Economy News

Al-Ghadhban declares Iraq’s full commitment to the standards of the Extractive Industries Transparency Initiative

Deputy Prime Minister for Energy and Oil Minister Thamir Abbas al-Ghadhban on Wednesday confirmed the support of the government and the Ministry of Oil for the work of the Transparency Initiative for Extractive Industries in Iraq during a press conference held by the initiative to review its annual report.

Al-Ghadhban said in a statement received by the “Economy News” that Iraq is fully committed to all the necessary measures and activities that support Iraq’s continuation of the work of the initiative and end the suspension of its membership and meet all the requirements of the initiative of transparency of the extractive industries, adding, “We are serious in providing real information related to the work and activities of the ministry Extracting and exporting to all relevant international organizations and to Iraqi and global public opinion, pointing out to instruct the Iraqi oil companies to comply with all the required standards for the initiative and provide information to the media through the dissemination of Data through the website of the Ministry.

He explained that we declare with all transparency our contractual or financial activities related to the export of crude oil, liquid gas and condensates, especially as the Ministry of Oil provides more than (90%) of the revenues of the general budget of the country through the export of crude oil.

He pointed out that the export of crude oil and fixing the price of Iraqi nipples is done in accordance with a professional system in the presence of the oil minister and the concerned agents and the inspector general and the director of the marketing company and those concerned with the company and set prices for the next month and we do not have suspicious deals as promoted by some, calling the Energy Committee in the Iraqi Council of Representatives as well as members of the initiative To attend meetings on pricing and allocation to see the mechanisms used in the marketing of Iraqi oil.

For his part, the Executive Director of the Iraqi representative to the initiative of transparency for extractive industries Alaa Rasool Mohiuddin, that the initiative prepared its annual report for 2016, which included the total revenues from the extractive sector of the Ministry of Oil and quantities produced from crude oil and exports for the same year. Pointing out that the Transparency Initiative is an international organization aimed at promoting the transparency of government revenues derived from natural resources and the accounting principle in the countries concerned, adding that the initiative issued its report for 2016 on December 24, 2018 according to the criteria of the initiative.

It is noteworthy that the Council of Transparency Initiative for Extractive Industries before Iraq as a member of the initiative in January of 2010 was published in the first report in December 2011 and on 12 December 2012 was declared Iraq as a country compatible with the initiative. Source