Commission on oil and gas received a draft law establishing the National Oil Company

Baghdad - Iraq votes 05 / 04 / 2008 at 12:04:01

A Vice-Chairman of the oil and gas in the House of Representatives of Iraq, Saturday, that the draft law establishing the National Oil Company arrived at the parliament, which is the subject of discussion within the Commission for oil and gas in the Council.

He said Abdul Hadi Al-Hasani, in a statement to the Independent News Agency (Voices of Iraq), the draft law "includes founding the National Oil Company, with capital supported by the Iraqi government, in addition to the currently existing companies, namely: NOC and the South."

Al-Hasani said that the National Oil Company to be established "will be added to other companies in future, such as the company Maysan, Dhi Qar, unlike the two currently existing," any oil north and the south. He pointed out that the new company "will be out digging and extracting oil, as well as transportation and storage."

He stated that "provision is made for the establishment of the new company, capitalized preliminary," pointing out that it would be right National Oil Company "to borrow four times their capital."

The Vice-Chairman of the oil and gas in Parliament that the establishment of the National Oil Company is the "Introduction of legislation oil and gas law," saying that the Committee "demanded to increase the size of the company's capital to enable it to compete with international companies."

And the Bill of oil and gas said Al-Hasani, a deputy in Parliament from the Bloc (United Iraqi Alliance) owner of the majority, that the parliament "did not receive, until now, no copy of the Act, because of political differences around," likely delay adoption of this law.

The delayed approval of the House bill Iraqi oil and gas, which was approved by the Government of Nuri al-Maliki and forwarded to the Parliament in July last year, due to strong opposition of several parliamentary and political influence of the law.

She says that the strong opposition, the draft gives "concessions" unprecedented for foreign investors to establish oil installations and refineries and invested for periods of up to (50) years, and he devoted controlled territories wealth owned all the Iraqi people.