WOTS TUE JUN 29 21
The Iraqi economy is the center of polarization
These are the articles I discussed on the My FX Buddies Podcast
Finance Minister: The white paper includes 600 changes in laws
The Iraqi economy is the center of polarization
link
Another definitive evidence of the strength and durability of the Iraqi economy, despite all the crises and tribulations, was represented by the convening of an Egyptian-Jordanian-Iraqi tripartite summit.
A lightning summit that settled many speculations and indicated an attempt to go towards diversifying economic relations in various international, regional and Arab axes, thus liberating the economy, as alternatives are available, and this is what we are looking for for the future of Iraq in light of internal and external challenges.
Energy, money and investment are the focus of the summit.
Economically, the compass is heading towards the most important aspect of the meeting or summit that took place recently.
What is the relative importance of these top countries?
Arab Egypt has capabilities, competencies and advanced companies, and has remarkable success experiences in the implementation of strategic and infrastructure projects, and has made achievements in addressing energy challenges and various other projects, including water and tourism investment, the Suez Canal, and others.
The Kingdom of Jordan enjoys a deep strategic position to support the outputs of the Iraqi economy in the event of the return of its production and export strength, as it counts on Jordan to be the original additional port, as well as the reserve in the event of challenges in the main outlets for the export of crude oil, and as a reserve when the extractive capacities of energy expand and quantities increase Production and export in the future, as the conveying line project through the port of Aqaba will enhance the export capabilities of Iraqi oil, in addition to the high-quality financial expertise that Oman enjoys and its wealth of international expertise in this field.
As for Iraq, it is known for its diverse economic capabilities and capabilities, not only energy, but also large natural resources that have not been invested; Therefore, the center of polarization is the strongest in the region.
Here lies the importance of the integration formed by this important tripartite axis, which will contribute to the return of the lead to Iraq, restore the world's confidence and encourage them to invest in it, knowing its available capabilities and the country's need for large investments to rebuild a homeland exhausted by the challenges and problems it has faced.
This summit produced facts on the ground that Iraq is a difficult figure in the international economy, as well as it leads an important middle direction in making economic relations between nations an alternative to wars to promote mutual economic interests as a realistic alternative in the region.
Will we understand the lesson to enhance Iraq's capacity and return to its real role in building the new global economy in accordance with its new system by continuing with this new, clear and correct approach? .. We are watching to see.
Iraq signs a $360 million loan agreement to stop gas flaring in Basra
Today, Tuesday, Basra Gas Company signed an agreement with the International Finance Corporation (IFC) to grant the company a loan of $360 million for a period of five years.
The company said in a statement received by Shafaq News Agency, that this loan will contribute to the expansion and increase the capacity of Basra Gas Company to process an additional 400 million standard cubic feet per day of natural gas. This is a 40% increase from the company's current capacity, which aims to help the country meet its growing energy needs and power an additional 1 million Iraqi homes.
According to the statement, the Basra plant project to separate liquids from gas will reduce greenhouse gas emissions by about 10 million tons annually.
And Oil Minister Ihsan Abdul-Jabbar Ismail said, "The signing of this loan supports joint efforts to maximize the optimal investment of gas associated with oil operations, by treating it with the latest modern technologies and striving to achieve our goals of converting burned energy into clean and useful energy, and working to reduce emissions and harmful environmental effects. .
He pointed to the importance of strengthening cooperation with sober international banks to implement and support sustainable development projects, including gas investment projects in the Basra Gas Company.
Ismail added that this loan opens new horizons for more cooperation and transactions that serve common interests and goals, stressing Iraq's commitment to maximizing associated gas investment projects, and achieving the standards and goals stipulated in the Paris Agreement.
For his part, Malcolm Mays, Managing Director of Basra Gas Company, said: “We are pleased to sign this agreement with the International Finance Corporation, which is the first loan agreement of its kind in the oil and gas sector, and it is a milestone that we are proud of. This agreement demonstrates the strength of Iraqi companies, such as Basrah Gas Company and its ability to attract financing and confidence from international banks.The aim of this five-year loan is to support the company's growth project, the Basra Gas-Liqued Processing and Separation Plant (BNGL) project and converting wasted flared gas into much-needed energy in line with our strategy and with the vision of The Iraqi government to boost electric power production and create a more sustainable energy industry. This agreement would not have been possible without the great support of the Ministry of Oil, the International Finance Corporation and our shareholders."
