Iraq to set up USD 341 million Oil Company
Steel Guru - [8/7/2009]
Reuters cited Mr Ali al-Dabbagh spokesman of Iraqi government as saying that the Iraqi cabinet approved a draft law of the Iraqi national oil company with a capital of USD 341 million.
Mr Al-Dabbagh said in a statement that the approval of the draft law would ensure that the exploration, development and production of oil and gas in fields and land allocated would maximize economic returns.
He said that the company would be under the supervision of the cabinet. He added that the company will work to manage the development and operation of the fields allocated by the Board of the Federal Council for oil and gas.
The spokesman noted that the company should hand over the oil produced for export to Iraq's oil marketing company and deliver oil and gas for domestic consumption to those determined by the Iraqi Oil Ministry.
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