Inspector General in Ministry of Oil : Oil is the only future bet to raise the standard of living for people
Called for the restoration of the Iraqi National Oil Company law03/01/2007
The Inspector General in the Iraqi Ministry of Oil, Ali Mohsin Al-Allaq, confirmed that recent statistics showed that the average annual income of the Iraqi individual reached 41 dollars, and that 54% of Iraqis spend less than a dollar a day, so oil is the only future bet to raise the quality of life, services and living in this country.
Al-Allaq added in a statement that "Iraq ranks second in the world in oil reserves; it produces about two million barrels per day and exports less, in spite that Iraq needs to increase its revenue to meet the requirements of building, construction and raising the standard of living of citizens and this requires taking a host of measures to boost production and export of crude oil and natural gas. The most important of these measures are: the reinstatement of the Iraqi National Oil Company law because of its positive impact in achieving a better framework for the management of oil activity, the expeditious issuance of the necessary legislation in the management of wealth and investment so as to ensure the entry of specialized international companies in order to expand and develop productive capacities as well as increasing exports within a system that balances between the objectives of the State and investors to achieve better conditions for investment and competition, the provision of a flexible financial system in allocations and funding so as to facilitate the task of completing projects and equipment as well as increasing the rates of production and discharge, providing the necessary protection for oil-sector installations and pipelines after the losses Iraq incurred to and which worth billions of dollars due to suspension of export operations from Kirkuk to Turkey or to the refineries of Iraq, the adoption of modern techniques and following up the developments in the petroleum industry in addition to the replacement of old practices which adopted the continuity of extraction and pumping at the expense of the standards and measurements that maintain and safeguard the wells and fields, finally, the acceleration in implementing the drilling programs and reclamation of old wells as well as repairing, maintaining and protecting the Northern, Southern and Western export systems to achieve the necessary flexibility for export. Al-Allaq also stressed the importance of reviewing in detail the international markets because achieving the maximum benefit and better returns in oil exports can only be done by reconsidering the markets that buy Iraqi oil with the expansion of dealing with the Eastern Market since it achieves better returns. The matter requires the expansion of the activity of research and study in the company of oil marketing through the market research office, which is deactivated currently, in order to provide a database and scientific follow up to the market movement to reach estimates and speculations that serve the purpose of buying and selling. It also requires the investment of gas and to stop wasting burnt gas which forms 60% of gas production; this investment will add an important revenue to Iraq since it will stop the import of liquid gas to meet local demand as well as the real potential of its export.
ITS ALL ABOUT THE OIL!!!!
Key statements, average Iraqi citizen $41 us dollars yearly income, and 54% spend less than a dollar a day. They need this RV more than we do. They need the standard of living to be better, once this happens the fighting will stop. Everything that is happening, we will see our RV within the next couple of months. This is George Bush MASTER PLAN. Just think United States sitting on 100 billion dinar. We have a RV 1 to 1, instant buying power of oil. Iraq wants the dinar to be currency of choose. IT ALL MAKES SENSE!!!! ALOT OF THEM