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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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    Concerning Kurdistan.. Al-Iqtisad News publishes the text of the amendment to an “important paragrap

    Rocky
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    Concerning Kurdistan.. Al-Iqtisad News publishes the text of the amendment to an “important paragrap Empty Concerning Kurdistan.. Al-Iqtisad News publishes the text of the amendment to an “important paragrap

    Post by Rocky Thu 05 Dec 2024, 6:31 am

    Concerning Kurdistan.. Al-Iqtisad News publishes the text of the amendment to an “important paragraph” in the 2025 budget (documents)

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    Economy News - Baghdad
    [rtl]Al-Eqtisad News Agency publishes an amendment to a paragraph of the General Budget Law, which concerns the oil of the Kurdistan Region.[/rtl]
    [rtl]According to documents obtained by “Al-Eqtisad News”, “the amendment of Article (C) of Clause (Second) of Article (12) of the General Budget Law is represented by:[/rtl]
    [rtl]Article 1 - The text of Paragraph (c) of Clause (Second) of Article 12 of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2025 - 2025) No. 13 of 2023 shall be cancelled and replaced by the following:[/rtl]
    [rtl]C - 1. The Federal Ministry of Finance shall compensate the Kurdistan Regional Government from sovereign expenses for the costs of production and transportation of the quantities of oil produced in the region that are received by the State Oil Marketing Company (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a, b) of this clause, provided that the fair estimated costs of production and transportation for each field separately are calculated by a specialized international technical consulting body determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within a period of (60) sixty days from the date of entry into force of this law. In the event of failure to reach an agreement within the aforementioned period, the Federal Council of Ministers shall determine the aforementioned consulting body.[/rtl]
    [rtl]The technical advisory body shall submit the estimated cost of production and transportation to the federal Ministries of Finance and Oil and the Kurdistan Regional Government, and it shall be approved for the purposes of this law. The compensation stipulated in (1) of this paragraph shall be calculated based on the aforementioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a, b) of this clause. The federal Ministry of Finance shall pay the amounts to the Kurdistan Regional Government immediately proceeding with the delivery of the oil produced in the region to the State Oil Marketing Company (SOMO) or the federal Ministry of Oil in accordance with paragraphs (a, b) of this clause. The costs of production and transportation shall be compensated by the federal Ministry of Finance as advances, at a rate of (16) sixteen dollars per barrel, to be settled later after the specialized technical advisory body stipulated in (1) of this paragraph completes its work and retroactively from the date of commencement of delivery pursuant to this amendment.[/rtl]
    [rtl]She pointed out that "the purpose of appointing a specialized international technical advisory body to calculate the fair estimated costs of producing and transporting oil produced in the Kurdistan Region and for each field separately, preserving national wealth, enhancing actual federal revenues, and enabling the State Oil Marketing Company (SOMO) to make optimal use of export outlets and diversify them, was enacted by this law."[/rtl]
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