Iraq: Iraq Establishes National Oil Company

Mar 16, 2018 | Adnan Abu Zeed, Al-Monitor
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The Iraqi parliament voted March 5 on the National Oil Company draft law, which regulates oil production and exports and fairly distributes its revenues to the different regions of Iraq. The clauses of the law stipulate that a percentage of oil imports be divided to Iraqis residing in the country as well as the Kurds in Iraq's Kurdistan Region if authorities in the region agree on delivering the oil production from their fields to the Oil Marketing Company (SOMO).