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The law of the Iraqi National Oil Company

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The law of the Iraqi National Oil Company

On behalf of the people
Based on what was approved by the House of Representatives based on the provisions of subsection (I) of Article (61) and item (iii) of Article 73 of the Constitution.
President of the Republic decided to issue the following law: -
No. () for the year 2017
Iraqi National Oil Company
Article 1 First: - a public company called the Iraqi National Oil Company has a legal entity represented by its President or authorized to be based in Baghdad, and establish them to open branches inside and outside Iraq, according to the law ..
Second: - The company resolved the institution under the provisions of this law, the company replaced the institution under Law No. 123 of 1967 and its provisions apply to them not inconsistent with the provisions of this law.
Article 2 The company's capital consists of 400 billion Iraqi dinars paid by the government with the consent of the Council of Ministers and the company to increase its capital upon the proposal of the board of directors and the approval of the Council of Ministers after the submission of the feasibility study it.
Article 3 The company runs the Board of Directors consists of the following: -
First, president of the company president.
Second Vice President, member.
Third: heads of companies owned by members.
Fourth, a representative from each of the following entities that no less job title
None of them members of the Director General.
a. Ministry of Finance .
B. The Ministry of Planning .
C. Central Bank of Iraq.
Dr. Two Mokhtassan oil and gas affairs nominated by the Minister of Oil.
Article 4 First: - The company is headed by a private employee holds a university degree in preliminary least experienced and competent in his field and has a degree Vice-degree general manager holds a university degree in preliminary least experienced and competent.
Second: - The company consists of the following configurations: -
1. formations associated with the company's center: -
a. Administrative and Financial Department.
B. Planning and Investment Department.
C. Technical Department.
Dr. Legal Department .
2. exploration, extraction and production of oil and gas companies.
Third: - runs circles set forth in item (II / 1) of this Article, General Manager, holds a university degree at least and has an initial experience in the field of work not less than (15) fifteen years.
Fourth: - The Board of Directors of the approval of the Council of Ministers the development of any other formation according to the law, and has appended to the formation of any company based on the proposal of the Minister of Oil and approval of the Council of Ministers.
Fifth: - transferred to the Iraqi National Oil Company and the rights and obligations of corporate assets and property of the Iraqi National Oil Company, rather than without.
Article -5- Iraqi National Oil Company to invest all oil and gas areas in all the territory of the Republic of Iraq and its territorial waters and the continental shelf and have to share with others the consent of the Council of Ministers if you find it better to achieve its objectives and to borrow from inside or outside Iraq to finance
Investments inside and outside Iraq.
Article 6 I. apply to employees of the company provisions of the salaries of state employees law and public sector No. (22) of 2008 (as amended) and the law of the discipline of state employees and sector No. 14 of 1991 (as amended) and the Pension Law Unified No. (9) for the year 2014 .
Second: - determine the incentives of employees in the company's system issued by the Council of Ministers.
Article 7 I. General provisions of the Companies Law No. applied (22) of 1997 and the laws in force related not inconsistent with the provisions of this law.
Second: - The company's accounts are subject to the supervision of the Office of the Federal Financial Control and audited.
Article 8 canceled the decision of the Revolutionary Command Council (dissolved) Almno.an Baladdan (267) for the year 1987 and (79) for the year 1995.
Article 9 of this law is implemented from the date of its publication in the Official Gazette.
The reasons
For the purpose of the establishment of the Iraqi National Oil Company and enable it to discharge its work best and to ensure the exercise of its work towards independence and the entry into force of the provisions of Law No. 123 of 1967 on them.
Initiated this law

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