Iraq intends to create a company with a capital of 250 billion Iraqi dinars ($192 million) to invest in energy projects inside the OPEC country.
The cabinet, which met under Prime Minister Mohammed Al-Sudani on Tuesday, approved the venture, which will group several local public establishments.
The venture will focus on investment, execution and operation of energy projects inside Iraq, a statement by Sudani’s office said after the meeting.
“The new company will have a preliminary capital of IDQ250 million …the capital can be increased later,” the statement said.
Shareholders include the State Pension Fund and the government-owned Trade Bank of Iraq, the statement said, adding that other parties can subscribe to the venture, including the Electricity and Oil Ministries, the State Organisation for Marketing of Oil (SOMO) and other Iraqi institutions.
(Reporting by Deva Palanisamy; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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