Iraq appoints oil minister as head of national oil company

Published: 17 September 2020 - 5:45 a.m.
By: Carla Sertin

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.

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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