Iraq will retain a huge reserve of oil wealth
07/10/2017 12:00 am
Baghdad / Emad emirate is
characterized by Iraq , up the shelf life of the oil reserves, which is one of the criteria important indicators; reason - according Mokhtchin- to expand the uses of the noble to the development of other industries including petrochemicals in order to achieve rapid economic renaissance of the national economy and to benefit from This wealth will deliver it to future generations to enjoy its benefits.
The academic economist Dr. Said Bin for the "morning" that through the preliminary reading of oil reserves, we find that Iraq has the potential to make it the longest life of the default reserves of oil, asestimated life span of Iraqi oil reserves by 164 years, the longest virtual life, which means that Iraq will be one of the few countries to maintain a huge oil reserves.
Said explained the need to plan production to reduce the consumption of waste oil, and to direct a proportion of production towards the noble uses of this crude to achieve economic returns to the community far exceeds what is achieved by the traditional use of oil as an energy source. The noble uses of oil primarily use as a raw material in the petrochemical industries and fertilizers, Medical and other.
Said said production planning is the only scientific method to prolong the life of oil reserves by linking the levels of production and export the size of the actual reserves to finance economic and social development in a way that ensures the future generations of their rights in this national wealth.
He pointed out that Iraq is the first source of oil to put this scientific concept of production planning, and the first to determine the method of translating this concept into a scientific formula proved successful in the application after the process of nationalization of oil, which subjected oil wealth to national sovereignty and provided for the first time in the history of oil-exporting countries Planning the industry at all stages.
He added that oil revenues contribute to increase productive investment, improve living standards, expand absorptive capacity, obtain value added and exchange oil development by importing advanced technology, equipment and raw materials for economic projects, paying for oil revenues or paying the dues of investment companies. In Iraq from exporting oil to its countries.
The academic economist d. Rahim Hassouni stressed the need to use economic standards when the disposal of financial resources in the field of government investment to achieve the increase in economic growth and diversification of sources of income and not to cut or dependence on the oil sector as a single source.
He pointed out in an interview with Al-Sabah that the revenues of this resource must be managed efficiently so as to achieve a fair distribution of
public services among all sectors of the society, in light of the social benefit and improving the welfare of all.
He stressed the importance of not exaggerating or exaggerating the exploitation of oil as this source of depleted resources, adding that excessive exploitation will lead to the depletion quickly, so the development of this resource on the one hand and the preservation of the rights of future generations when exploiting it are a political and economic responsibility, The real economic progress of a nation comes from the development and development of its human resources, rather than the development of its natural resources.
He added that there are examples of this for many countries in this field, which, although they did not own the oil resource, have managed to create real wealth through the development of their human resources, while the countries that have just extracted and sold oil have become a consumer of wealth and not created or developed , And here must be the establishment of strategic projects that would reduce dependence on oil.
He stressed that these projects will contribute to the absorption of unemployment rampant in society and generate demand for goods and services reviving factories then increase production and less dependence on the outside in meeting the needs of society, and must be synchronized or preceded by the development and use of alternative sources of energy.
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