The Supreme Oil and Gas Council (SOGC) proposed the establishment of an Iraq National Oil Company (INOC) during its first meeting in Baghdad under the chairmanship of Prime Minister Iyad Allawi on 23 August 2004.
A proposal to this effect has been drafted by the oil ministry and is expected to be forwarded to the SOGC and the cabinet for approval next month.
Allawi was quoted as saying that the purpose of establishing the INOC is to enable the oil industry to be managed professionally, enhance oil production levels and depoliticise oil sector operations.
