Head of Parliamentary Committee: Amending an oil contract will cost Iraq $825 billion in losses

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[size=52]Head of Parliamentary Committee: Amending an oil contract will cost Iraq $825 billion in losses[/size]

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[size=45]The head of the Parliamentary Transport and Communications Committee, Zahra Al-Bajari, revealed that an amendment to a contract between two British and Chinese oil companies will incur losses estimated at 825 billion dollars in Iraq within 25 years, which is the largest loss inflicted on Iraq since 2003, calling for the accountability of the Prime Minister, the Minister of Oil and all The other two palaces.[/size]
[size=45]Zahra Al-Bajari said today, Tuesday (October 18, 2022), that according to a report issued by the Federal Financial Supervisory Board, Iraq will suffer significant losses within 25 years, estimated at 825 billion dollars, due to an oil contract concluded with two British and Chinese companies, related to work in Rumaila field in southern Iraq, it was later modified, indicating that one of the clauses of the contract means a loss of oil revenues at a rate of 750 thousand barrels per day.[/size]
[size=45]She explained that the contract was concluded in 2011, then it was amended, while the report of the Financial Supervision Bureau was issued in 2014, stressing the need to hold accountable all those responsible for the contract, negligent and negligent for material losses.[/size]
[size=45]The head of the Parliamentary Transportation and Communications Committee considered that the current Prime Minister, Mustafa Al-Kazemi, is not responsible for the issue, but rather, “other senior officials, and the responsibility lies with those who did not address the matter.”[/size]
[size=45]And a statement issued by Zahra Al-Bajari today stated, “At a time when the Iraqi public is preoccupied with the scandal of theft of 3.7 trillion dinars from the secretariats of the General Tax Authority, there is a resounding scandal and more bruising of its heroes, the Minister of Oil of the Al-Kazemi government and general managers in the Ministry of Oil. According to an audit report issued by the Federal Office of Financial Supervision in the number: N/14/28/10/5798 mentioned in paragraph (g) of it under the title of contract amendments, which is the contract concluded between British Petroleum (BP) and the Chinese Petrojaina to develop the Rumaila oil field in Basra, these amendments cost Iraq billions of dollars in losses, estimated at 825 billion and 530 million and 500 thousand dollars.[/size]
[size=45]The statement considered that “among the shortcomings that rise to the level of the crime of high treason, in the amendments made to the aforementioned contract, the share of the government partner (the Iraqi Oil Marketing Company - SOMO) decreased from 25% to 6%, and this means that Iraq lost 19% of his share.”[/size]
[size=45]Regarding the duration of the contract, Zahra Al-Bajari explained that “the duration of the contract has been increased after the amendments from 20 years to 25 years, so we will be in one of the largest crimes committed against the Iraqi economy, which depends on 90% of its revenues on oil.”[/size]
[size=45]Regarding the details of the amendment, she pointed out that “the amendment included a decrease in stable production from the net production rate from (2,850,000) barrels per day of oil and natural gas for the stable production period to (2,100,000) barrels per day, and this means that Iraq lost oil revenues at a rate of 750 thousand barrels per day. today".[/size]
[size=45]The head of the Parliamentary Transportation and Communications Committee called on “the Public Prosecution and the just Iraqi judiciary to take urgent action regarding this scandal, and to open extensive investigations to hold the responsible officials accountable.[/size]
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