Advisor to PM: The oil sector is witnessing a rapid renaissance

Baghdad-INA
 
the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained on Tuesday, the positive effects resulting from the export of natural gas derivatives, while indicating that the oil sector is witnessing an accelerated development renaissance.
 
Saleh told the Iraqi News Agency (INA): “Models of economic progress depend on export resources in order to advance the reality of development,” indicating that “work to diversify the economy is through diversifying exported raw material products within high value-added that reflect positively on Current account of the balance of payments.
 
He added, "The export launch of a specific type of natural gas derivatives and the development in this direction have two important effects, including the optimal exploitation of some aspects of natural gas resources that have been wasted by burning, especially the gas associated with oil production, in addition to the gradual reduction and compensation for the costs of gas currently imported for specific purposes and used as a fuel for operating electrical power plants that rely on natural gas derivatives itself.”
 
He pointed out that "the oil sector today is witnessing a rapid developmental renaissance, whether in diversifying products from crude oil, associated gas or natural gas, and generating high flexibility in allocating the country's financial resources, whether towards replacing imports of oil and gas products or promoting exports of them according to calculations of the balance between costs and benefits from the import and export activities of various types of oil and gas derivatives,” noting that it is “the optimal balance rule that will be in the interest of the national economy, especially maximizing the country’s financial revenues.”