He said at the celebration of the company's founding at Al-Rasheed Hotel in Baghdad: "Today we announce the establishment of the Basra Energy Company by an Iraqi decision."
He added, "The Council of Ministers approved the establishment of the Basra Energy Company and exempted it from the legal requirement for a two-year age, thus fulfilling the legal aspect."
Abdul Jabbar Ismail said: "The Basra Energy Company will be responsible for a third of Iraq's oil production," expressing his hope that "the establishment of the new company will be a turning point in overcoming previous failures and achieving plans to reach peak production in Rumaila field of 1.7 million barrels by the year 2027".
Ismail said in a speech at the ceremony of announcing the establishment of the Basra Energy Company: "We are talking today about an important field that constitutes a third of Iraq's oil production, which is Rumaila field."
He pointed out that "Petro Jana and British Petroleum are the two shareholders with SOMO and the Basra Oil Company."/ End