Oil: continue to pay dues of oil companies

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Oil: continue to pay dues of oil companies

 

 

 

 

Author: af Editor: ss reporter: ay

Number of Views: 146

 

28/03/2015 12:16

 

 

Tomorrow Press / Baghdad: The Oil Ministry has confirmed its continued push oil company operating in Iraq dues, attributed the delay to financial distress.

Said Undersecretary for liquidation and gas Fayyad Hassan blessing for "tomorrow Press" that "the amounts value of oil companies operating in Iraq is about $ 20 billion," he said, adding that "Iraq is ready to fulfill its obligations of international oil companies, and there are serious steps to be delivered."

Hassan added that "The ministry held a meeting with the Ministry of Finance and the Central Bank to issue bonds worth $ 12 billion," noting that "the ministry will pay the first bonds during this month."

He attributed the cause of the delay Fayyad dues to oil companies' financial distress that has befallen the country due to Ankhvaz global oil prices. "

 

 

 

[Big_J]

GM YOTA and DV.

[yota691]

Industry experts claim Baghdad to adjust the contracts of foreign companies

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29-03-2015 04:00 PM

 

 

At a time when Iraq is trying to increase its oil production agreement with foreign oil companies operating in the fields to more than three million barrels per day to cover the deficit in the 2015 budget, some companies refused to develop its work to increase the production of non-payment of dues, Industry experts see the need to amend some items signed with foreign companies in order to keep pace with the circumstance experienced by Iraq of the low price of oil and the control of the organization Daash on a number of oil fields after 10 June. 
and threatened Russia's LUKOIL to reduce its investment in Iraq in the event of rejection of access to more oil for its work in the West Qurna project 2 Because of the difficulty of obtaining financial entitlements. 
and suggested oil companies cut spending on development work in Iraq after being informed Baghdad that the decline in oil prices and the war on al Daash increase the difficulty of payment. 
Dion 
acknowledged oil minister, Adel Abdul-Mahdi, the beginning of this month, the indebtedness of Iraq for oil companies working more than twenty billion dollars, noting that Iraq fired last year some of the entitlements of the oil companies in return for what has been achieved from production in the year 2013, and then deported dues last year to 2015, which are added to the current year dues. 
and approximately the value of payments to foreign companies $ 18 billion In 2015, under the current service contracts. 
Previously, Iraq to last year signed contracts modified with BP firms British, Italian Eni and Russia's Lukoil, provides for the reduction of the targeted production levels and also to reduce the share of the government in Baghdad from 25% to 5%. 
modifying contracts 
and see a member of the Commission on oil and energy parliamentary, Kaveh Mohammad, the need for serious negotiations between the Ministry of Oil and foreign oil companies to modify some of the terms of contracts with these companies, because of existing contracts formula and what Iraq is going through does not fit with the current situation, and therefore the government is unable to pay dues oil companies. 
Mohammed indicated that 'there is an intention of the government to extend the contracts with foreign oil companies, and this may give assurances to these companies in order to continue its work and to increase the production capacity of the fields commensurate with the plan set for them. " 
For his part, reduced oil expert, Hamza Jeweler , threats of oil companies operating in Iraq to reduce its investments for its commitment to contracts signed with the government, stressing Iraq's ability to pay his dues as it is so far not been affected by the financial deficit in the budget year 2015. 
He said 'that Iraq will pay the dues of the oil companies, amounting to about twenty billion dollars through allotted in the budget and bond issuance amount ', pointing out that Iraq continuously with his plan to increase oil production to more than three million barrels of oil a day this year. 
Close policies 
and warned economist nice Ugaili of continued weakness in oil production because of the status of foreign oil companies is stable, the oil crisis between Baghdad and Erbil, which has not been resolved once and for all, and the control of the organization Daash on a number of oil fields. 
He acknowledged Ugaili collapse of a lot of Iraqi politics, including oil after the control of the organization Daash on areas where oil wells there, and the problems between the region and the center, noting that the right Foreign companies can claim the largest quotas in order to be balanced with the losses. 
But he believes that foreign companies were not successful in the development of oil fields and merely the extraction of oil. 
It is the most prominent foreign oil companies operating in Iraq fields - particularly South Mnha- Total, the French, British and Shell Dutch, British lobby me, and Exxon Mobil.

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THANKS YOTA

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Conscious / oil and financial Alniabaten discussing asked Abdul-Mahdi Treasury bond to pay dues companies
30/03/2015 11:30 | Number of Views: 1
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Conscious / Baghdad / MA

Committees oil, energy and finance held a meeting attended by members of the two committees and a delegation from the Ministry of Oil and the subject of exports of crude oil revenues and the problems and obstacles faced by the extraction, production and export operations in Iraq under the budget's dependence on oil exports only.

