Iraq prepared to resume oil exports
Iraq, Economics, 6/7/2003

Iraq has been preparing to resume its oil exports just two and a half months since the eruption of war but will the main absent from OPEC meeting to be held on June 10th, due to the fact that there is no Iraqi government.

A spokesman for the American administration said this week that Iraq will resume its oil exports when contracts relating to crude oil loading will be completed. He added that the operations of exporting oil are still "nearby and that matter is only linked to finalizing the contracts."

Iraq has some 8.3 million barrels of oil from the north oil fields of Karkouk which were stored in Jeihan ( Turkey) before and after the recent war.

The same spokesman said that the current Iraqi production of oil is estimated at 700,000 barrels of oil daily and local consumption needs are estimated at 600,000 barrels.

The specialized Middle East Economic Survey MEES said that the Iraqi oil exports will permit ensuring revenues estimated at 4.5 billion dollars until the end of the current year.

The Iraqi in charge of running the Iraqi oil ministry Thaer Ghadbam recently said that Iraq's oil production will be in June one million barrels daily, half of which can be exported.

Ghadban said that oil production before the war was 3 million barrels daily. However, Iraq will be the main absent from meetings of OPEC in which it is a member. The meeting will be on June 10th and Iraq's absence is because there are no official representatives for this country. Iraq was also not represented in OPEC's meeting which was held in Vienna in April.

On the other hand, American officials and representatives for American companies in charge of rebuilding Iraq held a meeting in Amman on Thursday with Arab businessmen especially Iraqis and Jordanians. The representative of Bechtel company which won the largest contract for public works in the context of re-building Iraq Tome Alkines said that the "time of heroism is over in Iraq and it is time for work, instead." Bechtel says it has been selected by USAID through its Iraq Infrastructure Reconstruction Program "to participate in the design, rehabilitation, upgrading, reconstruction, and construction of IraqÕs infrastructure, initially including: one seaport, five airports, miscellaneous electric power systems, road networks, rail systems, municipal water and sanitation services, school and health facilities, select government buildings, and irrigation systems."

On the other hand, the American responsible for rebuilding Iraq and human rights, which was established by the Anglo-American coalition in Iraq Richard Greeco said that the idea of organizing a conference in investment opportunities in this country is under discussions.

However, experts estimated the cost of rebuilding Iraq until 2013 at 200 billions dollars

Previous Stories:
  U.S., Australia to help rebuild Iraq's farm sector   (5/3/2003)
  Economy sustains heavy losses due to US-led aggression   (4/1/2003)
  On the trade exchange size between Jordan, Iraq   (3/17/2003)

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