5 government decisions, including the treasury's share of the profits of oil companies
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The Economy News - Baghdad
The Council of Ministers, headed by the Deputy Chairman of the Council and the Minister of Oil, Thamer Al-Ghadban, issued 5 decisions, including those relating to displaced families, and the public treasury's share of the profits of oil companies.
The media office of the Council of Ministers stated, in a press release, yesterday, Tuesday, on its official page on Facebook, that the Council agreed that the Ministry of Displacement and Migration continues to work with Cabinet Resolution No. 50 of 2019 in order to meet the needs of displaced and returning families from displacement, and to alleviate their shoulders Until the approval of the federal budget for the year 2020.
Public Companies Law
The council’s decisions included increasing the percentage specified in the capital reserve referred to in item “III / 1” of Article (11) of the Public Companies Law No. (22) for the year 1997 amended, for non-industrial public companies affiliated with the Ministry of Oil to become 30 percent.
The Council also agreed to increase the percentage specified in the reserve account for the general industrial sector companies affiliated to the Ministry of Oil, referred to in item (III / 2) of the aforementioned article to become 55 percent, with an amendment of their allocation “in relation to the mentioned companies” to be 95 percent of them To qualify and develop productive industries, 5 percent of which are for building housing units and developing existing housing services for workers.
The Board’s decisions included reducing the public treasury’s share of the profit referred to in Clause (Fourth / 1) of the aforementioned article from the profits of public companies affiliated with the Ministry of Oil to become 5 percent, provided that the remaining 40 percent of this share be spent on one or more companies Department of the Ministry of Oil for the purpose of qualifying and developing its productive factories or creating new factories or activities.
Khayrat Steam Station Recommendation
The media office indicated that the recommendation of the Ministerial Council for Energy on the Khairat Steam Station was approved by a proposal to refer the project to a coalition of Hyundai companies as requested by the Ministry of Electricity, for the purpose of providing electrical energy and ensuring the operation of the Karbala refinery.
Also, a recommendation was approved regarding the ministries of "Finance and Electricity" to "mature" the formula of the financing contract for the project under discussion, with the project being referred to the new cabinet for its importance in electricity production and the sustainability of the operation of the Karbala Refinery.
The Council also recommended that the ministries of "Oil and Electricity" discuss the selection of an alternative site for the project for the purpose of producing "gypsum" material, which requires providing large areas of land, and taking appropriate measures from the relevant authorities, for the purpose of allocating the land fundamentally.
Dhi Qar Plan Recommendation
The Cabinet approved the recommendation of the Ministerial Energy Council regarding the 2020 plan for Dhi Qar Governorate, which includes approving the required plan for 2020 for the electric power transmission and distribution sectors in Dhi Qar Governorate and granting the Director General the authority to announce before the allocation is available and sign contracts for it starting from the date of obtaining approval according to availability Financial allocations to use time and start projects to be completed before the summer of 2020.
The recommendation included granting the Director-General of "South Transportation and Distribution" the authority to transfer materials and amounts for new projects required for 2020 within the components of ongoing projects through deletion and creation.