Sergio Pimenta, IFC Vice President for the Middle East and Africa, said: “This pilot project has the potential to deliver significant environmental and economic benefits, including reduced greenhouse gas emissions and increased fiscal revenue, as well as improving access to energy and lowering costs for Iraqi citizens. This project comes after years of hard work and strong cooperation by all parties involved. We hope to send a strong signal to other investors to support more investments in tackling climate change and supporting inclusive growth in Iraq."
As for Hamza Abdel-Baqi, General Manager of the South Gas Company, he said, "A historic achievement achieved by Basra Gas Company by signing the contract with the International Finance Corporation (IFC), according to which the company will receive an amount of $360 million, which will achieve financial stability for the company and enable it to move forward with its plan. We at the South Gas Company, in cooperation with partners from Shell and Mitsubishi, and with the support of the Ministry of Oil, are working to achieve the government’s vision to maximize investment in associated gas and transform it into energy that benefits the Iraqi people "
Ali Al-Janabi, Vice President of Shell Iraq, said, “We are proud to be partners in the Basra Gas Company joint venture, which is the cornerstone of Iraq’s gas utilization strategy, as we produce gas that feeds 75% of Basra’s electricity demand and LPG to meet more than 65% of the country's total demand.Besides providing gas for energy and industry, the Basrah Gas Company plays a vital role in the local economy through recruitment and contracting activities as well as the collection of otherwise flared gas thus dramatically improving air quality for the local communities in Basra.As an Iraqi I am incredibly proud This partnership and its positive impact.
Kunihiko Sakaki, Regional President (Middle East), Mitsubishi said, “As a joint venture partner of the Basra Gas Company (BGC), we are pleased to agree to this agreement with IFC.
Kurdistan floating on an "oil basin" discloses figures about its financial revenues and the size of its billions debts
Ministers concerned with oil and non-oil financial revenues, in the Kurdistan Regional Government, revealed details in numbers, especially the revenues of the region, which has four governorates, with a disclosure of the size of debts in the wake of a financial crisis that it is experiencing after 2014.
This came during a special session of the Kurdistan Parliament that lasted for the early morning hours of Tuesday, June 29, in which it hosted a delegation comprising senior government officials, and the session took about 13 hours.
Salary problem in the region will not be completely resolved
The Minister of Finance and Economy of the Kurdistan Regional Government, Awat Sheikh Janab, said during the session that if Baghdad abides by its agreement with the region, the salary problem will not be resolved by one hundred percent, as the federal government only recognizes 682,000 employees in the region.
He added that if the federal government committed to implementing Article 11 of the Budget Law for the year 2021, and the agreements concluded, this would be an important part of solving our problems, but not 100 percent.
Sheikh Janab explained that the reason why the problems were not completely resolved is that Baghdad only recognizes 682,000 employees in the region, and that the regional government has the duty to provide the salaries of another 600,000 employees.
The minister also went on to say, "58 percent of the region's oil revenues do not go to the treasury of the Kurdistan government, and this is linked to oil contracts.
Last December, Baghdad and Erbil reached an agreement on the financial budget, stipulating that the region hand over 250,000 barrels of oil per day, and half of the revenues of border and other crossings to the federal government, in return for a budget share of 12.6 percent.
Kurdistan has $31 billion in debt
In the session, which was also attended by the Secretary of the Council of Ministers of the Kurdistan Region, Amanj Rahim, the latter said in a speech during that session, that the debts owed by the region increased another billion dollars due to the change in the dollar exchange rate, the delay in the payment of employee salaries, and the loans of the Trade Bank of Iraq.
According to Rahim, the region does not owe any international institution or bank, adding that "the region has resorted to funds for the costs of oil companies, and another part of the money saved to provide salaries for employees.
He said that by March 31, 2021, the region's debts amounted to 31 billion, 637 million dollars.
The bulk of the debt is salary savings, which amount to $12 billion, and the other part of the debt is loans from the Trade Bank of Iraq, amounting to nearly $4 billion, according to Rahim.
