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The Dismantling Of The OIL AND GAS LAW on 3 projects to facilitate its adoption in Parliament !


DinarThug
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2 minutes ago, DinarThug said:

 

So What Happens When U 'Hit' Forty The 2nd Time - Does That Make U Eighty ? :o 

 

Image result for funny forty gif

 

:D  :D  :D 

80 for the 2nd time. Is a square. 6400 so, 0 add no value thus. 64 become 46 and you enter a higher level. When You Reach This level it's a whole new dimension because you're entering a realm driven by squares.

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There is alot of great stuff in this law but i highlighted the items pertaining to this thread. Lets also not forget the companies that were released from the un sanctions list. This law is enacted and we are seeing the items needed to complete this company come to light. Many many companies that will have to do with the oil and gas that were once owned by saddam had to be released from old defunct revolutionary command council laws also. So sometimes when we used to see parliament taking out old laws they had a lot to do with this law. Please take the time to read all of this law because then you will understand everything it encompasses. I in my opinion think we still may need to see article 140 completed, because its about the disputed territories,and also the decision on the newer oil wells that are in kurdistan. These last two items will determine the share of the kurdistan region if they cant agree on it in regards to the population of kurdistan. ;) 

 

Iraqi National Oil Company Law

 

 

 

 March 5, 2018 1884 Views

Supervisory Committee: Committee on Oil and Energy

 

