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According to the industry newsletter, citing “authoritative sources”, “The Supreme Oil and Gas Council (SOGC) proposed the establishment of an Iraq National Oil Company (INOC) during its first meeting in Baghdad under the chairmanship of interim Prime Minister Iyad Allawi on August 23.”
“A proposal to this effect has been drafted by the Oil Ministry and is expected to be forwarded to the SOGC and the cabinet for approval next month,” added the insider.
Addressing SOGC Iyad said, “The purpose of establishing the INOC was to enable the oil industry to be managed professionally, enhance oil production and de-politicise oil sector operations.”
“INOC will be a public company owned by the state and operate on a commercial basis [and] will incorporate the South Oil Co (SOC), North Oil Co (NOC), Iraq Drilling Co (IDC) and Oil Exploration Co (OEC),” he added.
