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Iraqi Economist: Ex-PM Maliki Lost Iraq $500bn in Oil
12 May 2015
Economist Adnan Janabi, the former head of the Iraqi parliament's oil and gas committee, has criticized Baghdad's oil policies and laid the blame on ex-prime minister Nouri al-Maliki.
"For 2015, the Iraqi government must pay the oil companies some $20 billion and Baghdad should be committed the deals it makes," Janabi told the Al-Mada newspaper on Friday.
Janabi said the delayed formation of a federal council for the oil and gas is the leading factor in the corruption and decline of Iraq's oil sector.
Janabi, a member of interim prime minister's Ayad Allawi's cabinet in 2005, said at the time of the Allawi's government there was a plan to increase production and oil exports to six million barrels per day at a time when the price was $100 for per barrel of crude.
"Due to bad administration in terms of the oil sector during Maliki's time in office, the country lost $500 billion," said Janabi, referring to Mailiki tenure from 2006-2014.
In early march, a Kurdish MP in Iraqi parliament said Baghdad was considering a change in its oil agreements with foreign firms to claw its way out of a deep economic crisis.
Iraqi Kurdish MP Arez Abdullah said the parliamentary oil committee had met with the country's oil ministry to work out a solution.
"According to our information, Iraq owes oil companies $21 billion. We expect the amount to increase, as Iraq does not have enough money to pay them back on time," Adullah told Rudaw.
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12 May 2015
Economist Adnan Janabi, the former head of the Iraqi parliament's oil and gas committee, has criticized Baghdad's oil policies and laid the blame on ex-prime minister Nouri al-Maliki.
"For 2015, the Iraqi government must pay the oil companies some $20 billion and Baghdad should be committed the deals it makes," Janabi told the Al-Mada newspaper on Friday.
Janabi said the delayed formation of a federal council for the oil and gas is the leading factor in the corruption and decline of Iraq's oil sector.
Janabi, a member of interim prime minister's Ayad Allawi's cabinet in 2005, said at the time of the Allawi's government there was a plan to increase production and oil exports to six million barrels per day at a time when the price was $100 for per barrel of crude.
"Due to bad administration in terms of the oil sector during Maliki's time in office, the country lost $500 billion," said Janabi, referring to Mailiki tenure from 2006-2014.
In early march, a Kurdish MP in Iraqi parliament said Baghdad was considering a change in its oil agreements with foreign firms to claw its way out of a deep economic crisis.
Iraqi Kurdish MP Arez Abdullah said the parliamentary oil committee had met with the country's oil ministry to work out a solution.
"According to our information, Iraq owes oil companies $21 billion. We expect the amount to increase, as Iraq does not have enough money to pay them back on time," Adullah told Rudaw.
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