MNR an­nounces the pub­li­ca­tion of its an­nual fi­nan­cial re­port for 2013

The Kurdish Globe - - FRONT PAGE -

The Min­istry of Nat­u­ral Re­sources (MNR) an­nounces the pub­li­ca­tion of its An­nual Fi­nan­cial Re­port for 2013, a de­tailed and com­pre­hen­sive guide to the fi­nan­cial op­er­a­tions of MNR. The re­port in­cludes rev­enue fig­ures from crude oil pro­duc­tion, lo­cal crude oil sales, the sell­ing of re­fined prod­ucts, and bonuses and ca­pac­ity-build­ing sup­port de­rived from the KRG's pro­duc­tion shar­ing con­tracts with in­ter­na­tional oil com­pa­nies.

The Min­istry of Nat­u­ral Re­sources (MNR) an­nounces the pub­li­ca­tion of its An­nual Fi­nan­cial Re­port for 2013, a de­tailed and com­pre­hen­sive guide to the fi­nan­cial op­er­a­tions of MNR. The re­port in­cludes rev­enue fig­ures from crude oil pro­duc­tion, lo­cal crude oil sales, the sell­ing of re­fined prod­ucts, and bonuses and ca­pac­ity-build­ing sup­port de­rived from the KRG's pro­duc­tion shar­ing con­tracts with in­ter­na­tional oil com­pa­nies.

Also de­tailed are MNR’s op­er­a­tional ex­pen­di­tures and over­heads as well as the fund­ing of a sig­nif­i­cant num­ber of projects man­aged by the Kur­dis­tan Re­gional Govern­ment (KRG) and by the in­di­vid­ual gov­er­norates of the Re­gion.

Costs for the pur­chase of diesel, kerosene and ben­zene for use in the Re­gion’s power plants, in lo­cal in­dus­try and agri­cul­ture, and in people’s homes are in­cluded in the re­port.

Be­cause it is the first of its kind, the 2013 re­port also con­tains com­par­a­tive earn­ings and ex­pen­di­ture ta­bles for the six pre­vi­ous years. Nev­er­the­less, for com­plete­ness MNR will soon pub­lish sep­a­rate an­nual fi­nan­cial re­ports for each of the years 2007-2012.

From 2007-2013, MNR cre­ated gross rev­enue of US$9,714,331,861. Its gross ex­pen­di­ture over the same pe­riod amounted to US$8,794,110,220. Of this, af­ter costs of re­fin­ing, trans­porta­tion and lo­gis­tics, some US$5.85 bil­lion was spent on projects for the Kur­dis­tan Re­gion.

The rev­enues de­rived to date have been within the lim­its of the 17% crude oil re­fin­ing and in­ter­nal con­sump­tion rights of the Kur­dis­tan Re­gion and are be­ing used to fund the pro­vi­sion of elec­tric­ity, new hos­pi­tals, fresh wa­ter units, hous­ing for An­fal vic­tims, new schools, uni­ver­si­ties and roads, and to help di­ver­sify the eco­nomic base through agri­cul­ture and tourism.

The re­port also draws at­ten­tion to the fact that due to eco­nomic sanc­tions on the KRG by Bagh­dad, the KRG has un­der­uti­lized its en­ti­tle­ment to 17% of Iraq’s crude oil re­fin­ing and in­ter­nal con­sump­tion since 2007. The data show the KRG has un­der­uti­lized its quota by around 98 mil­lion bar­rels.

Min­is­ter of Nat­u­ral Re­sources Ashti Hawrami said the pub­li­ca­tion of the An­nual Fi­nan­cial Re­port high­lighted the im­por­tant work of MNR in un­der­pin­ning the so­cial and eco­nomic well­be­ing of the people of the Kur­dis­tan Re­gion.

Min­is­ter Hawrami said: “Since the KRG passed its oil and gas law in 2007, MNR has presided over the im­pres­sive growth of the oil and gas in­dus­try in the Re­gion, gen­er­at­ing bil­lions of dol­lars that have ben­e­fit­ted each and ev­ery cit­i­zen of Kur­dis­tan, and also those of the rest of Iraq.”

He added: “Thanks to the pro­gres­sive en­ergy poli­cies pur­sued by the KRG since 2007, oil and gas have be­come a key source of our fu­ture so­cial, eco­nomic and po­lit­i­cal strength. Our poli­cies will con­tinue to en­sure that man­age­ment of the Re­gion's rev­enues and eco­nomic in­de­pen­dence are firmly es­tab­lished and man­aged lo­cally and pro­fes­sion­ally, as pro­vided for un­der the federal Con­sti­tu­tion.”

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