Iraq launches treasury bonds worth $ 12 billion to pay dues of foreign oil companies

Follow-up / newspaper Alastqama_iatzm Iraq launch treasury bonds worth $ 12 billion to pay dues of foreign oil companies

A statement by the Ministry of Oil stressed that "the decline in crude oil prices in the global market led to a decline in fiscal revenue of the general budget of the federal 2015, which is 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 contracting and labor in the oil fields under service contracts. "

The ministry added, "It was a joint meeting between the Ministry of Oil and 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, and resulted from the meeting, to agree on the launch of treasury bonds worth 12 billion dollars."

She noted that "the launch of treasury bonds, was based on Article 34 of the federal budget for the 2015 law, the first batch of which will be launched end of March this month that the launch of the other payments continue to turn."

She said the oil ministry said "The launch of these bonds in addition to the specific allocations already 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 current year 2015"

It showed that "This measure reflects the gravity of the financial situation of Iraq and maintains reassuring for all companies operating in the country's investment environment in order to sustain the implementation of vital projects.


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