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Conference Dubai: Iraq will cover 40 percent of the global need for oil
27/03/2013 09:53
Confirmed a special conference energy projects in Iraq concluded its work in United Arab Emirates on Tuesday, that Iraq will cover 40 percent of the global need for crude oil during the next two decades. and highlighted CEO of Crescent Petroleum Company and Vice Chairman of the Board of Directors of Crescent Majid Jafar in a speech during the conference energy projects in Iraq Dubai Tuesday, light during the growth potential large in Iraq, and the ability of UAE companies to play an active role in several key sectors in the country. said Jafar during the conference which was attended by a number of Iraqi lawmakers and officials, including chief advisers Thamer Ghadban and MP Adnan al-Janabi, some forms of the challenges facing companies operating in Iraq, and how they look regional companies most able to adapt to these conditions, due to their understanding of the country's culture and experience in the regional economy, noting saying: "it was awarded contracts worth more than $ 36 billion in the sectors of oil, gas , energy, water, and petrochemicals in Iraq since 2008, and thus has the country one of the biggest opportunities and the fastest growing in the region. " He continued: "With the possible existence largest oil reserves in the world in Iraq, and the country's need for investment in infrastructure worth tens of billions of dollars , it seems the size of the investment opportunities inherent in Iraq soared, and play UAE companies active role and important. " and added that UAE companies are Iraq trade partner and investment traditionally emirates, surpassing trade volume between the two countries barrier $ 4.5 billion in 2011, despite the global financial crisis at the time . The continued growth of trade relations between the two countries, to Asgela exchanged commercially record levels during the first eight months of 2012, surpassing the barrier of 10 billion dirhams, while concentrated a large part of the trade between the UAE and Iraq in the sectors of exploration and production of oil and gas, and in the flow of equipment and skilled labor to sector to develop oil fields, which is witnessing very active in Iraq. likely to hasten Iraq to invest about $ 200 billion in the sector oil exploration and production and development of oil fields during the next six years, of which about $ 20 billion will be allocated to sectors refining, processing and distribution, with particular focus on refining of crude oil. faced many companies, as well as investors and traders in the UAE, some of the challenges, because of what had prevailed from the absence of sufficient knowledge of the Iraqi market and its mechanisms, but the case is no longer as it was in the past for companies that have relationships and knowledge this market. Jafar said: "amid expectations global that contributes Iraq by about 40 percent of the growth of oil exports in the world during the next 20 years, and the country's need to pump huge investments in infrastructure projects related to these key sectors and vital, must focus attention on attracting expertise administrative and capital located in private sector companies international, to achieve the benefits for investors and the state alike. " It should be noted that the Crescent Petroleum is the oldest private sector companies working in the field of exploration and production in the Middle East, and the company experienced more than 40 years as operator of an international Many countries, including Egypt, Pakistan, Yemen, Canada, Yugoslavia, Tunisia, Argentina, as well as ongoing operations in the United Arab Emirates and Iraq. It is the headquarters of the company in the Emirate of Sharjah in the United Arab Emirates, and three locations in Iraq, in addition to offices in Egypt, Saudi Arabia and Bahrain. And Crescent Petroleum is also the largest shareholder in Dana Gas, the first and largest private sector companies operating in the field of natural gas in the region. indicated that the Oil Ministry recently revealed a plan to increase production, while survey prepared by the Organization of Petroleum Exporting Countries OPEC experts and officials in the oil companies global, in the second of this month, that exports Iraq and Saudi Arabia's oil raised the rate of oil exports monthly organization in the month of February, in what was described survey Iraq as "the fastest exporters growing in the world." has been cleared only 10 percent of the area of Iraq for deposits of gas and oil, where estimated reserves is installed in all provinces estimates ranging between 45 and 215 billion barrels of oil, which creates a great opportunity for international investors who seek to enter the market Iraqi oil and gas through the rounds tender announced by the Ministry of Oil. Iraq needs investments worth 15-20 billion dollars in investments to create four new refineries and expanding energy sector. Iraq relies on Moisnath overall financial oil and up to more than 90 percent, as approved the budget year 2013 and a budget of 138 trillion dinars, adopted through exports by 2.9 million barrels at a rate of $ 90 per barrel.
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