The young entrepreneur Bora Can Yıldız represented Turkey in the energy
conference organized with the great participation of the Middle Eastern
countries holding the energy market of the world.
The young entrepreneur Bora Can Yıldız represented Turkey in the energy
conference organized with the great participation of the Middle Eastern
countries holding the energy market of the world. Yıldız said that the market
in Iraq was worth $ 1 trillion.
Bora Can Yıldız, the member of Istanbul Young Entrepreneurs’ Association (ISGID), addressed a speech in Iraq Energy Projects Conference held in Dubai by the MEED (Middle East Business Intelligence) and said that $ 1 trillion of investment was needed in the short term for the reconstruction of Iraq, and added: “The second richest oil reserves of the world as well as the tenth richest natural gas resources of the world are located in Iraq. However, almost twice the production amount is burnt off in Iraq just because there is not enough production facility. With a $ 40 billion worth investment, $ 500 billion revenue can be gained. Iraq is a grand market for the Turkish entrepreneurs. It is possible to get 10 TL for 1 TL worth investment. If you respect the values of the local people while you are making your investments there, you will succeed; otherwise, it may turn into a disaster for those acting with gold rush logic. The Turkish investors constitute the most loved group in Iraq at the moment. They think that we are really related”.
ISGID Member Bora Can Yıldız representing Turkey in the Middle East and Iraq Energy Conference discussed the region’s future with the key energy players in the market. The energy resources in Iraq and the projects relating to such resources were discussed in the meeting in which the directors of the world’s most important energy companies such as Shell, Chevron, Lukoil, Crescent, Kogas as well as leading politicians in the region, bureaucrats and businessmen participated. The second richest oil reserves of the world as well as the tenth richest natural gas resources of the world are located in Iraq. However, being lack of security, logistics, human resources, transportation, bureaucracy and infrastructure can sometimes constitute a problem for the international players in terms of investing in the region. Being one of the partners of EID Construction running many projects in the region, Bora Can Yıldız shared his experiences relating to two hospitals and an airport project that were run in cooperation with the private sector and state. Stating that the monthly safety expenses of a single construction site may exceed $ 1 million for the international projects they run in the oil regions; however, it costs way less for the projects they run in the city among the people, and that the Iraqi people treat Turkish people so hospitably and closely, Yıldız added: “The amount of the processed gas production corresponds to 587 MMSCFD (million standard cubic feet per day) in Iraq today; however, more than twice this amount is burnt off just because there is not enough facility to process gases. Furthermore, Iraq imports one third of its gas need. With a $ 40 billion worth investment to be made in the field of gas in the next years, $ 500 billion revenue can be gained from the gas. The market in Iraq needs $ 1 trillion of investment in the short term. We are really hopeful about Iraq’s future; the bureaucratic difficulties are natural in a country going through reconstruction, that’s why, we should be understanding. However, the companies entering in the region must have a strong financial balance and be prepared for the unexpected. It is companies’ duty to contribute to the development of the Iraqi people and Iraqi employees. The social projects should be prioritized. However, this prioritization should not be just for show; it should be from the heart. Unfortunately, some international companies and professional personnel working in the region aim for high revenues in the short term, which causes a great damage both for the country and themselves. The companies aiming to serve Iraqi people must be long lasting, because these modest and humble people deserve it. Otherwise, the gold rush may turn into a black Thursday situation for such companies. The Iraqi people always treat the Turkish entrepreneurs as if they were brothers. We should get our share from the market without betraying this trust.”
Thamir Abbas Ghadbhan, the Chairman of the Committee in Iraqi Parliament and former Minister of Oil explained the Integrated National Energy Strategy INES in this meeting. He said that until 2017, they would reach 13 million barrels per day according to the high production scenario, and 9 million barrels according to the medium production scenario; and he stated the milestones relating to these two scenarios. Thamir said that they would produce 10 BSCFD (Billion Standard Cubic Feet per Day) gas in 2017 according to the high production scenario. Adnan Al-Janabi, the Chairman of Energy and Oil Committee, said that the oil reserves in Iraq reached 200 billion barrels, and $ 1 trillion would be spent on the reconstruction of Iraq, provided that $ 500 billion of which would be spent on the oil and energy infrastructure. He explained that they aim for a capacity of 1.5 million barrels a day as the refinery capacity, and they aim for a capacity of 20 GW as the electricity generation, and that they were making short, medium and long term investment plans in this field, and that the majority of such investments would be made in association with the international energy giants.
