Parliamentary Oil opens the “petrodollar” file again and confirms its efforts to deliver it to the oil-producing governorates, 2 FEB

Parliamentary Oil opens the “petrodollar” file again and confirms its efforts to deliver it to the oil-producing governorates

 Information / Baghdad…

The Parliamentary Oil, Gas and Natural Resources Committee approached the responsible authorities to ensure that petrodollar dues reach the oil-producing governorates.

Committee member Bassem Ngheimesh told Al-Ma’louma, “The federal government has not disbursed the petrodollar dues to the oil-producing governorates, despite the rise in oil prices.”

He added, “Oil prices exceeded $70 per barrel in the budget,” noting, “The law stipulates that 70 percent of the increase in prices is used to fill the financial deficit in the budget.”

He explained, “The remaining 30 percent is supposed to be distributed to the oil-producing governorates, but this did not happen despite the oil prices on the global market reaching more than $83 per barrel, which prompted the parliamentary committees to move towards the Ministry of Finance and other parties.” To ensure that payments reach the governorates.”

The “petrodollar” was proposed in the 2010 budget, and was increased in the 2014 budget, from one dollar per barrel produced to two dollars. In the 2016 budget, the law stipulated that an amount equivalent to 2 dollars be approved for each barrel of crude oil produced in the governorate and 2 dollars per barrel of crude oil refined in the governorate’s refineries, and $2 for every 150 cubic meters of natural gas in the governorate.

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