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Mass Virtue: licensing rounds sap the Iraqi economy

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Rocky


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Mass Virtue: licensing rounds sap the Iraqi economy



November 16, 2015 0


The head of the bloc of virtue Algnapehnaib Ammar Tohme, Monday, need to review the licensing rounds decades because they deplete the Iraqi economy.

He said in the news received "our economy," a copy of it: that the budget in 2016 included allocations of $ 11 billion within the budget of the Ministry of Oil investment as receivables for the companies licensing rounds and a digital follow-up we get to the conclusion that the amounts obtained from the increase amounts source of oil after the work of those companies equal by estimates of this year's $ 17 billion, two thirds of which goes benefits to companies and a third of Iraq.

Tohme said, that the quantities of oil exported by licensing contracts were equal to 1.8 million barrels per day, where the Iraq issue now and after work permits companies nearly 3 million at best, in the sense that the increase in export licenses after the work is equal to 1.2 million barrels and equal to 40% of the total output and imports equal to the expected (with the price of $ 40 and is a remote) $ 17 billion.

He continued, that the budget allocated $ 11 billion in benefits to companies and what remains 6 billion out of the question of Iraq, pointing out that these facts call for an urgent review of the rounds of licenses and reconsider the details of their contracts and wages of the service provided to companies and the costs prohibitive spent on staff and technical cadres, as it sap the Iraqi economy and is going through challenges and benefits require finding a quick financial solutions'.

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