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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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    Billion-dollar losses: repercussions of electronic payment companies’ profits from the Petroleum Pro

    Rocky
    Rocky
    Rocky
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    Posts : 277102
    Join date : 2012-12-21
    • Post n°1

    companies - Billion-dollar losses: repercussions of electronic payment companies’ profits from the Petroleum Pro Empty Billion-dollar losses: repercussions of electronic payment companies’ profits from the Petroleum Pro

    Post by Rocky Sat 01 Jun 2024, 5:16 am

    [size=38]Billion-dollar losses: repercussions of electronic payment companies’ profits from the Petroleum Products Distribution Company[/size]


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    June 1, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: Muhammad Al-Sayyab wrote...
    The Oil Products Distribution Company in Iraq faces financial challenges as a result of its dealings with electronic payment companies. According to available information, these companies participate in sales revenues and deduct commissions of up to 1% from each processing transaction made through POS outlets in stations and distribution outlets. Although the percentage may be small, it accumulates to reach billions of dollars annually deducted from the sales of the company’s branches for the benefit of those electronic payment companies.
    Question to the oil sector management
    This situation raises many questions for the management of the oil sector in Iraq. Why have the revenues of the Petroleum Products Distribution Company become available to electronic payment companies and are subject to commission deductions for those private companies in amounts amounting to billions annually, after those revenues were entirely due to the distribution company? Why is the transfer of funds to the distribution company’s account delayed by electronic payment companies?
    To clarify, when a citizen prepares products from government stations, no commission is deducted from him. Rather, these electronic payment companies deduct a 1% commission from each electronic payment process, and the company bears these fees. But if we assume that the station's daily sales amount to 100 million dinars, one million dinars will be deducted from it for the benefit of those companies. The losses that the distribution company will incur from its sales at all government stations in the various governorates can be calculated, and the total of these amounts will be in the billions.
    This only relates to the loss of government stations’ revenues, in addition to the commissions deducted from selling the product to electricity generator contractors, gas agents, and asphalt plant agents, which amount to billions of dinars.
    If things continue like this, the company will face huge losses and may become a distressed company.
    Please review the specific sources mentioned in the search results for more information and details on this topic.
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