Cabinet approves dues Basra oil exchange

March 4, 2016 8:19
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Basra province announced the approval of the prime minister to disburse dues oil, after it was received by the funds in previous years the law gives the right of deduction of five percent of the price of each barrel emits.

The head of the province of Basra Council, morning Albzona, in a press statement, we obtained preliminary approval from the Prime Minister Haider al-Abadi and the Oil Ministry to take over the province dues oil and not with money like the foreign companies, as well as the agreement to hand over the money owed from local revenues, Kalmnavz border and ports in under the financial clearing.

He added that the agreement also stipulates that the National Oil Company deducted (SOMO) 5 percent of the production of the oil fields, because there are many provinces covered by the petro-dollar law, however, Basra is the biggest because it exports more than 80 percent of Iraq's production, which is sold in international markets affected .

He said the French and Chinese companies and global banks asked for assurances from Basra to amounts committed to the creation in the province account for at least $ 500 million to be received throughout the year, prices of global oil stocks unchanged.

He explained that Basra will not get the amount of oil from Iraq's share, but will be done through the introduction of untapped fields in the province of service.