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Oil is seeking to launch treasury bonds worth $ 12 billion to pay dues of oil companies
3/10/2015 0 Comments
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Oil Ministry announced on Tuesday, on their quest to launch treasury bonds worth $ 12 billion to pay dues of oil companies, saying that the first batch of which will be launched end of March of this month. The ministry said in a statement received Alsumaria News a copy of the "decline in fiscal revenue the general budget of the federal 2015 was the result of lower oil prices are reflected in the budget of the Federal Ministry of Oil, which in turn led to a lack of financial allocations to cover the payment of financial dues to foreign companies and contractors working in the oil fields under service contracts. " The ministry said it was "currently seeking to launch treasury bonds worth $ 12 billion to pay dues of oil companies after the agreement with the Ministry of Finance and the Central Bank of Iraq to address these consequences and its negative effects on crude oil production rates in these fields," asserting that "the launch of treasury bonds was based on Article (34) from the federal budget for the 2015 law. " The ministry continued that "the launch of the bond in addition to the allocations set out originally in the Ministry's budget will provide sufficient funds are available to pay dues to foreign companies contracting both those amounts that have been carried over from last year in 2014, or planned spending In the year 2015, "explaining that" the first batch of which will be launched end of March this month that the launch of the other payments continue to turn. " The ministry showed that "This measure reflects the gravity of the financial situation of Iraq and maintains all operating in the country companies for reassuring investment environment continuity in the implementation of vital projects. " The display of Iraq 's oil fields during the first licensing round and the second developed by international companies to reach a production of at least six million barrels per day within the year 2017, and the issue of Iraq crude oil from the ports of Basra and Khor al-Amaya on the Arabian Gulf as well as the Turkish port of Ceyhan on the Mediterranean, and by truck by truck to Jordan.
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