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Minister Luaibi also to head revamped Iraq National Oil Company - report

By Rudaw 12/10/2018
Iraqi Oil Minister Jabar al-Luabi.
Iraqi Oil Minister Jabar al-Luabi.

ERBIL, Kurdistan Region — Oil Minister Jabar al-Luaibi will head state-owned Iraq National Oil Company (INOC), the country's oil ministry spokesperson told Reuters.


Iraq's Council of Ministers voted unanimously in favor of the decision last week, according to spokesperson Asim Jihad.

“The appointment decision was made for many reasons, including the experience Luaibi has,” Jihad said. 

Luaibi will also remain as oil minister in Prime Minister Haider al-Abadi’s outgoing government, he added.

Jihad claimed the positions are not related. Adil Abdul-Mahdi, Iraq's prime minister designate and a former oil minister, has 30 days from October 2 to present a new cabinet to parliament. 

INOC was initially formed in 1966, to deal with the oil industry — less refining.  In 1987, it merged with the Ministry of Oil.

Now, four state-owned oil companies operate in Iraq: South, Missan, Midland, and North. Additionally, the State Organization for Marketing of Oil (SOMO) is responsible for marketing the country’s energy resources.

INOC will strictly deal with sales, allowing the oil ministry to more closely plan downstream operations.

Luaibi's future as head of INOC and minister of oil is uncertain.

“The issue of selection of a new minister is the responsibility of the prime minister-designate. Anything is possible, we will wait and see,” said Jihad.

As they wait, the United States will impose energy sanctions on neighboring and fellow OPEC member Iran on November 4.

It is speculated that Washington is considering a waiver for Iraq given its dependency on its largest trading partner in Tehran.

"We continue to have conversations with the Government of Iraq about that particular issue and the implications for the re-imposition of sanctions that were previously lifted or even waived under the JCPOA," US State Department spokesperson Heather Nauert said at a press conference on Friday.

The Kurdistan Region of Iraq has privatized its oil and gas sector. The idea of government-control has been discussed.

Comments

 
FAUthman | 12/10/2018
If you thoroughly understand this article and the moving parts of the gas and oil management set ups in Iraq ( KRG included ) and who is supposed to do what and how appointments will be made for the heads of the five state owned oil companies in Baghdad and the south and several privately owned companies in Kurdistan, with Russian Rosneft owning 60% of the pipeline in Kurdistan, and with two governing ministries operating in Iraq ( Ministry of Oil in Baghdad, and Ministry of Natural Resources in Erbil and what is the arrangement between two )! then you would be almost smarter than I.
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