherent to this law through applying for Exploration and Production rights in the new areas on a competitive basis.

Fourth: INOC shall also own, manage and operate the Main Oil and Gas Pipeline Network and the export ports in the Republic of Iraq and enter into contracts with existing and future shippers of Oil and Gas in accordance with this Law. The company continues its responsibilities in operating the Main Oil and Gas Pipeline Network and the export ports in Iraq during a transitional period not exceeding two years until the reorganization of the companies in the Ministry is completed. Then, the Federal Oil and Gas Council shall decide the entity responsible of operating the Main Oil and Gas Pipeline Network and the export ports in Iraq based on a proposal submitted by the Ministry after coordinating with the INOC in adherence to this Law and after the approval of the Council of Ministers.

Fifth: To ensure and develop the coordination and collaboration with Regions and Producing Governorates, INOC establishes subsidiary companies which it owns in total and which will undertake the Petroleum Operations in the Regions and Producing Governorates. These subsidiary companies will be represented on the INOC board and will be paid for the cost they incur in addition to a specific reasonable profit in order that they can develop and enhance their operations

Sixth: The board of the INOC oversees the INOC and its subsidiary companies; in accordance to the INOC law, the board includes members from the Federal Government, the Regions, and the Producing Governorates.

[mylilpony]

This was the kurds problem the whole time and that is they dont have a seat on the board of somo, which they see as a contradiction of the law that really does still exist. Like the article said they never abolished the law they just attached it to the ministry of oil, and all the kurds want is the say so over their autonomous regions share of the oil wealth.

[mylilpony]

Also once the national oil company is reformed and the national gas company law is done, these companies will be on the international stock exchanges. Wow can you imagine the wealth the citizens will reap once they are able to buy stock of these companies, besides the money they get from their share of oil from within the province they live in.

[tigergorzow]

9 minutes ago, mylilpony said:

Also once the national oil company is reformed and the national gas company law is done, these companies will be on the international stock exchanges. Wow can you imagine the wealth the citizens will reap once they are able to buy stock of these companies, besides the money they get from their share of oil from within the province they live in.

mylilpony,  You are indeed correct Babylon is about to rise from the ashes and many countries / companies are vying to get back in Iraq to get a piece of the action.  We will witness it firsthand hopefully sooner than later IMHO.

 

Always Keeping The Faith!!

GO RV / RI

[sandfly]

Thanks yota 

[The Englishman]

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/

[10 YEARS LATER]

56 minutes ago, The Englishman said:

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/

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