Saudi Press Agency
29 July 2009
BAGHDAD -- The Iraqi government says the Cabinet has approved a draft law to revive a national oil company to oversee industry development.
The Iraqi National Oil Co. was established in 1964 but Saddam Hussein dissolved it in 1987 as the Iraq-Iran war curtailed oil-related activities.
Government spokesman Ali al-Dabbagh said Tuesday in a statement that the bill has been sent to the parliament for approval, but gave no details.
The bill joins other pending draft legislation, including an oil law that is stalled at parliament over disputes among political groups over who has the final say in developing the wealth.
Iraq's parliament has gone into recess until September, the Associated Press reported.
© Saudi Press Agency 2009