New law would recreate Iraqi oil company

BAGHDAD – A parliamentary committee is working on a pair of oil-related draft bills, one to re-establish the state-run oil company and another to fight oil smuggling, a senior lawmaker said Saturday.

Abdul-Hadi al-Hassani, deputy chairman of the committee on oil, gas and natural resources, said legislation to re-establish the Iraqi National Oil Co., was likely to be presented to parliament on Tuesday.

The measure is part of a package which also includes legislation to regulate the country’s oil sector, reorganize the Oil Ministry and distribute revenues among Sunni, Shiite and Kurdish regions.

Al-Hassani said he was uncertain when the other bills in the package would be ready for parliament to discuss.

AP