INOC moves to join TotalEnergies in mega-projects
The Iraqi Cabinet has approved the newly formed Iraqi National Oil Company (INOC) to take a partnership stake in a multi-faceted energy deal.
Leadership from French oil firm Total and Iraq's Oil and Electricity Ministries sign a Heads of Agreement on March 29, 2021. (Source: Oil Ministry media office)
The newly minted Iraqi National Oil Company (INOC) is moving to join French oil major TotalEnergies as a financial partner in the recently signed mega-projects for the development of crude oil, natural gas, and water supply in southern Iraq.
Iraq's Cabinet decided Tuesday to approve the prospective investment. The move could help to further establish INOC — which has so far existed mainly on paper — as a discrete entity from the Oil Ministry, while also raising the likelihood that the Total deal, signed just a month before national elections, will survive the transition to the next government.
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