Deputy Prime Minister and Foreign Minister Chairs 12th Session of Ministerial Council for Economy

Deputy Prime Minister and Foreign Minister Fuad Hussein, chaired the 12th Session of the Ministerial Council for Economy 2024, the Meeting was attended by Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Agriculture, Industry, Labor and social affairs, the Secretary General of the Council of Ministers, the Governor of the Central Bank of Iraq, Ministry of Oil Undersecretary, and the Prime Minister’s advisors for economic and legal affairs. As the Council discussed topics on the agenda of the meeting, and took the necessary actions regarding them.

The Council hosted the Director General of the Petroleum Products Distribution Company, and representatives of the Economic Department in the Ministry of Oil, and agreed to determine the price of the raw material for the kerosene product which is used to operate petrochemical investment projects, by 50% of the price of the international bulletins, and the price of the product allocated to the asphalt products factories in Nineveh will be 400 dinars / liter.

The Council also decided to form a permanent committee headed by Undersecretary of the Oil Ministry for Extraction Affairs, the Director General of Reservoirs and Field Development and the Director General of the Geological Survey, to establish mechanisms or decide to facilitate granting mineral investment approvals. The Council also decided to reduce the price of crude oil product for Al Noura factory in Karbala, to be a Hundred thousand dinar per ton, similar to brick factories.

Additionally, the Council decided to approve an increase in the reserve percentage for the project to rehabilitate and pave unserved streets in the city of Al Samawah, for the political prisoners’ and the Sayed Jaber neighborhoods.

As well as, in support of the agricultural sector and farmers, the Council decided to stop importing potato crop for one year due to the abundance of local production, and also to stop importing cucumbers, onions, zucchini, watermelons, and Cantaloupe crops, for this season due to the abundance of the local production and in support of the national product.