The Iraqi Parliament voted in its regular session on Monday, 5/3/2018, on the draft law of the Iraqi National Oil Company, submitted by the Committee of Oil, Energy, and Natural Resources;

The objective of the new State Oil Company is to ensure the exploration, development, production and marketing of oil resources in the fields and land allocated to them under the law on behalf of the Iraqi state and to increase production and development  of the oil and gas industry and facilities and related structures and working methods on the basis of efficiency, flexibility and competitiveness to maximize revenues for the benefit of the Iraqi people and in accordance with recognized international standards, which required the formation of the Iraqi National Oil Company as a wholly owned public company reflecting the concept of people’s ownership of oil and gas.

The new law shall come into force upon publication in the official gazette following the ratification by the President.

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