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Iraq establishes National Oil Company

To help further develop Iraq’s energy sector, parliament recently passed a law that establishes the National Oil Company for oil extraction and manufacturing.

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).

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