SULAIMANI – (ESTA) A member of the Iraqi House of Representatives said that the Iraqi budget amendment will solve the cost of oil production and transportation so that Iraq will compensate the Kurdistan Region.
Zia Hindi, a member of the Iraqi House of Representatives, said, “The approval of the budget amendment by the Council of Ministers is an important step towards achieving justice and transparency in the management of shared oil revenues. The House of Representatives will discuss it in detail to ensure that all legal and technical aspects are resolved in a way that includes the interests of the federal government and the Kurdistan Regional Government.”.
He said, “The amendment includes a number of provisions to solve the problem of oil production and transportation costs; one of the provisions states that the Iraqi Ministry of Finance will compensate the Kurdistan Regional Government instead of production and transportation costs.”.
Also, he added that “the estimate will be determined by a specialized international technical consultant and an agreement between the Federal Ministry of Oil and the Ministry of Natural Resources, which will submit a report on the cost of production and transportation to both sides.”.
The House of Representatives is scheduled to hold the first reading of the first amendment to the 2023, 2024 and 2025 budgets on Tuesday.
