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Video: What are the implications of lower oil prices on the Iraqi economy?
Thursday April 23, 2015 10:33
The implications of lower oil prices on the Iraqi economy were many, including the government's inability to pay the dues of foreign companies investing in the development of oil production, which amounted to about twenty-seven billion dollars, a payment ordered Baghdad to grant these companies batches of alternative oil shipments. In this context, A senior official in the British Petroleum Company invested in the Rumaila oil giant said that the company has received more Iraqi crude shipments in the last two months instead of its dues in the south of the country, and expressed satisfaction with the level of these shipments, adding that the company has received this oil shipments alternative for dues from the port Ceyhan and also fromBasra .
Prior to this announcement of Russia's LUKOIL protest against the delay in delivery of dues for their work in the west field Qurna , and threatened to withdraw, which several observers approach to pressure and push the government to look for serious solutions for fear of accumulated dues of these companies, with the government repaid. Although oil shipments alternative constitute a temporary solution to the government's inability to pay dues to foreign companies, but that did not prevent the government from thinking by other more permanent, where Finance Minister Hoshyar Zebari said that Baghdad plans to change the way it manages its exploration and production with foreign companies, while economists predicted that Baghdad and ultimately probably going to enter into contracts require the sharing of production and abandonment of service under which companies receive specific fees decades, especially since foreign oil companies submitted proposed amendments to the contracts to the Ministry of Oil. You can see the report on Alveido above.
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Thursday April 23, 2015 10:33
The implications of lower oil prices on the Iraqi economy were many, including the government's inability to pay the dues of foreign companies investing in the development of oil production, which amounted to about twenty-seven billion dollars, a payment ordered Baghdad to grant these companies batches of alternative oil shipments. In this context, A senior official in the British Petroleum Company invested in the Rumaila oil giant said that the company has received more Iraqi crude shipments in the last two months instead of its dues in the south of the country, and expressed satisfaction with the level of these shipments, adding that the company has received this oil shipments alternative for dues from the port Ceyhan and also fromBasra .
Prior to this announcement of Russia's LUKOIL protest against the delay in delivery of dues for their work in the west field Qurna , and threatened to withdraw, which several observers approach to pressure and push the government to look for serious solutions for fear of accumulated dues of these companies, with the government repaid. Although oil shipments alternative constitute a temporary solution to the government's inability to pay dues to foreign companies, but that did not prevent the government from thinking by other more permanent, where Finance Minister Hoshyar Zebari said that Baghdad plans to change the way it manages its exploration and production with foreign companies, while economists predicted that Baghdad and ultimately probably going to enter into contracts require the sharing of production and abandonment of service under which companies receive specific fees decades, especially since foreign oil companies submitted proposed amendments to the contracts to the Ministry of Oil. You can see the report on Alveido above.
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