With the aim of placing oil revenues on the development track, the successful experiences of countries
Sunday 24 October 2021 88
Baghdad: Imad of the emirate
Benefiting from oil revenues and making them more beneficial to the country is of interest to economists and those interested in it, as there are many international oil experiences in managing oil revenues, the most prominent of which is the Norwegian experience, and how it employed the oil sector in creating an integrated and refreshing economy characterized by a solid industrial basis.
Dean of the College of Business Economics at Al-Nahrain University, Dr. Nagham Hussein Nehme, said: “In 1990, the Norwegian Parliament passed the State Oil Fund Law; In order for this fund to support a long-term management of the revenues of the oil sector and to work on the accumulation of government financial assets in order to deal with the large financial obligations in the future, related to the requirements of public spending in the field of retirement, aging population and health care, and this fund separates the state’s oil revenues from the national economy and consumption.
At the same time, it constitutes a reserve that protects the country's economy from violent shocks in oil prices.
She added, "In 1996, the money was transferred for the first time from the state treasury to the fund, and in 1998 it was allowed to use the fund's money in commercial shares, and the fund was named the retirement fund, and the fund includes profit on investments managed by the fund as well as oil revenues."
Dr. Nagham continued: “The Norwegian Ministry of Finance has entrusted the highest responsibility for managing the fund to the Central Bank of Norway, and as a general rule, the majority of politicians in the country agreed that the oil revenue in the regular budget should not exceed 4% of the annual profit for the investments undertaken by the fund, and in the long-term it works The fund and through the savings role it plays to cover and finance public expenditures in the future.”
Regarding the oil licensing experience in Iraq, the expert in economic affairs, Dr. Ahmed Al-Rawi, said: “Many specialists in oil management consider the oil licensing experience to be the best for managing and increasing production, so many consider this experience to be a correct start for the development of the oil industry in Iraq, and given the country’s interruption for a period of time.
For decades, there has been a long history of technological developments in the field of oil.
The matter requires that the Iraqi staff deal with the rapid developments in this field in stages, in order to master the work completely.”
He pointed out that "the result of this trend is to raise its efficiency and advance the oil sector in isolation from foreign companies, as the process of promoting the oil industry requires technology and huge capital."
Al-Rawi said that "the involvement of multinational companies that have weight in the field of oil investments in Iraq to invest in important oil fields is a direction with a strategic dimension, and may be a reason for the advancement of the oil sector."