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Parliamentary Energy calls to accelerate investment law
MPs called on the Commission on oil and energy parliamentary, on Saturday, the Iraqi government to accelerate activating investment refineries law, as confirmed that the project will increase the proportion of revenue in the general budget, an expert in the field of economy, said the government is not considering investing in the long term, calling to work out investment projects future to supplement the budget funds, in order to avoid crises. With the Oil Ministry announced its intention to cooperate with the oil companies to implement a plan to raise crude production to avoid lower prices crisis.
He said the oil and energy parliamentary member Ibrahim Bahr al-Ulum “long”, “The investment refineries is good at the moment, especially with the presence of its own law, as well as lower oil prices, therefore, any future revenues to the state budget will return large on the country’s benefit.” .
He Bahr al-Ulum, saying, “we have a special investment law, and this law includes scope for investment in oil refineries,” pointing out that “the law came in line with the economic changes in Iraq, as it aims to increase domestic production of petroleum products.”
For his part, member of the Committee Faleh Djiashi in an interview for the “long”, “The government began moving toward maximizing the financial resources of the state after a drop in oil prices and an increase in the proportion of the deficit, and by investing, taxes and spending cuts to activate,” pointing out that “the Ministry of Oil tended to activate the investment side in the liquidation industry to create a giant oil refineries for the production of improved varieties of oil derivatives. ”
He stressed that “a large international companies expressed their willingness to create a huge refineries in the country.”
In turn, said economist Majid picture “long”, said that “it is necessary to invest refineries and production Petrokmaoyat and other products, because it will benefit the Iraqi economy run through the hands of the largest labor in addition to the possibility of invading the market with some new products.”
He pointed out that “the Iraqi thinking focuses on the benefit current and this can not be achieved in the investment of refineries, where the utility is possible to return to the state treasury after a period of time, and therefore new revenue for the Iraqi budget comes,” noting that “investment refineries will benefit after period of time and not at the moment. ”
He added that “many voices were calling for investment refineries, because it is big profits and benefit the Iraqi economy,” calling for “responsible to think about future projects, which could save a lot of money in the future and not just the immediate projects and thinking to earn money at the moment actors.”
In the same context, the Ministry of Oil has announced its intention to cooperate with the Iraqi oil companies, to implement its plan to raise crude production in order to avoid the drop in oil price crisis.
A statement by the Iraqi Drilling Company, received a “long”, a copy of which, on Saturday, that “the oil ministry undersecretary Fayad al-Moussawi, met at the headquarters of the company in Albrjsuh west of Basra, with the South Oil Company and Missan Oil.” The statement quoted Musawi as saying that “the Iraqi government to absorb the shock decline in oil prices through the implementation of the plan developed by the ministry to increase production.”
“The Oil Ministry is working to increase oil production through cooperation between the Iraqi oil companies to implement its plan to raise the level of production.”
He stressed that “the Iraqi oil companies have the ability to implement the ministry’s plan, the holdings of modern drilling equipment and human resources with experience in the oil fields and reduce unnecessary expenditures.”
He said al-Moussawi said that “the ministry dealing with technical and administrative barriers between national and foreign companies to increase drilling wells in this year.”
The parliamentary Finance Committee announced (January 21, 2015) about the intention of the Ministry of Oil to activate investment in liquidation sector to create a giant refineries to produce improved varieties of oil derivatives.
And carried the oil and energy parliamentary previous (February 9, 2014) the previous government not to create a new refineries in the country and described it as a failure on the issue of the refineries sector investment, while attributed the lack of investment companies to the problems of bureaucracy and government intervention.
And experiencing many of the world major economic crisis as a result of falling global oil prices, prompting Prime Minister Haider al-Abadi, to call the House of Representatives, to reduce the budget again, and has not been returned to the government, especially after the decline last been on oil prices, which reached according to Global Exchange to 48 dollars per barrel, after it was $ 110.
Iraq relies, by 90%, on oil revenues, forcing the Iraqi government to declare austerity in general in the country in an attempt to fill the budget deficit, as well as the Iraqi government announced, reducing the Council of Ministers’ salaries by 50%.
The Cabinet has approved in its regular, in the 23 of December, the current, the budget bill and sent it to Parliament for the purpose of officially approved.
It is noteworthy that the price of oil fell more than a hundred dollars in the middle of the current year, 2014, to less than $ sixty now, especially after that overshadowed the increase in oil shale production of high-quality light, in North America on demand.
