Al-Ghadban: losses of attacks against the oil sector toll $ 7 billion
Iraq, Economics, 10/23/2004

The Iraqi oil minister Thamer al-Ghadban announced that the attacks which target the oil sector in Iraq cost the country losses estimated at $ 7 billion since March 2003 which witnessed the American invasion of Iraq, besides that these attacks obstruct meeting the requirements of exportation and the local market.

Al- Ghadban said that the ministry pays $ 200 million monthly, which means paying $ 2.4 billion annually to import oil by products.

He added that the attacks inflicted damages in the available production capacity of about 2.8 million barrels daily ( 2.1 million from the south and 700,000 barrels from the north), stressing that his ministry will seek next year to produce 3 million barrels daily, but this matter is linked to security conditions.

The Iraqi oil minister attributed the current crisis in energy to security factors, noting that drivers in northern Iraq received threats coinciding with the blowing up of pipelines in the south feeding the warehouses.

No side claims responsibility for the attacks against the oil pipelines. However, there are sides in the interim government and the American forces accusing members of the Iraqi resistance of targeting them with the aim to ban making use of this huge resource which is considered the second largest oil reserve in the world.

Worthy mentioning that experts said that rehabilitation of the oil sector in Iraq during 10 years require $ 50 billion.

Previous Stories:
  Iraqi government stresses that the attacks obstruct plans to increase oil production   (10/18/2004)
  The first loan from the IMF for Iraq   (9/30/2004)
  Iraq joins the Arab gas line project   (9/27/2004)

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