By John Lee.
The Iraqi Parliament has voted to approve the first amendment to the Federal Budget Law (No. 13 of 2023) for the fiscal years 2023, 2024, and 2025.
Proposed by the Finance Committee, the amendment aims to appoint an international technical advisory firm to assess fair production and transportation costs for oil fields in the Kurdistan Region individually.
According to a statement from the Iraqi Parliament, the amendment seeks to safeguard national resources, enhance federal revenues, and empower the State Oil Marketing Organization (SOMO) to optimise export routes and diversify sales channels.
Shares in Gulf Keystone Petroleum (GKP) closed up nearly 12 percent on Monday following the news.
Oil exports via the Iraq-Turkey Pipeline (ITP) were suspended in March 2023 following a dispute between Baghdad, Erbil and Ankara.
(Source: Iraqi Parliament)
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