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MPs called on the Commission on oil and energy parliamentary, on Saturday, the Iraqi government to accelerate activating investment refineries law, as confirmed that the project will increase the proportion of revenue in the general budget, an expert in the field of economy, said the government is not considering investing in the long term, calling to work out investment projects future to supplement the budget funds, in order to avoid crises. With the Oil Ministry announced its intention to cooperate with the oil companies to implement a plan to raise crude production to avoid lower prices crisis.
He said the oil and energy parliamentary member Ibrahim Bahr al-Ulum “long”, “The investment refineries is good at the moment, especially with the presence of its own law, as well as lower oil prices, therefore, any future revenues to the state budget will return large on the country’s benefit.” .
He Bahr al-Ulum, saying, “we have a special investment law, and this law includes scope for investment in oil refineries,” pointing out that “the law came in line with the economic changes in Iraq, as it aims to increase domestic production of petroleum products.”
For his part, member of the Committee Faleh Djiashi in an interview for the “long”, “The government began moving toward maximizing the financial resources of the state after a drop in oil prices and an increase in the proportion of the deficit, and by investing, taxes and spending cuts to activate,” pointing out that “the Ministry of Oil tended to activate the investment side in the liquidation industry to create a giant oil refineries for the production of improved varieties of oil derivatives. ”
He stressed that “a large international companies expressed their willingness to create a huge refineries in the country.”
In turn, said economist Majid picture “long”, said that “it is necessary to invest refineries and production Petrokmaoyat and other products, because it will benefit the Iraqi economy run through the hands of the largest labor in addition to the possibility of invading the market with some new products.”
He pointed out that “the Iraqi thinking focuses on the benefit current and this can not be achieved in the investment of refineries, where the utility is possible to return to the state treasury after a period of time, and therefore new revenue for the Iraqi budget comes,” noting that “investment refineries will benefit after period of time and not at the moment. ”
He added that “many voices were calling for investment refineries, because it is big profits and benefit the Iraqi economy,” calling for “responsible to think about future projects, which could save a lot of money in the future and not just the immediate projects and thinking to earn money at the moment actors.”
In the same context, the Ministry of Oil has announced its intention to cooperate with the Iraqi oil companies, to implement its plan to raise crude production in order to avoid the drop in oil price crisis.
A statement by the Iraqi Drilling Company, received a “long”, a copy of which, on Saturday, that “the oil ministry undersecretary Fayad al-Moussawi, met at the headquarters of the company in Albrjsuh west of Basra, with the South Oil Company and Missan Oil.” The statement quoted Musawi as saying that “the Iraqi government to absorb the shock decline in oil prices through the implementation of the plan developed by the ministry to increase production.”
“The Oil Ministry is working to increase oil production through cooperation between the Iraqi oil companies to implement its plan to raise the level of production.”
He stressed that “the Iraqi oil companies have the ability to implement the ministry’s plan, the holdings of modern drilling equipment and human resources with experience in the oil fields and reduce unnecessary expenditures.”
He said al-Moussawi said that “the ministry dealing with technical and administrative barriers between national and foreign companies to increase drilling wells in this year.”
The parliamentary Finance Committee announced (January 21, 2015) about the intention of the Ministry of Oil to activate investment in liquidation sector to create a giant refineries to produce improved varieties of oil derivatives.
And carried the oil and energy parliamentary previous (February 9, 2014) the previous government not to create a new refineries in the country and described it as a failure on the issue of the refineries sector investment, while attributed the lack of investment companies to the problems of bureaucracy and government intervention.
And experiencing many of the world major economic crisis as a result of falling global oil prices, prompting Prime Minister Haider al-Abadi, to call the House of Representatives, to reduce the budget again, and has not been returned to the government, especially after the decline last been on oil prices, which reached according to Global Exchange to 48 dollars per barrel, after it was $ 110.
Iraq relies, by 90%, on oil revenues, forcing the Iraqi government to declare austerity in general in the country in an attempt to fill the budget deficit, as well as the Iraqi government announced, reducing the Council of Ministers’ salaries by 50%.
The Cabinet has approved in its regular, in the 23 of December, the current, the budget bill and sent it to Parliament for the purpose of officially approved.
It is noteworthy that the price of oil fell more than a hundred dollars in the middle of the current year, 2014, to less than $ sixty now, especially after that overshadowed the increase in oil shale production of high-quality light, in North America on demand.
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