INOC launches, aiming to restructure Iraq’s oil sector

In his dual capacity as oil minister and INOC president, Ihsan Ismaael is moving key management authorities and oversight of state oil companies to the newly formed company.
Oil Minister Ihsan Ismaael (center) lays a ceremonial cornerstone for a project to expand the Haditha refinery in Anbar province on Oct. 3, 2020. (Photo credit: Oil Ministry)

ERBIL - The Iraqi National Oil Company (INOC) has taken two significant administrative steps to become operational, signaling a potential sea change in the structure of Iraq's oil sector.

In an Aug. 25 meeting, the newly constituted INOC board of directors approved company bylaws, according to a copy of the meeting minutes obtained by Iraq Oil Report. And the following day, Ihsan Ismaael — who is both oil minister and president of INOC — issued an order to shift control of seven state-owned oil companies from the Oil Ministry to INOC.

This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription or sign up for a free trial.
Iraq Oil Report Attribution Policy

All sources quoted or referenced spoke to Iraq Oil Report directly and exclusively, unless stated otherwise. Iraq Oil Report typically grants anonymity to sources that can't speak without risking their personal safety or job security. We only publish information from anonymous sources that we independently corroborate and are important to core elements of the story. We do not provide anonymity to sources whose purpose is to further personal or political agendas.

Iraq Oil Report Commitment to Independence

Iraq Oil Report strives to provide thoroughly vetted reporting and fair-minded analysis that enables readers to understand the dynamic events of Iraq. To meet this goal, we always seek to gather first-hand information on the ground, verify facts from multiple angles, and solicit input from every stakeholder involved in a given story.

view our independence as an integral piece of our competitive advantage. Whereas many media entities in Iraq are owned or heavily influenced by political parties, Iraq Oil Report is wholly owned by several of its employees. In a landscape that is often polarized and politicized, we are able to gather and corroborate information from an unusually wide array of sources because we can speak with all of them in good faith.

fund this enterprise, Iraq Oil Report depends on revenue from both advertising and subscriptions. Some of our advertisers and subscribers ‐ including companies, governments, and NGOs ‐ are also subjects of our reporting. Consistent with journalistic best practices, Iraq Oil Report maintains a strict firewall that removes business considerations from editorial decision-making. When we are choosing which stories to report and how to write them, our readers always come first.