Sumo: The export of oil is in accordance with the internal regulations and with the approval of the Minister

[yota691]

Oil discloses high transparency about its production and financial revenues

20/8/2017 12:00 am    Baghdad / Hussein Thugb  The workshop on transparency initiatives for the extractive industries in Iraq discussed the reports of the initiative for the past years, which show the information and data related to these industries after it declared that Iraq is a country committed to implementing the standards of the initiative and discussed the developments in preparing the report for 2016. There was extensive discussion on the mechanisms of the initiative and cooperation with the Ministry of Oil and transparency in the figures announced and the great efforts made to follow up the quantities produced and exported and intended for domestic consumption in order to reach accurate figures of the revenues obtained from it. Export figures The seminar was moderated by Nima Mohammed, a member of the initiative. He said that the reports of the initiative monitored the export figures, their quantities and the resulting revenues and included aspects of this sector in Kurdistan, despite the scarcity of information. He pointed out in an interview with "Sabah" that the information of the initiative put before the decision to draw a comprehensive development plan to serve the economy and secure the future of future generations by maximizing financial revenues. The Extractive Industries Transparency Initiative is a global coalition of governments, corporations and civil society working together to improve disclosure and governance standards for natural resource revenues. It was established in 2002 and has approved 12 principles for transparency in payments and revenues in the extractive industries sector. The economic future is a blessing that focused on important economic aspects that concern the economic future: how to find alternatives to the scarce resources and the huge investments required to turn them into permanent resources that will provide the country with the required revenues, and stop at the fair distribution of wealth and avoid wasting money. He stressed that the role of the initiative is to reveal what is between the government and companies to be fully informed of what is happening between the parties and mechanisms of work and methods and resources obtained from this wealth, pointing to the importance of future planning towards the creation of sovereign savings funds working according to plans and what happens from surplus oil prices goes To these funds and at low prices, these funds are working to fund development plans.  Nima stressed that the report of the Transparency Initiative for Extractive Industries for the year 2016 will be more sophisticated and includes all stages of work and quantities exported and used locally and distributed to reach accurate figures and announced with high transparency. The Iraqi government committed to publishing all information and data on the extractive industries as part of the implementation of the transparency initiative. The government also obliged companies operating in Iraq to disclose what was paid to them. The first report of Iraq's extractive industries was published in December 2011 and declared that Iraq is a country committed to implementing the initiative's standards. Export audit The adviser of the Ministry of Oil for Legal Affairs d. Sabah Abdel-Kadhim Al-Saadi pointed out that this workshop is important for all parties, government, companies and civil society, where it clarifies the audit of exports and the revenues of financial revenues from the revenues of oil and how to go to the treasury of the state, and this is important and should be informed by the citizen a high transparency to be an idea of what is going on In this important sector.  Saadi said: "The Ministry of Oil supports this trend, starting from it supports the full disclosure processes in respect of all operations in the oil sector, pointing out that there is nothing hidden by the ministry from any party, but to disclose the basis of its work and continuously announce the quantities of production and export and the amounts of revenue received to State Treasury. development process The head of the Turkish-Iraqi Chamber of Commerce and Industry, Firas Al-Hamdani, stressed that the role of the private sector needs to be done in this important initiative, which is presented annually with an important report that reflects the great efforts exerted to accurately disclose the work of extractive industries.  He stressed the need to provide a suitable environment for the work of the members of this initiative, which includes more than 60 countries around the world and be transparent and we were essential in the process of economic development after everyone knows the volume of imports entering the country and how to employ to achieve sustainable development.  Details of the 2016 report in the coming numbers.

[ChuckFinley]

Thanks Yota. Good read.

[yota691]

Sumo: The export of oil is in accordance with the internal regulations and with the approval of the Minister

Economy News _ Baghdad The Director General of the National Oil Marketing Company (SOMO) Falah Al Ameri, said that Sumo has accurate mechanisms in the export of Iraqi oil, and is export after the approval of the Minister of Oil. Al-Ameri told a news conference held at the headquarters of Sumo company and his "Economic News" that "there is an internal system of the company is set by a law voted on," The oil is not exported except with the approval of the Iraqi Oil Minister, "pointing out that the marketing company is not allowed to enter another company Without reference to the Board of Directors of the company, as oil companies are exposed to the relevant committees in the Ministry of Oil and these committees amendments and then ratified to be submitted to the Minister of Oil.  He pointed out that "Sumo is studying all the companies that apply for the export of oil and within the standards of accurate and study the possibilities and the vigilance of those companies, and therefore all the offers by companies within international standards," noting that "the company is involved in sophisticated programs, including Reuters programs to analyze the market at every moment pointing out that pricing Iraqi oil by the hands of Amina. "

Views 127   Date Added 24/08/2017

[SocalDinar]

Iraqi official: No coordination between Kurdistan, Iraq in energy sector

Baxtiyar Goran |

An hour ago

 

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A view of the Bai Hassan oil field, northwest of Kirkuk, Kurdistan Region. (Photo: Reuters)

 

Kurdistan Iraq Erbil Baghdad Relations Kirkuk

 

 

ERBIL, Kurdistan Region (Kurdistan 24) – The Director General of Iraq’s State Oil Marketing Organization (SOMO) stated there was no cooperation between the Kurdistan Regional Government (KRG) and the Iraqi government in the oil sector.

In a press conference last week, Falah Alamri, the Director General of SOMO, said there was no agreement between the Iraqi Oil Ministry and the KRG’s Ministry of Natural Resources regarding the marketing of oil and other energy-related matters.

He stated there was only an agreement between Baghdad and Erbil to export Kirkuk’s crude oil from the fields currently under the administration of the Iraqi North Oil Company (NOC).

Alamri added the Iraqi Oil Ministry had assigned SOMO to export Kirkuk’s oil as part of the agreement.

The SOMO representative expressed the Iraqi government’s readiness to sign an accord with the KRG to develop the oil sector and increase the level of coordination.

Alamri also noted any agreement on the matter would benefit both sides.

Over 250,000 barrels of oil are exported out of Kirkuk per day.

Almost half of the oil is exported under the authority of the KRG while the rest is distributed under Baghdad’s jurisdiction through the NOC.

The Jamboor, Baba Gurgur, and Khabaza oil fields are under the administration of the Federal Government of Iraq.

The NOC exports 60,000 barrels of oil per day to Turkey while the rest is transferred abroad through southern Iraq.

http://www.kurdistan24.net/en/economy/44e44fea-8ec5-422b-a233-c6803c6bec95