Al-Hadithi: The conclusion of a contract with an oil transport company guarantees that Iraq will receive about 23% of its profits

Prime Minister Saad al-Hadithi said on Monday that Iraq had entered into a contract with an oil transport company that would secure Iraq about 23 percent of its profits.

In a written statement received by "Al-Ghad Press," he said that "it is part of the efforts and the governmental measures to develop the oil sector in Iraq in various fields of the oil industry, especially in the aspect of increasing export capabilities and diversifying the marketing outlets of Iraqi oil to international markets, especially after the significant increase achieved by Iraq in The oil production during the last two years, which amounted to nearly one million barrels per day, in addition to the entry of Iraq for the first time in the countries exporting liquid gas and condensate after success in stopping the waste that was happening in the associated gas and start to invest in an increasing manner, Export outlets to meet the growing need to market Iraqi oil and gas in global markets. "

He added that "in the context of what was mentioned, the Council of Ministers approved the conclusion of a contract of participation between the Iraqi oil tankers company and the Arab Maritime Oil Transport Company - which Iraq shares part of its capital and has representation in its board and general assembly - to conduct joint operation to carry out the sale, Oil and oil derivatives, in addition to the completion of shipping, storage and insurance, as well as the rental and rental of oil tankers, as well as the processing of fuel ships inside and outside Iraqi territorial waters.

"This contract will not cost Iraq any financial burden, but will ensure that Iraq has about 23% of the profits achieved and Iraq will benefit from the conclusion of this contract several benefits, including the increase in the number of sea carriers buy or lease, the rehabilitation of the Iraqi oil tankers after a break of twenty years On the exercise of activities of transport of oil and its derivatives. "

He pointed out that "the benefits of the contract also develop the capabilities of Iraqi cadres in terms of administrative, technical, legal, commercial and financial through the introduction of training courses and specialized development in the areas of transport and access to international markets."

"The contract includes the sending of missions of Iraqi students to study in maritime academies known to the world of 700 students in the science of navigation and marine engineering, and the Arab Maritime Company for the transfer of oil all the costs and expenses necessary for that."