New Dhi Qar oil firm gets $42 million kick-start
Finance Ministry "loan" to the new provincial oil company does not require repayment, as former assets of the South Oil Company are handed over.
Flares burn at the Nassiriya oil field on May 7, 2012. (STAFF/Iraq Oil Report)
NASSIRIYA - The Iraqi Finance Ministry has approved $42 million in start-up capital and authorized a transfer of employees and equipment for the new state-run Dhi Qar Oil Company (DQOC), a crucial next step as it splits from the Ministry of Oil’s South Oil Company (SOC).
The Iraqi Cabinet formally approved the spinoff of DQOC in January, and renamed the SOC as the Basra Oil Company, two years after an initial decision to stand up state oil firms in provinces with large oil production.
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