Over 65 million barrels of oil sold in 5 months
In turn, the Chief of the Cabinet Office of the Territory, Omid Sabah, said during the session: that the region sold during the past five months 65 million, 300,000 and 647 barrels of oil, with financial revenues of three billion, 373 million US dollars, indicating that the average price per barrel amounted to 51 dollars.
Sabah explained that the region sold an amount of 13 million and 60 thousand barrels per month.
The head of the Cabinet Office also indicated that during the past five months, one billion and 969 million dollars were spent on the total cost of oil production, internal transportation of crude in the region, external transportation into Turkish territory, and debt repayment from oil revenues.
He pointed out that the revenues of the Ministry of Finance and Economy from the total sales amounts were only one billion and 360 million dollars.
Decreased oil reserves in the region
For his part, the Minister of Natural Resources in the region, Kamal Atrushi, said that he took over his duties five months ago in an empty ministry, and it cannot be called a government institution.
And he added, "The Kurdistan Region is floating on an oil basin that extends its length from the region to Oman, and this basin was established 200 million years ago," noting that the region is one of the best places for oil and gas production.
He added that the region's oil reserves have decreased, and now represent 10% of the Iraqi oil reserves, so the region's storage cannot be compared to the Iraqi oil reserves, which are estimated at 115 billion barrels.
Atrushi announced that the cost of producing one barrel of oil in Iraq is one dollar, and in the region ranges between 10-12 dollars, so the mistake in the field of the oil industry is committed only once and will not be compensated because one barrel of oil needs 60 million years to re-create.
He noted that 58 percent of the oil goes to oil companies and the cost of production, noting that the region produces 450,000 barrels of oil per day, but this production rate is unstable.
The KRG has concluded dozens of agreements with foreign oil companies, including giant companies such as ExxonMobil, Chevron, Total and Gazprom, to develop oil fields and explore for others.
The region succeeded in pumping 100,000 barrels per day of crude to global markets for the first time in early July 2009 through the pipeline owned by the federal government and extending through Turkey to the Turkish port of Ceyhan on the Mediterranean.
In 2014, the region extended its own pipeline to Turkish territory to the port of Ceyhan and pumped between 400 and 450 thousand barrels per day to global markets individually.
The increase in pumping came in the wake of the exacerbation of disputes with Baghdad over the payments of the region’s share of the annual financial budget, and Baghdad cut off the region’s share completely, while keeping part of the salaries of public sector employees.
The drop in global oil prices and the expenses of the war against ISIS between 2014 and 2017, led to the emergence of a severe financial crisis in the Kurdistan Region.
The financial crisis reached its climax in 2020, when the federal government cut the salaries of the region’s employees completely last April; Erbil has been unable to pay public sector employees' salaries for at least three months.
The region sells its oil at preferential prices in global markets, due to the unwillingness of many companies and countries to buy it for fear of being prosecuted from Baghdad.
Parliamentary Economy: There is no justification for not implementing the budget items
The Parliamentary Committee on Economy and Investment called, on Tuesday, to expedite the implementation of budget mechanisms for fear of causing an economic stagnation in the market.
Member of the Parliamentary Committee, Mazen Al-Faili, said in an interview with Al-Sabah newspaper, followed by Al-Eqtisadi News, that "there is no excuse for implementing the budget's provisions, especially after the many calls to vote on it before its approval and reduction from 164 trillion to 130 trillion dinars."
He stressed that "the delay in launching the budget mechanisms is not justified, but is caused by the absence of a government program applied on the ground."
He added that "the implementation of the budget paragraphs in general would move the market, and that disrupting this matter is expected to cause an economic recession."
Source: Parliament is actively seeking to resume sessions to avoid embarrassment
A parliamentary source confirmed, on Tuesday, that the Presidency of the House of Representatives is seeking strongly to resume parliament sessions, especially the session scheduled for Tuesday, to avoid embarrassment with its audience in light of the approaching date of the legislative elections.
The source said in a press interview, "The Presidency of the Parliament demanded, during its meeting with the leaders of the political blocs yesterday, that they put pressure on the representatives of their blocs for the purpose of attending the remaining sessions in the age of the current legislative term of the Council."
