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[hf328]

Iraq’s Kirkuk earns more than $100 million from the ‘petrodollar project’

By Marwan al-Ani,

The Ministry of Finance has released the sum of 111 billion Iraqi dinars (approx. $104 million) for the oil-rich Province of Kirkuk.

The money is part of the country’s petrodollar project under which oil-producing provinces are entitled to one dollar for each barrel of oil produced by their oil fields.

Oil-producing provinces, namely Kirkuk and Basra, are required to use the money for reconstruction and rehabilitation of their infrastructure.

Kirkuk’s share so far has been more than $200 million. Kirkuk’s oil output averages 500,000 barrels a day.

“The royalties will be invested in strategic projects to develop the province,” Kirkuk’s Governor, Abdulrahman Mustafa, said.

He said Kirkuk had suffered from decades of neglect and lack of sufficient resources for development.

Upgrading municipal services, purchase of vehicles and machinery necessary to keep the province clean and tidy and the removal of debris top Mustafa’s priorities.

But most of the money, according to Mustafa, will be invested in power projects to boost the electricity supplies.

[hf328]

Iraq’s Kirkuk earns more than $100 million from the ‘petrodollar project’

By Marwan al-Ani,

The Ministry of Finance has released the sum of 111 billion Iraqi dinars (approx. $104 million) for the oil-rich Province of Kirkuk.

The money is part of the country’s petrodollar project under which oil-producing provinces are entitled to one dollar for each barrel of oil produced by their oil fields.

Oil-producing provinces, namely Kirkuk and Basra, are required to use the money for reconstruction and rehabilitation of their infrastructure.

Kirkuk’s share so far has been more than $200 million. Kirkuk’s oil output averages 500,000 barrels a day.

“The royalties will be invested in strategic projects to develop the province,” Kirkuk’s Governor, Abdulrahman Mustafa, said.

He said Kirkuk had suffered from decades of neglect and lack of sufficient resources for development.

Upgrading municipal services, purchase of vehicles and machinery necessary to keep the province clean and tidy and the removal of debris top Mustafa’s priorities.

But most of the money, according to Mustafa, will be invested in power projects to boost the electricity supplies.

[Hooter]

HCL ?

[lost one]

Iraq’s Kirkuk earns more than $100 million from the ‘petrodollar project’

By Marwan al-Ani,

The Ministry of Finance has released the sum of 111 billion Iraqi dinars (approx. $104 million) for the oil-rich Province of Kirkuk.

The money is part of the country’s petrodollar project under which oil-producing provinces are entitled to one dollar for each barrel of oil produced by their oil fields.

Oil-producing provinces, namely Kirkuk and Basra, are required to use the money for reconstruction and rehabilitation of their infrastructure.

Kirkuk’s share so far has been more than $200 million. Kirkuk’s oil output averages 500,000 barrels a day.

“The royalties will be invested in strategic projects to develop the province,” Kirkuk’s Governor, Abdulrahman Mustafa, said.

He said Kirkuk had suffered from decades of neglect and lack of sufficient resources for development.

Upgrading municipal services, purchase of vehicles and machinery necessary to keep the province clean and tidy and the removal of debris top Mustafa’s priorities.

But most of the money, according to Mustafa, will be invested in power projects to boost the electricity supplies.

It's about time they get a peace of the pie.

[Stefanie]

Good find. Thanks