Iraq Ministry of Oil Established Three Oil Companies

Source: www.gulfoilandgas.com 9/30/2013, Location: Middle East

The Iraqi ministry of oil announced for the establishment of three general companies specialized in the oil services and crude oil & gas pipelines.

The spokesman of the oil ministry Mr. Assim Jihad said that, the three companies are:-
1- (The Oil Services Company) with 100 billion Dinars capital. And its main duty is to apply and manage the operations and activities of the oil services which are needed to drill & maintain the wells to produce oil & gas by using the latest technology.
2- (The Oil Pipeline Company for Crude Oil Transportation) with 300 billion Dinars capital. And its main duty is to operate the crude oil pipelines, the pumping stations with their reservoirs, the exportation ports inside Iraq and the pipelines that feed the power stations in addition to the operations of test, measure and maintain the pipelines, as well as mixing the crude oil in the companys reservoirs.
3- (The Pipeline Company for Gas Transportation) with 200 billion Dinars capital. And its main duty is to operate the pipelines of the dry & liquefied gas that is received from the production sources and the pumping & combustion stations, as well as the reserving of the liquefied gas in the companys reservoirs and supply it for the domestic consumption & exportation, in addition to the operation of the control centers of the dry & liquefied gas, and the operations of the test, measure, maintain & mix the gas that is received from the companys reservoirs.

Mr. Jihad said that the companies was established according to the rule of the council of ministers. and the aim of these companies is to contribute in supporting the national economy and keep up with giant oil & gas development projects to be able to contain the expansion of the work, especially after the success of the ministry of oil in concluding the service contracts with the well-known international companies to raise the national oil & gas production according to the work plan of the ministry of oil to make the best investment for the oil & gas to achieve the highest income. As well as to create a high flow of work and Ease the burden on the other oil companies, as well as the devotion to apply the plans to raise the production of oil & gas according to the requirements of the public interest.

Mr. Jihad said also that these companies was established to offer the support for the other national extraction & refinery companies in all the capitals of Iraq through the establishment of a strong and developed base for the oil industry by depending the international criteria in the distribution of tasks & responsibilities according to the technical specialties to relieve their burden because of the expansion of those companies works within the development projects as well as, to keep up with the evolution of the worlds oil and gas technology, and the establishment of specialized companies, along the lines of international companies in the oil specialties.

Mr. Jihad added also that the ministry of oil will not hesitate in establishing new companies whenever that was necessary to serve the future directions for the development of the oil sector, while the existence of those companies will not intersect with the other companies But to be complementary to each other, adding that the Oil Ministry is calling for the Council of Representatives of Iraq to expedite the passage of a law to establish the National Oil Company, which will serve as the incubator for the other national oil companies.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects


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