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Experts call for investing surplus financial revenues in sustainable development projects
Economical 03/14/2024
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Baghdad: Hussein Thaghb Al-Tamimi
Specialists and economic experts unanimously agreed on the importance of investments witnessed in the oil and gas sector, provided that they achieve integration with other sectors that need the surplus funds that come into the country as a result of exporting crude oil to global markets, where the surplus financial revenues can be used in projects. Economic development that achieves sustainable development for Iraq and seriously multiplies its financial resources.
Economic expert Salwan Al-Nouri confirmed that investment in the oil and gas sector represents an important step on the path to improving economic performance, as it provides additional financial revenue that can be used in development projects in all regions of Iraq, where natural resources are available, and we can also create successful local industries from it. The surplus financial revenues received by the country.
Al-Nouri pointed out that any new investment represents an expansion in production, an increase in financial revenue, and a decrease in foreign imports. Here, we can have bilateral partnerships with countries around the world and regional countries to create advanced projects that have a positive impact on the national economy, pointing to the possibility of cooperation with countries from which we import. Among them, we work investment partnerships for new projects inside Iraq, and thus the benefit is shared and long-term.
He pointed out that "the international reality and the events it is witnessing have a clear impact on the global economy, requiring us to build ideal relations with most countries importing crude oil, and from here we must begin building our relations with the oil markets, especially since Iraq is looking forward to expanding its production base." And exploration.
Economic affairs expert Aqeel Karam Al Hamad stressed that the expansion of oil and gas investment is extremely important, and we must have a clear vision to benefit from global experiences in this field, pointing to the necessity of having transformational industries to benefit from the oil and gas wealth available in the country. Al Hamad pointed out that the expansion of oil and gas investment can activate other sectors with a sustainable development impact, which requires us to take a serious approach to developing the oil and gas industries, and investing the financial surplus in achieving sustainable development for the country
that Al Bari has bestowed many blessings that can be a center. He said that the country is in dire need of expansion in economic projects, and here local and international efforts can be invested to achieve progress, and there is no harm in seeking assistance from international planning centers
that draw the features of the sustainable development that the country seeks.
He explained that "Iraq is one of the oil countries that has its weight in the international oil market, which enhances its position among countries that wish to strengthen their relations with Iraq. The
Ministry of Oil had announced an expected measure within next year's plan 2024, which will contribute to resolving the gas crisis and reducing its imports, while It confirmed the presence of government interest and direction to increase gas production.
It is noteworthy that the advisor to the Ministry of Oil, Abdul Baqi Khalaf, said that “the government and the Ministry of Oil are interested in gas projects due to their importance in the energy industry in Iraq, and reducing emissions at the same time,” pointing out that “according to the ministry’s plans drawn up in Next year, 2024, at least 700 million cubic feet of gas will be added in the projects of the second phase of Basra (NGL), the Halfaya 300 project, and the Nasiriyah project.
Khalaf explained, “This quantity is equivalent to more than half of the gas currently released,” stressing that “this will contribute to solving the gas crisis, and it constitutes more than half of Iraq’s gas imports.”
He pointed out that the sixth round of gas projects and the government’s interest in the Mansouriya and Okaz fields reflect the state’s interest in increasing our gas production to reduce the demand gap for electricity that currently exists in the country, and thus things are moving towards increasing our gas capacity.
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