Iraqi Cabinet Allocates Funds For Key Oil Infrastructure Projects
Date
9/28/2023 3:18:51 PM
(MENAFN- Iraq Business News) By John Lee.
In its 39th regular session, chaired by Prime Minister Mohammed Shia Al-Sudani, the Iraqi Cabinet made important decisions concerning the oil sector and infrastructure development for exports:
The
Ministry of Finance will allocate the total cost of IQD 1,265,444,000,000 [$967 million] for the
construction of offshore pipelines (4 and 5) and a new offshore platform. This allocation will be deposited with the
Trade bank of Iraq (TBI) and is part of the
investment plan for the Ministry of Oil's
Basra Oil Company (BOC) for the year 2023.
The Ministry of Planning and the Ministry of Oil commit to covering the total project cost in advance, as well as annual allocations in the investment budget for the years 2023, 2024, 2025, and 2026.
The Ministries of Oil and Planning will notify the Ministry of Finance's Accounting Department about the funding due to the contracting company based on progress and approved contexts. The funds will be released from the deposit mentioned in point 1.
This decision reflects the government's commitment to enhancing Iraq's oil infrastructure and its capabilities for export, aligning with the country's economic development goals.
(Source: Ministry of Oil)
The post Iraqi Cabinet Allocates Funds for Key Oil Infrastructure Projects first appeared on Iraq Business News .
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