Iraqi higher council of oil and gas formed: report

Iraqi higher council of oil and gas has been formed and Prime Minister Ayad Allawi would head the council, Al Sabah newspaper reported on July 17.

"Because of the strategic importance of the natural resources, especially the oil and gas, which are property of the people, and to draw a general policy to administrate those resources, the council was founded," an official at the Iraqi Ministry of Oil was quoted as saying.

He said the council would look into the strategic issues sent to it by the head of the council or by the Iraqi minister of oil, especially the medium-term and long-term plans and the following of their implementation.

It would also look into the investments and big projects and method of financing them, in addition to the contracts and agreements signed with the foreign sides and drawing marketing policies for the crude oil, he added.

He pointed out that the council would set the tariff of the main local consumption oil products and the share of the Finance Ministry.

Source: Xinhua