[size=30]The Minister of Oil clarifies about the establishment of the “Basra Energy Company”[/size][You must be registered and logged in to see this image.]
Ismail said in a statement received by NRT Arabic, a copy of it, (August 25, 2021), that "the approval of the Council of Ministers to establish the Basra Energy Company, aims for the company to be one of the most important pillars of energy transformation and an important element of sustainable development in Iraq."
The statement added, "One of the company's most prominent tasks is that it will be the responsible party for financing the giant Rumaila field development project in southern Iraq."
The Council of Ministers approved, in a session, yesterday, Tuesday, the recommendation of the Ministerial Council for Energy (109 for the year 2021) on the issue of restructuring the participation of (BP) and (Petrogaina) in the service contract for the Rumaila field / Basra Oil Company, as follows:
Exception from the provisions of Article (2) of the Foreign Companies Branches Regulations (2 of 2017); In order for the new company (Basra Energy Limited), to start the procedures for opening a branch in Iraq after the date of signing the assignment agreement.
- Exception of this case only from the provisions of Article (28) of the service contract for the Rumaila field; The fact that the restructuring of Rumaila is not fully consistent with the provisions of the aforementioned article, as the new company and its founders (BP and Petrogina) will be for administrative purposes.
[You must be registered and logged in to see this link.]