Iraqi Oil Minister Ihsan Ismaeel this week proposed the formation of a new state oil company to manage production and export operations in the semi-autonomous region of Iraqi Kurdistan in an effort to end the long-standing dispute between the KRG and Baghdad over sharing crude revenues.

The new company would be jointly administrated by the KRG and Iraq’s oil ministry, but little further detail was provided. Mr Ismaeel says discussions with the KRG on the matter have been positive. (CONTINUED - 165 WORDS)