Stipulations establishing NIOC

Law No. 11, which established Iraq National Oil Co., stipulated provisions defining the company’s rights and responsibilities:1. In view of the importance of the oil reserves of which the rights of exploitation are expected to be granted to the National Oil Co., the law has stipulated that the company’s capital be purely governmental in keeping with the principle of sovereignty over mineral resources of the state that are natural monopolies.This, however, shall not preclude the company’s acting within its statutory framework, from making use of other capital, domestic or foreign, through loans or through partnership of various forms of business cooperation with concerns ...

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