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Financial problems between Iraq and the oil companies
Monday, 23 March, 2015
Facing the Iraqi oil industry, both in the Kurdistan region and the rest of Iraq, the problem of a new type, a reluctance to pay dues to oil companies operating in the country. The Government Haider Abadi empty treasury received from the government of Nouri al-Maliki. According to a member of the Liberal bloc MP Magda Tamimi, there is a $ 300 billion missing from state coffers during the period of the former government because of corruption. And exacerbated things, the collapse of oil prices during the second half of 2014 and the war on “Daash.”
Of course it is difficult for citizens to imagine the theft of $ 300 billion from the state budget without any oversight or accountability or punishment, but everything is available in our country these days of unchecked. raises many questions: Who got the hundreds of billions of dollars stolen? This Are politicians benefited them personally with members of their families and their henchmen only? Since most of these funds smuggled abroad to take advantage of them in the future, how much percentage that remained after the bleached? What is the amount of money used to finance political parties and local politicians, and the money diverted to fund the states that support them to stay in power, especially Syria and Iran, which are facing a blockade international boycott and Tnemkan in internal wars or regional, make them in desperate need of hard currency in light of the scarcity of reserves and the difficulty obtain the necessary funds to buttock economy? This open corruption has led to wide open, with the rest of the country’s problems, to a deficit in the state budget became difficult them to fulfill their obligations, including the implementation of contracts with international oil companies. Iraq suffers his government, federalism, and the Kurdistan Regional Government deficit has led to the postponement of payment of financial obligations to them, from salaries to employees The military and the obligation of contracts for engineering companies and service. In testament to the crisis, Baghdad was delayed again in payment resulting from the KRG from oil revenues. The reason for the delay to the lack of funds in the state treasury. This in turn has led to delays in Erbil in payment obligations to the oil companies operating then, which prompted the two companies two great in the region to transform the oil supplies of the export to the domestic market in the Kurdistan region for financial liquidity quickly, leading to reap less profit than if they were exportable supplies.
Exacerbated matters more, especially with the inability of Erbil from full commitments implementation, according to December agreement (December) with Baghdad judge exported 550 thousand barrels per day of oil through Iraq’s State Oil Marketing Organization (SOMO), in order to receive an interview that 17 percent of Iraqi oil revenues . And varied region problems for the federal government’s problems, most of the oil companies operating in the region a small considered relatively, not available with huge funds for new investment without getting their dues on time. As for the Baghdad problems with the oil companies, has led the Treasury dump under the previous government and the collapse of oil prices and the expenses of the war against “Daash” to be postponed Baghdad delivery of shares of the company’s crude oil for the third quarter of 2014 to the first quarter of 2015. The “life” to the Alpetrolahtlapt authorities finally companies discussed about paying dues in exchange for new investments. The other information to the press that the Iraqi government finally agreed to the issuance of treasury bonds worth $ 12 billion to pay dues to oil companies. The payment delay is the enormity of the fear that companies take the initiative to reduce the development work for the fields, which means lower production rates in the future. And asked the ministry to take the lead companies to review the development of the fields to reduce expenditure plans, as well as to familiarize the possibility of changing some of the terms of contracts for Iraq to pay lesser amounts for companies when oil prices decline. These challenges lead to the outbreak of course Side differences. This is what happened in the forum, which was facilitated by the American University of Iraq in Sulaimaniya. During the March 11 hearing in March that the Iraqi Oil Minister Adel Abdul-Mahdi and the Minister of Natural Resources participated in the Kurdistan Regional Government drastically, he pointed to the last that the Government of the Territory has implemented 97 percent of its obligations according to the oil agreement with Baghdad without receiving financial share of them. But Abdul-Mahdi said Irbil was issued in January (last January), about 40 percent of its commitment, adding that Erbil exports rate in January recorded 135 thousand barrels per day, rising to 306 thousand barrels per day in February. The December agreement first between Baghdad and Erbil states that the Government of the Territory issued 250 thousand barrels per day through the Oil Marketing Company (SOMO) of federalism, the text of the agreement that the government of Erbil exports about 300 thousand barrels per day from Kirkuk oil through its pipeline. In exchange for these supplies from Baghdad exports pay 17 percent of the country’s oil revenues to Erbil. It is noteworthy that the budget for Iraq in 2015 painted on the basis of export 3.3 million barrels per day of crude oil, from within which 550 thousand barrels per day from the Kurdistan region or through it. There are several losses on the oil sector during the period they state, as burned “Daash”, for example, wells Ajil oil field northeast of Tikrit. The total production of the field before the occupation of about 25 thousand barrels per day of crude oil and 150 million cubic feet of gas per day. In Turkish territory blow up crude oil pipeline from Kirkuk to the Turkish port of Ceyhan middle of this month, and stop oil exports to transfer two days until the completion of reforms.
