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Financial control obliges the region to hand over all oil production
The first 2023/02/07
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Yesterday, Monday, the Federal Office of Financial Supervision obliged the Kurdistan Regional Government to hand over all oil production.
A statement of the control stated that "the Department of Auditing Industrial Activity in the Bureau of Financial Supervision has taken a set of measures, in order to implement the ruling of the Federal Supreme Court No. (59/federal/2012 and its units 110/federal/2019) in 2022, according to which the ruling on the unconstitutionality of the oil and gas law was decided. In the Kurdistan Region No. (22) of 2007 and its repeal for violating the provisions of Articles (110, 111, 112, 115, 121 and 130) of the Constitution of the Republic of Iraq for the year 2005, obligating the Kurdistan Regional Government to hand over all oil production from the oil fields in the region, and following up on the invalidity of oil contracts concluded by the regional government Kurdistan.
He added, "It was decided to oblige the regional government to enable the Ministry of Oil and the Federal Financial Supervision Bureau to review all oil contracts concluded with the regional government regarding the export and sale of oil and gas in order to audit them and determine the financial rights owed by the regional government as a result of them," noting that "Kurdistan's share of the budget is determined In a manner that guarantees the delivery of the rights of the citizens of the provinces of the region from the federal general budget and not delaying it.
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