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Oil develops treatments for foreign companies
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Friday 15 May 2020
Oil develops treatments for foreign companies
Baghdad - Waaa - Mohammed Al-Talebi
The Ministry of Oil has revealed measures to address the crisis of low oil prices due to the outbreak of the Coronavirus.
"The economic crisis has affected the world and caused a decline in oil revenues for both producing countries and international companies operating due to the recession in the world economy and oil markets," Said Ali Maaraj, director general of the Contracts and Licensing Department at the Ministry of Oil, in a statement to the Iraqi News Agency (AWAA) on Friday: "The economic crisis has affected the whole world and caused a decline in oil revenues both to the producing countries and international companies operating due to the recession that hit the world economy and oil markets," he said, noting that the Ministry of Oil has put in place several treatments, including reducing the annual budgets of these oil companies by 30 percent, in addition to reducing expenditures for extractive companies, in particular reducing the cost of tenders, assignments and projects, as well as postponing the cost of tenders, assignments and projects. Part of its dues until oil prices recover."
"Iraq produces up to 3,000 barrels of gas, and more than 50 percent of it is invested in the next four years under a plan for this purpose," he said.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]
Friday 15 May 2020
Oil develops treatments for foreign companies
Baghdad - Waaa - Mohammed Al-Talebi
The Ministry of Oil has revealed measures to address the crisis of low oil prices due to the outbreak of the Coronavirus.
"The economic crisis has affected the world and caused a decline in oil revenues for both producing countries and international companies operating due to the recession in the world economy and oil markets," Said Ali Maaraj, director general of the Contracts and Licensing Department at the Ministry of Oil, in a statement to the Iraqi News Agency (AWAA) on Friday: "The economic crisis has affected the whole world and caused a decline in oil revenues both to the producing countries and international companies operating due to the recession that hit the world economy and oil markets," he said, noting that the Ministry of Oil has put in place several treatments, including reducing the annual budgets of these oil companies by 30 percent, in addition to reducing expenditures for extractive companies, in particular reducing the cost of tenders, assignments and projects, as well as postponing the cost of tenders, assignments and projects. Part of its dues until oil prices recover."
"Iraq produces up to 3,000 barrels of gas, and more than 50 percent of it is invested in the next four years under a plan for this purpose," he said.
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