Oil & Gas 


Oil and Gas 360 Publishers Note: In 2018 when they passed a law to turn INOC in to a separate corporate entity, with financial and administrative autonomy, would explain their current over production of OPEC requirements. This also could explain their selling of oil outside of sanctions, as they need cash. Iraq may have discovered capitalism.

Placing Ismael at the head of the company could mean further development of the country’s oil and gas sector through INOC

Iraq has appointed its oil minister, Ishan Ismael, to lead the Iraq National Oil Company (INOC). INOC was established in 1966 and has not had a very active role in the country’s oil and gas sector, but has been recently revived.

US gives Iraq sanctions waiver for Iranian gas and electricity imports -oilandgas360

FILE – In this Jan. 12, 2017 file photo, a worker operates valves in Nihran Bin Omar field north of Basra, Iraq. The U.S. has signaled to Iraq it’s willingness to extend sanctions waivers enabling the country to continue importing vital Iranian gas and electricity imports, three Iraqi officials said this week. The decision comes amid strained U.S.-Iraqi ties following last month’s Washington-directed airstrike that killed a high-profile Iranian general on Iraqi soil. (AP Photo/Nabil al-Jurani, File)

Placing Ismael at the head of the company could mean further development of the country’s oil and gas sector through INOC. The government started trying to revive the company in 2018, passing a law that would make INOC a “separate corporate entity enjoying financial and administrative autonomy, represented by the president.”

According to that law, INOC’s role is to facilitate “the best exploitation of oil and gas wealth in the areas of oil and gas exploration, rehabilitation and development of oilfields, as well as producing, marketing and all activities.”

INOC could also have a role in investment into technical advancements in the industry.


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