Iraqi Oil Minister Jabar al-Luaibi has reversed his decision to transfer the ownership of nine state-owned oil companies from the ministry to the newly formed National Oil Company, the ministry said on Saturday.
The move would enable the incoming government of Prime Minister-designate Adel Abdul Mahdi to make its own decisions in the oil sector, the ministry said in a statement. Luaibi is the oil minister in an outgoing government led by Prime Minister Haider al-Abadi.
A senior Iraqi oil official told Reuters that Mahdi had been annoyed by the original transfer decision which had been “made in a rush and without his approval.”
Iraqi oil minister reverses state oil company ownership transfer