Iraq Oil Min: Parliament Agrees To Form National Oil Co

Source: www.gulfoilandgas.com 9/12/2006, Location: Middle East

Iraq's planned hydrocarbons law is still being debated in parliament although the formation of a national oil company has been agreed upon, the country's oil minister said Tuesday.

"This is one of the points that has already been agreed upon," said Hussain Ali-Shahristani on the sidelines of an OPEC seminar in the Austrian capital.

"There will be an Iraqi national oil company that will be a holding company for the operating companies," he said. "There are a large number of companies - some of them are regional," he said. He added that "90%" of the draft law has been agreed and expected full ratification by the end of this year.

The minister pegged output in Iraq's southern oil fields at 2.1 million barrels a day, noting also an "ongoing daily battle" against saboteurs in maintaining supply from the Kirkuk fields in the north.

"We're averaging now about three attacks every week, although normally we're able to (repair pipelines) in 24 hours," he said


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