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“Live On The Remnants Of The Socialist Legacy.” An Energy Expert Calls For The Restructuring Of The National Oil Company
ECONOMIC 2022/07/26 | 7:15 PM
information/special.
Energy expert Ahmed Sabah confirmed today, Tuesday, that the Iraqi National Oil Company lives on the remnants of the socialist heritage, while
calling for the restructuring of the company, after the lack of vision and improvisation, especially after 2014. Sabah told Al-Maalouma that
"the extractive oil sector represented by the National Oil Company, since its establishment as an alternative to the Iraq Petrolium Company IPC, was a state-owned socialist structure, and
this was the reality in the sixties, seventies and eighties, when it expanded and became managing all production operations and Oil marketing for all of Iraq.
As for the nineties and up to 2003, it was “affected by sanctions and international isolation,
while in the period between 2003-2008 it witnessed security instability as part of the state institutions,
the period between 2008-2014 which witnessed licensing rounds, the state’s policy was focused on increasing production and therefore Revenues due to high oil prices and the country’s need for funds after years of isolation and ruin.” According to the expert. He cautioned that
“the lack of vision and improvisation, especially after 2014, and the political instability that accompanied the war against ISIS, led to the failure to develop institutional performance, as an oil and gas law was not passed, and a unified national oil company was not established to manage all fields and supervise operating companies.”“. He pointed out that
“the development of the oil extractive industry requires the approval of the oil and gas law and the parliament’s support for the Iraqi National Oil Company INOC, which must be structured on a global basis, similar to Saudi Aramco.. Sabah pointed out that
"Iraq considers the oil-extractive sector the backbone of its economy, and
therefore it fears any offering of its shares, as this sector is subject to old laws that are considered a remnant of the socialist heritage and the central state."
“Live On The Remnants Of The Socialist Legacy.” An Energy Expert Calls For The Restructuring Of The National Oil Company
ECONOMIC 2022/07/26 | 7:15 PM
information/special.
Energy expert Ahmed Sabah confirmed today, Tuesday, that the Iraqi National Oil Company lives on the remnants of the socialist heritage, while
calling for the restructuring of the company, after the lack of vision and improvisation, especially after 2014. Sabah told Al-Maalouma that
"the extractive oil sector represented by the National Oil Company, since its establishment as an alternative to the Iraq Petrolium Company IPC, was a state-owned socialist structure, and
this was the reality in the sixties, seventies and eighties, when it expanded and became managing all production operations and Oil marketing for all of Iraq.
As for the nineties and up to 2003, it was “affected by sanctions and international isolation,
while in the period between 2003-2008 it witnessed security instability as part of the state institutions,
the period between 2008-2014 which witnessed licensing rounds, the state’s policy was focused on increasing production and therefore Revenues due to high oil prices and the country’s need for funds after years of isolation and ruin.” According to the expert. He cautioned that
“the lack of vision and improvisation, especially after 2014, and the political instability that accompanied the war against ISIS, led to the failure to develop institutional performance, as an oil and gas law was not passed, and a unified national oil company was not established to manage all fields and supervise operating companies.”“. He pointed out that
“the development of the oil extractive industry requires the approval of the oil and gas law and the parliament’s support for the Iraqi National Oil Company INOC, which must be structured on a global basis, similar to Saudi Aramco.. Sabah pointed out that
"Iraq considers the oil-extractive sector the backbone of its economy, and
therefore it fears any offering of its shares, as this sector is subject to old laws that are considered a remnant of the socialist heritage and the central state."
