Sep 6 2012

Iraqis to receive share of surplus oil money

By Zeean Sami

Azzaman, September 6, 2012

Each Iraqi family is expected to get around $500 by the end of the year as part of a government plan to dole out surplus oil revenues, according to Iraqi parliament’s financial commission.

Najeeba Najeeb, a commission’s member, said the sum which each Iraqi family will be entitled to get was not fixed and will rely on rate of oil exports and prices on international markets.

Iraqi oil exports are currently at a level not seen in the past 30 years.

Najeeb said at present prices and rates of 2.6 million barrels of exports a day the share of each family may exceed $500.

But she warned that the grant may be reduced in case of disruption in exports or lower than expected prices.

It is the first time in Iraq’s history Iraqis are promised a share of additional oil revenues.

Najeeb said the Ministry of Planning has prepared a mechanism under which the monies will be distributed and it will soon be presented to the government and then passed to parliament for approval.

If prices drop or exports fall for any reason, then only the vulnerable and low-income families will be entitled for the grant, she added.

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