The Iraqi parliament voted on March 5th to create a national oil company that will handle the country’s energy sector, lawmakers told Reuters.

“A draft resolution for the return of INOC had been ratified by the Iraqi cabinet and sent to Parliament,”said Jabbar Al Luaibi, Iraqi Oil Minister, according to the The Oil & Gas Year.

“It’s a significant law to push forward the development process of Iraq’s energy sector,” said Husham al-Suhail, Member of the Iraqi Parliament.

The new national firm is set to act as an umbrella organization for the Iraqi state oil firms, Hamza Al-Jawahiri, an oil analyst who assisted the Iraqi Oil Ministry to draft the law, told Reuters.

“The job of the new company is to manage Iraq’s upstream operations. This will leave the ministry room to set plans and strategies for the development of the Iraqi energy sector,” Jawahiri pointed out.