Genel Energy is taking the KRG to arbitration after years of failure to agree on a plan for developing the Miran and Bina Bawi gas fields.

Iraq's electricity service has suffered amidst unreliable gas and power imports from Iran, but efforts are moving slowly to diversify supply via four other neighboring countries due to unresolved pricing negotiations.

Iraq has begun enforcing legislation that prevents foreigners from owning a majority stake in any Iraqi company, casting new uncertainty on an already difficult investment climate.

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.