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Oil revenues for the cash reserves and finance the budget
6/10/2016 0:00
[rtl]Managed by the central bank and the finance ministry
BAGHDAD / Hussein Tgb / Mustafa Hashimi
many questions posed by most of the Iraqi community that know to pass the oil revenue channels, and how they are dealing with the TTM president and the most important for the country and the fate of the money that enters the country due to the sale of crude oil to markets around the world. The
spokesman for the official oil Ministry , Assem Jihad , said that the ministry adopts theprinciple of transparency in dealing with oil imports , where it is issuing a monthly schedule shows the size of the exported quantities of crude oil through various export ports, and the amounts that represent these quantities prices , according to the world price for each shipment exported to the market that destination.
delivery money
said in an interview with «morning» that the oil Ministry in turn delivered the money obtained to the Federal Treasury , which has a drainage canals is not for the oil ministry aware of them, noting that the responsibility of the ministry stands at this point.
Jihad pointed out that there is an agreed mechanism with the government aimed at reimburse oil companies are winning the rounds licenses and operating various oil fields, adding that the payment mechanism that is in accordance with the timetable.
he acknowledged the federal budget law to reimburse the oil companies operating in theoil production sites in accordance with the mechanism determined for that matter.
high transparency , in
turn , said the economist member of the Baghdad forum Jassim Aradi: the informed public opinion with high transparency Alyalaat dealing with oil imports strengthens therelationship between the citizen and the official, pointing out that the disclosure adopted by the oil Ministry on the exported quantities and revenues resulting mechanism is extremely important and creates a clear image among citizens about the reality ofworking in the ministry.
He acknowledged Iraqi constitution that oil wealth owned by people who have the right access to the overall work of this vital sector details and important.
sales mechanisms for
his part between economic academic Dr. Essam Mahouelle mechanism Iraq get the money by saying that the fiscal revenue realized from the sale of crude oil to world markets go directly to the central bank , which in turn allocates part of the Ministry ofFinance for the management of the general budget, operating, investing, and the other part held by the Bank as a cash reserve is not allowed to be touched at all.
He Mahouelle in an interview for »Sabah» that the sale of oil to international companies have formula futures and global prices in raw Stock Exchange in New York, adding that sales are international companies known.
it handles the export process, the national Company for export oil (SOMO) of the Ministry of oil , one of the few companies in the world that issue monthly bulletins on oil and financial dealings oil revenues , and companies that do business with it while the majority of countries this process confined to the top of the system in every
state.
Iraq has export outlets close to the port as a port of Ceyhan and the port of Umm Qasr as well as floating platforms in Basra province , south of the country.
He pointed out that Iraq 's oil sale abroad must neither dealing with non - eligible in terms of its mechanisms and structure companies, noting the need to contract with international oil companies exclusively without any personal mediation.
He pointed out that the sale of oil is through the well - known economic guarantees universally reliable from the central bank at a time should not be treated, in terms offinancial transactions, with any party or banks are not known.[/rtl]
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