KRG to establish two new oil companies

Shafaq News / The Kurdistan Regional government revealed its will to establish two oil and gas companies.

A statement by the Regional government said that the two companies are the Kurdistan Region's oil company (KROC), which will locate, discover and produce oil, as well as the Kurdistan Oil Marketing organization (KOMO).

The statement noted that the two companies can coordinate with SOMO, and the Iraqi Ministry of Oil can do so with the Regional Ministry of Natural Resources.

The government stressed the need to reorganize SOMO company and transform it into a Federal organization, where decisions are jointly made and the KRG representative has the right to VETO any decisions related to the Region.