The National Approach: Licensing rounds cost the state 40% of oil revenues

[size=52]The National Approach: Licensing rounds cost the state 40% of oil revenues[/size]

[size=45]Yesterday, Saturday, the National Approach bloc called for a review of the oil licensing rounds, noting that it drains about 40% of revenues.[/size]
[size=45]"The federal budget for the current year ignored many of the important rights of the Iraqi people, as the issue is not related to the exchange rate of the dollar only, but there are other serious issues," said Mazen al-Faili, the representative of the bloc. Al-Faily added, "Our demands were that the budget includes a review and review of the oil licensing rounds concluded by Iraq during the past years, which are depleting about 30 to 40% of its oil imports."[/size]
[size=45]He explained, "All specialists are demanding to reformulate these tours in a way that prevents waste of public money, and benefits the Iraqi people, not in its current form, which is close to participation contracts.[/size]
[size=45]It is noteworthy that the National Approach bloc was among those objecting to the budget law, and spoke of its intention to challenge some of its paragraphs before the Federal Supreme Court.[/size]
[size=45]In mid-2009, the Iraqi government concluded contracts with major foreign companies to restructure and develop the oil sector and reverse the annual decline in oil production, as production had not increased from 2003 to 2011.[/size]
[size=45]The licensing rounds concluded by Iraq with foreign oil companies were described as representing colonialism and not an investment for the Iraqi economy, since there are funds owed by the government belonging to foreign oil companies, such as the travel and residence of the director of the foreign company in a country other than Iraq.[/size]
[size=45]The head of the Parliamentary Economic and Investment Committee, MP Ahmad Al-Kinani, told Al-Mada, a while ago, that he “began to move in Parliament towards amending the contracts for the oil licensing rounds that have prejudices against the Iraqi state and deplete public money in illegal ways,” warning against “continuing work with these contracts that It will waste money.[/size]
[size=45]Al-Kinani adds that "the trips, transfers, and residence of these managers, consultants, technicians and engineers working in these companies are borne by Iraq," estimating that "the number of these managers in each company reaches an approximate number of more than 100 people."[/size]
[size=45]He points out that "the government has contracted within the licensing rounds contracts with 30 giant oil companies and with many secondary companies, all of which are now working in the production and export of oil," adding that "even food and water for these companies are imported from outside Iraq."[/size]
[size=45]Within the licensing rounds, foreign companies were granted unfair privileges against Iraq and restricted Iraq with financial restrictions and obligations that squandered the country's wealth, without any return on the level of technology transfer and the development of local professional cadres.[/size]
[size=45]Hussain al-Shahristani promised after the signing of these contracts that Iraq's production capacity would reach 12 million barrels per day within 6 years, to become one of the largest oil-exporting countries in the world.[/size]
[size=45][You must be registered and logged in to see this link.]