Parliamentary likely to get a surplus in oil revenues
Tuesday 5/1/2012 5:04
Baghdad / range: Suggested by the Finance Committee in the House of Representatives Najiba Najib obtain financial surplus large due to increased global price of oil, pointing to the probability distribution of wealth. derived from oil sales to the people the middle of the current year.
said Najib, according to the Agency (news): The draft law distribution of oil revenues to provide for the allocation of people (25%) of surplus revenues generated from oil sales and distribution of cash to the people through the development of a specific mechanism by the Ministries of Finance and Planning.
She added that the abundance of Finance will appear in the middle of this year, specifically at the end of next June will be assembled in a box and add the money (25%) of the increase achieved in the abundance of Finance last year, and is distributed at the beginning of the month of July next, either through the ration card or by other means determined by the Ministries of Planning and Finance.
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She noted for the abundance of large financial in the middle of this year, the fact that the current budget were based on the price of a barrel of oil (85) dollars, while global oil prices is now estimated at (125) dollars for a barrel of oil per The increase so far is around (40) dollars per barrel of oil one, and one can predict how much will each person's share of this money unless it has ascertained abundance of Finance at the end of next June.
For his part, predicted director of the Institute Iraq Energy Louay Khatib be Iraq, a key player in the global oil market, after increasing the production capacity of Iraqi crude oil next year to more than (4) million barrels of oil per day and gas investment that accompanies it (70%), particularly from the oil fields south according to the plan of the Ministry of Oil.
Khatib said, according to ( Agency news) The initial plan developed by the Ministry of Oil was aspiring to be the production capacity of Iraqi oil during the next five years (12) million barrels of oil a day, but the plan fell to ( million and then to (6) million barrels per day, noting that this figure would verify Iraq will be the key player in the world oil market.
said Khatib that this increase be accompanied by increased production capacity of the gas associated with oil, which burns in the oil fields south to reach its production capacity to (70%), which will develop the industry invading Iraq and raises electricity production in the country.
The aim of the plan and the Ministry of Oil and the arrival of production to (3) and a half million barrels of oil a day the end of this year and next year will be a production capacity of (4) million barrels to (4) million barrels and a half million barrels a day, and this energy increase for consecutive years, but increased the production capacity of oil required to accelerate expansion of the current export outlets for oil and other new outlets open through Syria, Jordan and Saudi Arabia.