Calls for accelerating the issuance of oil and gas law and the promotion of the national economy

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Calls for accelerating the issuance of oil and gas law and the promotion of the national economy

Post  Admin on Mon Apr 03, 2017 7:28 pm

Monday, April 3, 2017 - 2:05 pm

The economic analyst called on the government and the parliament to "speed up the issuance of the oil and gas law and accompanying laws that regulate the investment and extraction and manufacture of oil and gas and the classification of imports to serve the national economy." He pointed out that "delay in issuing this law contributes to the waste of the country's wealth and does not guarantee the rights of future generations. "He said.

"Iraq has 153 billion barrels after discovery of new oil fields, making it one of the first countries in the oil reserves discovered and one of the richest countries in the world, which requires the country's politicians and leaders to regulate laws to invest these resources guarantee the rights of citizens and contribute to the provision of services and development The national economy in addition to saving money for future generations. "

He added that "since 2006, the House of Representatives announced the formation of a committee to study the proposal for the issuance of an oil and gas law, but the political conflicts and quarrels this law has drawn up the laws accompanying it - the law of the National Gas Company and the National Oil Company - in the inclusion of the government and parliament, reflected on the import of oil And the gas to feed the budget during the past years, "noting that" failure to issue this law means the foggy relationship between the government and the federal and producing provinces as well as with the region, and thus the loss of the rights of the federal or provincial or regional. "

"The determination of the relationship between the productive provinces and the federal government with regard to oil and gas revenues can enable local governments to establish service and other investment projects for their citizens at the same time enables the government to develop the production and exploration operations along with the development of oil industries and investment in other economic aspects and maximize financial revenues, He pointed out that "the law of the National Gas Company includes the development of facilities for investment and production of gas and petrochemical industry and industries related to gas fields, which is currently increasing demand in the global market."

He called on political leaders in the government and parliament to "accelerate the issuance of oil and gas law and accompanying laws and to develop a plan to optimize the country's wealth to achieve economic advancement and ensure the future generations of Iraq."

Specialized studies indicate that Iraq has huge potential of gas that can reach 5000 cubic meters (million standard cubic feet per day) and the accompanying production of huge quantities of condensate, dry gas, liquid and other components, making Iraq among the leading countries in investment Optimization of gas.


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