By John Lee.
Oil Minister Jabar Ali al-Luaibi [Allibi, Luiebi] has transferred ownership of nine state-owned oil companies from the Ministry of Oil to the newly-created Iraqi National Oil Company (INOC).
The Minister is also the President of INOC.
The companies transferred to INOC ownership are:
- Iraqi Oil Exploration Company
- Iraqi Drilling Company (IDC)
- State Oil Marketing Organization (SOMO)
- North Oil Company (NOC)
- Midland (Middle) Oil Company
- Basra Oil Company (BOC)
- Dhi Qar Oil Company (DQOC)
- Missan Oil Company (MCO)
- Iraqi Oil Tankers Company (IOTC)
IBN Expert Blogger Ahmed Mousa Jiyad has described the new company as "dysfunctional, unconstitutional and disintegrative".
(Source: Ministry of Oil)