Home
Oil signs MoU with French company to invest in the field of petrochemicals
07/04/2015
BAGHDAD
[ltr]A spokesman for the Ministry of Oil, on Monday, Iraq signed a memorandum of understanding with major international oil companies for the purpose of investment in the field of petrochemicals, while pointed out that the petrochemical project will make Iraq one of the largest producers, an expert in the matter of economic called on the government to open up to international companies to connect Iraq economically in the world what relieves part of the political and security pressures.
A spokesman for the Oil Ministry spokesman Assem Jihad, in a statement to the "long" that "the ministry is trying to exploit the petrochemical, through a contract with investment companies," noting, "it was the signing of a memorandum of understanding with the French side for the purpose of investment in the field of petrochemicals."
Jihad said: "The memorandum of understanding is the gateway to complete all the required procedures for the coming of the French company to work in Iraq," pointing out that "the petrochemical project will provide financial liquidity is good for the Iraqi budget."
He Jihad that "the project is expected created Selby ambitious because the company that Altzmth one of the largest oil companies in the world, which is able to make Iraq one of the largest producers of petrochemicals," adding that "the government focused at the moment on the petrochemical, because the Ministry of Industry had previously signed an agreement with Shell on this subject. "
For his part, sees economist Maytham coffee in a statement to the "long" that "the openness of the Iraqi government to French companies, is a sort of diversification that Iraq needs in the economic relations with the outside world Tying economically the country, that could ease him part of the security pressures, and makes the voices of foreign companies in the major countries influential in the international political arena. "
The expert stressed that "memoranda of understanding is not binding on the parties, but such notes is basically the key to initial and paved in order to sign binding contracts for the parties to build these projects," adding that "French companies have a stake in the oil contracts in Iraq, and this is what makes the sign more contracts for the establishment of other projects based on their input on those oil contracts is a facilitator, especially as these companies pledged from the beginning to continue to assist Iraq in the fields of petrochemicals and electricity projects. " He Laibi that "the benefit of French companies in the next phase is positive, especially as they advanced in these areas in terms of technology and human resources," pointing out that "these partnerships will increase the added value at home instead of exporting crude form, especially Iraq imports many of these petrochemicals from abroad, which will provide significant resources for the economy and the budget. "
In a related context, the futures contracts for oil prices rose, on Monday, more than a dollar a barrel, after Saudi Arabia raised the prices of crude oil sales to Asia for a second month, suggesting improved demand in the region.
Brent and regained his balance after falling 5% on Thursday, when it was finally reaching a nuclear agreement in principle between the world powers and Iran. Larger amounts of Iranian oil may enter into global markets if followed by a comprehensive agreement by next June. But analysts warned that the increase in exports may take months and is likely not occur before 2016.
The price of Brent crude for May delivery was up level at $ 56.06 a barrel and was up 70 cents from its level on Thursday to $ 55.65 by 0347 GMT,. There have been no settlement of the futures contracts, both for Brent or US crude on Friday, and markets were closed on the occasion of Eid holiday resurrection.
The Oil Minister Adel Abdul-Mahdi, signed the first of Sunday, a memorandum of understanding to create the largest petrochemical project in southern Iraq, with the French company Total.
A media adviser to the oil minister Ahmed al-Saadi, in a press statement: "The Ministries of Industry and Oil Aerakitin and Total pledged the commitment of the project Petrokimaawi in southern Iraq," adding that "the oil minister, who currently resides in Paris in order to participate in the Joint Economic Committee between Iraq and France signed a number of memorandums of understanding with Total and other companies, explaining that the establishment of this project will make Iraq the largest producer of petrochemicals in the Middle East. "
In the same vein, the Mahdi discussed with the French president and a group of French Minister of the Joint Economic Committee between Iraq and France, the signing of a number of memorandums of understanding in communication with Total and other companies.
Total, a French oil company and one is one of the six largest oil companies in the world is based in Paris, began to invest in Iraq in different areas of the country.
He said the oil and energy parliamentary member Zahir Abadi (February 16, 2015) that "Iraq needs to invest all minerals available from north to south, especially after the drop in oil prices in recent times and the impact of the Iraqi economy dramatically," noting that "Iraq imports half as much of petroleum products like gasoline and kerosene, and it's costing the Iraqi treasury big money, and if this problem has been to address the oil sector will evolve, because Iraq is exporting crude oil. "
He stressed that "Iraq imports most of its oil from abroad, with the knowledge that we are an oil country," pointing out that "the investment projects are able to activate the oil sector in the case had been contracted to extract all derivatives of crude oil."
He called Abadi oil ministry to "work on the extraction of oil derivatives, and the completion of this topic and activation, and Iraq must invest oil projects at the moment, especially investment refineries in addition to other metals."
