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Law of the National Oil Company .. A new era for the development of the economy
07/3/2018 12:00 am [rtl]BAGHDAD (Reuters) - The House of Representatives voted Monday on a draft law of the National Oil Company, which will contribute to the development of the Iraqi oil industry, which aims to establish an Iraqi national oil company and enable it to carry out its work in the best way possible. National wealth said the academic economist d. Majid al-Baydani said in an interview with Al-Sabah that "the approval of the law of the National Oil Company will be a new era for the oil industry in the country as it will encourage the adoption of advanced scientific and technological methods to manage the national wealth to support the development of the economy." "This will be an important shift in the development of extracting, marketing, transportation, storage and sales to the point of delivery and other oil operations," he said. The largest company Al-Baydani said that "the Iraqi National Oil Company will be the second largest oil company in the world after Aramco and the largest of all international oil companies, which calls for the President to have a degree of experience and efficiency appropriate, commensurate with the powers of the company and capital." Article 2 of the law establishing the company consists of the capital of the company of (400) billion dinars paid by the government with the approval of the Council of Ministers and the company increase its capital on the proposal of its board of directors and approval of the Council of Ministers after the presentation of the feasibility study. As stated in Article 5 of it "The Iraqi National Oil Company invests all the oil and gas areas in all the territory of the Republic of Iraq and its territorial waters and continental shelf, and may share with others the approval of the Council of Ministers if it finds it better to achieve its purposes and has the right to borrow from inside or outside Iraq to finance its investments inside Iraq and outside. The development A member of the House of Representatives Hisham Suhail, in a press statement that "this law is very important to push the development of the energy sector in Iraq forward." In turn, said the oil expert Hamza Jeweler: "The duty of this new company to manage the operations of extractive industry, and this will allow the Ministry of Oil to devote to the task of drawing strategies and plans to develop the energy sector in Iraq." According to analysts, the move, which has been under way for years, revives a company originally established in the 1960s and then merged with the Oil Ministry in 1987. Four funds While the oil and energy parliamentary committee revealed the inclusion of the Iraqi National Oil Company A minimum of 10 percent is placed in four boxes with the first experience in the country, and one of the funds will give each Iraqi citizen residing within the country a share of that percentage. On the other hand, oil prices rose in global markets during trading on Tuesday, for the fifth session in a row, supported by strong expectations on the demand and the possibilities of informal communication, which seeks OPEC with oil producers rock. Demand growth The International Energy Agency (IEA) expects oil demand to grow over the next five years, with estimates that the United States will cover 80 percent of global demand, while the Organization of Petroleum Exporting Countries (OPEC) will grow at a slower pace. US oil production hit a new high in November after recording 10.057 million barrels per day (bpd), surpassing the record high of 10.044 million bpd in 1970. OPEC oil ministers met with rock producers in the United States in Houston on Monday on the sidelines of the "Serawick" conference. May delivery Brent crude for May delivery rose more than 0.2 percent to $ 65.70 a barrel, and US crude futures for April delivery rose 0.3 percent to $ 62.76 a barrel. US crude hit yesterday's biggest daily gain since February 14.[/rtl] [rtl][You must be registered and logged in to see this link.] [/rtl] |
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