[You must be registered and logged in to see this image.]
Oil Minister Ihsan Abdul Jabbar Ismail announced on Wednesday that the cabinet's approval of the establishment of Basra Energy Company aims to be one of the most important pillars of energy transformation and an important element of sustainable development in Iraq.
The oil minister said in a statement received by The Shafq News agency on Monday that one of the company's most important tasks would be to finance the development of the giant Rumaila field in southern Iraq.
At Tuesday's meeting, the Council of Ministers approved the recommendation of the Ministerial Energy Council (109 for 2021) on the restructuring of BP and Petrojaina's participation in the service contract for the Rumaila field/Basra Oil Company, as follows:
1. Exception to article 2 of the Foreign Companies Branch System (2 for 2017);
2. This case is excluded only from the provisions of article (28) of the service contract for the Rumaila field; the restructuring of Rumaila is not fully in line with the provisions of the article mentioned, as the new company and its founders (BP and Petrojaina) will be for administrative regulatory purposes.
[You must be registered and logged in to see this link.]