On Tuesday, the Iraqi Prime Minister Haider Al Abadi’s office announced that Iraqi Council of Ministers has decided to replace the South Oil Company’s name.
The Council has approved to change the name and approved to establish a new oil company as “Thi Qar Oil Company”. The PM office further said in a press statement that Council of Ministers is fully agreed to replace the name of South Oil Company and new name approved as “Basra Oil Company”. He added that Council also approved to establish a new company as “Thi Qar Oil Company”. Point to be noted that South Oil Company has been considered as the largest public oil company in the country. This company has more than 20 thousand employees and it was established in 1969, but most of its facilities and warehouses were destroyed during the time period of Iran-Iraq war.
The Iraqi Council of Ministers also approved the modification in the Law of the Iraqi Chamber of Commerce Federation. The press statement has indicated that there were three decision that were made by the Council of Ministers, replacement the name of South Oil Company with Basra Oil Company, an approval to establish a new oil company and named Thi Qar Oil Company, and approved the alteration in the 2nd amendment in the Law of Iraqi Chamber of Commerce Federation. After making all the decisions, it has been forwarded to Iraqi Parliament to deal with the law and Iraqi constitution.