Bora Can Yıldız, the member of Istanbul Young Entrepreneurs’ Association (ISGID), addressed a speech in Iraq Energy Projects Conference held in Dubai by the MEED (Middle East Business Intelligence) and said that $ 1 trillion of investment was needed in the short term for the reconstruction of Iraq, and added: “The second richest oil reserves of the world as well as the tenth richest natural gas resources of the world are located in Iraq. However, almost twice the production amount is burnt off in Iraq just because there is not enough production facility. With a $ 40 billion worth investment, $ 500 billion revenue can be gained. Iraq is a grand market for the Turkish entrepreneurs. It is possible to get 10 TL for 1 TL worth investment. If you respect the values of the local people while you are making your investments there, you will succeed; otherwise, it may turn into a disaster for those acting with gold rush logic. The Turkish investors constitute the most loved group in Iraq at the moment. They think that we are really related”.
ISGID Member Bora Can Yıldız representing Turkey in the Middle East and Iraq Energy Conference discussed the region’s future with the key energy players in the market. The energy resources in Iraq and the projects relating to such resources were discussed in the meeting in which the directors of the world’s most important energy companies such as Shell, Chevron, Lukoil, Crescent, Kogas as well as leading politicians in the region, bureaucrats and businessmen participated. The second richest oil reserves of the world as well as the tenth richest natural gas resources of the world are located in Iraq. However, being lack of security, logistics, human resources, transportation, bureaucracy and infrastructure can sometimes constitute a problem for the international players in terms of investing in the region. Being one of the partners of EID Construction running many projects in the region, Bora Can Yıldız shared his experiences relating to two hospitals and an airport project that were run in cooperation with the private sector and state. Stating that the monthly safety expenses of a single construction site may exceed $ 1 million for the international projects they run in the oil regions; however, it costs way less for the projects they run in the city among the people, and that the Iraqi people treat Turkish people so hospitably and closely, Yıldız added: “The amount of the processed gas production corresponds to 587 MMSCFD (million standard cubic feet per day) in Iraq today; however, more than twice this amount is burnt off just because there is not enough facility to process gases. Furthermore, Iraq imports one third of its gas need. With a $ 40 billion worth investment to be made in the field of gas in the next years, $ 500 billion revenue can be gained from the gas. The market in Iraq needs $ 1 trillion of investment in the short term. We are really hopeful about Iraq’s future; the bureaucratic difficulties are natural in a country going through reconstruction, that’s why, we should be understanding. However, the companies entering in the region must have a strong financial balance and be prepared for the unexpected. It is companies’ duty to contribute to the development of the Iraqi people and Iraqi employees. The social projects should be prioritized. However, this prioritization should not be just for show; it should be from the heart. Unfortunately, some international companies and professional personnel working in the region aim for high revenues in the short term, which causes a great damage both for the country and themselves. The companies aiming to serve Iraqi people must be long lasting, because these modest and humble people deserve it. Otherwise, the gold rush may turn into a black Thursday situation for such companies. The Iraqi people always treat the Turkish entrepreneurs as if they were brothers. We should get our share from the market without betraying this trust.”
Thamir Abbas Ghadbhan, the Chairman of the Committee in Iraqi Parliament and former Minister of Oil explained the Integrated National Energy Strategy INES in this meeting. He said that until 2017, they would reach 13 million barrels per day according to the high production scenario, and 9 million barrels according to the medium production scenario; and he stated the milestones relating to these two scenarios. Thamir said that they would produce 10 BSCFD (Billion Standard Cubic Feet per Day) gas in 2017 according to the high production scenario. Adnan Al-Janabi, the Chairman of Energy and Oil Committee, said that the oil reserves in Iraq reached 200 billion barrels, and $ 1 trillion would be spent on the reconstruction of Iraq, provided that $ 500 billion of which would be spent on the oil and energy infrastructure. He explained that they aim for a capacity of 1.5 million barrels a day as the refinery capacity, and they aim for a capacity of 20 GW as the electricity generation, and that they were making short, medium and long term investment plans in this field, and that the majority of such investments would be made in association with the international energy giants.
Related Turkish Media Link:
http://www.sondakika.com/haber/haber-genc-girisimci-can-yildiz-aciklamasi-4481692/
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