Iraqi oil minister calls for establishing new oil company in Erbil

Erbil (Kurdistan 24) - Iraqi Oil Minister Ihsan Abdul-Jabbar on Monday proposed establishing a new oil company headquartered in Erbil to manage the Kurdistan Region's oil dossier. 

The oil minister called for reviewing the contracts and agreements signed by the Kurdistan Regional Government (KRG) with oil companies and foreign countries. 

He made the remark at a joint press conference with Khaled Swani, the head of the Kurdistan Region's negotiating delegation in Baghdad. 

Read More: KRG delegation to visit Baghdad to discuss oil and energy

Abdul-Jabbar also called for opening a bank escrow account in one of the international banks to deposit the revenues from the KRG's sale and export of crude oil. That account will belong to the Iraqi Ministry of Finance. It will be used to arrange payments in favor of the Kurdistan Region if the Iraqi Ministry of Finance doesn't send the region its dues on time. 

"In principle, the KRG should send all contracts and agreements it signed with countries and oil companies for the purpose of reviewing, amending, and improving them, as well as transferring the contracting party from the KRG Ministry of Natural Resources to an oil company established for this purpose by a decision of the Iraqi Council of Ministers," Abdul-Jabbar stated. 

The minister emphasized the joint work between Baghdad and Erbil to solve all problems. He added that the KRG delegation will go back to Erbil for consulting with the KRG before holding another round of negotiations. 

"Legislating the Iraqi oil and gas law is the best solution for solving all the problems," Shwani said. "This meeting is a new beginning for cooperation between the Iraqi oil company and the KRG."