He pointed out that the presidency began to feel embarrassed and pressured because of its failure to hold parliament sessions for a long time, although many laws are still waiting to be read and passed during the current legislative term of Parliament, which is the last with the approach of the parliamentary elections.
The Parliamentary Strategic Planning and Government Program Follow-up Committee meets with the Governor of the Central Bank and managers of some banks
The follow-up committee for the implementation of the government program and parliamentary strategic planning held a meeting with the governor of the Central Bank and directors of housing, real estate, Rafidain and Rashid banks.
The Prime Minister to Brussels to activate the Iraq and European Union agreements
different version with a different title
The Prime Minister to Brussels to activate the Iraq and European Union agreements
The governor of the central bank and bank managers under the dome of Parliament
The Parliamentary Strategic Planning and Government Program Monitoring Committee hosted, on Tuesday, the governor of the Central Bank and managers of government banks to discuss reforms in the work of banks, according to what was stated in the ministerial curriculum.
The head of the committee, Hazem Al-Khalidi, told Shafaq News Agency, "The committee hosted today the governor of the Central Bank, Mustafa Ghalib, and the directors of the Rafidain, Al-Rasheed, real estate, industrial and agricultural banks to discuss the progress of reform of government banks."
He added that "the questions put to the governor of the bank and bank managers were about the procedures related to the paragraph on the government ministerial curriculum," noting that "the committee hoped that the achievement would be at the highest level with regard to the transition to the electronic system."
Al-Khalidi continued, "The Parliamentary Government Program Monitoring Committee will hold another meeting to evaluate the answers to be part of the government performance evaluation issued by the committee during the current year.
Adviser to the Prime Minister of Iraq: The Law on Reconstruction and Investment is on its way to "representatives"
Mubasher: Sabah Abdul Latif Mushtat, advisor to the Iraqi Prime Minister for Reconstruction and Investment Affairs, confirmed today, Monday, that the Law on the Reconstruction and Investment Council is on the way to legislation, while noting that the law will set a strategy for building the country.
Mushtat told the Iraqi News Agency (INA), that "the Law of the Reconstruction and Investment Council began as an idea in the time of the government of former Prime Minister Adel Abdul-Mahdi, as it was reformulated after it was discussed in the State Council, but the government changed," noting that "one of the provisions of the government program for the government of The current Prime Minister, Mustafa Al-Kazemi, is to establish the Council for Reconstruction and Investment.
He added: "At the beginning of the formation of the government, the Law of the Reconstruction Council was sent to us and a committee was established with the membership of Suha Al-Najjar, who was the Prime Minister's advisor for investment, the legal advisor to the Prime Minister and the director of the legal department in the Ministry of Finance, and I as an advisor for reconstruction and services affairs, as our proposal was to change his name from the Reconstruction Council to The Council for Reconstruction and Investment," noting that "the law is currently on its way to the House of Representatives for approval."
He continued, "The House of Representatives will not deal with the law with priority because the remaining period of its life is short, and there are projects that must be approved," explaining: "We are waiting for its approval to develop a reconstruction strategy in the country."
The previous government, headed by Adel Abdul-Mahdi, voted on the draft law on the Reconstruction Council for the purpose of submitting it to the House of Representatives, where the draft law was prepared jointly by the Presidencies of the Republic and the ministers, benefiting from the advice of many experts and competencies.
The draft law aims to establish infrastructure and establish major projects in the country such as roads, bridges, airports and ports, in addition to eliminating unemployment by encouraging investment and employing manpower, following up on the establishment of strategic, industrial, agricultural, health and housing projects, and sustaining their operation in accordance with international standards and concepts.
The project authorized the Reconstruction Council to have broad powers such as contracting, control, supervision, implementation and management of major projects effectively, creating job opportunities, maximizing the benefit of Iraqi citizens from state resources by distributing project profits to them, giving them priority in subscribing to the Council’s projects, and implementing development projects of economic importance to develop and diversify the resources of the Council. Iraq, material and human, and the establishment of active national sectors capable of free competition and advancing the wheel of development forward.
An upcoming visit by Al-Kazemi to Washington to agree on the schedule for the US withdrawal
The National Security Adviser, Qassem Al-Araji, revealed, on Tuesday, June 29, 2021, that Prime Minister Mustafa Al-Kazemi, will visit .the US capital, Washington, soon
Al-Araji said in a press statement that the Prime Minister will visit Washington, and during the visit an agreement will be made on the schedule of the US .withdrawal from Iraq .
