OPEC member Iraq has decided to withdraw permits for 1,128 projects due to long delays as part of a new law requiring project owners to finish them on time.
Prime Minister Mustafa Al-Kadhimi issued an order relinquishing permits granted to those projects, Shafaq News and other Iraqi publications said on Thursday.
The decision affects projects with a rate of execution of 0-35 percent after the end of the deadline for their completion, the report said.
“The Prime Minister has issued an order for the cancellation of permits for 1,128 projects whose owners have failed to finish them on time,” the report said.
“He also issued instructions to the competent authorities to abide by article 28 of the amended Investment Law requiring them to issue notices to all stalled projects before withdrawing their permits in case they fail to meet the deadline.”
In a report issued in late 2020, the Iraqi Planning Ministry said there are nearly 6,250 stalled projects in housing, power, water, sewage, health and other sectors due to cash shortages and internal hostilities over the past few years.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@refinitiv.com)
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