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Baghdad intensify efforts to entice foreign investors to oil sector


31-01-2009 - 11:23

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As violence decreased in the last years, Baghdad started to intensify efforts in order to encourage foreign investments in its vital oil industry. Ali Al Ubaidi, Baiji refinery General Director said that the stolen Benzen produced by the refinery cost the government more than 2 billion dollars. He also stressed that a large amount of this money is used to fuel the rebels who follow the steps of Al Qaeda and pointed out that the Ministry of Oil opened door for foreign Companies to present bids in order to establish monitoring devices in the station in order to put an end for the robbery. On the other hand, Ubaidi added that the refinery finally started to produce quantities of Benzene enough for the local use and added that additional investments in Baiji will allow it to resume exports. The things going on in Baiji is also taking place in Basra where the General Director of South Oil Company in Basra Kifah Naaman said that the government is serious regarding its plans to entice investors and added that all what they need is money and support. Nahman said that the company is in a stage where it needs to implement plans and the government knows that well. Many committees were formed in order to study the situation. Things are clear now however, Naaman added that the company needs approval upon a determined plan and a feasible timetable. The General Director reiterated that the company teams are currently ready to move and to start implementing these things and all what they need is money and support. Naaman added that these fields produce since a long time ago and these measures should have been taken since 15 years at least however, the ongoing wars did not give the country the chance to work on any of them.


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