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Oil denies modifying contracts of foreign companies and recognizes the existence of a deficit in payments
Monday, March 02 2015 18:19
Twilight News / denied Iraqi Oil Minister Adel Abdul-Mahdi news Monday that talked about the ministry negotiate to convert development contracts with foreign companies to participate or contracts they negotiate for the granting of new oil patches on the basis of participation of oil field contracts.
Iraq and the associated agreements with foreign companies on the basis of service for the development of oil fields and raise the country's output of crude.
Abdul-Mahdi said in a statement reported for "Twilight News" that talk about the joint venture did not exceed the founding companies of the government stake in partnership with national or foreign companies in all business related to the development and marketing of oil.
He said to make some adjustments to some of the companies decades before the formation of the current government, where the peak of production and the proportion of government partner to 5% instead of 25% reduced rates and extended the time periods for decades.
He added that the problems that emerged after the formation of the government Tmthelta accumulation of dues companies and the collapse of oil prices.
And between the Iraqi minister of foreign companies that dues during 2014 had accumulated about $ 9 billion, indicating that the dues for 2015 estimated at up to $ 4.5 billion for each chapter of the year four, or about $ 18 billion.
He pointed out that the monitoring of the budget barely covers dues 2014. Therefore, the ministry included in the budget law allowing them to claim the Prime Minister and Minister of Finance firing treasury bonds by $ 12 billion to reassure companies.
Abdul-Mahdi said that the ministry negotiation companies are now in the direction of the return of the government partner's share to 20-25%. Add to discuss production programs and rates peak periods and execution of contracts, etc., not to mention improve motivation among companies on the one hand, and reduce the financial burden on the state of the other.
He said that there are proposals that the profitability of companies linked to oil prices, and not just a lump sum for each additional barrel. Profitability is expected to rise with the rise in oil prices and the fall with the deterioration of prices. The second proposal, according to Abdul-Mahdi, that are related to profitability by reducing costs to prevent the accumulation of dues to companies.
He added that these are just suggestions did not reach the stage of adoption as part of courses.
And increased Iraqi oil exports last February to 2.597 million barrels per day compared to 2,560 last January.
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Monday, March 02 2015 18:19
Twilight News / denied Iraqi Oil Minister Adel Abdul-Mahdi news Monday that talked about the ministry negotiate to convert development contracts with foreign companies to participate or contracts they negotiate for the granting of new oil patches on the basis of participation of oil field contracts.
Iraq and the associated agreements with foreign companies on the basis of service for the development of oil fields and raise the country's output of crude.
Abdul-Mahdi said in a statement reported for "Twilight News" that talk about the joint venture did not exceed the founding companies of the government stake in partnership with national or foreign companies in all business related to the development and marketing of oil.
He said to make some adjustments to some of the companies decades before the formation of the current government, where the peak of production and the proportion of government partner to 5% instead of 25% reduced rates and extended the time periods for decades.
He added that the problems that emerged after the formation of the government Tmthelta accumulation of dues companies and the collapse of oil prices.
And between the Iraqi minister of foreign companies that dues during 2014 had accumulated about $ 9 billion, indicating that the dues for 2015 estimated at up to $ 4.5 billion for each chapter of the year four, or about $ 18 billion.
He pointed out that the monitoring of the budget barely covers dues 2014. Therefore, the ministry included in the budget law allowing them to claim the Prime Minister and Minister of Finance firing treasury bonds by $ 12 billion to reassure companies.
Abdul-Mahdi said that the ministry negotiation companies are now in the direction of the return of the government partner's share to 20-25%. Add to discuss production programs and rates peak periods and execution of contracts, etc., not to mention improve motivation among companies on the one hand, and reduce the financial burden on the state of the other.
He said that there are proposals that the profitability of companies linked to oil prices, and not just a lump sum for each additional barrel. Profitability is expected to rise with the rise in oil prices and the fall with the deterioration of prices. The second proposal, according to Abdul-Mahdi, that are related to profitability by reducing costs to prevent the accumulation of dues to companies.
He added that these are just suggestions did not reach the stage of adoption as part of courses.
And increased Iraqi oil exports last February to 2.597 million barrels per day compared to 2,560 last January.
[You must be registered and logged in to see this link.]
