Parliament re-establishes Iraq National Oil Company

Date: 06 March, 2018

Iraq's Parliament voted Monday to bring back the Iraq National Oil Company (INOC), three decades after it was subsumed by the Oil Ministry in a power move by Saddam Hussein.

If implemented, the law could fundamentally restructure Iraq's oil sector: INOC is slated to take over key operational responsibilities from the Oil Ministry, report directly to the Council of Ministers and, in an apparent rebuke of Kurdistan's oil autonomy, distribute a percentage of profits to provinces that hand over production to the federal government.