Parliament Votes to create Iraqi National Oil Company

By John Lee.

Reuters reports that Iraq’s parliament voted on Monday to establish a new Iraqi National Oil Company (INOC) to manage its upstream energy sector, and serve as an umbrella body for its state-owned oil firms.

According to the report, the move revives a company originally established in the 1960s and merged into the Oil Ministry in 1987.

Kurdish lawmakers voted with the majority to establish the new company, despite ongoing tensions between Baghdad and Erbil.

(Source: Reuters)

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