Iraq’s government has swiftly pushed through the re-establishment of the Iraq National Oil Company (INOC) in a bid to reshape management of the country’s oil sector ahead of 10 October parliamentary elections.
On 25 August, INOC’s board met for the first time and approved its own bylaws. The following day it instructed Iraq’s seven existing national oil companies (NOCs) to detach from the Ministry of Oil and report to its president – Oil Minister Ihsan Ismaael. MEES understands that on 4 September another meeting was held to discuss Iraq’s five-year oil exploration and production plans, and on 14 September, financial chiefs from INOC subsidiaries met during a two-day workshop to organize accounting procedures and plan budgets for 2022. (CONTINUED - 1621 WORDS)