Iraq National Oil Company

Iraq National Oil Company

The Iraq National Oil Company (INOC) was founded in 1966 by the Iraqi government. It was empowered to operate all aspects of the oil industry in Iraq except for refining which was already being run by the Oil Refineries Administration (1952) and local distribution which was also already under government control.cite book
title=Middle East Oil: Issues and Problems
publisher=Transaction Publishers

In 1961 Iraq passed "Public Law 80" whereby Iraq expropriated 95% of the Iraq Petroleum Company's concessions, and went on to announce the intent to form the INOC in 1964. In 1967 Iraq and the Soviet Union signed the "Iraq-Soviet Protocol" which committed the Soviet Union to give technical and financial aid to the company. In 1967 and 1968 the company's purview was expanded to include areas expropriated from the Iraq Petroleum Company.

Unlike the National Iranian Oil Company, the INOC was forbidden from entering into partnerships or granting concessions to foreign oil companies. Though there was discussion of allowing the French Compagnie Française de Pétroles, from whom the North Rumaila Field had been appropriated, to enter into a contract to develop the field, ultimately, with the help of the Soviet Union, the INOC opened the field on 7 April 1972.

In 1972 nationalization was complete.cite book
title=The Politics of the Global Oil Industry: An Introduction
coauthors=Ann Genova

ee also

* Iraq oil law (2007)
* North Oil Company
* South Oil Company


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