Central Bank of Iraq Plans and Ambitions
Another important issue the Iraqi government is carefully addressing, which is setting long-term plans to accomplish efficient business targets while feeding the furnace at Central Bank of Iraq. Iraq Oil Minister Hussain Al-Shahristani unveiled his plan of raising crude oil production to six million barrels per day over the next five years. The current production rate is around 2.4 million barrels per day, nevertheless, the challenge again seems to be achievable.
”The rate of Iraqi oil exports in 2008 were one million eight hundred and fifty barrels of oil per day and this level was almost steady as a monthly average and we have ambitions to be within the 2009 budget, we seek to raise the export rate to two million barrels a day,” Al-Shahristani said.
“The media buzz about the decline in production and export is not true because the production is increasing and not decreasing, but the export is still at the same level of last year and is not at our ambition.”, said Al.
“Any contract is being concluded without the consent of the Federal Government is invalid, and the companies have no right to operate in Iraq without the approval of the Federal Government and this position will not change.”, concluded Al.
On top of that, an Iraqi oil sector dignitary declared that Iraq will reduce the oil shipments selling price in May in order to increase the purchasers from Europe, pursuant to the recently-applied policy to encourage foreign investors. Moreover, Chairman of Iraqi Oil Marketing Company (SOMO) Falah Al-Amiri stated that Iraq reduced Basra crude oil to persuade more American buyers into investing more money in the industry, which would mean pumping more money in Iraqi multi-national businesses.
*************************************************
This article may be reprinted online and offline
as long as this box remains and its link is
hyperlinked online. Written by Darren Chabluk
for http://DrDinar.com/blog
*************************************************
