May 29-The Iraqi parliament will vote in weeks on founding the state-owned National Iraqi Oil Company, former Iraqi Oil Minister said on Tuesday.

"The main goal of the new Iraqi oil and gas bill is founding a National Iraqi Oil Company which can regulate the oil and gas sectors which suffer from lack of coordination between several decision maker and administrative units" Ebrahim Bahr Al Uloum said in remarks to alalam TV.

He added that several Iraqi political groups see the oil and gas bill as a plan to distribute the income of oil exports, but insisted that the bill has 4 goals including reviving the National Iraqi Oil Company, setting a structure for the Oil Ministry, coordinating the government and oil producing provinces and specifying the position of foreign investors.

Bahr Al Uloum described the oil as the main income of Iraqi nation and emphasized that giving the exclusive managment right of the National Iraqi Oil Company as well as controlling foreign investments could ensure a just sharing of wealth from Iraq's oil reserves between the whole Iraqi nation.

Regarding to existing protests over the bill, the former minister said that the parliament can reform or even change the bill as needs necessitate.
Alalam News

WHO controls the oil?? Love it when these articles pop at the right time.......LOL

Have a good one!:s4: