Iraqi parliament approves Article 13, among others, of Iraqi budget bill
ERBIL (Kurdistan 24) – The Iraqi parliament on Friday approved Article 13 of the Iraqi budget bill, which relates to the Kurdistan Region's share.
According to Article 13, the Kurdistan Regional Government (KRG) can export up to 400,000 barrels of oil per day through Iraq’s State Oil Marketing Organisation (SOMO). If Turkey or any foreign nation chooses not to purchase this oil, SOMO can sell the oil to other entities or use it for its own domestic refineries, while compensating the KRG. The KRG must also repay its alleged oil debts within the past five years.
The Iraqi parliament has now approved 12 of the 13 proposed Articles. The fourth article was removed from the bill.
The Iraqi parliament resumed its session at 9:00 p.m. today in the presence of 259 MPs to vote on the budget bill after Iraqi parliament speaker Mohammed al-Halbousi adjourned the session at 7:30 p.m. due to disputes between political factions.
Yesterday, the Iraqi parliament approved six articles of the budget bill for 2023, 2024 and 2025. Those approved yesterday were Articles 1, 3, 5, 6, 7, and 8, while Articles 2, 9, 10, 11, 12, and 13 were approved today.
In Article 1 of the approved budget bill, the value of $100 against the Iraqi dinar was set at 130,000 dinars for three years – until the end of 2025 – and the price of one barrel of oil was set at $70.
The budget bill also sets Iraqi oil exports at 3.5 million barrels per day, including 400,000 barrels of oil from the Kurdistan Region.