Oil Minister: private sector investment will top the top of our plan.


Oil Minister Jabbar alaibi, that private sector investment will occupy the top of the Ministry's plan to develop the oil sector in the country, with regard to petroleum experts pointed out that private sector participation is a good step to increase production and reduce unemployment and gain experience.

And the oil Minister's information Office said alaibi, Jabbar Jabbar alaibi oil Minister, stressed that private sector investment will occupy the top of the Ministry's plan to develop the oil sector in the country. "

The statement quoted the Minister as saying that "the private sector has priority in the process of developing the country's oil wealth", stating that "global economic crisis and falling oil prices require multiple channels open in the process of developing important sector in the country." Alaibi said, "among the priorities of the Ministry's plan of action in the coming stage is open to the private sector to invest in the oil business in order to develop it and bring it to the desired objectives through increased production and export of energy to the countries of the world will be reflected positively on the Iraqi economy."

Jabbar oil Minister in the face flaw August 18, 2016, increase the production of petroleum products and reduce the proportion of imported half and benefit from global experiences regarding petroleum products distribution stations and mobilized "form and substance", and stressed the need to improve local product of benzene because of its positive impact on citizens, noted the Ministry sought to work with specialized firms to expand exploratory oil patch. Oil expert, said in an interview for "punitive Jassim range", "participation of the private sector in the development of oil production is a good step from several directions, notably to reduce unemployment and increase the efficiency of national cadres in addition to promoting domestic production of consumer."

"The oil sector is the financial budget resources President artery, so it needs immediate and future plans with great flexibility to meet the challenges of low world prices for crude oil."

Kumar said that "major industrial countries gave a big chunk of oil investment to benefit the private sector which participation of Governments in the development of the oil sector to global market control phase. The production of petroleum products and access to self-sufficiency is the hardest task facing the oil Ministry spent billions of dollars annually to import most of the petroleum products from neighboring countries to meet local alnfs ".

Oil expert stressed that "licenses contributed significantly to increase oil production, but falling oil prices led to a drop in profits to a dangerous level in Exchange for increasing the share of foreign companies that have accumulated over the years entitled debts payable to the Federal Government."

"The renegotiations with foreign investment companies could provide additional funds to the Government without resorting to cancel contracts once and for all what causes the loss of billions of dollars in addition to losing the confidence of major powers of her experience in the oil sector."

In the same context the Russian oil company operating in the field of kasbrom Pedra, all oil produced from crude oil over the past two years reached 3 million tons, with production rising attributed to business investment in the field.

Sputnik Russian news site said, the company has kasbrom oil pump about 3 million tons of crude oil in the field during the past biennium Pedra ", his lack of production rising to business investment in the field."

The site said that "oil production from the field since the beginning of the year exceeded Pedra 2016 rate of 1.3 million metric tons.

Kasbrom company has introduced earlier this year four oil wells into production in the field with oil production rate reached 30,500 barrels a day, in the time you dig four wells in the hope to finish them with the beginning of the year 2017.

With a record of strong weekly gains, oil analysts counted climb unprovoked, despite speculation that Saudi Arabia and others seeking an agreement to install production.

Us crude oil prices rose when leveling to bring the biggest weekly gain since March, with Brent kept on a gradual rise, as analysts said the fundamentals of the market don't justify this rise.

Crude prices have risen by about ten dollars since early August by speculation that Saudi Arabia and other members of the leading organization of petroleum exporting countries (OPEC) will reach an agreement next month to install production with non-members of the organization led by Russia.

WTI rose 30 us cents or 0.62 percent at settlement to $ 48.52 per barrel after yesterday, the whole week rose nine percent registered gains for the second consecutive week, the biggest weekly gain since early March.

Brent's futures closed low one cent to $ 50.88 a barrel after jumping to the highest level in two months, $ 51.22 per barrel, and Brent climbed eight percent during the week registered gains for the third consecutive week.

OPEC holds informal meeting in Algeria next month with producers from abroad.

The Bank said Morgan Stanley (NYSE: MS) in a note: "we believe that the fundamental factors that have improved is not a major cause of recent price hikes.