Economy News _ Baghdad
The oil ministry announced on Wednesday that the National Oil Company will manage the mining, marketing and infrastructure development sectors, saying it will seek to eliminate bureaucracy.
The spokesman for the ministry, Assem Jihad, told “Economy News” that the National Oil Company will be a national company seeking to develop the oil industry in Iraq as well as management of the sectors of extraction and marketing operations as well as the development of infrastructure.
He added that it will include Iraqi oil companies in addition to the Iraqi marketing company, noting that it will adopt competence and experience in the management of joints and seeks to eliminate bureaucracy and will be one of the largest international companies.
Jihad pointed out that the ministry will take the role of “supervisor and plan and intervention is limited to the joints related to the public good.”
On the management of fields in the Kurdistan region, he stressed that “the law of the National Oil Company indicates that it is a national oil company responsible for all oil activity within the borders of Iraq, including the Kurdistan region,” noting that the company the right to work outside Iraq to achieve the highest benefit and the lowest costs.
He described the oil minister, earlier, the process of voting on the law as “historic decision, which aims to optimize investment for the management of national wealth and protection and development in accordance with programs and mechanisms developed by the honest effort and national administration.”
The House of Representatives voted last Monday on the National Oil Company’s proposed law.