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Iraq appoints "Allaibi" as president of a new national oil company

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rocky
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Iraq appoints "Allaibi" as president of a new national oil company

Post by rocky on Thu 11 Oct 2018, 6:27 am

Iraq appoints "Allaibi" as president of a new national oil company
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Jabbar al-Allaibi - Iraqi oil minister
 11 October 2018 02:00 PM
Mubasher : The Iraqi government has appointed Oil Minister Jabbar al-Luaibi as president of the new National Oil Company, which will act as an umbrella for state oil companies.
A spokesman for the Ministry of Oil Assem Jihad, told "Reuters" on Thursday, that Allaibi will retain his ministerial post until the formation of a new government at least.
The Iraqi parliament voted in March this year on the draft law of the new Iraqi National Oil Company, submitted by the Committee on Oil, Energy and Natural Resources.
The company's law provides for the establishment of a public company with a legal personality represented by its president or his authorized representative. It is headquartered in Baghdad and has branches inside and outside Iraq, with a capital of 400 billion dinars (about $ 337.27 million).
The law stipulates that the Iraqi National Oil Company shall invest all the oil and gas areas in all the lands and territorial waters of Iraq and may share with others the approval of the Council of Ministers.
It also allowed it to borrow from home or abroad to finance its investments inside and outside the country.
Nominations ..
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