Iraq moves toward restructuring oil sector with INOC law revisions

Cabinet and Oil Ministry legal teams have proposed amendments to the 2018 law to re-constitute the Iraqi National Oil Company, after Iraq's highest court deemed many articles unconstitutional.
Iraq moves toward restructuring oil sector with INOC law revisions
A worker from the state-run Basra Oil Company seconded to the BP-led Rumaila Operating Organization walks degassing station 3 on July 29, 2020. (ALI AL-AQILY/Iraq Oil Report)

Iraq's Cabinet has taken a new step toward overhauling the structure of the country's oil sector by resolving to amend a 2018 law for the Iraqi National Oil Company (INOC).

Efforts to re-create INOC have been stalled since January 2019, when the Federal Supreme Court struck down so many fundamental provisions of the law that it could not be implemented. The Cabinet is now seeking to address the Supreme Court's concerns, though it has not decided on a final set of amendments to send to Parliament for ratification.

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