Baghdad: The Council of Ministers has made a significant decision to incorporate the Majnoon oil field into social benefit projects, aligning it with the standards set in other licensing contracts. This strategic move marks a new phase in the development and utilization of the Majnoon oil field, ensuring that local communities benefit from the resources extracted from their region.

According to National Iraqi News Agency, during a session held on Tuesday, the Council resolved to allocate $10 million annually from the Majnoon oil field’s account. This fund is designated for the Ministry of Finance to facilitate the implementation of various projects currently under discussion. These initiatives will be integrated into the planning budget of the Basra Oil Company, the entity responsible for operating the field.

This allocation aims to enhance the socio-economic landscape of the areas surrounding the Majnoon oil field, ensuring that the local population gains tangible benefits from the oil extraction activities. The decision reflects a broader commitment to equitable resource distribution and sustainable development in the region.