According to a statement to parliament received ( and the Iraqi News Agency Information / INA ) copy of it on "The meeting stressed that this issue is one of the big problems that hinder the reforms process because of the instability of oil prices and the adoption of the budget on oil revenues only, and cautioned participants to the need to take advantage of the wealth Other investment and open the door. "

"The meeting also discussed in detail of the oil companies, financial receivables in licensing rounds and the method of payment and the proportion of deficit and the oil ministry's budget and lower oil prices, which affected the payment of dues, and asked Oil Minister Adel Abdul Mahdi, treasury bills of the Ministry of Finance to pay those dues and the postponement of some projects, but the situation of financial dues to companies controlled for this year. "

The Oil Ministry has earlier announced its agreement with the Central Bank of Iraq to launch treasury bonds worth 12 billion dollars to pay dues to foreign companies and contractors working in the oil fields.

Oil Minister Adel Abdul-Mahdi, had confirmed in an earlier time news conference that "with the financial squeeze there between us and the companies financial dues were paid part of the dues in 2013 and we left some dues to 2014 and there are also benefits in 2015, and these account for a large amount exceeding $ 20 billion and prices Oil collapsed and you have to give these sources. "

He stressed that "these amounts will have been anticipating the events was provided exporters first key sectors are allocated in the budget for Assadod what was allocated to companies in the general budget, a $ 14 trillion dinars and the second thing is that the legitimacy of the ministry demanding Prime Minister and Minister of Finance firing treasury bonds worth $ 12 billion and we started procedures in order to cover the dues companies. "

Abdul-Mahdi stressed that "entitlements companies enjoy priority because the profitability of companies, in order to achieve specific gains you work and handed over the oil of Iraq and we have to recognize the amounts due and if they do not provide those amounts there will be a decrease production .

[yota691]

Oil and financial Alniabaten discussing asked Abdul-Mahdi Treasury bond to pay dues companies operating in Iraq

 

History of edits:: 3/30/2015 eleven nine • 29 visits readable


{Baghdad: Euphrates News} Committees oil, energy and finance held a meeting attended by members of the two committees and a delegation from the Ministry of Oil subject of exports and revenues of crude oil and the problems and obstacles faced by the extraction, production and export operations in light of Iraq's budget's dependence on only oil exports.

According to a statement to parliament agency {Euphrates News} received a copy of it on "The meeting stressed that this issue is one of the big problems that hinder the reforms process because of the instability of oil prices and the adoption of the budget on oil revenues only, and cautioned participants to the need to take advantage of other resources and open the door investment. " 
"The meeting also discussed in detail of the oil companies, financial receivables in licensing rounds and the method of payment and the proportion of deficit and the oil ministry's budget and lower oil prices, which affected the payment of dues, and asked Oil Minister Adel Abdul Mahdi, treasury bills of the Ministry of Finance to pay those dues and the postponement of some projects, but the situation of financial dues to companies controlled for this year. " 
The Oil Ministry has earlier announced its agreement with the Central Bank of Iraq to launch treasury bonds worth {12} billion dollars to pay dues to foreign companies contracting and working in the fields oil. 
Oil Minister Adel Abdul-Mahdi said in a press conference earlier in advance that "with the financial squeeze there between us and the companies financial dues were paid part of the dues in 2013 and we left some dues to 2014 and there are also benefits in 2015, and these account for a large amount exceeding 20 billion and oil prices of $ collapsed and you have to give these sources. " 
He stressed that "these amounts will have been anticipating the events was provided exporters first key sectors are allocated in the budget for Assadod what was allocated to companies in the general budget, a $ 14 trillion dinars and the second thing is that the legitimacy of the ministry demanding Prime Minister Finance Minister firing treasury bonds worth $ 12 billion and we started the proceedings in order to cover the dues companies. " 
He stressed Abdul-Mahdi said "dues companies enjoy priority because corporate profitability, in order to achieve specific profit you work and handed over the oil of Iraq and we have to recognize the amounts due and if they do not provide those amounts There will be a decline in production ".anthy

[yota691]

Oil Minister: Iraq has lost $ 14 billion in compensation paid to oil companies to poor planning
Monday, March 30 / March 2015 13:15

 

 

[baghdad-where]

 

Detection and Oil Minister Adel Abdul-Mahdi, for the loss of the state more than $ 14 billion in compensation paid to foreign companies operating in Iraq.

