Oil investment companies pay 51 percent of the service fee to the State

Oil investment companies pay 51 percent of the service fee to the State



 
04/14/2014
 


  


35 percent of its profits taxes
BAGHDAD - Hussein al-Tamimi Tgb
Said energy expert Ahmed Musa horses to service contracts concluded by the oil ministry with global companies that won licenses tours resulting in many of the secondary contracts with different companies disciplines , pointing out that the ministry is not a party .Specialized companiesHe said in an interview for horses »Sabah « : that investment in the oil fields requires a tremendous effort requires contracting with companies that specialize in drilling and other transport and competent third on construction of reservoirs of oil and other complex operations . He pointed out that local companies have the expertise in the management of the oil sector , but do not have the ability to increase production to more than 500 000 barrels , which require reliance on the international effort through licensing rounds to raise production in accordance with the plans prepared by the Ministry of Oil .
One-third of the reserve

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The Oil Ministry has launched its first licensing rounds in 2008 to develop eight oil fields is estimated stockpile hard where more than 40 billion barrels , which represent one-third of Iraq's oil reserves installer , becoming These fields are available to the international oil companies which did not have significant activity in operations exploration in the country .
Revenue increases
He added horses to the signing of contracts with global investment firms carries a lot of pros secondary that constitute economic feasibility added to the country , where commits contracts companies to pay a bonus to sign and which are different amounts of the contract to another , in addition to the tax implications of each company and by up to 35 percent proceeds derived from it ( profit ) after it was 15 percent , indicating that the State Council issued a decision requiring companies to pay high income tax is estimated at 35 percent .
Stop decade
He said the investment companies specific ceiling for the disbursement of funds for the specific purpose , indicating that overtaking on the set limit allows the ministry to suspend the contract. Stressing that every dollar you pay in fees the government service retrieves her 51.25 cents of net profit due to the service provided , either companies' share shall be 48.75 cents . He said horses , saying that every investment contract oil or gas no partner government gets 20 percent of the profits earned .
Conservative sold
And measures to create a full decade, the oil horses pointed out that the numbers include the organization of a portfolio for each field and the contents of a number of oil wells and expected production and technical information accurate, then sold the portfolio to oil companies and submitters wishing to participate in the licensing round set.
Participation fee
He added he is preparing a protocol final round and take the company a copy in order to study them and then adopt the decision to participate or not , pointing to the existence of the price of each field you want the company to participate in the tour, but if they have the desire to participate in all the fields , it has to pay $ 2.5 million in fees post , noting that the contract wins during the licensing round, submit to the Council of Ministers for approval , and then the company pays a fee to sign.
He concluded by saying that the service contracts adopted by the Ministry of Oil carry significant economic feasibility of the country all the bases and joints

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