Iraq cedes ownership of 9 oil companies

U.S. will not stop Iran oil exports- Iran's foreign minister

Iraqi Oil Minister, Jabar al-Luaibi, issued a decree transferring the ownership of nine state-owned oil companies from the oil ministry to the newly-formed National Oil Company (NOC) which he also heads, a ministry spokesman said on Thursday.

Luaibi took the decision in his capacity as National Oil Company chief, not minister, according to a statement by Spokesman Asim Jihad. The decision will be “followed by others within the same framework,” Jihad said.

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