Iraq to establish new national oil firm

Tuesday, July 20, 2004

LONDON Iraq plans to establish a national oil company by 2005. Iraqi officials said the new company would replace the one established by former President Saddam Hussein during the 1980s. The new company would draft policy relating to Iraq's oil sector.

Iraqi Oil Minister Thamer Ghadhban told the Dow Jones Newswires that the proposed Iraqi National Oil Co. would incorporate the current South Oil Co., North Oil Co. and the Exploration Co. The new unit would have an executive director and a board of directors.

Iraq expects to increase its oil output to 2.6 million barrels per day after the resumption of operations of a northern refinery, Middle East Newsline reported. So far, the figure has been 2.4 million barrels per day.

Copyright 2004 East West Services, Inc.

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