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The Ministry of Oil announces an increase in the volume of its exports in order to supplement the state's financial treasury
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The Ministry of Oil confirmed, on Friday, that Iraq aims to increase the financial value of its oil by increasing exports.
The Undersecretary for Extraction Affairs Karim Hattab said, "This increase aims to achieve the highest financial revenues for the state treasury because it relies directly on the revenues earned from the sale of oil."
Pointing out that "the Iraqi Oil Marketing Company (SOMO) adopts a well-known mechanism in the global oil market through contracts with discreet international companies that own refineries and deal with the quality of Iraqi oil."
Hattab added that "the mechanism followed by SOMO in selling oil is through dealing with companies directly through letters and official e-mails, and it does not deal with any intermediary companies."
He pointed out that the expected quotas for export are allocated to companies annually by a council headed by the Minister of Oil, which includes the Ministry's agents, the Director General of the Oil Marketing Company and the concerned departments in SOMO, as well as the directors of the control and legal departments in the Ministry's center and others.
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