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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq plans to reimburse oil companies operating in the country

    Rocky
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    • Post n°1

    Iraq plans to reimburse oil companies operating in the country Empty Iraq plans to reimburse oil companies operating in the country

    Post by Rocky Tue 28 Jun 2016, 6:09 am

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    [size=48]Iraq plans to reimburse oil companies operating in the country

    June 28, 2016


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    Our economy / Baghdad
    The Iraqi government plans to reimburse the oil companies operating in the country, through an agreement with the International Monetary Fund, with deputies and experts ruled out the economy and the fulfillment of government obligations as the size of the debt is greater than the loan provided by the Fund's value.
    He announced an economic advisor to Prime Minister Haider al-Abadi, the appearance of Mohammed Saleh, in a press statement that «Iraq is planning to settle all the outstanding dues of foreign oil companies by the end of this year, as agreed with the International Monetary Fund states».
    He pointed out that «the decision is part of the measures approved by the government last week to secure $ 5.4 billion worth of loans from the IMF during the three years», without revealing the size of the arrears.
    Seeks Iraq, a member of «Organization of Petroleum Exporting Countries» (OPEC), to obtain support for its budget from the international community after shrinking revenues due to falling oil prices, which led to the widening budget deficit and delayed dues operating in the oil sector companies exchange.
    He ruled out a member of the economic and investment commission parliamentary MP Abdul Salam al-Maliki, the government's ability to meet its financial obligations to the foreign oil companies of investment, stressing that «these debts six times more than the first installment of the loan, which will get Iraq during the current year the volume, amounting to $ 3 billion».
    He added: «oil data related to the work of these foreign companies, confirms that the size of the debt exceeds $ 18 billion». Maliki pointed out that «the federal budget for 2015 has allocated $ 9 billion to cover part of these benefits, which in 2014 without debt amounting to $ 9.6 billion, and that carried over to the current year as a result of falling oil prices».
    The government hired treasury bonds to pay off the three batches of 4 distributed over the year according to the agreement between the parties for 2015, in addition to the remaining amount of the 2014 dues.
    A source at the Oil Ministry that the «government paid full entitlements 2014 retained to the last year, and carried out adjustments to the 2015 dues, bringing the total amount paid to the companies $ 16.7 billion, and keeps the amount of two billion dollars over the current year, and will be added to the three payments of deferred».
    He added that «Some believe that the benefits of foreign companies too large and cumbersome for the country, but this is not true, as the cost and profitability of the wages paid to the contracting companies amounted to $ 926 million, including government partner's share amounting to $ 373 million». Iraq is linked to two types of agreements with foreign companies, the first development of old fields and number four decades, and the second production contracts, which contributed to the increase in production to 3.4 million barrels per day.


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