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 Economists warn of financial losses Iraq suffered $ 600 million

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Join date : 2015-02-19

PostSubject: Economists warn of financial losses Iraq suffered $ 600 million   Thu Jul 05, 2018 9:39 am

Economists warn of financial losses Iraq suffered $ 600 million

Cement industry
Economy News Baghdad

LONDON (Reuters) - Iraq's cement industry has collapsed following a surge in factory-supplied oil prices and lack of cash to cover fuel costs, economists and industrialists warned on Thursday.

They uncovered the suspension of the cement plant Najaf al-Ashraf and Kufa of the Iraqi General Company for Cement, which threatens the huge losses estimated hundreds of millions Iraqi dinar per laboratory.

They explained that "raising the price of fuel oil (black oil) by the Ministry of Oil from 100 to 150 dinars per liter led to a significant increase in the cost of production in the cement plants government and investors, which operates a system of burning wet, which consumes about 200 liters per ton, "The private sector plants operate with a system of dry burning, it consumes about 100 liters per tonne, which cost an increase of losses of 25 billion dinars to the plants of the company annually.

They added that "the increase aims to return the import of cement after the cessation of imports since the beginning of 2016 by a decision of the Council of Ministers, which provided more than a billion and a half billion dollars to balance the countries where the estimated import of Iraq from cement before the decision to 600 million dollars annually from Iran and Turkey.

Demanding at the same time all government agencies to stop this economic disaster by reducing the prices of black oil to ensure the continuity of the cement industry to cover the needs of the local market.

Iraq has 26 cement factories, 18 of them in the public sector and 8 in the private sector. It is distributed throughout Iraq. It produces all types of typical and non-standard cement. Its estimated capacity is 40 million tons per year, while the country needs 25 million tons of cement. .

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