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MEED: non-implementation of the development of Basra, Iraq's oil fields reduces revenues and exacerbating budget crisis projects

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MEED: non-implementation of the development of Basra, Iraq's oil fields reduces revenues and exacerbating budget crisis projects





2015/11/09




Long-Presse / Baghdad
Detection economic site on monitoring the situation in the Middle East, on Monday, for the decline in major projects in the Iraq capital, of which 148 billion and $ 500 million, after the takeover (Daash) on Mosul, the summer of the past in 2014, as a result of security concerns, while between the continuation of the "crisis Acute "The federal budget is more worrying investors in major infrastructure projects, warned that failure to allocate necessary for the development of oil fields in Basra money would lead to the effects of" serious negative long-term ", the worsening budget crisis.
This came in a report published by MEED MEED site to monitor economic activities in the Middle East, and I followed (range Press).
The Web site said, "The major projects in the Iraq capital, shrank by 28.6 percent, since the control of the organization Daash on Mosul, the second largest city in the country, in June 2014 the past," adding that "the value of those funds fell from 518 billion and $ 600 million, to 370 billion and $ 100 million only. "
He warned (MEED), from "negative influences long-term on the Iraqi economy, in the event of continued delay in the implementation of oil projects in the country," attributing the causes of "the initial wave to cancel some projects or defer work out, to concerns about the security situation, because some of them located in the Daash occupied areas, or within the scope of their exposure to potential attacks by threats that organization. "
Promised to MEED, that "the ongoing budget in Baghdad crisis, one of the most worrying investors in infrastructure projects major in Iraq," adding that those "caused by the high costs of the war against Daash crisis, the sharp drop in world oil prices, which make up ninety percent of the Imports of the Iraqi government. "
He revealed the site, for "the Iraqi Oil Ministry, on the sixth of September 2015, warned international oil companies implementing projects to develop the southern fields, the government has reduced by about sharp, the Ministry of Finance allocations, and projects, because of the deficit in the state budget resulting from the fall in oil prices in the global markets, "noting that it" has led to delay implementation of the oil and gas projects in the fields of Basra, although it is more than 400 km from the areas where the organization Daash resides away, as a result of a review of Baghdad spent on the oil sector projects proportions ".
He explained MEED, that "Basra form President supplier to the economy of Iraq, where production fields accounts for more than two-thirds of the country's production of crude oil," adding that "failure to allocate urgent budget for the sustainability of the implementation of development for enhancing production fields will lead to serious negative effects of long-term, on the overall the country's economy. "
He concluded MEED, that "the faltering oil fields development projects, or failure to perform as her decree, means there is the possibility of increasing oil production, according to expectations, as well as affected by material yields a future Iraqi government, exacerbating the acute problems of the Iraqi budget."
It is noteworthy that (Daash) seized the city of Mosul, Nineveh province, (405 km north of Baghdad), in (the tenth of June 2014 the past), before extending his "terrorist" to other areas in Kirkuk, and Diyala, Salahuddin, Anbar, estimated one-third of the area of ​​Iraq.

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