Iraqi National Oil Company Law

On behalf of the people Presidency of the Republic On the basis of what was approved by the House of Representatives and based on the provisions of item (I) of Article (61) and Article (III) of Article (73) of the Constitution. The President of the Republic has decided to issue the following law: No. (2018) Iraqi National Oil Company Law Definitions Article (1) The following terms and phrases for the purposes of this Law shall have the following meanings: First: Company: Iraqi National Oil Company INOC (Iraq National Oil Company) Second: The Board: The Board of Directors of the Company Third: The President: Chairman and Chairman of the Board. Fourth: Owned company: Each company wholly owned by the company. Fifth: People of experience and specialization: Those with experience and practice in the oil, economic, legal, administrative or technical affairs who qualify them with their scientific background and experience to work in the company or the companies owned. Sixth: Rules of Procedure: The internal regulations issued by the Board of Directors of the Iraqi National Oil Company to regulate the affairs of the company or any company owned in a manner not inconsistent with the provisions of the law. Incorporation Article 2 - First: - A public company called the Iraqi National Oil Company shall be established under this law. It shall have the moral personality and financial and administrative independence. It shall be represented by its president or its authorized representative. It shall be linked to the Council of Ministers. Inside Iraq at the request of its Chairman and the approval of the Board of Directors, and outside of Iraq after the approval of the Council of Ministers. Second: Its activities shall be exercised in all the territory of the Republic of Iraq, its territorial waters, its continental shelf and outside Iraq on behalf of the Iraqi State. Objectives Article (3) The company aims at the best exploitation of the oil and gas wealth in the field of oil and gas exploration, rehabilitation and development of fields, production and marketing and all related activities in addition to investing in the oil and gas manufacturing industry on the basis of technical and economic to ensure the highest returns and the lowest costs in order to achieve the highest benefit for the Iraqi people. Article (4) - The company adopts the following means to achieve its objectives: Management, development and operation of producing fields and fields discovered and undeveloped. The conclusion of contracts for exploration, production and export according to the policy of the State, in a manner that does not contradict with the provisions of the Constitution. Development of exploration, production, transportation, storage, marketing and related petroleum operations. Management of service contracts concluded in licensing rounds for exploration, development and production. Fifth: Developing the national effort in the extraction, marketing and oil and gas industry, and investing in the joint fields with the neighboring countries. Management and operation of the main oil pipeline network and the export terminal. 7. Establish and finance companies owned and financed by the Council of Ministers to carry out their work on the basis of economic, financial and societal feasibility. The company's capital Article (5) First: The company's capital consists of: The value of the fixed assets of the owned companies, whose value is determined by a consultative office chosen by the Council and approved by the Council of Ministers. 2. (400) billion Iraqi Dinars as operating capital paid by the Ministry of Finance. Article (2) The company may increase its capital in the first item as required, provided that the increase is made by a proposal of its Board of Directors and the approval of the Council of Ministers after the submission of the Feasibility Study. Article (2) The company may open an independent account or more with the Central Bank of Iraq in local currency and foreign currencies. It may deal with all banks and banks inside Iraq and may open accounts in foreign banks outside Iraq through the Central Bank of Iraq. Article (2) - The company shall borrow from any entity inside and outside Iraq to finance its investments with the approval of the Council of Ministers. The Company Board of Directors Company Structure Article (6) Board of Directors: The Board shall consist of the following: First: the president of the company as president. Second: First Vice President and CEO Third: The second vice president is vice president Fourth: Undersecretary of the Ministry of Oil for the extraction of a member Fifth: Undersecretary of the Ministry of Natural Resources with a member Sixth: The heads of the boards of directors of the companies owned by 3 members Seventh: Three specialized experts members Article 7: First: The company shall be headed by a staff member with a degree of at least a senior university with experience and specialization in the field of his work and has a deputy director general degree with a minimum university degree in the least experienced and competent. Article (7) 1. The company is headed by an employee with the rank of Minister with at least a preliminary university degree and with expertise in the field of energy and has a service of not less than 25 years in the competencies that qualify him to run the company. The company manages and represents the company in front of others and implement the decisions of the council and supervise the design and implementation of the company's policy and operations. It is directly responsible for overseeing the national oil marketing company and is appointed in accordance with the constitution for 5 years. 2. The first vice president is the executive director of the company and shall be under the rank of deputy minister with at least a university degree and an experience in the field of extractive industry with experience of not less than 20 years and oversee the technical, contractual and economic affairs of the company. The Second Vice-President is a specially employed officer who holds at least a preliminary university degree and has at least 20 years of experience in the field of specialization and supervises the administrative, financial and legal affairs of the company. 3. The first and second deputies shall be nominated by the President of the Company and approved by the Council of Ministers in accordance with the legal contexts. 4. Three of the heads of the boards of directors of the owned companies mentioned in Article 4-II / 1 shall be chosen in the Board of Directors. The Chairman of the Basra Oil Company and the National Oil Marketing Company shall be among them. The third member shall be selected from the extractive companies owned according to the size of the production And for a period of one year and with the nomination of the President. The Chairman of the Company and with the approval of the Board of Directors may increase the representation of the companies owned by the Board of Directors to a maximum of five members. 