The head of the oil and energy parliamentary committee Ali Maaraj said on Monday that the law of the National Oil Company allocated a percentage of the profits achieved for the company will go to the citizens, considering the law as one of the most important of the Council of Representatives.
"Among the most important laws voted by the House of Representatives is the law of the National Oil Company, which was in the inclusion of the Council for more than ten years because of political differences," Maaraj said in a statement to Al-Ghad Press.
He added that "the law for the first time gives part of the wealth to the Iraqi people through a percentage of profits that are not less than 10% of the profits of the company," noting that "this ratio will be deposited in the Central Bank and received under a mechanism established by the Board of Directors of the company."
He explained that "the percentage of profits to be given to the citizen will be deposited in four funds, namely: the citizen, generations, oil provinces, and the capital fund of the company."
He attributed the delayed passage of the law over the past period to "differences between the political parties," noting that "the Committee on oil and gas representative over the past nine months succeeded in addressing most of the differences and we were able to pass."
He continued by saying that "the allocations of the provinces have been placed in the law, and there is a special paragraph for the social services of oil-producing provinces."
He pointed out that "the National Oil Company is specialized in the production and marketing sector, an executive arm of the Ministry of Oil, because the ministry is the state policy of oil."
"We have put in place a mechanism to close the doors to the political blocs that nominate incompetent, incompetent figures and so on," he said.
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"Among the most important laws voted by the House of Representatives is the law of the National Oil Company, which was in the inclusion of the Council for more than ten years because of political differences," Maaraj said in a statement to Al-Ghad Press.
He added that "the law for the first time gives part of the wealth to the Iraqi people through a percentage of profits that are not less than 10% of the profits of the company," noting that "this ratio will be deposited in the Central Bank and received under a mechanism established by the Board of Directors of the company."
He explained that "the percentage of profits to be given to the citizen will be deposited in four funds, namely: the citizen, generations, oil provinces, and the capital fund of the company."
He attributed the delayed passage of the law over the past period to "differences between the political parties," noting that "the Committee on oil and gas representative over the past nine months succeeded in addressing most of the differences and we were able to pass."
He continued by saying that "the allocations of the provinces have been placed in the law, and there is a special paragraph for the social services of oil-producing provinces."
He pointed out that "the National Oil Company is specialized in the production and marketing sector, an executive arm of the Ministry of Oil, because the ministry is the state policy of oil."
"We have put in place a mechanism to close the doors to the political blocs that nominate incompetent, incompetent figures and so on," he said.
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