Hue Mi
08-30-2011, 02:46 PM
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Iraq’s Kirkuk reports substantial drop in oil output (http://www.azzaman.com/english/index.asp?fname=news%5C2011-08-25%5Ckurd.htm)
By Marwan al-Ani
Azzaman, August 25, 2011
Output from Iraq’s giant oil fields in the northern Province of Kirkuk is receding, the chairman of Kirkuk’s provincial council said.
The chairman, Hassan Toran, said Kirkuk’s output has plummeted by at least 100,000 barrels a day, causing huge financial losses for his province’s economy.
Iraq’s oil-producing provinces are entitled to one U.S. dollar for each barrel of oil they produce and Toran said his province was now losing $100,000 per day.
The royalties from the petro-dollar project are funneled to the provinces’ coffers and the reset is diverted to the Central Bank.
“This is a massive loss for the national economy because of the company’s (Northern Oil Company) failure to boost production or even preserve it at the rates prevalent two years ago,” Toran said.
Toran gave no further details about daily oil production in Kirkuk which used to churn out up to 1 million barrels a day before the 2003-U.S. invasion.
The newspaper contacted the Oil Ministry to confirm or deny Toran’s remarks.
Following repeated attempts, the newspaper’s correspondent managed to talk to the ministry’s adviser, Muatasim Akram.
But Akram declined to comment on Toran’s remarks, saying production was not part of his area and that he was in no position to talk.
Iraq’s Kirkuk reports substantial drop in oil output (http://www.azzaman.com/english/index.asp?fname=news%5C2011-08-25%5Ckurd.htm)
By Marwan al-Ani
Azzaman, August 25, 2011
Output from Iraq’s giant oil fields in the northern Province of Kirkuk is receding, the chairman of Kirkuk’s provincial council said.
The chairman, Hassan Toran, said Kirkuk’s output has plummeted by at least 100,000 barrels a day, causing huge financial losses for his province’s economy.
Iraq’s oil-producing provinces are entitled to one U.S. dollar for each barrel of oil they produce and Toran said his province was now losing $100,000 per day.
The royalties from the petro-dollar project are funneled to the provinces’ coffers and the reset is diverted to the Central Bank.
“This is a massive loss for the national economy because of the company’s (Northern Oil Company) failure to boost production or even preserve it at the rates prevalent two years ago,” Toran said.
Toran gave no further details about daily oil production in Kirkuk which used to churn out up to 1 million barrels a day before the 2003-U.S. invasion.
The newspaper contacted the Oil Ministry to confirm or deny Toran’s remarks.
Following repeated attempts, the newspaper’s correspondent managed to talk to the ministry’s adviser, Muatasim Akram.
But Akram declined to comment on Toran’s remarks, saying production was not part of his area and that he was in no position to talk.