FILE PHOTO: A worker checks an oil pipeline at Nahr Bin Umar oil field, north of Basra, Iraq March 22, 2022. Image used for illustrative purpose. REUTERS/Essam Al-Sudani.
The Council of Ministers also approved the recommendation concerning exceptional approvals to increase export and import capacities
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WAM (Emirates News Agency)
BAGHDAD: The Iraqi government approved the mechanisms for exporting Iraqi oil through specialised international and local companies and via various outlets, with contracts to be concluded for a period of three months starting September 1, 2026.
As part of the government’s measures to increase export and import capacities, the Council of Ministers, chaired by Prime Minister Ali Faleh Al-Zaidi, approved relevant recommendations concerning the purchase of crude oil at either the price set by the State Organisation for Marketing of Oil (SOMO) or the price stipulated in the federal budget, whichever is lower, with a 30% discount, determined annually, effective September 1, 2026. Payments shall be made to the Public Treasury, and the financial implications shall be reviewed in detail.
The Council of Ministers also approved the recommendation concerning exceptional approvals to increase export and import capacities, authorizing the Minister of Oil to establish additional transportation routes for contracts currently concluded and in force and to renew those contracts. The Minister was also authorized to approve the import of petroleum products when necessary to ensure stable supplies and prevent crises.
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