INOC launches, aiming to restructure Iraq’s oil sector
In his dual capacity as oil minister and INOC president, Ihsan Ismaael is moving key management authorities and oversight of state oil companies to the newly formed company.
Oil Minister Ihsan Ismaael (center) lays a ceremonial cornerstone for a project to expand the Haditha refinery in Anbar province on Oct. 3, 2020. (Photo credit: Oil Ministry)
ERBIL - The Iraqi National Oil Company (INOC) has taken two significant administrative steps to become operational, signaling a potential sea change in the structure of Iraq's oil sector.
In an Aug. 25 meeting, the newly constituted INOC board of directors approved company bylaws, according to a copy of the meeting minutes obtained by Iraq Oil Report. And the following day, Ihsan Ismaael — who is both oil minister and president of INOC — issued an order to shift control of seven state-owned oil companies from the Oil Ministry to INOC.
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