Parliament re-establishes Iraq National Oil Company
New legislation could restructure the oil sector, creating a new executive body for field management and limiting the Oil Ministry to strategic policy and regulatory functions.
Iraqi South Oil Company engineers look toward the associated gas flares in the Zubair oil field on January 21, 2010. (ESSAM AL-SUDANI/AFP/Getty Images)
BAGHDAD - 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.
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