 

Said Abdul-Mahdi said in a statement received by all of Iraq [where] a copy of "The Iraqi state has paid compensation to oil companies, as a result of disruptions bear the responsibility," noting that "the total payment of compensation since 2011 and the end of 2014 amounted to 14 billion and 448 000 146 thousand dollars, or more than $ 3.6 billion a year on average. "

 

He attributed this loss Abdul-Mahdi to "poor planning or because of the application of restrictions and work instructions and procedures obsolete Tkhosrna more than protect us or defend our interests."

 

The Minister of Oil that "licensing rounds contracts stipulated in Article 12.5 of which he [the company may extractive review your any proposed work program of the production level of a proposed or certified, has required under the notice, a written, from the contractor or operator to increase or reduce the [reduction] the rate of production of the contract area for any of the following reasons]. "

 

He said Abdul-Mahdi, that "the administration and the economy - in the conditions of the world Almasr- not administered laws and regulations and instructions eat forever them and drink, this is the real corruption, and this is a big loss and the real waste of money, and this is a real lack of planning and good governance."

 

The Finance Minister Hoshyar Zebari revealed in the 25th of this month that the government intends to manage emergency funds through sales of oil reserves in advance and payment system for the first time and begin economic reforms to amend the oil contracts with major Western companies.

 

As revealed earlier this month that "Iraq Study bond issue worth five billion dollars through the bank Citi Bank and Deutsche Bank to help cover the deficit in the budget," .anthy

[Butifldrm]

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Oil Minister: $ 14 billion loss as a result of the failed Iraq policy Maliki

Under section: economicDated: March 30, 2015

 

 

 BAGHDAD / News Network Iraq detect and Oil Minister Adel Abdul-Mahdi, for the loss of the state more than $ 14 billion paid in compensation to foreign companies operating in Iraq. He said Abdul-Mahdi said in a statement: "The Iraqi state has paid compensation to oil companies, as a result of disruptions bore responsibility , "noting that" the total payment of compensation since 2011 and the end of 2014 amounted to 14 billion and 448.146 million dollars, more than $ 3.6 billion a year on average. " He attributed Abdul-Mahdi, this loss to "poor planning or because of the application of restrictions and instructions and procedures work obsolete Tkhosrna more than protect us or defend our interests. " The Minister of Oil that "licensing rounds contracts stipulated in Article 12.5 of which he [the company extractive entitled to review your any proposed program of work or certified by the proposed level of production, has required under the notice, a written , from the contractor or operator to increase or reduce [reduce] the rate of production from the contract area for any of the following reasons]. " He said Abdul-Mahdi, that "the administration and the economy - in the conditions of the world Almasr- not administered laws and regulations and instructions eat forever them and drink, this is the real corruption and this is the big losses and real waste of money, and this is a real lack of planning and good governance. " The Finance Minister Hoshyar Zebari revealed in the 25th of this month that the government intends to manage emergency funds through sales of oil reserves payment system in advance for the first time and begin economic reforms modifying oil contracts with major Western companies. He also revealed earlier this month for "Iraq Study bond issue worth five billion dollars through the bank

City Bank Deutsche Bank to help cover the budget deficit."

 

http://aliraqnews.com/%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D9%86%D9%81%D8%B714-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%AE%D8%B3%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%85/

Edited March 30, 2015 by Butifldrm

[yota691]

Abdul-Mahdi: financial compensation paid to oil companies

 

 

 

 

         

3/31/2015 0:00 

 BAGHDAD - A follow-up morning 

confirmed Oil Minister Adel Abdul-Mahdi, that Iraq pay very substantial damages to oil companies as a result of disruptions bore responsibility. Said Abdul-Mahdi, in a press release that the total payment of compensation since the year 2011 and the end of 2014 amounted to 14 billion, 448 million and 146 thousand and US $ 107, or more than $ 3.6 billion a year on average, indicating that «it was because of poor planning or because of the application of restrictions The instructions and procedures work obsolete Tkhosrna more than protect us, pointing out that the licensing rounds stipulated in Article 12/5 as «the Company may extractive review your any proposed program of work or certified by the proposed level of production contracts, has required under the notice, a written, from the contractor or operator increase or reduce «reduce» the rate of production from the contract area for any Spb.oadhav that »the administration and the economy in the conditions of the modern world does not run the laws and regulations and instructions eat forever by drinking .. This is the real corruption .. and this is the big losses and real waste of money .. and this is a real lack of planning and good governance ». 

The Ministry of Oil has announced its agreement with the Central Bank of Iraq to launch treasury bonds worth 12 billion dollars to pay dues to foreign companies and contractors working in the oil fields.