18/11/2011Experts: founding of the Iraqi national oil company would reduce the dependence of international companies
Beirut – the energy experts confirms that Iraq's feet to form a national oil company will contribute to reducing reliance on foreign companies to develop Iraqi oil fields.
Iraq has signed contracts with giant global energy companies to develop 11 2.607 discovered but unexploited through three rounds of licences.
Baghdad says that such deals raise the country's crude oil production to 12 million bpd by the year 2017 of 2.8 million bpd currently.
Stisves believe Pete Swiss expert in the field of oil of Kurdistan News Agency (aknews) "formation of the national oil company of Iraq will contribute to the protection of reliance on international companies."
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He said on the sidelines giving a lecture at a Conference on oil his organization "Parliamentarians against corruption" in Beirut that "there is an urgent need to adopt law to begin economic company borrow capital operation of the Ministry of finance which will arrive in the country directly to the profit and control inventory management and to assist in the implementation of plans of OPEC."
He noted that "Iraq must determine whether the mineral extraction rights exclusively by the company or another international company shares and how much is the proportion of State ownership."
The Iraqi Government had announced in August 2009 it approved the draft law of the Iraqi national oil company and to allocate it to the House.
But the company was founded after there are disagreements on how to manage the country's oil wealth among the Governments of Baghdad and Kurdistan did not initiate a law regulating it.
View Economist Mehdi Al-Hafez said the national oil company must not oppose the Iraqi Government's efforts to establish the Federal Council.
He (aknews) that "this company will be established if a commercial company Act and dealt with by the Ministry of oil deal with shell, Mitsubishi and other global corporations and gives the ratio of imports to the State Treasury.
He says that "this company will work in Kurdistan, namely the right to establish partnerships with other international companies in certain projects."
For his part, said the head of the Parliamentary Committee on petroleum and energy, Adnan al-Janabi (aknews) "there is no fear that this company within the Federal Ministry and the oil Ministry would be dealt with bureaucratic problems afflicting oil projects".
"National company law is not draining resources by investing in high-risk it projects will contribute to the protection of the private sector to support the orderly and clear."
Says oil Committee in the Iraqi Council of representatives has developed an integrated study on national oil company would be in accordance with the draft law on supervision of oil resources and follow-up of projects.
And OPEC member Iraq owns the fourth-largest oil reserves in the world and oil imports constitute about 95 per cent of the country's budget.
