If a barrel of oil reaches a price, the market will collapse
The CEO of the Russian “Lukoil” company, Waheed Alekperov, spoke about the future of the global oil market, and believed that the rise in the price of a barrel of oil above the level of $ 100 will lead to the collapse of the market.
Alekperov said in a press statement, “The rise of oil above the level of $ 100 stimulates investments in low-profit and ineffective projects, and then it will lead again to what we have already experienced, which is the collapse of the market.”
In the words of Alekperov, head of Russia’s largest private oil company, the price of a barrel of oil in the range of 65-75 dollars is comfortable for consumers, and therefore the participants in the “OPEC +” group are working to maintain oil prices at this level by regulating production volumes.
Oil prices are currently trading at the level of $73 a barrel, and the “OPEC +” group had decided to reduce production in May 2020 with the decline in prices in light of the decline in demand for oil, caused by the COVID-19 pandemic link
President of the Federation of Chambers of Commerce meets the official of the International Trade Center and the delegation accompanying him
The President of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, discussed today, Tuesday, with the International Trade Center official, the developments of the economic situation after the Covid 19 pandemic, to advance the commercial, agricultural and industrial reality of Iraq.
The Center is a technical cooperation agency for the United Nations Conference on Trade and Development and the World Trade Organization, and works to make successful small businesses work in developing countries by providing partners, solutions to develop trade with the private sector, trade support institutions and policy makers.
This meeting comes as a continuation of the efforts made by the Federation of Chambers of Commerce to improve the reality of the private sector in general and the commercial reality in particular, since the Federation is the main and effective partner in the SAAVI project, which is considered one of the leading global projects. The program is now in the process of implementing projects related to tomato, poultry and egg farms within Food Security Chain of the Republic of Iraq.
Al-Zuhairi said that the meeting included discussions on business administration, holding workshops and continuous training to empower women in Iraq, and there are rewarding sums given to trainees after their training and rehabilitation.
He pointed to the necessity of preparing an in-depth study of such projects and benefiting from the experiences and capabilities provided by the union and its twinning with the new programs and plans in the world.
For his part, Nijon, a specialist in export research and strategies, said: We had an important and fruitful meeting today with the president of the Federation of Iraqi Chambers of Commerce.. We established an important stage of future cooperation. The ultimate goal is trade exchange and job creation for Iraqi youth through cooperation and training with the Iraqi private sector joints.
He added, in order to achieve this matter, we have the full desire to work with decision-makers and invest the funding granted by the European Union. link
The largest gas field in western Iraq is awaiting referral for investment
Local sources in Anbar Governorate revealed, on Tuesday, the obstacles that stand in the way of referring the crutch gas field to investment again after the withdrawal of the Korean Kokaz Company.
A senior official in the governorate’s office told Shafaq News, requesting anonymity, that “Kokaz Company withdrew from the field in 2014 during ISIS’ occupation of the province, and there are negotiations to return it, and it is demanding guarantees and compensation for its equipment that was destroyed during the war against ISIS.”
And he indicated that “Iraq cannot agree with another company without resolving the issue with Kokaz, as it is possible for the company to sue Iraq internationally.”
Meanwhile, the advisor to Anbar Governor for Energy Affairs, Aziz Khalaf Al-Tarmuz, said, “The South Korean Kokaz Company had started working in the Cruz field at the end of 2011. Indeed, it is nearing completion of the infrastructure completion of the field, which includes six gas wells, but the province was occupied by ISIS.” prevent it.”
He added, “After the terrorist organization took control of the province, it destroyed everything that Kokaz had accomplished, and stole most of the equipment and other contents.”
In his interview with Shafaq News Agency, Al-Tarmuz confirmed that “as soon as the province was liberated from the terrorist organization, coordination was coordinated with the Ministry of Defense to secure the field with a regiment of army forces, to protect the rest of the devices that ISIS could not steal, and we asked the Oil Ministry to coordinate with Kokaz Company to resume work in the field.
He pointed out, “The company purchased equipment for the field at a value of 450 million dollars, and secured it in the Central Oil Company located in the Rashidiya area, and after nearly two years, it became clear that it was unable to resume work, despite the stability of the security situation in the province, and the field was completely secured, The ministry reached a consensual solution with the company, by paying the sums of what the company accomplished.
He continued, “Offers were made to major companies to invest the field, including the American Titan, Saudi Aramco, and a number of other companies, in order to negotiate with them and start work in the field, but we were shocked by the fact that the Central Oil Company responsible for the crutch field, started working in the Mansouriya field in Diyala province by a Chinese company, at a time when it was supposed to work in the crutch field.
Al-Tarmuz added, “Since 2016 until today, we have been waiting for the Ministry of Oil to turn to the field, but unfortunately so far the work in the crutch field has not been decided, and we hope that during the next two months, we will start it, knowing that Anbar owns more than 25 fields, without crutches, including South Akkas field, South Rawa, Wadi al-Rashamat, Nukhaib, Arar, Wadi Abu al-Jir and Haifa field, all of which are gas fields, and all of these fields are offered for investment, but the matter belongs exclusively to the Ministry of Oil.”
Regarding the news that there are conflicts between prominent Anbar politicians and candidates from Western constituencies, which caused the disruption of the crutch field investment, Ibrahim Al-Awsaj, the mayor of Ramadi district, the center of Anbar province, said that “the file of the crutch field is managed exclusively by the Ministry of Oil, and I do not think that the province is You have the authority to approve his investment, and no one is authorized to be at the fore in this file.”
And Al-Awsaj, in his interview with Shafaq News Agency, said, “There is no candidate in Anbar who has the power to confront the state or stand in its way, and all candidates are simple people, and there are no leaders or leaders in the western regions of Anbar, to be able to pressure the central government with this.” file”.
He added, “After Kokaz Company apologized for resuming work in the field, the Ministry of Oil began searching for other companies to invest in it link
Source: Dinar Recaps
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