Quoting authoritative sources, it said the Supreme Oil and Gas Council (SOGC) proposed the establishment of an Iraq National Oil Company (INOC) during its first meeting in Baghdad under the chairmanship of interim Prime Minister Iyad Allawi on August 23. A proposal to this effect has been drafted by the oil ministry and is expected to be forwarded to the SOGC and the cabinet for approval next month, the Cyprus-based industry newsletter said. MEES quoted Allawi as saying that the purpose of establishing the INOC was to enable the oil industry to be managed professionally, enhance oil production and de-politicize oil sector operations. INOC will be a public company owned by the state and operate on a commercial basis. It will incorporate the South Oil Company (SOC), North Oil Company (NOC), Iraq Drilling Company (IDC) and Oil Exploration Company (OEC), the newsletter said. Eight pipelines serving two oilfields in southern Iraq were sabotaged in an explosion on Wednesday night, only days after southern oil exports had returned to their normal level of about 1.9 million barrels a day. It was the latest in a string of attacks on the country's oil infrastructure blamed on insurgents fighting the US-led coalition. PIN/AFP