The Iraqi Ministry of Oil announced on Wednesday that the oil licenses issued after 2003 have generated almost one trillion dollars in revenue for the state treasury.
During the inauguration of the new tanker “Sumer” at the port of Khor Al-Zubair in Basra Governorate, Ali Maaraj, the Undersecretary of the Ministry of Oil for Distribution Affairs, made a statement.
The Ministry of Oil released a statement where Maaraj expressed appreciation for the oil sector’s national effort and accomplishments since 2003. He acknowledged their role in raising production and exports, as well as generating financial revenues for the state treasury..
He emphasized the significance of licensing rounds, which resulted in a production increase of three million barrels and financial revenues exceeding $900 billion.
