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Oil Minister calls for replacement income resources rather than oil
Monday, 16 February, 2015
The Iraqi Ministry of Oil rejected on Monday, to remain what it calls as a captive to the fluctuations of the oil market, pointing out that they can face these challenges.
The Minister of Oil , Adel Abdul-Mahdi said in a statement reported for “Shafaq News” that Iraq aspires to a wider invitations for companies with extensive experience in multiple areas of oil investments, combined with the specialized companies to extract natural gas, and other petroleum products.”
Abdul-Mahdi explained that giant companies expressed a desire to come to Iraq and open new horizons for cooperation and investment, including the Qatari companies, stressing that Qatar has extensive experience in the field of gas investment, and Iraq is just at the beginning in investment operations.
He added that the total of what is invested in Iraq in the field of oil and gas doesn’t represent but only a small fraction of the explored area.
The global oil market are facing severe decline in prices since the end of last year, as crude oil in the world market lost about 60 percent of its value, which would impact negatively on the producing countries especially those that their economies rely on the proceeds of its oil production fully, including Iraq. /End/
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Monday, 16 February, 2015
The Iraqi Ministry of Oil rejected on Monday, to remain what it calls as a captive to the fluctuations of the oil market, pointing out that they can face these challenges.
The Minister of Oil , Adel Abdul-Mahdi said in a statement reported for “Shafaq News” that Iraq aspires to a wider invitations for companies with extensive experience in multiple areas of oil investments, combined with the specialized companies to extract natural gas, and other petroleum products.”
Abdul-Mahdi explained that giant companies expressed a desire to come to Iraq and open new horizons for cooperation and investment, including the Qatari companies, stressing that Qatar has extensive experience in the field of gas investment, and Iraq is just at the beginning in investment operations.
He added that the total of what is invested in Iraq in the field of oil and gas doesn’t represent but only a small fraction of the explored area.
The global oil market are facing severe decline in prices since the end of last year, as crude oil in the world market lost about 60 percent of its value, which would impact negatively on the producing countries especially those that their economies rely on the proceeds of its oil production fully, including Iraq. /End/
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