Iraq looks to re-establish national oil company

A senior Iraqi politician has said that the new oil law being drawn up in the country is most effective way to manage the country’s huge hydrocarbon resources.

Speaking to Iraqi news agency Aswat al-Iraq, Aamra al-Beldawi, a member of the parliament’s oil committee said that the oil law and the re-establishment of a state-owned national oil company in Iraq would be a massive benefit to the Iraqi economy.

“The law, which the economic committee received recently, will help adopt best management of oil resources which consider the main resource of income in Iraq through dividing missions between the company and the oil ministry,” Beldawi is quoted by Aswat al-Iraq as saying.

“The law, in case the parliament approved it, will benefit the Iraqi economy, mainly the re-establishment of the Iraqi National Oil Company (INOC),” she said.

Iraq has been discussing the possibility of introducing a new oil law since the fall of Saddam Hussein regime in 2003.