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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Ministry of Oil.. Huge profits from refining and global market value of about $25 billion

    Rocky
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    Ministry of Oil.. Huge profits from refining and global market value of about $25 billion Empty Ministry of Oil.. Huge profits from refining and global market value of about $25 billion

    Post by Rocky Mon 13 Feb 2023, 7:40 am

    [size=38]Ministry of Oil.. Huge profits from refining and global market value of about $25 billion[/size]


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    February 13, 2023[You must be registered and logged in to see this link.]
    Baghdad / Obelisk: Economic expert Nabil Jabbar Al-Tamimi revealed that the Ministry of Oil benefits from refining, filtering and distributing 850,000 barrels per day, noting that its global market value is close to $25 billion.
    Al-Tamimi said, in a statement to Al-Masalla, that the calculation assumes that the price of a barrel is above the threshold of $80, which is purchased from the state at around $3 billion.
    He added that the Ministry of Oil sells them to consumers and exports some products from them, with a value that may not be less than 10 trillion dinars (7 billion dollars, according to the previous exchange rate).
    And he went on to say that the Ministry of Oil also benefits from the state’s periodic budget allocations and its operational and investment spending (11.5 trillion operational and investment in the 2021 budget, 1.5 trillion of which is operational).
    And he continued, that the ministry returns trillions to the state (numbered and limited), such as the profits of the public sector for its companies, and its purchase of crude oil that enters liquidation.
    He concluded his speech by saying that the ministry spends part of its profits on buying and importing imported kerosene and gasoline (in case it is lost) to be a subsidized price (the loss is not permanent linked to international import prices).
    Despite all these large numbers, Iraq is still importing quantities of its oil derivatives.
    According to data from the Iraqi Oil Marketing Company (SOMO), Iraq imported oil derivatives with a value that exceeded $3.3 billion during the past year, compared to about $2.6 billion during 2020.
    Iraqis sometimes face crises in providing fuel, while the Iraqi National Oil Marketing Company (SOMO) revealed last year that the oil products that it imports for the purpose of domestic consumption amounted during the first quarter of the current year 2022 to more than 1.5 billion dollars.
    The number of operating refineries in Iraq is 14, including 12 governmental refineries in different governorates, in addition to a number of investment refineries in the Kurdistan region.
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