By Reuters Staff
3 Min Read
BAGHDAD (Reuters) -Iraq’s parliament on Wednesday approved a 2021 budget of 130 trillion Iraqi dinars ($89.65 billion) as the country wrestles with an economic and financial crisis due to low crude prices.
The budget deficit is estimated at 28.7 trillion Iraqi dinars ($19.79 billion), lawmakers said.
The 2021 budget set an oil price of $45 a barrel and expected oil exports of 3.25 million barrels per day (bpd), including 250,000 bpd from the Kurdish region, according to a budget document and lawmakers.
Iraq relies on oil to fund 97% of its state budget, and its commitment to an OPEC+ deal on reducing oil output has squeezed the finances of a government struggling to tackle the fallout from years of war and rampant corruption.
SOURCE: Graphic Online | Editor
CATEGORY:
The Vice President, Dr Mahamudu Bawumia has launched an innovative Digital Retail Fuel Monitoring System developed by the National Petroleum Authority (NPA) in Accra.
The Fuel Monitoring System, which allows fuel in Oil Marketing Company (OMC) tanks across the country to be monitored by the NPA, will curb illicit activities such as unauthorised third-party deliveries, fake receipts and smuggling in the petroleum downstream sector. Under this system, any OMC that receives illegal fuel would be found out.
The Retail Fuel Monitoring System, with a command centre at the NPA’s head office, will be able to monitor in real-time online, every fuel sales data from pumps, get station tank fuel levels data and fillings, handle overall wet-stock management and handle complete fuel management.
Numaligarh Refinery (NRL) is currently evaluating a re-entry into the fuel retailing business through petrol pumps. The development follows the centre’s decision to make Bharat Petroleum Corporation (BPCL), shed its stake in the Assam Accord refinery (as NRL is popularly called). BPCL’s stake in NRL was recently picked up by fellow public sector undertakings Oil India (OIL) and Engineers India (EIL).
“Since the promoters have changed and OIL is not in the business of fuel retailing, there is an incentive for us to re-enter the fuel retailing business. This time, we may not set up many retailing outlets, but there may be some strategic outlets that can serve 50 to 60 mobile fuel dispensing units,” an official aware of the discussions told Business Standard.
Graphic Online
BY: graphic.com.gh
705
The Vice President, Dr Mahamudu Bawumia has launched an innovative Digital Retail Fuel Monitoring System developed by the National Petroleum Authority (NPA) in Accra.
The Fuel Monitoring System, which allows fuel in Oil Marketing Company (OMC) tanks across the country to be monitored by the NPA, will curb illicit activities such as unauthorised third-party deliveries, fake receipts and smuggling in the petroleum downstream sector. Under this system, any OMC that receives illegal fuel would be found out.
The Retail Fuel Monitoring System, with a command centre at the NPA s head office, will be able to monitor in real-time online, every fuel sales data from pumps, get station tank fuel levels data and fillings, handle overall wet-stock management and handle complete fuel management.
By Reuters Staff
3 Min Read
BAGHDAD (Reuters) -Iraq’s parliament on Wednesday approved a 2021 budget of 130 trillion Iraqi dinars ($89.65 billion) as the country wrestles with an economic and financial crisis due to low crude prices.
The budget deficit is estimated at 28.7 trillion Iraqi dinars ($19.79 billion), lawmakers said.
The 2021 budget set an oil price of $45 a barrel and expected oil exports of 3.25 million barrels per day (bpd), including 250,000 bpd from the Kurdish region, according to a budget document and lawmakers.
Iraq relies on oil to fund 97% of its state budget, and its commitment to an OPEC+ deal on reducing oil output has squeezed the finances of a government struggling to tackle the fallout from years of war and rampant corruption.