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Finance Minister: Order submitted oil sale
March 26, 2015
BAGHDAD / News Network Iraq said Finance Minister Hoshiyar Zibarialeom, said that his government plans to manage emergency funds through sales of oil reserves payment system in advance for the first time and begin economic reforms to amend the oil contracts with major Western companies. Among Zebari said in a press statement: "It is not yet quantities details and the value of these sales, known in the oil industry pre-funding but Iraq needs liquidity to fund its military campaign against al Daash To compensate for revenue lost because of falling global oil prices are determined. " Zebari said that "Baghdad also plans to change the way it manages Contracts for exploration and production with oil companies such as Royal Dutch Shell, BP and Exxon Mobil. " With this shift will move Iraq for the first time to adopt a production-sharing contracts under which the division of revenue is a percentage of the services that you get under which oil companies on a specific fee contracts. The Iraqi service contracts concluded when oil prices were high, and the mean drop in global oil prices that Baghdad is now paid to the companies much more than if they were operating production sharing contracts. Zebari said that "the amended contracts will know in Iraq on behalf of [revenue-sharing contracts]." Such a banned engagements in many of oil-producing countries because the Patriots consider the abandonment of the wealth of a sovereign foreign companies, but Zebari said that "Iraq should seize the opportunity afforded by the Daash crisis for reform." He said the Minister of Finance "It's better now for us to adopt the contracts of production sharing, we negotiate with all international oil companies, the federal government began to realize through the factual circumstances that revenue sharing is the best. " He explained, "You can not build the private sector and bring in foreign investment with the adoption of an authoritarian socialist laws of old." Zebari said "this crisis despite the odds which Nlaekayaa security-related and financial aspects led us really to a lot of new ideas, and became the logo is that it is essential that the reform, but it will economically fail. "The corruption and excessive spending in times of the rise of oil prices and financial mismanagement have all contributed to the economic crisis triggered by the takeover of the organization of the Islamic state on parts of Iraq and the collapse of oil prices. And that "Iraq will not put pressure on the Arab Gulf countries, OPEC members such as Saudi Arabia to cut production to support oil prices," stressing "must reform ourselves and should not rely on the goodwill of others In the Arab world, things are not going that way. " The Finance Minister Hoshyar Zebari said earlier this month that "Iraq is considering bond issue worth five billion dollars through the bank Citibank and Deutsche Bank to assist in the budget deficit to cover." He cited "monthly bill worth three billion dollars, facing the Iraqi government in order to meet the needs of its population of 32 million," as a sign of extreme centralization and lack of private investment.
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March 26, 2015
BAGHDAD / News Network Iraq said Finance Minister Hoshiyar Zibarialeom, said that his government plans to manage emergency funds through sales of oil reserves payment system in advance for the first time and begin economic reforms to amend the oil contracts with major Western companies. Among Zebari said in a press statement: "It is not yet quantities details and the value of these sales, known in the oil industry pre-funding but Iraq needs liquidity to fund its military campaign against al Daash To compensate for revenue lost because of falling global oil prices are determined. " Zebari said that "Baghdad also plans to change the way it manages Contracts for exploration and production with oil companies such as Royal Dutch Shell, BP and Exxon Mobil. " With this shift will move Iraq for the first time to adopt a production-sharing contracts under which the division of revenue is a percentage of the services that you get under which oil companies on a specific fee contracts. The Iraqi service contracts concluded when oil prices were high, and the mean drop in global oil prices that Baghdad is now paid to the companies much more than if they were operating production sharing contracts. Zebari said that "the amended contracts will know in Iraq on behalf of [revenue-sharing contracts]." Such a banned engagements in many of oil-producing countries because the Patriots consider the abandonment of the wealth of a sovereign foreign companies, but Zebari said that "Iraq should seize the opportunity afforded by the Daash crisis for reform." He said the Minister of Finance "It's better now for us to adopt the contracts of production sharing, we negotiate with all international oil companies, the federal government began to realize through the factual circumstances that revenue sharing is the best. " He explained, "You can not build the private sector and bring in foreign investment with the adoption of an authoritarian socialist laws of old." Zebari said "this crisis despite the odds which Nlaekayaa security-related and financial aspects led us really to a lot of new ideas, and became the logo is that it is essential that the reform, but it will economically fail. "The corruption and excessive spending in times of the rise of oil prices and financial mismanagement have all contributed to the economic crisis triggered by the takeover of the organization of the Islamic state on parts of Iraq and the collapse of oil prices. And that "Iraq will not put pressure on the Arab Gulf countries, OPEC members such as Saudi Arabia to cut production to support oil prices," stressing "must reform ourselves and should not rely on the goodwill of others In the Arab world, things are not going that way. " The Finance Minister Hoshyar Zebari said earlier this month that "Iraq is considering bond issue worth five billion dollars through the bank Citibank and Deutsche Bank to assist in the budget deficit to cover." He cited "monthly bill worth three billion dollars, facing the Iraqi government in order to meet the needs of its population of 32 million," as a sign of extreme centralization and lack of private investment.
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