Iraq News - Local News - Baghdadpost

Budget gives sovereign guarantees to named oil company: MP


MP Jamal al-Mohamedawi said on Thursday that Iraq's 2019 federal budget contained a "strange" article giving the Minister of Finance the responsibility to issue guarantees to the Khairat al-Abar company, which is specialized in oil and gas services.

The sovereign guarantees would be granted for the company for a hydrogenation and benzene improvement project.

Mohamedawi condemned granting such guarantees to a company by name, asserting that this case affirms the fact that unjustified and large profits are offered to certain people, which is incompatible with the philosophy of investment that is supposed to contribute to boosting the economy, benefiting the country and providing job opportunities.

The Iraqi parliament approved the 2019 state budget after an hours-long vote early on Thursday.


The approval ends weeks of deadlock over allocations to different provinces and privatization of state projects.

The budget projected oil exports of 3.88 million barrels per day (bpd), up from 3.8 million bpd for the previous year, at a price of $56 per barrel.

Last Modified: Thursday، 24 January 2019 08:00 PM