About MOO
We are Issa bin Salman Al Khalifa, Emir of Bahrain, after reading the Constitution and Prince's Order No. 4 of 1975, and on the Commercial Companies Act issued by Decree No. (28) for 1975, based on the offer of the Minister of Development and Industry, and after the approval of the Council of Ministers.
We draw the following law:
Article -1 -
A higher oil council is establishedand attached to theCouncil of Ministers.
Article -2 -
The SupremeCouncil ofOil is formed by the Prime Minister and a number of members no more than seven, and their appointment and the duration of their membership is issued by decree.
TheCouncil shall have an independent secretariat whose task is to assistthe Council in carrying out its work.
Article -3-
TheCouncil is generally concerned with the development ofoilpolicy to ensure the preservation ofoilwealth, the creation of alternatives, the supervision of oil enterprisesand the development ofoil-related industries to ensure better investment ofoilwealth and achieve the greatest return from it.
TheCouncil is particularly concerned with the following:
1- Conduct studies and research on the sais to ensure the longevity of the reserves of natural gas and all other energy sources available in the country and the means to make the best use of these resources and propose the appropriate pricing policy for them.
B- The development of human and technical devices in the field of energy in the country and theCouncil to instruct those who see it experienced and specialized to prepare studies and research in the subjects that fall within the competence ofthe Council.
Article -4-
In order to achieve its objectives directly all the necessary actions for it, and for the companies that do the work related to theoil industries:
1- Establishing these companies.
2- Establishing the state's participation in the establishment of companies and institutions that carry out work that falls within its competence or cooperation in achieving its purposes, without a minimum number of founders.
3- Recognition of the state's ownership of existing companies, reorganization and participation in existing companies.
4- Limit the maximum borrowing from the government or its financial institutions, and ensure its loans.
5- Appoint the boards of directors of companies that do business related to theoil industries, which are fully state-owned and select government representatives on the boards of directors and general assemblies of companies that the State contributes a share in its capital.
Article - 5 -
TheCouncil meets at the invitation of its president, and the meetings ofthe Council shall be valid in the presence of the majority of its members, and the decisions shall be issued by a majority of the members present and at equality the party of which the President is likely, and the decisions of theCouncil, which require the implementation of financial burdens, are not implemented until the approval of the Council of Ministers, and theCouncil shall draw an internal regulation to organize its work.
Article -6-
TheCouncil may form permanent or temporary committees of its members or others to study what is entrusted to it to research and present the result of its study tothe Council.
Article -7-
The Prime Minister must implement this law and work on it from the date of publication in the Official Gazette.
Prince of Bahrain
Isa bin Salman Al Khalifa
Issued at The Rifaa Palace
Date: 25 Dhu'l-Hijja 1400H
Corresponding: November 3, 1980
