Iraq Kurds Form Oil Company Separate From Central Government
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Iraq’s semi-autonomous Kurdish government approved plans to create an oil exploration and production company separate from the central government and a sovereign wealth fund to take in all energy revenue.
A bill to create the company for oil exploration and production, with shares to be sold to the public, was approved by the cabinet of the Kurdistan Regional Government, Kurdish Prime Minister Nechirvian Barzani said in a statement yesterday. A separate initiative approved by the cabinet would create a Kurdish fund for oil and gas revenue. Both draft laws need to be approved by the KRG’s parliament.