Basra Oil Firms Threaten Shutdown Over Payments
Oil companies in Basra are facing significant losses due to the exchange rate difference between the dollar and the Iraqi currency. They receive their dues in dinars at the official rate of 131,000 dinars per 100 dollars, while the market rate reaches around 155,000 dinars. This gap results in losses exceeding 20%, leading to a reduction in workforce by up to 80% and the suspension of many projects. The companies are calling for a mechanism that ensures they receive their dues in dollars to prevent the halt of their activities and further layoffs.
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