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FINANCIAL NEWS
Baghdad establishes $90m state oil firm
15 Apr 2010
(MENAFN) The Iraqi government said that it has ratified the establishment of a fourth state oil company responsible for overseeing development in recently auctioned fields in the center of the country, Reuters reported.
Midland Oil Co, or MOC, will be tasked with managing the East Baghdad oil field which was not awarded in the country’s second licensing auction held in December last year. Its capital will be $90 million
The new company will also manage the Badra oil field in southeast of Baghdad. The field was awarded to a consortium led by Russia’s Gazprom at the second bidding round in December.
Iraq, which sits on the world’s third largest oil reserves, concluded late last year and early this year, that 10 major oil deals with international oil companies that are expected to quadruple the country’s current crude oil production.
More News
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CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
02 Jul 2025
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12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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