Iraq Transfers Ownership of 9 Companies to New National Oil Company

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 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.

Reporting by Ahmed Aboulenein