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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 calls for major oil companies to close offices in Dubai to the high financial costs

    Rocky
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    Iraq calls for major oil companies to close offices in Dubai to the high financial costs Empty Iraq calls for major oil companies to close offices in Dubai to the high financial costs

    Post by Rocky Thu 03 Nov 2016, 3:21 am

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    Iraq calls for major oil companies to close offices in Dubai to the high financial costs


     Baghdad / Ibrahim Ibrahim - Reuters 

    According to industry sources, on Wednesday, that Iraq demanded by international oil companies to close with a high cost in Dubai offices they use to manage their operations in Iraq as a means to reduce their budgets, while Industry experts described the steps thefederal government as good to reduce the expenses of foreign companies, which contribute to increase theprice of a barrel of oil product. 

    the meaning of this step , which was taken by some of the major oil companies that develop Iraq 's giant oil fields in the south of the country that the companies will be forced to transfer hundreds of contractors inside and outside the country every few weeks and will lead to reduce the size of the regional centers for companies based in the United Arab Emirates near Iraq . 
    With the pressure on the financial resources of Iraq Talib, the second largest oil producer in OPEC, foreign oil companies last year to reduce spending levels proposed that almost stopped the entire investment in the first half of this year in major projects. 
    the forced oil companies to help Iraq develop huge fields to settle expenses with Baghdad every year ,including labor costs, to be paid companies of Iraqi exports income for the raw product from existing fields. 
    the work of this arrangement smoothly when oil prices were above $ 100 a barrel , but the collapse in global crude prices mean that Baghdad pay fees in Dubai with high prices , while its revenues fall from oil sales significantly. 
    and the big oil companies such as Royal Dutch Shell, BP and Lukoil, which runs Iraq 's oil fields has regional offices in Dubai. 
    a source at the Ministry of oil, he told "Reuters", " the one of the measures taken by the ministry , which is demanding oil companies to cut costs and number of employees to a minimum and the closure of its offices in Dubai. " 
    the source added that" the ministry does not see the benefit of being at the corporate offices in Dubai and that they can come to Iraq at a lower cost because all of that is being paid of the cost of service contracts. " 
    the two executives in the international oil companies operating in Iraq , the Iraqi request. 
    For his part, the source of the oil sector from one of the two companies said that" the company is used toworking in Iraq from its office in Dubai and that workers are accustomed to mobility inside and outside thecountry , " He added that " the Iraqis refuse to do that now and demanding the closure of the Dubai office and stay in the country for six weeks and then spend two weeks at the outside." 
    for example , the Shell company , which said in May that it would cancel 12 thousand and 500 jobs , or the equivalent of about 12.5 percent of its global workforce , to reduce the size of its office in Dubai and rearranged its operations there after the cut of jobs worldwide and the closure is linked to Iraq 's office in theUAE. 
    "the oil Ministry was addressing the international oil companies over the past four years on the Dubai office," adding that " the ministry is likely to have been deduct the costs of the Dubai office of invoices paid to oil companies over the past year. " in 
    turn, the oil expert Ali Jassim punitive said in an interview for the " long ", that" the obstacle that emerged after the signing of the licensing rounds decades represented the high cost of a barrel of crude oil produced from by foreign companies, a cost paid is Colva refundable, and in the case of non - recovered during the year increased benefits through taxes and dividends accounted for investing companies. " 
    He added that" disbursements associate working in foreign companies and experts rise gradually put the oil Ministry in an awkward position as a result of the worsening money owed by the federal government inconjunction with the sharp decrease global oil prices. " 
    he said the punitive that" the accumulation of debt and increase taxes on the government according to new data showed the high cost of extracting a barrel of oil is higher than the agreed price at the time of signing the contracts, since the extraction cost signed by the government and foreign companies within a specific ceiling does not exceed 1.6 dollars. " 
    He said the " additional companies and spending expenses is studied, which included several areas , most importantly, security, food and training in addition to travel costs which are added as Colva refundable rising cost of a barrel to three times the price of the agreement, which deducted from the sale of oil. " 
    He stressed that the punitive" by the federal government to close a number of subsidiaries of foreign offices in some of the neighboring countries is a good step in order to reduce the accumulated expenses due tohigher prices of services and goods in those countries Kalamart Arabic and others. " Officials Iraqi oil official said in August that the country reached an agreement with BP and Shell , and Lukoil to resume faltering investment in the oil fields of development companies that allow the resumption of projects have been stopped this year and increase crude production in 2017. 
    Iraq relies on oil for almost all its revenues and it spends heavily to fight al "Daesh" in northern and western its provinces.
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