5. Three experts with special grades from specialists in the petroleum industry and related disciplines for membership of the Board of Directors nominated by the President and approved by the Council of Ministers in accordance with legal contexts. Article (8) First: 1- The company shall consist of the formations associated with the status of the company and shall be determined by the internal regulations 2. Companies exploring, extracting and producing oil and gas. Second: 2: The company is associated with the following owned companies: Oil Exploration Company B - Iraqi Drilling Company C- Basrah Petroleum Company The North Oil Company C - Missan Oil Company (H) Central Oil Company Q- Dhi Qar Oil Company D- Oil Marketing Company (SOMO) - Iraqi Tanker Company Third: The companies stipulated in item (II / 2) of this article shall be managed by a general manager who holds at least a preliminary university degree and has experience in the field of specialization for a period not less than (15) years. Fourth: The Board of Directors of the Company, with the approval of the Council of Ministers, may introduce any other form in accordance with the law, and may attach any formation to the Company upon the proposal of the Council and with the approval of the Minister of Oil and the Council of Ministers. Fifth: 1. The companies stipulated in paragraph II / 2 of this Article shall be dissolved and shall be owned by the Company without any allowance and shall transfer to the Company all the rights and obligations of the Ministry relating to companies. 2. All rights and obligations relating to licensing tours in exploration, development and production shall be transferred to the Company. Functions of the Board of Directors of the Company Article (9) First: The Council shall assume the following functions: 1. Approve the final accounts of the company and submit them to the Federal Audit Bureau for scrutiny and submit them to the Council of Ministers for approval. 2. Approving the annual budget and submitting it to the Council of Ministers for approval. 3. Approving annual and future extraction and development plans and following up on their implementation plans. 4. Drawing and setting up the administrative, financial, organizational and technical plans necessary for the conduct of the company's activity, with attention to its social, health, environmental, research and personnel affairs, in order to achieve the company's objectives. 5. Proposing strategies and policies for exploration, development, production, export, manufacturing and investment programs to develop and develop the petroleum industry and alternative energy policies and programs to the Ministry of Oil and the Council of Ministers. 6. Develop policies and programs to develop the necessary infrastructure to sustain production, use technology and modern work systems, and adopt methods to ensure continuous improvement and development of management. 7. Develop policies for the rehabilitation, training and development of Iraqi cadres. 8. Adopting the policy of transparency, combating corruption and good governance in the oil and gas industry. 9. Set environmental protection controls and work to stop pollution by developing the alternative energy sources sector. 10. Develop plans to encourage the Iraqi private sector and programs for rehabilitation and development for the purpose of participating in the construction of oil industry and development of various energy sectors. 11. Setting the controls to take advantage of the possibilities and expertise of non-Iraqi energy companies according to the competitive bases and economic feasibility in order to achieve the maximum benefit to Iraq as guaranteed by the Constitution. 12. Set up controls on the use of consultants, experts and specialized consulting firms inside and outside Iraq to develop technical, technical, accounting and administrative systems and all related to their ongoing and future work and determine their remuneration. 13. Exercise all the powers and rights conferred upon the Company by legislation and in accordance with the oil policy of the State. 14. The Council may delegate some of its functions provided for in item (1) of this Article to the President. -Second: 1. The Council shall meet at least once a month at the invitation of its Chairman 2. An extraordinary meeting of the Board may be convened at the invitation of its Chairman or upon a reasoned request submitted by three of its members. 3. The meeting of the Council shall be attended by two-thirds of its members, including the President. The vice president replaces the president when he is absent and the second when he or she is absent. 4. The Council shall make its decisions regarding policies, contracts and investment by an absolute majority of the members of the Council. 5. The Chairman of the Company shall invite the members of the Energy and Oil Committee of Parliament and the members of the Energy Committee, the Parliament of the Region, the Chairmen of the Energy Committees of the Council of Producing Governorates, the elected elected members of the Boards of Directors of the owned companies and inviting the experts to provide consultations to attend the meetings of the Council. Meeting. Functions of the President of the Company Article 10 The President shall undertake the following functions: 1. Prepare and present the planning budget and submit it to the Board three months before the beginning of the specific fiscal year. 2. Disbursement of expenses and operating the accounts of the company within the limits determined by the Council. 3. Supervising and supervising the employees of the company and the conduct of their work and discipline. 4. Reporting to the Board at periodic intervals (monthly, quarterly and annually) on the progress of work in the Company and its associated companies and regularly publishing them on the Company's websites and associated companies. 5. Examining the decisions of the boards of directors of the owned companies and what is presented by the authorized directors and the lawyers and making decisions thereon, and the president may present what he deems appropriate to the council of those decisions. 6. Preparing the balance sheet, profit and loss accounts and the annual report on the results of its operations during the last financial year and presenting them to the Board. 7. Exercising the other powers granted by the Council to the President to achieve the purposes of the company and conduct its business. 8. Commitment to transparency and be accountable to the decisions of the company to ensure good governance. 9. Prepare annual and future extraction and development plans and submit them to the Board for approval. Rights and obligations of the Company Article (11) I. The company is committed to oil policy of the state Secondly, in the case of the Minister of Oil's conviction that there is a deviation in the decision of the Board of Directors, the Minister has the right to submit a proposal to the Council of Ministers to make certain changes to the decision and the decision of the Council of Ministers is binding on the Board of Directors. Article (12) The company shall deduct an amount covering all the investment and operational costs and not less than the average cost in all the fields invested for each barrel of crude oil and gas produced plus a certain percentage of profit. This shall be determined by agreement between the company and the ministries of finance, oil and planning. , Is reviewed every three years, and is deducted directly from the account of the Ministry of Finance with the Central Bank on oil and gas revenues. Second: The accounts between the Company and the Ministry of Finance shall be settled after the end of the financial year of the Company and after the completion of the final accounts and the approval of the Financial Control Bureau. Article (13) I. The Company's financial revenues consist of revenues from the sale of crude oil, gas and other products, plus any revenue that the Company may receive. Second: The company's profits shall consist of the total revenues less expenses as stated in the previous article. Third: Distribution of the profits of the company as follows: 1- State Treasury: A percentage of 90% of the profits of the Company shall not exceed 90% of the profits of the Company to the State Treasury and shall be determined in the Federal Budget Law. 2- The rest of the profits of the company after deducting the percentage allocated in (1) of this item shall be distributed as follows: a. A percentage of the profits to the capital reserve of the company, and the Board of Directors determine the mechanisms and areas of disposal of the reserve to achieve the interests and objectives of the company. B. The percentage of the profits to (Citizen Fund), which is distributed on shares of equal value to all citizens residing in Iraq, according to the priority of the segments of society, and may not sell and buy or inherit shares and fall at the death. C. Shares of Iraqis residing in regions and governorates not organized in a region that refrains from delivering oil and gas revenues produced to the company are deprived of profits and their entitlement is added to the rest of the shareholders. Dr. A percentage of the profits to (the Generations Fund), and to invest for the benefit of generations. e. A percentage of the profits are allocated to the Reconstruction Fund for the purpose of implementing strategic projects in the provinces in which the oil activity of the company. And. The Board shall issue instructions according to paragraph (ii) of this Article under the rules of procedure. Fourthly, the deduction shall be made to the beneficiaries under paragraph (III) of the Company's account in the Central Bank of Iraq and on the basis of the estimates approved by the Council in the annual budget. The accounts shall be settled at the end of the fiscal year under the supervision of the Federal Financial Control Bureau. General and final provisions Article (14) First: The employees of the company shall be subject to the provisions of the State Employees and Public Sector Employees Law No. (22) of 2008 (Amended), the State Employees Sector Law No. 14 of 1991 (amended) and the Unified Retirement Law No. 9 of 2014 . Second: Excluding the incentives of the employees of the company from the provisions of the law of salaries of state employees and the public sector No. 22 of 2008 and this is determined by a system issued by the Council of Ministers. Third: Iraqi and foreign experts may be employed by private contracts entered into directly by the company. Fourth: The service in the company and the owned companies shall be regarded as a pension service as of the date of entry into force of the law. Article (15) First: The companies stipulated in paragraph 2/2 of Article 4 of this law shall operate in accordance with their income regulations and in a manner not inconsistent with the provisions of this law. Second: The company's fiscal year begins on the first of January and ends on the 31st of December of the same year. 1. The first financial year of the Company shall commence from the date of entry into force of the Law until the 31st of December of the following year. 2. The Company shall consolidate its annual closing accounts and the accounts of its companies with a unified annual closing account. 3. The accounts of the company shall be subject to scrutiny and control by competent legal accountants and to adopt the best accounting standards in the world for counterpart activities. 4. The company's accounts shall be subject to the supervision and audit of the Federal Audit Bureau. 5. The results of the audit shall be submitted to the Council of Ministers for approval. Article (16) First: The Law establishing the National Oil Company No. 123 of 1967 and its amendments shall be repealed. Second: The decision of the Revolution Command Council (dissolved) shall be annulled by the two figures (267) for the year 1987 and (97) for the year 1995. Article (17) First: The company and its companies are excluded from the following laws: 1- Financial Management Law. 2- The Public Companies Law 3- The Customs Law 4. Law on the residence of foreigners 5- The law of government contracts and instructions to facilitate their implementation 6 - Sale and lease of state funds and instructions to facilitate their implementation Second: The company shall issue a system to replace the exempted laws provided for in paragraph 1 of this article separately to guarantee the rights of the public treasury and shall be approved by the Council of Ministers. Article (18) The company and its owned companies have the right to own the state-owned properties without any allowance to carry out their purposes. Article (19) First: The company may establish residential complexes with all its social facilities to accommodate the employees according to the requirements of the work. Second: - The company owns land or real estate for its own purposes and distributed to employees in accordance with instructions issued by the Council. Third: The Company shall contribute to the development of community life and human and economic development and the establishment of sports clubs in the areas where it operates. This shall be taken into account in preparing the Company's business programs and annual budgets. Fourth: - The company is committed to the policy of non-discrimination of sex, sectarian, ethnic and national in employment and employment and supports the rights of legitimate workers. Fifth: The company is committed to be all taboo from the land at its disposal produced either for its purposes related to the sector or to be allocated to agricultural projects or a simple conversion industry does not hinder the work of the sector, or service of tourism or entertainment. Sixth: The company may contribute to the development of the agricultural, industrial and service sectors, including its activities throughout Iraq to serve all Iraqis. Article (20) The Ministry shall take the necessary measures within six months from the publication of the law to enable the company to start organizing its position to carry out its activities, including fixing the assets of its owned companies, transferring financial assets, providing the buildings and buildings, data and technical and administrative support. Article (21) Do not dissolve or liquidate the company except by law Article 22 - This law shall be implemented from the date of its publication in the Official Gazette. Positive reasons For the purpose of ensuring the exploration, development, production and marketing of oil resources in the fields and land allocated to them under the law on behalf of the Iraqi state and to increase production and development of oil and gas industry and related facilities and facilities and methods of work on the basis of efficiency, flexibility and competitiveness to maximize revenues for the benefit of the Iraqi people and in accordance with recognized international standards, Iraqi National Oil Company as a public company wholly owned by the state and reflect the concept of ownership of the people of oil and gas and the development of specialized formations within the organizational structure commensurate with its role in the management and development of oil fields and This law was enacted
 
