By Ahmed Mousa Jiyad.
Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
The New INOC Law: Brief and Dysfunctional
The Cabinet approved, on 23 March 2017, the new law for the Iraqi National Oil Company (INOC) and passed it to the Parliament/House of Representatives to legislate in accordance with legislating and constitutional procedure.
From formal aspects, the draft is very brief and vaguely worded; disappointing in substance; imprecise structurally and functionally. Therefore, the proposed law in its current form is not applicable and, thus, should be re-examined radically within a comprehensive approach that takes into account the fundamental changes pertinent to the subject maters; this what this contribution is all about.
To begin with I must mention that many drafts for INOC law have previously been proposed, presented and debated, whether through initiatives (official or individually) and some even went through “first reading” by the Parliament; or within the many drafts of the Federal Oil and Gas Law (FOGL) since 2007.
Also, I published (mostly on this IBN website) many analytical articles on all these attempts and cooperated with the Ministry of Oil in this regard, the last of which concerns the draft proposed by the Ministry to the Council of Ministers in September last year.
After careful reading of the current proposed law and other related laws, I came to formulated views and make the following remarks:
Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad’s biography here.