How did Iraq nationalize its oil industry in the 1970s?

The Baʿath regime considered the nationalization of the oil industry its greatest achievement, aiming to assert Iraq's economic independence. The process unfolded through several key stages during the 1970s:1

• Preparation: Between 1969 and 1972, Iraq secured agreements with foreign powers, including the Soviet Union, to obtain the capital and technical expertise necessary for the Iraq National Oil Company (INOC) to exploit oil fields independently.1
• Initial Nationalization: In 1972, the Iraq Petroleum Company (IPC) was nationalized with compensation, and the Iraqi Company for Oil Operations was established to manage the fields. That same year, operations began at the North Rumaylah field, and the Iraqi Oil Tankers Company was formed to facilitate exports.12
• Full Control: Following the 1973 Yom Kippur War, Iraq nationalized American and Dutch oil interests. By 1975, the government had nationalized the remaining foreign interests in the Basra Petroleum Company.1

By 1975, all facets of the oil industry were under state control through the INOC and its subsidiaries.2