Iraqi oil fields
Iraq issued bonds for $ 7 billion to pay off the debt of oil companies ... and pay the remaining crude

05/09/2015 20:41
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Long-Presse / Baghdad
Pushed the financial crisis, taking place in Iraq for months, the Iraqi government, and in cooperation with the Central Bank, to issue treasury bonds worth $ 7 billion to pay off part of the debt of foreign oil companies operating in the country.
At the same time, foreign companies pay the concern of Iraq's inability to fulfill its obligations in front to make a deal with the Ministry of Oil to meet the rest of the debt in exchange for crude oil.
Despite the agreement, the Iraqi government is facing another problem is the continuing decline in oil prices. In addition, low central bank reserves because of the high cost of the ongoing war with Daash more than a year.
The Iraqi Oil Ministry announced last week that it had paid to foreign oil companies last nine billion dollars for 2014.
The Reuters news agency quoted Oil Minister Adel Abdul-Mahdi as saying that "Iraq blasted the foreign oil companies to nine billion dollars remaining from the late 2014", noting "it would pay the arrears of 2015 in stages until the beginning of 2016".
The Global companies such as BP and Royal Dutch Shell and Exxon Mobil, Eni and Lukoil in the oil fields in southern Iraq under the service you get out on the dollar in exchange for a fixed fee contracts for production.
That means that "necessary to repay amounts Crude companies have nearly doubled in the light of the decline in oil prices over the last year."
MP says Abdul Qader Abdullah, a member of the Finance Committee (range), "The Iraqi government went to some private banks for the issuance of treasury bonds to repay the amounts of the Oil Ministry of the debt of the world's oil companies."
He MP Abdullah that "The oil ministry is trying to pay off all debt and these amounts during the current year through Asadr treasury bonds as well as the payment in the form of crude oil and food prices and daily sales."
In the same context, parliamentary sources familiar confirmed that "The oil ministry delivered oil companies issued treasury bonds from the Central Bank of $ 7 billion."
The sources, speaking for the (long) on ​​condition of anonymity, said that "international oil companies expressed fear of the possibility of failure of the Iraqi government to pay money that Bzmtha". The sources pointed out that "foreign companies demanded guarantees in order to secure the amounts."
In this context, the Attorney Zaher al-Abadi, a member of the Parliamentary Committee on Oil and Energy, said that "confirms the Ministry of Oil had paid for international oil companies is part of the amount allocated by the 2015 budget, which is estimated at 12 billion dollars."
Abadi said that "the Iraqi government paid from the funds allocated in the budget $ 5 billion during the last period, as well as its issuance of treasury bonds was withdrawn from the Central Bank and granted to international companies."
He continued to the Committee on Energy parliamentary member that "the granting of international oil companies such bonds is designed to Ttminha to ensure that their funds until the availability of cash for the government," referring to "the existence of a proposal by the Ministry of Oil to pay off the remaining funds to oil companies across granted crude oil."
In turn, says MP Awad al-Awadi, a member of the parliamentary energy committee, he said. "After the government's inability to pay dues international oil companies will be concluded to repay this debt by crude oil delivered"
He said al-Awadi, told the (range), that "the current government review of all licensing rounds, signed by the previous government because they greatly harm the Iraqi economy," adding that "the debt of foreign oil companies ranging from 7 to 10 billion dollars."
The attention of a member of the Liberal bloc that "these companies have expressed concerns about the lack Iraq's ability to meet its debt and tend to conclude an agreement with the Ministry of Oil to pay its debts crude oil."
Al-Awadi said that "crude oil payment depends on the full repayment of the debt owed by these companies and the Ministry of Oil, Iraq and therefore will continue to grant crude oil until the complete payment of all debts."