Economist: The Withdrawal Of Giant Oil Investment From Iraq Will Be In The Interest Of Corruption Rings

Baghdad The specialist in managing state institutions in crises, Ali Jabbar Al-Fariji, confirmed: “The withdrawal of giant oil companies in Iraq will be in the interest of corruption rings.”

Al-Fariji said in a statement to the National Iraqi News Agency / NINA / that “the equation is not balanced in light of the high rates of oil prices of more than 75 dollars per barrel, and the volume of local production, which reaches rates of 4 million barrels per day, and an average of 3 million barrels of export per day, except for exports of the Kurdistan region, according to the Iraqi Oil Ministry’s data, as well as the determinants of the “OPEC +” agreements.

He added, “The major players of the oil companies operating in Iraq intend to completely withdraw from investment in the oil sector, as the two American companies, Royal Dutch Shell and Exxon Mobil, were followed by the Russian company Lukoil, in addition to the BP, which is considering withdrawing and selling its stakes in the West Qurna project to China.

He stressed: “the withdrawal of this size will leave a significant negative impact that is difficult to treat, from repercussions on the economic side in general, and not only in the oil and energy sector. Iraq cannot be referred to as a balanced environment in maintaining investments or attracting large, sober companies. It cannot also be considered an attractive investment center despite the rates of profits and the need for many businesses that large investors can flock to in any other part of the world.

He continued: “Corruption constitutes one of the most dangerous episodes in expelling investment, to which is added the chaos of the uncontrolled security situation, mismanagement of state institutions, lack of economic strategies, poor services and others.”


Source: National Iraqi News Agency