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[rtl]Al-Muhammadawi demands a review of the oil licensing rounds as the economic situation worsens[/rtl]
[You must be registered and logged in to see this image.][rtl]Follow up / Tomorrow Press:[/rtl]
[rtl]Member of the Parliamentary Oil and Energy Committee, MP Jamal Al-Muhammadawi, called Thursday for the need to review the rounds of oil licenses due to the worsening economic situation due to the outbreaks of the Corona epidemic.[/rtl]
[rtl]Al-Muhammaddawi said in a statement received by "Al-Ghad Press", that "the emergence of the Corona pandemic and its repercussions on the economy and the effects of adherence to contracts concluded before they are obtained can be suggested one of two ways to adapt the condition of those contracts, for example, the rounds of oil licenses."[/rtl]
[rtl]He added, "Either the principle of force majeure applies because the implementation of these tours is costly and causes serious harm to one of the parties to the contract, which is the Iraqi state, which allows to modify and mitigate the obligations of the parties to the contract to reduce the damage to Iraq from licensing round contracts."[/rtl]
[rtl]He continued, "Or the principle of force majeure that the contract will be completely terminated and the contracting will be applied in accordance with the new circumstances and in a manner that takes into account the interest of the party affected by these contracts."[/rtl]
[rtl]He explained that "the damage and the high cost incurred by the Iraqi economy from conducting those oil contracts in the conditions before the Corona pandemic was clear and exacerbated greatly after the spread of the epidemic."[/rtl]
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