Iraq to establish new national oil firm
SPECIAL TO WORLD TRIBUNE.COM
Tuesday, July 20, 2004
LONDON ø 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.Copyright © 2004 East West
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.