The most prominent economic events in Iraq in 2011

Wednesday, 28 2011 13:14 GMT

Alsumaria News / Baghdad
occupied the oil and gas sector provided economic events that gripped Iraq in 2011, which saw many of the events important economic, most notably the establishment of a company especially Basra, high exports of Iraqi oil, and the launch of the licensing round fourth of the fields of oil and gas. also witnessed the 2011 events, economic Others relate to the high Iraqi Central Bank reserves of hard currency, advertising and the Iraqi Ministry of Planningfor the largest budget in the history of Iraq in 2012, and visit foreign companies, European and Asian countries to Iraq, as well as the success of the Ministry of Agriculture to fill a large part of agricultural crops, and the establishment of the Baghdad International Fair in its normal of 38. But in 2011 not without its economic problems have affected the economic development in Iraq and the reality of the electricity system, including contracts phantom concluded by the Ministry of Electricity, in addition to the high inflation gradually with the end of the year 2011, and not to make amendments to the investment law, although claims continued to amend it. the oil sector and gas sector has seen oil and gas events, the task of higher production and oil exports after Iraq had introduced the fields of oil and gas development in the licensing rounds first, second and third, as will mobile fourth for the development of oil and gas fields, according to specialists to strengthen reserves. said Director of the Department of Contracts and Licensing at the Ministry of Oil Abdul Mahdi al-Amidi said in an interview for "Alsumaria News", "Iraq was able to increase its oil production to 500 thousand barrels per day from three oil fields, including Rumaila, Zubair, West Qurna and within the first licensing round." He added Amidi that "oil production for 2011 reached 2.9 million barrels per day compared to two million and 500 thousand barrels in 2010, while exports of Iraqi crude oil is the other to reach about 2.2 million barrels per day compared to two million barrels per day during the year 2010." As a result of Iraq introduced the fields of oil and gas development in the licensing rounds turned Iraq into the declaration in April of the year 201, for a fourth round of licensing for Balacetkchavat oil and gas to enhance Iraq's oil reserves and gas. said the spokesman of the Iraqi Oil Ministry, Asim Jihad, said in an interview for "Alsumaria News" " The ministry has to announce licensing round IV for 12 tenth exploration blocks in various parts of Iraq to bolster Iraq's oil reserves and gas, "noting that" The trip came on the back of the successes of the last three rounds, which influenced positively in raising the level of reserves in Iraq's oil as well as increased production ". and announced former Iraqi oil minister Hussein al-Shahristani, the fourth of October 2010, that the oil reserves of the country's recoverable up to a total of 143.1 billion barrels after it was 115 billion barrels, adding that Iraq has become so in the world's third largest after Saudi Arabia and Venezuela, and by Iran. the establishment of Basrah Gas Company to invest and treatment of associated gas showed the urgent need for gas in Iraq in the operation of power stations, factories, petrochemical after Iraq was burned gas associated with oil without the benefit of it, prompting the Council of Ministers to approve the establishment of Basrah Gas Company. The spokesman said Spokesman for the Iraqi Oil Ministry, Asim Jihad, said in an interview for "Alsumaria News", "The ministry has signed a final contract with Royal Dutch Shell and Japan's Mitsubishi to establish the Basrah Gas Company to invest in gas associated with oil from three oil fields are Rumaila, Zubair, West Qurna Phase I" . Jihad said that "the establishment of Basrah Gas Company is a large national will significant gains for the country in general and Basra in particular, the most important investment of associated gas to extract oil and employ them and converted to useful energy in many areas, including the production of electrical energy and petrochemicals industry, and all activities related to the gas, as well as investigation and imports additional financial to the state treasury, in addition to cleaning the atmosphere of the city of Basra from environmental pollution as a result of associated gas. " The Cabinet agreed in October of 2011, the establishment of Basrah Gas Company, which will address the gas associated with oil from the fields of Rumaila, Zubair, West Qurna partnership between the South Gas Company, owned by the Ministry of Oil by 51% and the two Royal Dech Shell by 44% and Mitsubishi of Japan by 5%, while the ministry signed the contract with the companies once at the end of November. and declared the Iraqi Oil Ministry said Iraq would reap $ 31 billion in fiscal revenue from the investment of the associated gas in oil fields. Preliminary estimates indicate that Iraq possessed stockpiles estimated at 112 trillion cubic feet of gas, but that 700 million cubic feet of it burning day and wasted due to lack of infrastructure. second largest budget in the Arab world and announced the Iraqi Ministry of Planning that the Iraqi budget for next year 2012, would be the second largest budget in the Arab world after Saudi Arabia, with a budget ranging between 112 and 120 billion dollars through the adoption rate of the oil price set at $ 85 per barrel and production of 2.0005 million barrels per day, while considered a number of economic and financial that the next budget if used correctly will contribute significantly to the re-infrastructure of Iraq. The financial and economic expert Hilal Miller in an interview for "Alsumaria News" that "Iraq's budget for next year 2012, will achieve a quantum leap in the field of projects and re-infrastructure if been developed in the places assigned to them and by the cadres and leaders of the specialized administrative and efficient. and called Miller the Iraqi government to "the need to eliminate administrative and financial corruption that affected the previous budgets, and far from their right," and expressed his fear that "affect the Iraqi budget coming from the corruption that exists in the Some circles in the Iraqi government, especially with the presence of large numbers of the budget the next fiscal. " The Minister of Finance announced in the eighth month of December, the current, on the adoption of the Council of Ministers of the budget of Iraq for the next year 2012, of 117 trillion dinars and a deficit of 14 trillion dinars, while the operating budget 80 trillion dinars and 37 trillion dinars as investment budget.