Iraq National Oil Company

Iraq National Oil Company ( INOC ) is an Iraqi company with headquarters in Baghdad.

INOC was created in 1966 by the Iraqi government. In the company all areas of the oil industry were included in the territory of Iraq. The refineries were in Iraq in 1952 by the Oil Refineries Administration under Iraqi Regeierungskontrolle and the intra- Iraqi oil sales.

In 1961, the Iraqi government passed Public Law 80 adopted, according to which 95 percent of the oil concessions were revoked to foreign enterprises and the establishment of the company INOC was announced in 1964.

1967 was signed by Iraq and the Soviet Union, the agreement Iraq - Soviet Protocol, which the Soviet Union could agree on technical and financial transfers by company INOC.

INOC it was from the Iraqi government prohibited to enter into partnerships with foreign companies or to grant concessions to foreign companies.

In 1972, the Iraqi nationalization of the oil industry in the area of Iraq was completed.