"She Lives On The Remnants Of The Socialist Legacy." Energy Expert Calls For Restructuring Of National Oil Company

[6ly410]

"She Lives On The Remnants Of The Socialist Legacy." Energy Expert Calls For Restructuring Of National Oil Company

"She lives on the remnants of the socialist legacy." Energy expert calls for restructuring of national oil company - Information Agency (almaalomah.me)

2022/07/26 | 7:15 P.M.

Information/private.

Energy expert Ahmed Sabah confirmed Tuesday that the Iraqi National Oil Company is living on the remnants of the socialist legacy, while calling for the restructuring of the company, after lack of vision and improvisation, especially after 2014.

 

"The oil extraction sector has been represented by the National Oil Company since its founding as an alternative to Iraq Petrolium Company IPC, whose structure was state-owned, and this was the case in the 1960s, 1970s and 1980s, when it expanded and managed the entire production and marketing operations of the whole of Iraq," Sabah told Al-Masrya.

In the 1990s and 2003, "I was affected by international sanctions and isolation, but between 2003 and 2008, as part of state institutions, security instability was experienced between 2008 and 2014, when the rounds of licences were witnessed, and state policy was focused on increasing production and therefore returns due to high oil prices and the country's need for funds after years of isolation and ruin." According to the expert.

"The lack of vision and improvisation, especially after 2014 and the political instability that accompanied the war against ISIS, led to the failure to develop institutional performance as no oil and gas law was passed and a unified national oil company was not established to manage all fields and oversee the operating companies," he said.

"The development of the oil extraction industry needs to pass the oil and gas law and parliament's support for the Iraqi National Oil Company (INOC), which must be structured on global bases like Saudi Aramco, then it will be possible to evaluate its assets and sell its shares on the stock exchange at a rate of 1% annually, for example," he said.

"Iraq considers the oil industry to be the backbone of its economy and therefore fears any offering of its shares, as this sector is subject to old laws that are considered remnants of the socialist legacy and the central state," Sabah said.

[Half Crazy Runner]

30 minutes ago, 6ly410 said:

"The development of the oil extraction industry needs to pass the oil and gas law

Hey, what a great idea…   

[jake21]

They just discovered this now! They are so ahead of the curve.

[HowieC]

A couple days ago Barzani and Kazemi met and had an epiphany about working together on the oil and gas law. So I'm holding my breath. 

[Half Crazy Runner]

43 minutes ago, HowieC said:

A couple days ago Barzani and Kazemi met and had an epiphany about working together on the oil and gas law. So I'm holding my breath. 

I’ll join you!  

[horsesoldier]

Nearly 20 years on and this is as far as they've gotten... failure upon dismal Failure handed to the Iraqi people.

Is it only now they feel the true need to get this done. Is this the point of no return as we better get this done otherwise Iraq gets dumped into the Abyss ?

Well greed & corrupt politicians have certainly played their part in this expertly crafted delaying action.

Sadr & Tater going Head to Spud. The battle for Iraq's future or continued 3rd world subjugation marches on.

[Rochester]

It's the court decision, a while back. Kurds lost. The Bozos know they have no choice now. Kurds are out armed, outmanned and now legally destroyed. They know it. As Monty Hall would put it, "Let's Make a Deal!" The con can't continue. 🤡