abstract:The Iraq National Oil Company (INOC) was founded in 1966 by the Iraqi government. It was empowered to operate all aspects of the oil industry in Iraq except for refining which was already being run by the Oil Refineries Administration (1952) and local distribution which was also already under government control.
In 2007, Vitol was heavily fined by a New York court after admitting making payments to the nationaloilcompany in Saddam Hussein's Iraq which were outside the UN's oil for food programme.