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Oil Minister: Iraq has lost $ 14 billion in compensation paid to oil companies to poor planning
Monday, March 30 / March 2015 13:15
Detection and Oil Minister Adel Abdul-Mahdi, for the loss of the state more than $ 14 billion in compensation paid to foreign companies operating in Iraq.
Said Abdul-Mahdi said in a statement received by all of Iraq [where] a copy of "The Iraqi state has paid compensation to oil companies, as a result of disruptions bear the responsibility," noting that "the total payment of compensation since 2011 and the end of 2014 amounted to 14 billion and 448 000 146 thousand dollars, or more than $ 3.6 billion a year on average. "
He attributed this loss Abdul-Mahdi to "poor planning or because of the application of restrictions and work instructions and procedures obsolete Tkhosrna more than protect us or defend our interests."
The Minister of Oil that "licensing rounds contracts stipulated in Article 12.5 of which he [the company may extractive review your any proposed work program of the production level of a proposed or certified, has required under the notice, a written, from the contractor or operator to increase or reduce the [reduction] the rate of production of the contract area for any of the following reasons]. "
He said Abdul-Mahdi, that "the administration and the economy - in the conditions of the world Almasr- not administered laws and regulations and instructions eat forever them and drink, this is the real corruption, and this is a big loss and the real waste of money, and this is a real lack of planning and good governance."
The Finance Minister Hoshyar Zebari revealed in the 25th of this month that the government intends to manage emergency funds through sales of oil reserves in advance and payment system for the first time and begin economic reforms to amend the oil contracts with major Western companies.
As revealed earlier this month that "Iraq Study bond issue worth five billion dollars through the bank Citi Bank and Deutsche Bank to help cover the deficit in the budget," .anthy
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Monday, March 30 / March 2015 13:15
Detection and Oil Minister Adel Abdul-Mahdi, for the loss of the state more than $ 14 billion in compensation paid to foreign companies operating in Iraq.
Said Abdul-Mahdi said in a statement received by all of Iraq [where] a copy of "The Iraqi state has paid compensation to oil companies, as a result of disruptions bear the responsibility," noting that "the total payment of compensation since 2011 and the end of 2014 amounted to 14 billion and 448 000 146 thousand dollars, or more than $ 3.6 billion a year on average. "
He attributed this loss Abdul-Mahdi to "poor planning or because of the application of restrictions and work instructions and procedures obsolete Tkhosrna more than protect us or defend our interests."
The Minister of Oil that "licensing rounds contracts stipulated in Article 12.5 of which he [the company may extractive review your any proposed work program of the production level of a proposed or certified, has required under the notice, a written, from the contractor or operator to increase or reduce the [reduction] the rate of production of the contract area for any of the following reasons]. "
He said Abdul-Mahdi, that "the administration and the economy - in the conditions of the world Almasr- not administered laws and regulations and instructions eat forever them and drink, this is the real corruption, and this is a big loss and the real waste of money, and this is a real lack of planning and good governance."
The Finance Minister Hoshyar Zebari revealed in the 25th of this month that the government intends to manage emergency funds through sales of oil reserves in advance and payment system for the first time and begin economic reforms to amend the oil contracts with major Western companies.
As revealed earlier this month that "Iraq Study bond issue worth five billion dollars through the bank Citi Bank and Deutsche Bank to help cover the deficit in the budget," .anthy
[You must be registered and logged in to see this link.]
