Iraq is now a permanent member of the Global Transparency Initiative

The Oil Ministry of Iraq on Friday (28th December, 2012), that Iraq is not accepted as a permanent member of Global Transparency Initiative Organization, confirming the fact that Iraq is considered to be the largest oil country amongst the members.

Aassem jihad, who is the official spokesman of the Oil Ministry, stated in a press release that Iraq is considered as the first nation amidst the countries adopted in the Global Transparency Initiative as a stable member from the first report. He elucidated that Iraq has fulfilled all the requirements of the Global Transparency Initiative and also the precise numbers of import, export and crude oil sell.

The report, which has been published about Iraq, did not contain any significant difference when it comes to compliance amongst the Ministry of Oil, oil marketing firms, extraction companies and buying firms and also the deals and permit cycles, Jihad said, who considered that as Iraq got granted this permanent membership in the Global Transparency Initiative Organization, it will make a huge impact, especially that Iraq is the largest oil country amongst all the oil producing members pursuant to the requirement of the initiative.

Jihad also mentioned the point that the ministry is preparing for announcing the completion of the second oral report very soon, which is considered of being a significant step to strengthen the role of Iraq in the economical and political fields on the international level.

The Oil Ministry had a celebration on March 5, for the issuing of the first report about the profits of the Iraqi crude oil import in the structure of the Extractive Industries Transparency Initiative in Iraq prepared by the Price Waterhouse Coopers, who works supervised and invested by the World Bank. The compliance between the profit reports offered by the government and the payment reports presented by the global oil-buying firms, whose number amounts to 34 Asian, European and American companies, the report confirmed.