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Iraq: Payment of the advance payment for the oil loading agreement with the Russian "Litasco"
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Mubasher: The Iraqi Council of Ministers approved, during its weekly meeting, today, Tuesday, the Energy Ministerial Council’s recommendation No. 92 of 2021 regarding the payment of the advance payment for the oil loading agreement with the Russian company Litasco.
The Cabinet stated in a press statement that it was approved to pay the advance payment amounting to 35 million dollars in crude oil, equal to the amount of the loan, which will be paid under the crude oil loading agreement that will be signed between the Oil Marketing Company and Litasco (the lender).
The council said that this comes to avoid financing one project from two different budgets (the operational budget of the Dhi Qar Oil Company and the federal investment budget), with the exception of the instructions for implementing the federal general budget for the fiscal year 2021.
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Russia's Litasco Corporation
June 15, 2021 09:53 PMMubasher: The Iraqi Council of Ministers approved, during its weekly meeting, today, Tuesday, the Energy Ministerial Council’s recommendation No. 92 of 2021 regarding the payment of the advance payment for the oil loading agreement with the Russian company Litasco.
The Cabinet stated in a press statement that it was approved to pay the advance payment amounting to 35 million dollars in crude oil, equal to the amount of the loan, which will be paid under the crude oil loading agreement that will be signed between the Oil Marketing Company and Litasco (the lender).
The council said that this comes to avoid financing one project from two different budgets (the operational budget of the Dhi Qar Oil Company and the federal investment budget), with the exception of the instructions for implementing the federal general budget for the fiscal year 2021.
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