Bahr al-Ulum: $ 27 billion, the size of Iraq’s debts to oil giants since 2013

Bahr al-Ulum: $ 27 billion, the size of Iraq’s debts to oil giants since 2013

Posted 31/12/2014 08:05 AM

Bahr al-Ulum - 27 billion dollars - the size of Iraqs debts to oil giants since 2013Former oil minister disclosed that the Iraqi government is required to pay about $ 27 billion for foreign companies that worked on the development of fields in the south and the debt of these belong to the past year and this year, indicating that the oil giants have spent about $ 43 billion over the past two years, and they plan to invest $ 87 billion until 2016.

The parliamentary Finance Committee revealed that Iraq will not reimburse the full amount of the companies, due to the financial crisis and the collapse of oil prices, and perhaps provide them with guaranteed bonds worth $ 12 billion only, to postpone the rest.

Said Ibrahim Bahr al-Ulum, the former oil minister and a member of the Commission on oil and parliamentary power, for the past two years have seen invest in oil companies a lot of money up to $ 43 billion that the government paid half, under the licensing rounds decades, added to the companies that are deducted at the rate of profit to $ 1.5 for every barrel of oil extra mined, as investors managed to add about one million barrels of domestic production,

The attention of Bahr al-Ulum that “the number of foreign oil companies operating in Iraq up to nearly 17 global investment company working on the development and production of oil producing fields and explored.”