Parliament re-establishes Iraq National Oil Company

New legislation could restructure the oil sector, creating a new executive body for field management and limiting the Oil Ministry to strategic policy and regulatory functions.
Parliament re-establishes Iraq National Oil Company
Iraqi South Oil Company engineers look toward the associated gas flares in the Zubair oil field on January 21, 2010. (ESSAM AL-SUDANI/AFP/Getty Images)

BAGHDAD - Iraq's Parliament voted Monday to bring back the Iraq National Oil Company (INOC), three decades after it was subsumed by the Oil Ministry in a power move by Saddam Hussein.

If implemented, the law could fundamentally restructure Iraq's oil sector: INOC is slated to take over key operational responsibilities from the Oil Ministry, report directly to the Council of Ministers and, in an apparent rebuke of Kurdistan's oil autonomy, distribute a percentage of profits to provinces that hand over production to the federal government.

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