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The Ministry of Oil: an agreement with the Finance and the Central Bank to launch treasury bonds to provide a deserved
03/12/2015
Oil Ministry confirmed that the decline
Crude oil prices on the world market led to a decline in fiscal revenue of the general budget of the federal 2015, reflected on the budget of the Federal Ministry of Oil, which in turn led to a lack of financial allocations to cover the payment of financial dues to foreign companies contracting and working in the oil fields under service contracts. The ministry added, "it was a joint meeting between the Ministry of Oil and Ministry of Finance and the Central Bank of Iraq to address these consequences and its negative effects on crude oil production rates in these fields, and emerged from the meeting, to agree on the launch of treasury bonds worth 12 billion dollars." The ministry noted that "the launch of treasury bonds was based on Article 34 of the federal budget for the 2015 law, the first batch of which will be launched end of March this month that the launch of the other payments continue to turn." The ministry said that "the launch of these bonds in addition to the allocations set out originally in the Ministry's budget will provide sufficient funds are available to pay dues to foreign companies contracting both those amounts that have been carried over from last year in 2014, or planned spending in the current year 2015", and showed the ministry said, "This measure expresses the gravity of the financial situation of Iraq and maintains reassuring for all companies operating in the country's investment environment in order to sustain the implementation of vital projects. "
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03/12/2015
Oil Ministry confirmed that the decline
Crude oil prices on the world market led to a decline in fiscal revenue of the general budget of the federal 2015, reflected on the budget of the Federal Ministry of Oil, which in turn led to a lack of financial allocations to cover the payment of financial dues to foreign companies contracting and working in the oil fields under service contracts. The ministry added, "it was a joint meeting between the Ministry of Oil and Ministry of Finance and the Central Bank of Iraq to address these consequences and its negative effects on crude oil production rates in these fields, and emerged from the meeting, to agree on the launch of treasury bonds worth 12 billion dollars." The ministry noted that "the launch of treasury bonds was based on Article 34 of the federal budget for the 2015 law, the first batch of which will be launched end of March this month that the launch of the other payments continue to turn." The ministry said that "the launch of these bonds in addition to the allocations set out originally in the Ministry's budget will provide sufficient funds are available to pay dues to foreign companies contracting both those amounts that have been carried over from last year in 2014, or planned spending in the current year 2015", and showed the ministry said, "This measure expresses the gravity of the financial situation of Iraq and maintains reassuring for all companies operating in the country's investment environment in order to sustain the implementation of vital projects. "
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