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Conference and Exhibition of Oil and Gas in Iraq ... Highlighting the importance of developing the reality of the oil industry

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Conference and Exhibition of Oil and Gas in Iraq ... Highlighting the importance of developing the reality of the oil industry

Tuesday 08 December 2020 1
Baghdad: Hussein Thahab - the head of the emirate

The oil and gas conference and exhibition dealt with ways to enhance the reality of energy in Iraq, with wide participation, both local and international, to find out the reality of feasible investment for Iraq, who is looking for the best investments that contribute to enhancing the financial revenues of Iraq.

The conference organized by Frontier Exchange International, both in the field and in the virtual, dealt with the mechanisms of maximizing the reality of oil revenues, by discussing the mechanisms of developing the oil and gas industry in Iraq, which is one of the most important oil countries around the world.

Oil Minister Ihsan Abdul-Jabbar revealed that "Iraq for the first time will export three types of oil. He also stressed that the efforts are collectively to support the gas sector and invest it in a way that prevents the waste of large quantities of it."

He pointed out that "the development of the oil industry in the country requires the completion of this approach and an end to the state of overlapping powers, which confuses the launch of a new round of licenses."

Industrial experiments

The economist Basem Jamil Antoine said: “The successful global experiences in this field must be used in a manner that achieves the highest degree of benefit to the national economy, as it is possible to look at specialized global industrial experiences regarding the oil sector, and how to deal with crude oil and the financial results they achieve.".

He pointed out that "the major international companies deal with crude oil, and then offer it various products within the global markets by double the price that was bought, and this mechanism must be taken advantage of in Iraq and adopt the steps of an advanced international effort by communicating with it, and finding forms of cooperation that will benefit all parties." And in a way that achieves the highest degree of benefit to Iraq."

In his turn, a member of the Board of Directors of the Union of Arab Banks, Ziad Khalaf, "The price of the volume of local and international participation in the conference, which shed light on the investment opportunities available today in the oil and gas sector in Iraq, especially investment projects in the infrastructure on the oil extraction side (upstreaming) and also on the refineries side.

And distribution (down streaming), and the importance of cooperation between the central government, the banking sector and international oil companies to advance the reality of this strategic and very vital sector for the economy. Iraqi".

Rentier economies

Khalaf explained, "the importance of shedding light on the current reality of the Iraqi economy, and how the sectors can cast a positive shade on this economy, especially the industrial and commercial sectors, whose revenues represent a large part of the domestic product.

Iraq is a pivotal country in the Middle East region and its oil wealth is classified among the countries."

The first three in the volume of global oil reserves, as the oil sector is the main engine and supporter of the Iraqi economy, and despite this, the experiences of countries have proven that rentier economies, which depend on oil only, and which constitute the bulk of the state's imports, do not have the financial ability to face challenges and setbacks And economic crises."

He said that there is a newcomer who talks about it frequently in international and Arab forums in the last three years, known as the Fourth Industrial Revolution, and all countries of the world, including the Arab ones, have become aware of the importance of keeping pace with the Digital Revolution, which is an extension of the Information Revolution, as our banks invested heavily in Infrastructure using advanced technologies in line with international trends and practices in the transformation towards digital economy and financial technology.

Advancement requirements

The representative of (Frontier Exchange) Ahmed Al-Jader confirmed that "the Iraqi oil and gas sector is the focus of international attention and is receiving the attention of major international companies, which led to the organization of this conference with qualitative local and international participation. The requirements for the advancement of the oil sector were studied."  And invader."

Oil specialist Mustafa Jihad emphasized that "the presence of the public and private sectors concerned with oil affairs locally and internationally confirms the extent of the interest of major international companies in Iraq and its strategic treasury of oil and gas wealth,

which requires that we create an ideal environment for work and that there is a national role for the planner in choosing cooperation mechanisms. Achieve the highest degree of economic feasibility For the country."

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