Iraq's Kurdistan working to establish two oil firms -statement

Iraq's Kurdistan Regional Government (KRG) is working to establish two oil companies, a spokesperson said on Friday.

The KRG's new oil firm KROC would specialize in oil exploration, while the second - KOMO - would focus on oil exports and marketing from the semi-autonomous region.

The regional government has presented the idea and discussed it with the federal government in Baghdad recently, the KRG spokesperson said in a statement.