Iraq to Revive National Oil Company (NOC)

By John Lee.

Iraq's Oil Ministry is preparing a draft law to revive the National Oil Company (NOC), which was set up in the 1960s but merged into the Oil Ministry in 1987.

Oil Minister Adel Abdel Mahdi [Adil Abd Al-Mahdi] (pictured) told Reuters the move would be “vital for the development of the energy sector” and operate independently of the ministry.

Legislation to reestablish the company has languished for years due to political turmoil in the country, said the report.

(Source: Reuters)

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