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The Council of Ministers decides to compensate the region for the costs of producing and transporting oil, with immediate delivery to SOMO
Politics | Today, 20:14 |
Baghdad Today - Baghdad
Today, Tuesday (November 5, 2024), the Council of Ministers approved a proposal to amend Article (12/Second/C) of the Tripartite Budget Law No. (13 of 2023) regarding the oil of the Kurdistan Region.
The amendment to the proposal, according to what was stated in the Council’s decision, according to a statement from the Prime Minister’s Office, received by “Baghdad Today”, included the following:
1- The Federal Ministry of Finance undertakes to compensate the Iraqi Kurdistan Regional Government from sovereign expenditures for production and transportation costs, for the quantities of oil produced in the region that are received by the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b). of this clause, provided that the fair estimated costs of production and transportation for each field are calculated separately, by a specialized international technical advisory body, determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within (60) days from the entry into force of this law, and in the event of disagreement During the aforementioned period, the Federal Council of Ministers shall determine the aforementioned advisory body.
2- The consultant mentioned in the previous paragraph submits the estimated production and transportation cost to the Ministries of Oil, the Federal Ministry of Finance, and the Kurdistan Regional Government of Iraq, and
it is approved for the purposes of this law, and the calculation of the aforementioned compensation is based on the mentioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a) and (B), of this clause, and the Federal Ministry of Finance shall pay the amounts to the regional government.
3- Immediately proceed to deliver the oil produced in the region to the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation will be compensated by the Federal Ministry of Finance as an advance, at a rate of (16) Dollars per barrel, to be settled later after the completion of the specialized technical consultant mentioned above, and retroactively from the date of commencement of delivery in accordance with this amendment.
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Politics | Today, 20:14 |
Baghdad Today - Baghdad
Today, Tuesday (November 5, 2024), the Council of Ministers approved a proposal to amend Article (12/Second/C) of the Tripartite Budget Law No. (13 of 2023) regarding the oil of the Kurdistan Region.
The amendment to the proposal, according to what was stated in the Council’s decision, according to a statement from the Prime Minister’s Office, received by “Baghdad Today”, included the following:
1- The Federal Ministry of Finance undertakes to compensate the Iraqi Kurdistan Regional Government from sovereign expenditures for production and transportation costs, for the quantities of oil produced in the region that are received by the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b). of this clause, provided that the fair estimated costs of production and transportation for each field are calculated separately, by a specialized international technical advisory body, determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within (60) days from the entry into force of this law, and in the event of disagreement During the aforementioned period, the Federal Council of Ministers shall determine the aforementioned advisory body.
2- The consultant mentioned in the previous paragraph submits the estimated production and transportation cost to the Ministries of Oil, the Federal Ministry of Finance, and the Kurdistan Regional Government of Iraq, and
it is approved for the purposes of this law, and the calculation of the aforementioned compensation is based on the mentioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a) and (B), of this clause, and the Federal Ministry of Finance shall pay the amounts to the regional government.
3- Immediately proceed to deliver the oil produced in the region to the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation will be compensated by the Federal Ministry of Finance as an advance, at a rate of (16) Dollars per barrel, to be settled later after the completion of the specialized technical consultant mentioned above, and retroactively from the date of commencement of delivery in accordance with this amendment.
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