Iraq National Oil Company (INOC)

Iraq National Oil Company (INOC) is established in 1966. According to the Iraq- Soviet Protocol in 1967, INOC granted technical and financial aid from the Soviet Union. INOC was forbidden from entering into partnerships or granting concessions to foreign oil companies. With the help of the Soviet Union, INOC signed a contract to develop the North Rumaila field in 1972. INOC production in Iraq rises from 1.4 million barrels per day (220,000 m3/d) to over 3 million barrels per day (480,000 m3/d) in 1980. INOC merged with oil ministry to become the direct operator for oil and gas project in 1987 under the appointed oil minister Issam Chalabi at that time.

INOC activities focus on all aspects of oil industry except refining and distribution.