Government: established oil company, the center aims to support the national economyبغداد ـ الصباح Baghdad morning
He attributed the government spokesman, Ali al-Dabbagh approval of the Council of Ministers set up a company's oil center with a capital of 100 billion dinars for its effective contribution to the company in support of the national economy.
He said in a press statement, received a morning copy of it: the approval of the establishment of a company's oil center (public company) with a capital of (100) billion dinars come for their company's effective contribution in support of the national economy in the oil sector through the development of and production of crude oil and gas in the operational area of Central and be established by the oil minister for local consumption and export in order to achieve the objectives of development plans adopted by the Ministry.
He said the company will produce and processing of crude oil and the isolation of associated gas and storage and pumping of crude oil with the processing to the refineries and sites of consumption within Iraq and the export outlets in addition to the production and processing of gas and button and reaching the gas processing plants in the area of operations and to export ports and the development of oil and gas fields for the purposes of sustaining production and raising rates, according to the Ministry's plans.
Dabbagh said that the Finance Ministry requested the establishment of a company on behalf of the company's oil center where the authority to approve the establishment of a public company under the jurisdiction of the Council of Ministers is done through the provision of the relevant ministry request together with the study include the rationale of economic and technical foundation based on the article of the terms of indicated the oil ministry said expansion in the extraction of oil is the result of the signing of contracts with international oil companies in licensing rounds I and II.
And that the oil ministry recommended by a decision body of opinion which raising the level of the oil center of the North Oil Company to be a public company called (oil company center) assume the functions of management activities of oil and gas extraction in the oil fields located within the province of Baghdad and its neighboring provinces, while maintaining the responsibility of companies oil north and south on the management network of pipelines that transport crude oil, according to Article (3) of the Companies Law No. (22) for the year 1997, as amended, the authority to approve the establishment of a public company is the prerogative of the Council of Ministers.
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Iraqi Government Forms New Oil Firm ...