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Monday, 23 March, 2015
Facing the Iraqi oil industry, both in the Kurdistan region and the rest of Iraq, the problem of a new type, a reluctance to pay dues to oil companies operating in the country. The Government Haider Abadi empty treasury received from the government of Nouri al-Maliki. According to a member of the Liberal bloc MP Magda Tamimi, there is a $ 300 billion missing from state coffers during the period of the former government because of corruption. And exacerbated things, the collapse of oil prices during the second half of 2014 and the war on “Daash.”
Of course it is difficult for citizens to imagine the theft of $ 300 billion from the state budget without any oversight or accountability or punishment, but everything is available in our country these days of unchecked. raises many questions: Who got the hundreds of billions of dollars stolen? This Are politicians benefited them personally with members of their families and their henchmen only? Since most of these funds smuggled abroad to take advantage of them in the future, how much percentage that remained after the bleached? What is the amount of money used to finance political parties and local politicians, and the money diverted to fund the states that support them to stay in power, especially Syria and Iran, which are facing a blockade international boycott and Tnemkan in internal wars or regional, make them in desperate need of hard currency in light of the scarcity of reserves and the difficulty obtain the necessary funds to buttock economy? This open corruption has led to wide open, with the rest of the country’s problems, to a deficit in the state budget became difficult them to fulfill their obligations, including the implementation of contracts with international oil companies. Iraq suffers his government, federalism, and the Kurdistan Regional Government deficit has led to the postponement of payment of financial obligations to them, from salaries to employees The military and the obligation of contracts for engineering companies and service. In testament to the crisis, Baghdad was delayed again in payment resulting from the KRG from oil revenues. The reason for the delay to the lack of funds in the state treasury. This in turn has led to delays in Erbil in payment obligations to the oil companies operating then, which prompted the two companies two great in the region to transform the oil supplies of the export to the domestic market in the Kurdistan region for financial liquidity quickly, leading to reap less profit than if they were exportable supplies.
Exacerbated matters more, especially with the inability of Erbil from full commitments implementation, according to December agreement (December) with Baghdad judge exported 550 thousand barrels per day of oil through Iraq’s State Oil Marketing Organization (SOMO), in order to receive an interview that 17 percent of Iraqi oil revenues . And varied region problems for the federal government’s problems, most of the oil companies operating in the region a small considered relatively, not available with huge funds for new investment without getting their dues on time. As for the Baghdad problems with the oil companies, has led the Treasury dump under the previous government and the collapse of oil prices and the expenses of the war against “Daash” to be postponed Baghdad delivery of shares of the company’s crude oil for the third quarter of 2014 to the first quarter of 2015. The “life” to the Alpetrolahtlapt authorities finally companies discussed about paying dues in exchange for new investments. The other information to the press that the Iraqi government finally agreed to the issuance of treasury bonds worth $ 12 billion to pay dues to oil companies. The payment delay is the enormity of the fear that companies take the initiative to reduce the development work for the fields, which means lower production rates in the future. And asked the ministry to take the lead companies to review the development of the fields to reduce expenditure plans, as well as to familiarize the possibility of changing some of the terms of contracts for Iraq to pay lesser amounts for companies when oil prices decline. These challenges lead to the outbreak of course Side differences. This is what happened in the forum, which was facilitated by the American University of Iraq in Sulaimaniya. During the March 11 hearing in March that the Iraqi Oil Minister Adel Abdul-Mahdi and the Minister of Natural Resources participated in the Kurdistan Regional Government drastically, he pointed to the last that the Government of the Territory has implemented 97 percent of its obligations according to the oil agreement with Baghdad without receiving financial share of them. But Abdul-Mahdi said Irbil was issued in January (last January), about 40 percent of its commitment, adding that Erbil exports rate in January recorded 135 thousand barrels per day, rising to 306 thousand barrels per day in February. The December agreement first between Baghdad and Erbil states that the Government of the Territory issued 250 thousand barrels per day through the Oil Marketing Company (SOMO) of federalism, the text of the agreement that the government of Erbil exports about 300 thousand barrels per day from Kirkuk oil through its pipeline. In exchange for these supplies from Baghdad exports pay 17 percent of the country’s oil revenues to Erbil. It is noteworthy that the budget for Iraq in 2015 painted on the basis of export 3.3 million barrels per day of crude oil, from within which 550 thousand barrels per day from the Kurdistan region or through it. There are several losses on the oil sector during the period they state, as burned “Daash”, for example, wells Ajil oil field northeast of Tikrit. The total production of the field before the occupation of about 25 thousand barrels per day of crude oil and 150 million cubic feet of gas per day. In Turkish territory blow up crude oil pipeline from Kirkuk to the Turkish port of Ceyhan middle of this month, and stop oil exports to transfer two days until the completion of reforms.
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