Kirkuk to receive 1st amount of Petrodollar next week

KIRKUK / IraqiNews.com: Iraq’s Finance Ministry Undersecretary, Fadhil Nabi, has stated on Tuesday that he first amount of the Petrodollar Project would be spent in Kirkuk Province next week. “We have reached a decision to spend the Petrodollar allocations in 2011, after laying down their necessary details, due to non-existence of of necessary financial allocations this year,” Minister Nabi said, adding that: “due to certain pressures, we were forced by the Iraqi government to spend the first amount of the Petrodollar Project‘s budget next week.” On his part, Kirkuk Governor, Abdul-Rahman Mustapha, told IraqiNews.com News Agency that “the Province’s Council had formed a committee, comprising North Oil Company, North Gas Company and a number of departments related to the projects, in order to define the strategic projects that would be implemented, using those funds.” The previous Iraqi Parliament had passed the 2010 state budget, with a majority vote, according to Article 42 of the Budget Law, out of which 5% of the actual achieved revenues from the border points (ground, air and ports), with the exception of leading State revenues, for the budget of the border provinces..And it was also decided to transfer an average of one US dollar for each barrel of crude oil produced by each province, for every barrel of crude oil produced in its in its refineries, and for each 150 cubic meters of natural gas it produces, to be added to the budget of that province, according to Article 43 of the Law. The oil-rich city of Kirkuk is 280 km to the northeast of the Iraqi capital of Baghdad. SKH/SR 1