Iraq welcomes Qatar's desire to invest in the oil sector

Iraq welcomes Qatar's desire to invest in the oil sector



BAGHDAD - The Journal News

Iraq, with the largest oil reserves in the world after Saudi Arabia, and four times the US oil reserves, and a reserve volume of about 153 billion barrels, whereas the gas reserves declared, according to the Iraqi Oil Ministry, about 112 trillion cubic feet, and the estimated oil reserves is uncertain limits 360 billion barrels, and this reserve of Iraqi oil about 10.7% of the total world reserves.

The economic expert Sana al-Janabi, told the «Journal News», "Iraq Under the current circumstances it exploit the opportunities in front of him are available in the field of investments, whether oil investment or investments on various other sectors, drawing attention to the current political trends against Qatar and then We must seize opportunities open accommodation for the bonds of investment in the oil sector. "

She added, "Iraq is the closest to Qatar in the field of investment and currently there Province semi-collective Arab and Gulf, so the opening doors of investment currently keeps economic ties extended in the future, noting the need to exploit natural gas in Altafty investment and sector development operations, as Iraq comes ranked tenth the world in terms of proven reserves of natural gas associated with gas solo, according to the US energy report, where 70% of it in the province of Basra in southern Iraq.

She Janabi "The expansion of oil patches work still on it early because we are in conditions that do not allow big financial Pumped on the exploration and expansion of operations and it must work on the development of oil fields currently in production increased, indicating that the reduction of oil production, and in agreement with OPEC will give Iraq an outlet in order to advance in the ranks the first global oil market in light of the fields currently exist. "

In turn oil expert Hamza jeweler said in a statement to «Journal News», "The Oil Ministry is working on the requirement to deal with international oil companies sober, which has the possibility to develop oil fields and the development of national companies in order to support national companies and cooperation with international companies including Qatar as having the experience and technological development and with the blending experience with the Iraqi oil sector, we have the possibility to lead the oil sector without the need for any oil companies, only have a side development through its expertise

He added that OPEC's decision to reduce oil production had a good Mrdorat has raised the price of oil to nearly $ 50, noting that Iraq is part of the global system for oil production in the OPEC group, and then the decision of the new reduction for a period of nine months to come will have a positive returns

He continued jeweler "The oil reduction decision did not lead to the required results of the fact that there is still a surplus of oil and these amounts come from speculators who buy oil at a time when the deterioration of prices, and now is being discharged gradually and then dump the oil market, adding to the difficulty to predict rising world oil prices after attempts to oil producers to raise prices was the beginning of the year 2018 will be raising the price of a barrel above $ sixty. "

For his part, confirmed oil expert Halim Kazem, the need for the entry of foreign companies to invest in oil and gas to support Iraqi companies to the fact that Iraq does not have sufficient funds for such projects that need at least for 150 billion.

Kazim said in a press statement that the producing oil fields run by Iraqi companies began to decline and became a need to be updated through the excavated and excavated and increase production methods, especially that all these things need to be a lot of money and Iraqi companies alone do not have the money so it is necessary to use foreign companies.

It is said that the Minister of Energy and Industry of Qatar, Mohammed bin Saleh Al-Sada, said during a meeting with the Chargé d'affaires ad interim in Doha, Abdul Sattar Hadi al-Janabi, and the readiness of his country's keenness to support Iraq in the development of oil and energy projects.

A foreign ministry statement said, "Chargé d'affaires in Doha, Abdul Sattar Hadi al-Janabi, Minister of Energy and Industry met with Qatar, Mohammed bin Saleh Al-Sada, to discuss strengthening cooperation between the two countries."

The statement added that "al-Janabi, the Iraqi government reviewed the plans for the reconstruction of the liberated areas and stressed that Iraq is counting on the support and the support of Arab countries, especially members of the Gulf Cooperation Council in the implementation of these plans."

For his part, Minister of Energy and Industry of Qatar that "his country is keen to provide support for Iraq to develop oil and energy projects, and the need for the two countries agree on a clear plan in this area."


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