Caretaker Govt. submits bill of National Petroleum Co. to Parliament
The Source: SANA'A/hadhramaut.info/sabanews.net - 29/03/2011
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The caretaker government submitted on Tuesday a bill of the National Petroleum Company to Parliament for discussion and completion of constitutional procedures for the issuance of the law.
The bill, reviewed by a ministerial committee, consists of 32 articles divided into six chapters, including naming, definitions, the establishment of the National Petroleum Company and determining its functions, powers, capital, resources and board of directors, the advantages and exemptions and the final provisions.
The bill stipulates the foundation of a national petroleum company to replace the current SAFER E&P Operations Company. The new company has a legal personality with financial and administrative independence and is subjected to the supervision and control of Minister of Oil and Minerals.
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