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Parliamentary Finance: Associated gas revenues will enter imports for the next two years
The first 2023/03/25
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Muhannad Abdel Wahhab
The Parliamentary Finance Committee seeks to include imports of exporting gas associated with oil in the budget statements for the current year and the next two years 2024 and 2025, but indicated that the process of extracting it needs allocations that help invest its potential and spare the country from resorting to importing gas used as fuel for electric power plants.
These efforts are supported by the Russian war in Ukraine, which led to a crisis in gas exported to Europe through Russian pipelines, which means that the old continent needs more gas sources, including Iraq, which is trying to push for European investments on its territory.
A member of the committee, Mueen Al-Kazemi, said in an interview with "Al-Sabah": "The investment of associated and free gas was discussed during the visit of Prime Minister Muhammad al-Sudani to Germany and France," noting that "there is a great desire of the European Union to enter this sector and work to bring it to Europe." through pipelines through Turkey.
Al-Kadhimi added, "Treating associated gas and benefiting from it instead of burning it over the past decades is a priority today," pointing out that "exploiting associated gas needs more time and cannot be included in the 2023 budget as revenues, but will need financial allocations to rehabilitate and control it, and thus Associated gas can be included in the imports of 2024 and 2025 in order for Iraq to dispense with importing gas from neighboring countries.
Regarding the budget for the current year, he explained that "the deficit is in the range of 64 trillion Iraqi dinars, as the Ministry of Finance presented the budget, including an offer to cover the deficit through four resources," explaining that "the first resource is the difference between the actual oil sale price with the price approved in the budget of $70." While it is sold for 80 dollars, here 10 dollars is a financial abundance that can increase revenues from 146 to higher.
He added, "The second resource is the possibility of exporting an additional 200 thousand barrels of oil, which is another source instead of three million and 700 thousand barrels, in addition to the financial abundance of the state treasury from previous years, and there are approximately more than 20 trillion dinars that can be used as financial abundance, loans, and others." The deficit can be covered from it,” pointing out that “the Finance Committee will work to reduce the deficit, because the budget was drawn up for three years and negative possibilities such as the drop in the oil price must be taken into account, and for this the operational budget can be reduced and the investment budget supported, with a period of study in the House of Representatives that may exceed 45 days in the long term.
Regarding the funds of the Emergency Food Security Law and the follow-up of their disbursement, he indicated that "some of the law's funds were disbursed and others are still in the government's accounts, and there are 9 trillion Iraqi dinars allocated for the development of the regions and were not spent in 2022 because time was limited."
Edited by: Ali Abdel-Khalek.
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