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Basra Prepared to Purchase Shares Owned by Oil Companies

Chairman of the Commission Ali Shadad al-Faris stated that the province is ready to buy the shares if Basra Oil Company was not able to do so.

Basra/ Iraq TradeLink: Basra Provincial Oil and Gas Commission announced readiness of the  local government to "buy the shares of the operating oil companies or entering into alliances" in order to "minimize the damages of the oil bid and enhancing revenues for the province".

Chairman of the Commission Ali Shadad al-Faris stated that the province is ready to buy the shares if  Basra Oil Company was not able to do so.

He welcomed the "positive" move of Basra Oil Company to a partner in operating Zubair Oilfield, which will become a influential partner in delineating the polices of the oilfields in the province.


On 28 May, 2017, Basra Oil Company bought the shares of the US Occidental oil company which reached to 31.25% of the service contract on Zubair oilfield.
Source: Iraq TradeLink

 

 

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