19 hours ago
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Economic affairs specialist Hisham Al-Baydani suggested that the budget deficit would decline and state revenues would be maximized through the operation of the Karbala oil refinery, pointing out that the refinery would contribute to reducing the gap in the budget after the decline in the import of oil derivatives.
Al-Baydhani said in a press interview seen by Taqaddam, “It is expected that the Karbala refinery will contribute to reducing dependence on the imported oil derivatives, by nearly three billion dollars that Iraq used to spend on its import needs, perhaps primarily gasoline.”
He added, "Operating the refinery will make gasoline fuel reach the citizen with high quality next July, with a quality comparable to the warehouse known as Al-Mohsen, as the refinery, consisting of twenty refining units, will provide black oil and gas oil, amounting to more than sixty percent of the local market's need."
And that "the liquidator will enhance the state treasury with new revenues and reduce import expenses, which will reflect positively on reducing the gap between the planned and actual deficit in the current year's budget."
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