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Industry cuts black oil prices for cement plant

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Industry cuts black oil prices for cement plant Empty Industry cuts black oil prices for cement plant

Post by claud39 on Thu Jan 03, 2019 9:54 am


Industry cuts black oil prices for cement plant

Industry cuts black oil prices for cement plant Doc-P-186481-636821332316334227

BAGHDAD (Reuters) - 

The Iraqi General Company for Cement, one of the companies of the Ministry of Industry and Minerals, announced on Thursday a decision by the Council of Ministers to reduce the prices of black oil supplied to the company's plants to 100 dinars per liter instead of 150 dinars, Effective 1 February 2019.

In a statement received by Al-Ghad Press, the director general of the company, Hussein Mohsen Al-Khafaji, said: "This decision is the result of continuous efforts and follow-up and continuous official demand during meetings and meetings with the Ministerial Energy Committee and the submission of reports with documents and figures on the damage and economic losses resulting from this increase in oil prices The negative impact on the local cement industry, pointing out that this reduction will avoid the company and its losses large losses exceeded last year up to (20) billion dinars because of the increase in prices since the beginning of last year 2018. 

He added that "reducing the prices of black oil supplied to the plants will contribute to support the movement of construction and reconstruction and the citizen in particular because the reduction would be reflected on the decline in prices of cement, which is the basic material in the construction needed by the country, especially in the reconstruction of liberated cities."

Al-Khafaji said that "the decision to restore the price of black oil as it was previously a strong marketing boost to the return of local competition and gives an incentive to the cadres of cement plants to start again to increase and multiply production and move forward to continue to fill the market need and maintain the acceptability of subsidized prices."
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