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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

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    Expert: Operating the Karbala refinery will cause Iraq to lose 3.3 billion dollars annually.. How is

    Rocky
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    Expert: Operating the Karbala refinery will cause Iraq to lose 3.3 billion dollars annually.. How is Empty Expert: Operating the Karbala refinery will cause Iraq to lose 3.3 billion dollars annually.. How is

    Post by Rocky Thu 20 Apr 2023, 8:04 am

    Expert: Operating the Karbala refinery will cause Iraq to lose 3.3 billion dollars annually.. How is that?

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    Economy News-Baghdad
    Economic expert Nabil Al-Marsoumi revealed, on Thursday, that Iraq loses more than 3 billion dollars annually due to the operation of the Karbala oil refinery, presenting a solution to face the negative financial impact of the refinery.
    Al-Marsoumi said in a post on Facebook, "Despite the strategic importance of the Karbala refinery through its production of environmentally friendly light oil derivatives, reducing imports of gasoline, kerosene and white oil, and employing many workers, as well as deepening the front and back links of the refinery with other sectors, the start of actual production If the refinery reaches its maximum capacity of 140,000 barrels per day in the coming months, it will result in a loss of public finances of about $3.3 billion annually.
    He explained that "the loss represents the value of the difference between the price of selling Iraqi oil in the global market and the price of selling a subsidized barrel to the refinery, because the revenues from selling oil derivatives, including black oil, are not included in the accounts of the Ministry of Finance, but are included in the accounts of the Refineries Company and the General Company for the Distribution of Petroleum Products."
    He added, "The government obtains 45% of the profits of the refinery and the General Company for the Distribution of Petroleum Products based on the Public Companies Law No. 23 of 1997, but this represents only a small part of the loss of the state treasury, especially since crude and refined oil is sold and bought internally at subsidized prices."
    Al-Marsoumi indicated that "this loss can be avoided by charging the Ministry of Oil with the value of the difference between the price of a barrel of subsidized oil and the global price, especially since the budget of the Ministry of Oil has increased in the general budget for the year 2023 to 23.5 trillion dinars, after it was 11.5 trillion dinars in the 2021 budget."



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