[You must be registered and logged in to see this link.]
07/04/2015
BAGHDAD
[ltr]A spokesman for the Ministry of Oil, on Monday, Iraq signed a memorandum of understanding with major international oil companies for the purpose of investment in the field of petrochemicals, while pointed out that the petrochemical project will make Iraq one of the largest producers, an expert in the matter of economic called on the government to open up to international companies to connect Iraq economically in the world what relieves part of the political and security pressures.
A spokesman for the Oil Ministry spokesman Assem Jihad, in a statement to the "long" that "the ministry is trying to exploit the petrochemical, through a contract with investment companies," noting, "it was the signing of a memorandum of understanding with the French side for the purpose of investment in the field of petrochemicals."
Jihad said: "The memorandum of understanding is the gateway to complete all the required procedures for the coming of the French company to work in Iraq," pointing out that "the petrochemical project will provide financial liquidity is good for the Iraqi budget."
He Jihad that "the project is expected created Selby ambitious because the company that Altzmth one of the largest oil companies in the world, which is able to make Iraq one of the largest producers of petrochemicals," adding that "the government focused at the moment on the petrochemical, because the Ministry of Industry had previously signed an agreement with Shell on this subject. "
For his part, sees economist Maytham coffee in a statement to the "long" that "the openness of the Iraqi government to French companies, is a sort of diversification that Iraq needs in the economic relations with the outside world Tying economically the country, that could ease him part of the security pressures, and makes the voices of foreign companies in the major countries influential in the international political arena. "
The expert stressed that "memoranda of understanding is not binding on the parties, but such notes is basically the key to initial and paved in order to sign binding contracts for the parties to build these projects," adding that "French companies have a stake in the oil contracts in Iraq, and this is what makes the sign more contracts for the establishment of other projects based on their input on those oil contracts is a facilitator, especially as these companies pledged from the beginning to continue to assist Iraq in the fields of petrochemicals and electricity projects. " He Laibi that "the benefit of French companies in the next phase is positive, especially as they advanced in these areas in terms of technology and human resources," pointing out that "these partnerships will increase the added value at home instead of exporting crude form, especially Iraq imports many of these petrochemicals from abroad, which will provide significant resources for the economy and the budget. "
In a related context, the futures contracts for oil prices rose, on Monday, more than a dollar a barrel, after Saudi Arabia raised the prices of crude oil sales to Asia for a second month, suggesting improved demand in the region.
Brent and regained his balance after falling 5% on Thursday, when it was finally reaching a nuclear agreement in principle between the world powers and Iran. Larger amounts of Iranian oil may enter into global markets if followed by a comprehensive agreement by next June. But analysts warned that the increase in exports may take months and is likely not occur before 2016.
The price of Brent crude for May delivery was up level at $ 56.06 a barrel and was up 70 cents from its level on Thursday to $ 55.65 by 0347 GMT,. There have been no settlement of the futures contracts, both for Brent or US crude on Friday, and markets were closed on the occasion of Eid holiday resurrection.
The Oil Minister Adel Abdul-Mahdi, signed the first of Sunday, a memorandum of understanding to create the largest petrochemical project in southern Iraq, with the French company Total.
A media adviser to the oil minister Ahmed al-Saadi, in a press statement: "The Ministries of Industry and Oil Aerakitin and Total pledged the commitment of the project Petrokimaawi in southern Iraq," adding that "the oil minister, who currently resides in Paris in order to participate in the Joint Economic Committee between Iraq and France signed a number of memorandums of understanding with Total and other companies, explaining that the establishment of this project will make Iraq the largest producer of petrochemicals in the Middle East. "
In the same vein, the Mahdi discussed with the French president and a group of French Minister of the Joint Economic Committee between Iraq and France, the signing of a number of memorandums of understanding in communication with Total and other companies.
Total, a French oil company and one is one of the six largest oil companies in the world is based in Paris, began to invest in Iraq in different areas of the country.
He said the oil and energy parliamentary member Zahir Abadi (February 16, 2015) that "Iraq needs to invest all minerals available from north to south, especially after the drop in oil prices in recent times and the impact of the Iraqi economy dramatically," noting that "Iraq imports half as much of petroleum products like gasoline and kerosene, and it's costing the Iraqi treasury big money, and if this problem has been to address the oil sector will evolve, because Iraq is exporting crude oil. "
He stressed that "Iraq imports most of its oil from abroad, with the knowledge that we are an oil country," pointing out that "the investment projects are able to activate the oil sector in the case had been contracted to extract all derivatives of crude oil."
He called Abadi oil ministry to "work on the extraction of oil derivatives, and the completion of this topic and activation, and Iraq must invest oil projects at the moment, especially investment refineries in addition to other metals."
[You must be registered and logged in to see this link.]
