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Parliamentary Finance: budget amendment covers Kurdistan Region's oil extraction
Iraq
Iraq
Oil
Kurdistan Region
Parliamentary Finance: budget amendment covers Kurdistan Region's oil extraction
2025-01-19 18:00
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Shafaq News/ The Parliamentary Finance Committee in Iraq revealed the details of a proposed amendment to Article 12 of the Federal Budget Law.
Committee member Mahasen Hamdoun told Shafaq News “the amendment includes a $16 per barrel cost for extracting oil from the Kurdistan Region, which will be deducted from the region's oil sales”.
She explained that the remaining amount from the oil sales will go to the Iraqi treasury, and the government will then allocate funds to pay salaries for the region's employees.
Several lawmakers have objected to this and called for the inclusion of a provision in the budget that would allocate financial resources to other provinces.
It was noted that the financial allocation for regional development in the 2024 budget is 1 trillion dinars, but only 200 billion dinars have been disbursed so far, leading to confusion in provinces due to the lack of sufficient funding.
Earlier today, the Finance Committee announced it had voted on the proposal to amend Article 12 concerning the export of oil from the Kurdistan Region and production and transportation costs in the Federal Budget Law.
On Sunday, a senior Kurdish delegation, led by Finance Minister Awat Sheikh Janab, arrived in Baghdad to negotiate solutions to the ongoing salaries crisis in the Kurdistan region.
The delegation is set to meet with Iraq's Federal Finance Minister Taif Sami to discuss mechanisms for resolving delays in salary payments, a source in the Kurdish Ministry of Finance and Economy confirmed. |
Thanks guys great finds and posts.
Gla |
What is the reason that some MP's don't want to vote on the budget? |
Shafaq News/ The Parliamentary Finance Committee in Iraq revealed the details of a proposed amendment to Article 12 of the Federal Budget Law.Committee member Mahasen Hamdoun told Shafaq News "the amendment includes a $16 per barrel cost for extracting oil from the Kurdistan Region, which will be deducted from the region's oil sales".She explained that the remaining amount from the oil sales will go to the Iraqi treasury, and the government will then allocate funds to pay salaries for the region's employees.Several lawmakers have objected to this and called for the inclusion of a provision in the budget that would allocate financial resources to other provinces.It was noted that the financial allocation for regional development in the 2024 budget is 1 trillion dinars, but only 200 billion dinars have been disbursed so far, leading to confusion in provinces due to the lack of sufficient funding.Earlier today, the Finance Committee announced it had voted on the proposal to amend Article 12 concerning the export of oil from the Kurdistan Region and production and transportation costs in the Federal Budget Law.On Sunday, a senior Kurdish delegation, led by Finance Minister Awat Sheikh Janab, arrived in Baghdad to negotiate solutions to the ongoing salaries crisis in the Kurdistan region.The delegation is set to meet with Iraq's Federal Finance Minister Taif Sami to discuss mechanisms for resolving delays in salary payments, a source in the Kurdish Ministry of Finance and Economy confirmed. |
As above:-
Important progress today on approval of amendment to the budget law.
- Finance Committee approved the amendment
- Vote did not take place as a further revisions demanded.
- Vote set for Tuesday
- Fines introduced for absence
And.
Revision is to ensure all regions benefit from Iraqi oil.
'Remaining amount of price of a barrel of oil goes to the Iraqi state treasury, and in turn the state pays the salaries of the region's employees'... to... disbursing required financial allocation to the governorates." |
John on X take. https://x.com/john78846295/status/1881047229320061216 https://x.com/john78846295/status/1881047819257291199 |
Keystone Cops would do well to get a few acting lessons of these ICG chumps, lolAh well...C U Next Tuesday |
millie: this would not be the GKP advfn board without a hoot a minute ;) |
Still no discussion on paying outstanding arrears, that should be a total hoot |
cheers boys... so parliamentary vote Tuesday again... unless demands to change Article 14 are problematic - which they probably will be... in which case we wait again... |
The Finance Committee has approved the amendments but the Parliament itself hasn't been able to vote on the matter so things are at an impasse currently. |
"This indicates it has been approved.. ERBIL — The Iraqi Parliament’s Finance Committee has voted to amend the 2025 budget."
Don't think so, the Finance Committee voted by 10 votes out of 17 that the amendment can be sent to parliament to be voted on.
But it still needs to be voted on, and that is now resheduled for Tuesday.
Supposedly. |
Ozz: Breeding is about all they do! That and smoke a fruity pipe, drink tea and eat biscuits.. |
Do they have to still vote on the budget in its entirety? |
hxxps://www.basnews.com/en/babat/872780
Iraqi Parliament Amends Budget for Kurdistan Oil Costs
19:47 their time...
This indicates it has been approved..
ERBIL — The Iraqi Parliament’s Finance Committee has voted to amend the 2025 budget, increasing the cost allocated for oil extraction and transportation in the Kurdistan Region.
The decision, reached during a meeting chaired by Finance Committee Chairman Atwan Atwani on Sunday, marks a significant development in the financial and oil sector relationship between the Kurdistan Regional Government (KRG) and the federal government.
“We have reached the final stage, and Article 12 has been voted on,” Atwani announced. He added that the Ministries of Finance and Natural Resources have complied with the decisions outlined in the amendment.
The amendment to Article 12 sets the cost of oil extraction and transportation at $16 per barrel in its initial phase. Narmin Ma’roof, a committee member, confirmed the committee’s approval of the budget amendment bill, specifically Article 12/2/c, which focuses on oil exports. She indicated that the changes are expected to facilitate the resumption of oil exports from the Kurdistan Region.
A key component of the amendment is the inclusion of an impartial international consulting firm, tasked with auditing the costs of oil extraction and transportation over a 60-day period. The audit is expected to establish the actual costs and foster transparency in the management of oil resources.
“This amendment will serve as a starting point for building a legal framework between the KRG and the federal government in managing oil resources,” Atwani emphasized.
The move comes after the suspension of oil exports from the Kurdistan Region to Turkey on March 25, 2023. The halt has caused significant economic repercussions, with experts estimating a $20 billion loss to Iraq’s economy.
Khalil Doski, another member of the Finance Committee, stated earlier that voting on the cost of exporting oil from the Kurdistan Region is crucial to resuming exports. The agreement between Erbil and Baghdad underscores efforts to resolve long-standing disputes over oil revenue sharing and operational costs.
As the amendment progresses, it is expected to pave the way for improved collaboration and economic stability in the oil-rich region. |
Who is big dog or is it Sarah? Bit of history please.Good luck all. |
The Pension funds are sitting on thier hands till its official. |
I note Bigdog hasn't graced us with his/her presence this evening... |
Word is, it's passed. |
kev: that last article clears things up a bit... The Kurds want to guarantee their financial allocation, so want both Article 12 and 14 changed at the same time...
Lets hope this doesn't cause to many problems... |
Maybe another session of parliament inbetween to discuss whether chocolate digestives or custard creams next time? ;o) |
None of it mattersThe company is obviously sold TBA |
Clear as mud mate! More biscuits then an other go on Tuesday! Apparently 1million dinars fine if they don't get out of bed! |
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