The Iraqi oil ministry is in favour of new legislation to re-establish the Iraq National Oil Company (INOC), which was disbanded by Saddam Hussein in 1987.

Speaking to the Iraq Oil Report, oil ministry spokesperson Assem Jihad said that the department would be happy to cede control of managing the country's oil assets to a new national corporation.

If it is passed in parliament, the INOC law would establish the company as the parent of the three existing state firms, namely South Oil, North Oil and Missan Oil.

The law has already received backing from the cabinet and was passed to parliament for approval in July.

Mr Jihad welcomed the legislation, noting that re-establishing INOC could help to improve access to modern exploration and production technology and training facilities, both of which suffered under the weight of sanctions and underinvestment during the Saddam years.

"We wish to establish an independent company; independent financially and independent in management," he said.

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