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Iraq poses a binding condition for oil companies in the contracts of extraction and liquidation

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Monday 8 October 2018 11:57 am
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Iraq poses a binding condition for oil companies in the contracts of extraction and liquidation

BAGHDAD - Oil Minister Jabbar al-Allaibi on Monday called on international investment companies in the energy sector, technical services and infrastructure to actively contribute to the establishment of projects that contribute to upgrading the infrastructure and services provided to citizens.

Al-Allaibi said in a letter to the Basra oil and energy conference held for the period (9-10) of the month of October in Istanbul, according to a ministry statement received by "Eye of Iraq News", the new contracts to be concluded by the Ministry of Oil with international investment companies, The development of the extraction or liquidation sector or the investment of gas or infrastructure will include the obligation of companies to establish projects that contribute to upgrading the level of services provided to citizens and change the current situation to a better reality, both in the infrastructure sector, education, health, water, housing and social recreation.

He stressed that these contracts are binding on the operation of 85% of the Iraqi workforce, and the contribution of construction and construction companies in the ministry by not less than 25% of the construction and implementation funds, in addition to laying the foundations for the entry of the Iraqi investor with a capital of not less than 20% of the total cost The project.

He called on the international oil companies and international organizations to participate actively in the development of programs and plans to address the environmental pollution of this province and gases and emissions resulting from the production of oil or mines or remnants of war left by wars in the country in the past decades.

Al-Luaibi pointed out the necessity of cooperation of all concerned parties to provide the appropriate environment for investment and the promotion of infrastructure and work to attract more international companies, which leads to the provision of employment opportunities for the people of the province and improve the economic and development of the province.

For his part, the spokesman of the Ministry of Oil Assem Jihad that the Basra oil and energy giant and the environment, is held annually in Istanbul discusses the construction of mega oil and gas projects and the development of solutions to the Iraqi environment in cooperation between the government and investors and the presentation of innovations and techniques for oil and gas projects in Basra and water treatment projects and expansion of electricity projects And renewable energy.

It is worth mentioning that CWC World organizes the conference annually to discuss the reality of the oil and gas industry in the province of Basra under the auspices of international companies known and attended by ministers, experts, consultants and representatives of international companies and those interested in the oil industry.

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