 
 

 

Edited by mylilpony
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" Iraqi National Oil Company as a public company wholly owned by the state and reflect the concept of ownership of the people of oil and gas and the development of specialized formations within the organizational structure commensurate with its role in the management and development of oil fields and This law was enacted

From the very last sentence in the Document  - Whaaaaaaaaat ????  Somebody pinch me ! 

 

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11 minutes ago, 10 YEARS LATER said:

" Iraqi National Oil Company as a public company wholly owned by the state and reflect the concept of ownership of the people of oil and gas and the development of specialized formations within the organizational structure commensurate with its role in the management and development of oil fields and This law was enacted

From the very last sentence in the Document  - Whaaaaaaaaat ????  Somebody pinch me ! 

 

 

If it's a law that the people own the oil and gas of Iraq, is that the HCL?

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march 5th 2018 parliament enacted the law of the national oil company the iraqi president ratified the law on march 25th 2018 , the law does not enter into force until printed in the official Gazette ,,, within 6 months of printing /publishing they can take the necessary measures to enable the national oil company to carry out its activities, including transferring relevant assets, data, etc. ... lets go 

 

here is one of many articles that surfaced back in march when parliament enacted the law ... been waiting 

https://www.lexology.com/library/detail.aspx?g=e3199f6e-9cfe-4b24-87fb-8bcf63ca5d03

 

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10 YEARS LATER

  • 10 YEARS LATER
  • 10 YEARS LATER
1 hour ago, 10 YEARS LATER said:

This law was enacted " From the very last sentence in the Document  - Whaaaaaaaaat ????  Somebody pinch me ! 

 

The Fat Lady Says For U To Lose The ‘Armor’ First Before She Starts Singing ! :o 

                                 (see his avatar above)

 

Check out all the ‘Glee’ meets ‘Bring it On’ fun below.

 

:D  :D  :D 

 

Edited by DinarThug
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11 hours ago, DinarThug said:

10 YEARS LATER

  • 10 YEARS LATER
  • 10 YEARS LATER

 

The Fat Lady Says For U To Lose The ‘Armor’ First Before She Starts Singing ! :o 

                                 (see his avatar above)

 

Check out all the ‘Glee’ meets ‘Bring it On’ fun below.

 

:D  :D  :D 

 

 

She’ll be hitting those HIGH NOTES when she sees the kinda “ tackle “ That You normally associate with that swings between the legs of a Stallion. . . :twothumbs:

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