Investment financial returns in the production and development of services

3/10/2016 0:00

BAGHDAD / Imad emirate

Used most of the financial returns earned from oil exports in the State Administration of normal course of business, either what is allocated for investment was not up to one fifth of that revenue or less than that, and it was not for oil during the years preceding an active role in the development of other economic sectors.

In order to addressing these imbalances, Dr. academic Ahmed Omar al- Rawi actual need to increase oil production to meet the increasing requirements of the financial resources to rebuild Iraq 's economy to his former pointing to the visions of variation in the methods of increasing oil revenues.

As suggested by some experts to the privatization of the oil industry and others went toward rehabilitate oil facilities by the public sector , which has the experience and long experience in the oil industry.

The state adopted the opinion of using foreign companies to develop oil fields working as a policy of new production to increase from crude oil.

And described the Iraqi economy Balriei to its dependence on oil exclusively in securing the country 's financial requirements, despite the availability of other productive sectors scalable.

He narrator that the relationship must be positive between the use of oil revenues , and what can be achieved economic growth by adopting a strategy and clear policies and economic.

He said he expected to increase the production capacity of oil to rates of over 10 million barrels per day by the year 2016, according to oil licensing signed by the state in 2010 contracts, but the facts point to the difficulty of access to this figure due to lack of infrastructure and the ability of the oil sector of systems of transportation and storage to respond to this volume of production.

He went on saying that the increase of production if they realized they meet the substantial financial returns, but it must be to spend these revenues are thoughtful and programmer, which requires the State to adopt a long - term strategy aimed at economic and social realities in the development of Iraq, and that the programs be consistent with the size revenues generated annually from the export of oil to correct the imbalance suffered by the Iraqi economy three decades ago.