Where Did The Amendment Of The Budget Items Related To Oil Exports In The Kurdistan Region Stand? , 9 DEC

 Where Did The Amendment Of The Budget Items Related To Oil Exports In The Kurdistan Region Stand?

|Source: Sumerian News – Politics Reported Committee The Oil and Gas Parliamentary Committee, in support of addressing the situation in the Kurdistan Region’s oil fields, demanded that the fields be subject to an international consulting company either affiliated with the Federal Ministry of Oil, or has a relationship with it.

He said Deputy Chairman of the Committee Adnan Al-Jaberi said, "The committee is in favor of addressing the situation in the Kurdistan Region's oil fields, because the country needs the quantities produced there, in addition to arranging the relationship between the region and the federal government."

He explained that the proposed amendment stipulated that compensation for companies operating in the Kurdistan Region would be determined by an international consulting company specializing in evaluating each field and its production costs, so we are in favor of addressing this situation.

Pointing we have no comments other than that the region's fields should be subject to an oil company either affiliated with the federal Ministry of Oil or related to it, in order to organize work in a more professional and transparent manner, and the status of the region's oil will be like the status of oil in other Iraqi governorates.

It is noteworthy that the parliamentary finance committee is close to preparing the final report to amend the budget items related to oil exports in the Kurdistan Region, after answering the questions it posed to officials in the Ministry of Oil.

A statement issued by the media department of the House of Representatives stated that the parliamentary finance committee, headed by Atwan Al-Atwan, and in the presence of its members and a number of members of other parliamentary committees, hosted last week the Undersecretary of the Ministry of Oil for Extraction Affairs, the Director General of the Legal Department, the Director General of the Economic Department, and the Director General of the State Oil Marketing Company (SOMO), to discuss amending the general budget items related to oil exports by the region.

The statement added that Al-Atwani pointed out the importance of the meeting and the need to invest it in the best possible way to confront any potential changes in oil prices, stressing the importance of amending the item related to oil exports in the budget to address contracts related to production costs.

The committee raised a number of questions about the basic standards related to production costs, in addition to the payment of financial allocations, and the extent of commitment to contract terms, while emphasizing the formulation of amendments that achieve justice in the distribution of resources, through data analysis and adapting contracts in line with national requirements. LINK