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Iraq would retain a huge reserve of oil wealth

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Iraq would retain a huge reserve of oil wealth

07/10/2017 12:00 am

Call to ensure the rights of future generations to enjoy its blessings

Baghdad/Emad Emirate

Iraq boasts a high life expectancy of oil reserves, which is one of the important criteria and indicators; reason – by specialists-to expand its uses noble to develop petrochemical industries and the rest of them to achieve rapid economic revival of the national economy and take advantage of this wealth.

And deliver it to future generations to enjoy its blessings.

Happy aldktoraiadh between economic academic for "morning" that by a preliminary reading of the oil reserves found that Iraq possesses potential makes him his longest lifespan of oil reserves, with an estimated oil reserve life b 164 years, longest ages The default, which means that Iraq would be one of the few States which retain a huge oil reserves.

Saeed explained the need for production planning to reduce wasteful consumption of oil, production directed toward the noble uses this raw to achieve economic returns to society far outweighs that grant him the traditional use of oil as an energy source, include the noble uses of oil in first class. Use raw material in albetrokmiauet industries and fertiliser industries, protein and other prescription drugs.

The happy confirmed production planning is the only scientific method to extend the life of oil reserves by linking production and export levels of actual reserves to finance economic and social development which ensures that future generations of their rights in this national wealth.

He pointed out that Iraq is the first oil-exporting country poses the scientific concept to production planning, first to select a method to translate this concept into a scientific formula has proved successful in the application after the oil nationalization subdued oil wealth for national sovereignty, for the first time in the history of oil-exporting countries the possibility t Industry planning at all stages.

He said the oil revenues contribute to increase productive investment and improving living standards improved and expanded capacity, and get the added value derived from it and swap oil development by importing advanced technology and equipment and raw materials for economic projects, And payment measures of oil revenues or pay investment firms in Iraq who'll be able to do the source its oil.

Either the economic academic Dr Rahim Hassouni stressed the need to use economic criteria when financial resource disposition in government investment to increase economic growth and income diversification and the shortcut or not reliance on the oil sector as a single source.

In an interview for "morning" need to act the proceeds of this resource efficiently in order to achieve an equitable distribution of services Between all groups of society in social benefit and improved welfare for all.

He stressed the importance of not excessive or exaggerated oil exploitation that this source of depleted resources, explaining that exaggerate the exploited will depleted quickly, so that the development of this resource on the one hand and preserving the rights of future generations when exploited are political and economic responsibility, noting That

real economic progress of any nation but comes from the development of human resources, more than what comes from the development of natural resources.

There are examples of several States in this area and that, despite the absence of oil resource, but they managed to create real wealth by developing human resources, while States that merely extract and sell oil they have become consumers of wealth, not its creator or developer, here You must create the strategic projects that will reduce dependence on oil.

He stressed that these projects will help absorb unemployment plaguing the community and generate demand for goods and services production increases and then revive factories less reliance on outside to meet the needs of society and must synchronize or preceded by the development and use of alternative sources of energy is depleted.

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