Al-Araji stressed that Iraq does not need foreign combat forces and has enough of its own General Kenneth McKenzie, the commander of the US Central Command in the Middle East, had said earlier that its forces were under pressure from armed parties to get out of Iraq, but stressed that the decision to leave is in the hands of the Iraqi government, and that the US presence there came at .the request of the government .
The United States decided earlier to reduce its military presence in Iraq from about 5,200 to 3,000 soldiers The US military withdrew from Iraq at the end of 2011 and left only a small mission attached to the US embassy, but other US forces were deployed in .the country years later with the aim of supporting Iraqi forces in the fight against ISIS, which launched a major attack in the summer of 2014
The exchange rate of (100) dollars on the Kifah Stock Exchange in the capital, Baghdad (146.850) dinars, and the price of (100) dollars on the Al-Harithiya Stock Exchange (146.850) dinars, and in other exchange offices, the selling price was (147,250) dinars, and the purchase price (146,250) dinars.
As for the Erbil Stock Exchange, it recorded a new decline, as the price of 100 dollars reached (147,050) dinars, and in the Basra Stock Exchange, the price of 100 dollars (146.950) dinars, and on the Stock Exchange of Mosul Governorate, the price of 100 dollars (147,000) dinars.
On the Stock Exchange of Sulaymaniyah Governorate, the price of 100 dollars (147,150) dinars was recorded. On the Stock Exchange of Dohuk Governorate, the price of 100 dollars (147,150) dinars was recorded.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1459.0000 | 1464.0000 | 1458.2000 | 1434.5000 | 1456.0000 | 0.6000 | 00:00 |
| USD/VND | 23020.0000 | 23025.0000 | 23015.1500 | 23012.9200 | 23012.9200 | 2.3900 | 00:35 |
| USD/CNY |  6.4574 | 6.4594 | 6.4622 | 6.4535 | 6.4552 | 0.0023 | 05:30 |
| USD/KWD |  0.3006 | 0.3016 | 0.3008 | 0.3006 | 0.3008 | -0.0002 | 05:20 |
| GBP/USD | 1.3846 | 1.3846 | 1.3883 | 1.3836 | 1.3880 | -0.0035 | 05:30 |
| USD/IRR | 42000.0000 | 42210.0000 | 42097.5000 | 42097.5000 | 42097.5000 | 0.0000 | 00:00 |
| USD/IDR | 14550.0000 | 14552.0000 | 14571.0000 | 14465.0000 | 14483.0000 | 69.0000 | 05:30 |
ALL RECORDS SMASHED: PORTLAND TO 116-DEGREES...
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Oil prices plummet with the outbreak of the highly contagious Delta virus
Oil prices fell for a second day on Tuesday, amid concerns about slowing growth in fuel demand as the outbreak of the highly contagious COVID-19 virus led to new restrictions on movement around the world.
US West Texas Intermediate crude futures were down 27 cents, or 0.36%, at $72.66 a barrel by 05:18 GMT, extending a 1.5% loss on Monday.
Brent crude futures were down 27 cents, or 0.35%, at $73.88 a barrel, after falling 2% on Monday.
The escalation in delta-variable cases comes as the Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies, known as OPEC+, are scheduled to meet on July 1 to discuss easing their supply restrictions.
And OPEC's demand forecast shows that global oil supply in the fourth quarter will fall below demand by 2.2 million barrels per day, giving producers some room to agree to increase production.
The Financial Times, citing officials, reported that talks over the US-UK travel corridor have also slowed, in part due to concerns about an increase in Delta cases in Britain.
Analysts expect OPEC+ to increase supply by about 500,000 barrels per day in August, as the market tightens due to strong growth in fuel demand in the United States and China, the world's largest oil consumers.
The Parliamentary Strategic Planning and Government Program Follow-up Committee meets with the Governor of the Central Bank and managers of some banks
The follow-up committee for the implementation of the government program and parliamentary strategic planning held a meeting with the governor of the Central Bank and directors of housing, real estate, Rafidain and Rashid banks.
