August 4 in Baghdad, Iraqi government spokesman said on August 3, said here that the Iraqi government approved a cabinet designed to set up a 341 million U.S. dollars funding the Iraqi National Oil Company of the draft law. In a statement that the approval of the draft law will ensure that Iraq's oil and gas fields of oil and gas exploration and development will be the largest economic profit.
The newly formed Iraqi National Oil Company will be the Government of Iraq under the supervision of the operation of the cabinet, the company will be responsible for managing the Iraqi Federal Oil and Gas Council, the Board of Trustees of the distribution of oil and gas field development and operation.
Iraq National Oil Company will be produced for the export of oil transferred to the Iraqi oil marketing companies as well as the not for export of oil and natural gas delivered to the Iraqi Ministry of Oil to determine the domestic consumption sector.
Aug. 6, 2009
