Iraq: Iraq Plans to Sell Crude Oil on Prepay

Mar 31, 2015 | Hellenic Shipping News
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Minister of Finance , Hoshyar Zebari revealed, that the federal government seek to sale quantities of oil reserves on prepay.

Zebari said, “The government is planning for oil sales reserves, will also begin economic reforms to amend the oil contracts with major Western companies.”

“We have not determined yet quantities details and the value of these sales, known in the oil industry by pre-funding, but Iraq is in need of liquidity to fund its military campaign against ISIS terrorists to compensate for the revenues from oil, which fell due to insecurity and low price of crude oil in the world market losses.”