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Experts: Surplus financial revenues must be used in sustainable development projects
Economical 04/07/2024
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Specialists and economists unanimously agreed on the importance of investments witnessed in the oil and gas sector, in achieving integration with other sectors to achieve sustainable development.
Economic expert Dr. Salwan Al-Nouri stressed that investing 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. We can also create successful local industries from the surplus financial revenues that The country gets it.
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 now had a clear impact on the global economy, requiring us to build ideal relations with most of the 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 exploratory.”
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 out the necessity of having manufacturing 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 endowed with many blessings that can be an economic center. Active on a global level.
He stated 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 outline the features of the sustainable development that the country seeks.
He explained that “Iraq is one of the oil-producing countries that has its weight in the international oil market, which enhances its position among countries that want to strengthen their relations with Iraq.”
In addition, oil prices continued their gains over the past two days and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns about tightening supply, and optimism about the growth of global demand for fuel as economies improve.
Brent crude rose 40 cents, or 0.4 percent, to $91.05 per barrel, and West Texas Intermediate crude rose 23 cents, or 0.3 percent, to $86.82 per barrel. The target price for the quarter for Brent crude is $95 per barrel. Brent and West Texas Intermediate crude are expected to achieve gains of more than 4% this week, rising for the second week in a row, after Iran, the third-largest producer in OPEC, pledged revenge against Israel for an attack that resulted in the killing of high-ranking Iranian military personnel.
The Ministry of Oil had announced an expected measure within next year’s plan, 2024, that will contribute to resolving the gas crisis and reducing its imports, while confirming the existence of government interest and direction to increase gas production.
It is noteworthy that the advisor to the Ministry of Oil, Abdul Baqi Khalaf, told the Iraqi News Agency (INA): “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 for next year.” By 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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