Iraq National Oil Company
| Iraq National Oil Company | |
|---|---|
| legal form | |
| founding | 1966 |
| Seat | Baghdad |
| Branch | oil |
Iraq National Oil Company ( INOC ) is an Iraqi company with headquarters in Baghdad .
INOC was created in 1966 by the Iraqi government. All areas of the oil industry on the territory of Iraq were integrated into the company. The refineries in Iraq were already under Iraqi government control by the Oil Refineries Administration in 1952, as were the intra-Iraqi sale of petroleum.
As early as 1961, the Iraqi government passed Public Law 80 , according to which 95 percent of the oil concessions to foreign companies were withdrawn and the establishment of the INOC company was announced in 1964.
In 1967 Iraq and the Soviet Union signed the Iraq-Soviet Protocol , which enabled the Soviet Union to agree technical and financial transfers with the INOC company.
INOC was prohibited by the Iraqi government from entering into partnerships with foreign companies or from granting concessions to foreign companies.
In 1972 the Iraqi nationalization of the oil industry in Iraq was complete.
See also
Individual evidence
- ↑ a b Benjamin Shwadran: Middle East Oil: Issues and Problems . Transaction Publishers, ISBN 0-87073-598-5 , pp. 30th f .
- ^ A b Toyin Falola , Ann Genova: The Politics of the Global Oil Industry: An Introduction . Praeger / Greenwood, 2005, ISBN 0-275-98400-1 , pp. 61 .