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Shahristani: Iraq is ready to meet the growing need for global oil

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Shahristani: Iraq is ready to meet the growing need for global oil Empty Shahristani: Iraq is ready to meet the growing need for global oil

Post  Admin Tue Sep 04, 2012 6:00 pm


04/09/2012 08:57


BAGHDAD - Brief Center for the Iraqi Media Network - Deputy Prime Minister for Energy Hussein al-Shahristani, Iraq's readiness to meet the growing global need of oil,

With production expected to increase supply in Iraq and the attainment of self-sufficiency the end of next year,

While he noted that the oil and gas law sponsor to resolve outstanding shenanigans with the provincial government, which said: "It is concluded contracts unfair to Iraq" led to financial losses estimated at $ 8.5 billion.

Shahristani called, through dialogue expanded interview with "morning" The full details will be published in Wednesday, provincial councils to agree among themselves to initiate the privatization of the electricity sector program in Iraq,

Pointing out that this program will give the private sector the task of power distribution between the districts and cities of the province per

While maintaining full supply its share of electric power, praising the efforts of the Ministry of Electricity in order to increase production and export rates,

Pointing out that the total number of contracts concluded by Iraq in this regard with major international companies is equivalent to some 15 thousand MW.

And on the existing differences with the Kurdistan region by the oil contracts that have been concluded Male Shahristani and an understanding wrong with officials there expressed that the contracting process is available to all regions and provinces, and this is a misnomer, according to Deputy Prime Minister, who stressed that in accordance with Article 111 of the Constitution, the natural wealth belongs to the people not entitled to act only after the approval of the federal government,

Calling for the need to settle the damages incurred by Iraq in the current year budget 2012 and compensation for financial losses resulting from the export of the region for nearly 175 thousand barrels of oil a day for the past three years.

Deputy Prime Minister that the total contracts signed by the province without the consent of the Centre amounted to approximately the 50 contracts, explaining that those contracts do not achieve the greatest benefit for Iraq can not be compared to contracts signed by the oil ministry adopted (production contracts) that give less than one dollar for foreign companies, with decades the region has relied on the principle of participation, which gives foreign companies up to 50 percent of the oil extracted.


And prospects for closing the Strait of Hormuz, Shahristani downplayed the potential risks of closing on Iraqi exports as a result of security threats facing Iran, but he guessed the possibility of closing reflection on oil prices in the global markets,

He pointed out that Iraq's alternatives other export can be used in cases forced, especially the export line north, announcing at the same time near the opening of the port pontoon for export in Basra end of this year, saying it accomplish would increase oil exports to top what it is now.


Shahristani revealed the presence of indicators demonstrate the high demand for oil in the coming years by more than 20 million barrels annually,

Stressing that Iraq will meet the bulk of those requests, according to the number of data that indicate that according to Shahristani, who said Iraq's ability to meet the growing global need for oil in the coming years, which he said will exceed one million barrels of oil annually from the current total.


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