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[size=36]Petroleum products issues a clarification regarding the decline in revenues and its transformation into a loss-making company[/size]
Economy | 05:47 - 06/20/2023
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Baghdad - Mawazine News
Today, Tuesday, the Oil Products Distribution Company issued a clarification regarding the decline in its revenues and its transformation into a loss-making company.
The company stated in a statement, received by Mawazine News, that it is "a reference to the statements reported by some media and websites by some members of the House of Representatives about the decline in the revenues of the Oil Products Distribution Company and its transformation into a loss-making company."
The statement added, "The Oil Products Distribution Company appreciates the oversight role and the observations of the Presidency and members of the House of Representatives to strengthen the performance and work of the executive apparatus." In connection with the above statement, the company's management would like to clarify the following:
1- The Oil Products Distribution Company is a public company owned by the state and it is the marketing arm of the white products of the Ministry of Oil, which in turn provides petroleum products to the various sectors and according to the available quantities produced by government refineries or importing these products to cover the increasing demand for them and bear them the subsidized price difference without any support (financing ) from the Ministry of Finance.
2- The company in question during the past years did not achieve any losses in its financial statements, but it was noticed through the continuous follow-up of the financial situation of the oil companies, the decrease in the revenues of the above company, starting from the year 2020, and for the reasons below:
A- Transferring a large part of its revenues from exporting surplus petroleum products to the public treasury, in implementation of what was stated in the Financial Management Law No. (6) of 2019, in addition to the provisions that are included in the Federal General Budget Law annually, which was reflected in a negative impact on the company’s revenues because this It is not matched by any support for its activity.
B- The rise in the prices of imported petroleum products, in addition to changing the exchange rates (converting the Iraqi currency into dollars) from the Central Bank of Iraq while maintaining the supply prices for the various sectors as a result of the Iraqi government’s tendency to continuously provide white products to citizens at subsidized prices without being matched by support (financing) from The Ministry of Finance, which affected the revenues of the above company. Ended 29 / m 99
Today, Tuesday, the Oil Products Distribution Company issued a clarification regarding the decline in its revenues and its transformation into a loss-making company.
The company stated in a statement, received by Mawazine News, that it is "a reference to the statements reported by some media and websites by some members of the House of Representatives about the decline in the revenues of the Oil Products Distribution Company and its transformation into a loss-making company."
The statement added, "The Oil Products Distribution Company appreciates the oversight role and the observations of the Presidency and members of the House of Representatives to strengthen the performance and work of the executive apparatus." In connection with the above statement, the company's management would like to clarify the following:
1- The Oil Products Distribution Company is a public company owned by the state and it is the marketing arm of the white products of the Ministry of Oil, which in turn provides petroleum products to the various sectors and according to the available quantities produced by government refineries or importing these products to cover the increasing demand for them and bear them the subsidized price difference without any support (financing ) from the Ministry of Finance.
2- The company in question during the past years did not achieve any losses in its financial statements, but it was noticed through the continuous follow-up of the financial situation of the oil companies, the decrease in the revenues of the above company, starting from the year 2020, and for the reasons below:
A- Transferring a large part of its revenues from exporting surplus petroleum products to the public treasury, in implementation of what was stated in the Financial Management Law No. (6) of 2019, in addition to the provisions that are included in the Federal General Budget Law annually, which was reflected in a negative impact on the company’s revenues because this It is not matched by any support for its activity.
B- The rise in the prices of imported petroleum products, in addition to changing the exchange rates (converting the Iraqi currency into dollars) from the Central Bank of Iraq while maintaining the supply prices for the various sectors as a result of the Iraqi government’s tendency to continuously provide white products to citizens at subsidized prices without being matched by support (financing) from The Ministry of Finance, which affected the revenues of the above company. Ended 29 / m 99
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