Calls to maximize revenue to create manufacturing industries

Calls to maximize revenue to create manufacturing industries



05/04/2017 0:00

BAGHDAD / Hussein Tgb
described as black gold , which raises the economic affairs of the countries that are owned by , and is a financial resource to achieve the highest degree of richness to many of the country that owns crude oil with brown oblique to black, where he was drilling the first oil well in Iraq , the adoption of modern mechanisms in 1927 the city of Kirkuk.
It began drilling the well first in the Blcana area in the presence of King Faisal I on 5 April 1927 On June 30, 1927 commenced drilling the first wells in the Kirkuk field to continue the process of drilling during the summer months to stretch to fall to reach drilling to a depth of 1521 feet on October 13 , 1927. Valley Oil concerned affairs oil Abdul Hussein Mustafa Abdul - Hussein said in an interview with the "morning": Aaleom anniversary of the opening one of the doors of goodness that God by Iraq, where he was drilling the first well of oil, where the flow of oil from the first well drilled by modern methods to the high drilling tower in such this day in 1927 being in it near the valley known as the valley of the oil. Specialized company pointed out that Iraq 's oil wealth rises reserves with the mounting area of exploration where there are large tracts of land have not explored yet and is expected to contain structures stating the existence of crude oil in the region, pointing to the importance to be Iraq company specializing in oil affairs be managed by local experts have experience in this vital field, stressing that it leads to substantial economic feasibility of Iraq. And between the oil production from Iraq record production of oil its highest level over the past decades in 1979, but he has gone through oscillatory since then , which fell to 900 thousand barrels per day since the beginning of the eighties of the last century and entering the country cycle of wars and returned to rise at the end of the time period itself to reach 3 million barrels per day , however , this rise came back to descend plan to chart about 300 thousand barrels per day in 1991. Iraq it is one of the five signatory countries of the Petroleum exporting countries Organization of Agreement (OPEC) in Baghdad in 1960 to that said economist Dr. Akram Abdel Aziz: The permanence of dependence on oil revenues to finance development paths will deepen and consolidate the unilateral economic side and will deliver a dark shadow on the future development of the economy and the increase of external exposure and continuity of unilateral export structure in the trade balance and the reverse flow of foreign currency. Investment contribution and said that the reality before now needs to activate the benefit of the oil process through the development and diversification of oil derivatives and the introduction of solid oil companies could have to invest in Iraqi oil fields in accordance with the frameworks methodology provides the best use of the resource of oil and the investment contribution shall be conducive to increase the fixed capital formation , which leads to the increase in gross domestic product and that the size of that investment leads to the creation of productive capacities in order to make it truly effective investment accompanied by what can Astkdmh that investment of technology and sophisticated equipment for the purpose of satisfying the . Iraq , according to the latest geological studies contain 530 geological, which gives an indication of the presence of huge amounts of crude oil, and the ratio to the latest statistics , geological studies, Iraq has the largest stockpile of crude oil in the world , with proven drilling operations currently underway and the presence of the largest oil reserves in the world which is up to 150 billion barrels Aktrmen. Reserve stock represents this stock officially the second largest stockpile reserves after Saudi Arabia. Some expect that more than the Iraqi oil reserves counterpart in the Gulf entire countries with an estimated amount of oil extracted in the future 360 billion barrels, knowing that Iraq exploits only 27 oil fields out of 74 oil fields discoverers and present that represent investment opportunities for successful , especially in the same reserve southern provinces Higher oil which is up to 80 billion barrels. In the meantime , the oil minister , in a press statement that the ministry has ambitious plans with regard to increasing export capacities Alkhoznip and southern ports and there are operations comprehensive rehabilitation of infrastructure to them. Global standards and that Iraqi oil exports depend more accurate global standards in overseas export operations, and there are internal and external regulators oversee the export process, and therefore, the export mechanisms are highly transparent non-doubt. Economic member of the Baghdad forum Jassim Al Aradi stressed the need for moving Iraq towards maximizing financial revenues from crude oil through towards manufacturing the actual trend that could achieve the double benefit of the national economy by providing them with the local markets of various products that cost large sums of money, as well as selling products crude oil to world markets , where demand is large. And that this occasion could reconsider oil investment and mechanisms are chosen ways to manage the most benefit of this wealth that keeps them away from any impurities.

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