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[size=36]Oil reveals a mechanism to support services and establish infrastructure projects in the producing governorates[/size]
Local | 08:02 - 05/10/2024
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Mawazine News - Baghdad
The Ministry of Oil clarified today, Friday, the mechanism for investing grant funds and licensing contracts to support the services file and establish infrastructure projects in the oil-producing governorates.
Ministry spokesman Assem Jihad said, “Oil revenues are good with the current volume of production, and they are better for us than an increase in production that leads to a reduction in revenues due to falling prices, and this is OPEC’s policy of maintaining balance.”
Jihad continued, “The grants taken from international companies or the amounts allocated in contracts for licensing rounds are used annually in coordination with the local governments of the governorates to establish a number of service projects in them, including building schools, clinics, and training workshops to develop the skills of women and youth in all matters, in addition to building... Stadiums and arenas.
Jihad warned, “The Ministry of Oil supported and continues to support hospitals for children with cancer, contributed to their construction and development, and provided them with modern medical equipment, in addition to other services and attention to infrastructure, roads, and other services to which the Ministry and oil companies contributed directly to the development of neighborhoods near or surrounding the oil fields.”
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