Oil minister wants new INOC law

A major initiative to restructure Iraq's oil sector appears to be on hold as the new Cabinet prepares to re-draft the legal foundation of the Iraq National Oil Company.
Oil minister wants new INOC law
Thamer Ghadhban (center), the former oil minister and current senior advisor to Prime Minister Nouri al-Maliki, tours the Doura refinery in Baghdad.

BAGHDAD - Oil Minister Thamir Ghadhban, a longtime proponent of reconstituting the Iraqi National Oil Company (INOC), is pushing the Iraqi Cabinet to redraft the law that would govern the company.

Iraq's Parliament passed a law in March to resurrect INOC, which was founded in 1964 and disbanded in 1987 by Saddam Hussein. The new company is supposed to assume operational authority of the oil sector, leaving the Oil Ministry with only its regulatory duties.

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