Complex sentence: South oil company one of the major fundamental formations of Iraq National Oil Company (INOC), it's the first nucleus and the basic of national direct investment projects in the seventies, where the SOC was subsidiary to national company.
Split into simpler sentences: South oil company is one of the major fundamental formations of the Iraq National Oil Company (INOC). It was the first nucleus and the basis of national direct investment projects in the 1970s, where the SOC was subsidiary to the national company.