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Oil revenues and cash reserve fund balance

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1 Oil revenues and cash reserve fund balance on Thu Oct 06, 2016 4:50 am



Oil revenues and cash reserve fund balance

06/10/2016 12:00 am

Managed by the Central Bank and Finance Ministry.

Baghdad/thghb/Mostafa Hashemi

Many questions posed by most of the Iraqi people that know the pass channels oil revenues, and how they are dealing with the country's President and most important revenue and what the fate of money entering the country by selling crude oil to various world markets.

A spokesman for the oil Ministry official Assem Jihad said the Ministry adopts the principle of transparency in dealing with oil imports are issuing monthly table shows the size of the volumes of crude oil exported through various export ports, amounts that represent these prices as the world price of each shipment exported to the market destination.

Delivery of funds

In interview for «morning» oil Ministry in turn deliver funds obtained to the federal Treasury with the Ministry of oil drainage channels, indicating that the responsibility of the Ministry stands at this point.

Jihad said that there is an agreed mechanism with the Government intended to reimburse oil companies winning licenses and operating in various fields, noting that the timetable be payment mechanism.

The federal budget law approved the reimbursement of oil firms operating in the oil production sites according to him this is determined.

High transparency

In turn the Economic Forum member Baghdad Jassim said Aradi: to inform the public of high transparency alialiat dealing with oil imports enhances the relationship between citizen and administrator, pointing out that the oil Ministry's disclosure mechanism on the quantities exported and the resulting revenue is crucial and creates a clear picture to the citizens about the realities of working in the Ministry.

Iraqi Constitution approved that oil wealth belongs to the people of their right to see all details of this vital sector and important.

Mechanisms for sale

For his part, between economic academic Dr Issam almhaoili Iraq access mechanism for funds: financial revenues accruing from the sale of crude oil to the world market goes directly to the Central Bank which in turn allocates part of the Ministry of finance general budget management, investment and operational, and partly maintained by the Bank as cash reserves allowed prejudice him.

Almhaoili said in the interview for» sale» morning oil to global corporations have futures formula world prices of crude stocks in New York, explaining that global companies are selling.

The export process handles, national company for oil (SOMO) Ministry of oil and the few companies in the world that monthly releases of oil and financial dealings and oil revenues and companies that deal with it while the majority of States restrict this process with each order header State.

Iraq has the export outlets near ports as port of Ceyhan Port of Um Qasr besides buoy in Basra in the South of the country.

He noted that the sale of Iraqi oil abroad requires not to deal with companies not qualified in terms of its mechanisms, structure, indicating the need for global oil companies exclusively contracted without any personal mediations.

He pointed out that oil be sold through reliable economic guarantees universally known in Central Bank should deal, in regards to financial transactions, with any party or unknown banks.

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