Source: Parliament is actively seeking to resume sessions to avoid embarrassment
A parliamentary source confirmed, on Tuesday, that the Presidency of the House of Representatives is seeking strongly to resume parliament sessions, especially the session scheduled for Tuesday, to avoid embarrassment with its audience in light of the approaching date of the legislative elections.
The source said in a press interview, "The Presidency of the Parliament demanded, during its meeting with the leaders of the political blocs yesterday, that they put pressure on the representatives of their blocs for the purpose of attending the remaining sessions in the age of the current legislative term of the Council."
He pointed out that the presidency began to feel embarrassed and pressured because of its failure to hold parliament sessions for a long time, although many laws are still waiting to be read and passed during the current legislative term of Parliament, which is the last with the approach of the parliamentary elections.
An upcoming visit by Al-Kazemi to Washington to agree on the schedule for the US withdrawal
The National Security Adviser, Qassem Al-Araji, revealed, on Tuesday, June 29, 2021, that Prime Minister Mustafa Al-Kazemi, will visit .the US capital, Washington, soon
Al-Araji said in a press statement that the Prime Minister will visit Washington, and during the visit an agreement will be made on the schedule of the US .withdrawal from Iraq .
Al-Araji stressed that Iraq does not need foreign combat forces and has enough of its own General Kenneth McKenzie, the commander of the US Central Command in the Middle East, had said earlier that its forces were under pressure from armed parties to get out of Iraq, but stressed that the decision to leave is in the hands of the Iraqi government, and that the US presence there came at .the request of the government .
The United States decided earlier to reduce its military presence in Iraq from about 5,200 to 3,000 soldiers The US military withdrew from Iraq at the end of 2011 and left only a small mission attached to the US embassy, but other US forces were deployed in .the country years later with the aim
CBI Update: Just a note:
including $34,610,000. CASH
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
6-28-2021 Newshound/Intel Guru BGG [Reference Guru Pimpy post 6-28-2021] This representation is mostly inaccurate. We have published the actual news sources, documentation and hard facts surrounding the Kuwaiti event numerous times. While it is true, there were clearly some investors who made some money is this circumstance – it is (was) nowhere near the size and scope as is normally portrayed. I tend to think this commenter is recalling the China incident, event wise… though the China event was not much of an upward value change (+/- 8-9% in one day).
6-28-2021 Intel Guru Holly We begin another week and the news over the weekend was the final release is forth coming and they they are highly anticipatory of it this week. That is from the majority of the sources I speak to. There is another one who says sometime in July and another says by August. So I will say this, we are event driven and this is optimally now in the best time for this. Can things change? Absolutely… as this is based on events going on, most of which we will never hear about that goes on behind the scenes.
6-28-2021 Intel Guru MarkZ [via PDK] Very interesting news this weekend…There is a lot happening today. I have a number of key players in big meetings at 11 AM. We don’t have any idea how long it will take... I am getting tremendous static on the RV side of things...We are hearing the reason it has not gone yet…is Yellen, Powell and company…current administration are fighting it tooth and nail…. I think this is going to be a good week…
6-28-2021 Newshound Guru Pimpy There's a lot of chatter about the exchange rate. It just keeps going on and on. It's very interesting. A little nugget to tease you guys - when the Kuwait dinar changed it changed a couple days after they came out saying they had no intention on changing the rate for a long time. Two days later they changed it...
6-28-2021 Newshound/Intel Guru Mnt Goat The dinar, in a way, is indirectly floating now via the speculators and money exchangers and we see the mess it is creating in Iraq. ...Yes, Iraq it is time you put on your BIG BOY PANTS and finally emerge to the global economy and get out of your closed economy and re-peg the dinar to other currencies in the basket the IMF has stated many times will happen. [Post 2 of 2]
6-28-2021 Newshound/Intel Guru Mnt Goat Article: "IS FLOATING THE CURRENCY A VIABLE OPTION? UNDER WHAT CONTEXT?" The context they are talking about is the FLOATING the dinar exchange rate and I quote- “of the national currency against other foreign currencies”, which means to reinstate the dinar on FOREX and other currency exchanges. Right now it is solely pegged to the US dollar so they are not talking about floating the program rate. They know already they can not FLOAT the currency on a program rate inside Iraq. [Post 1 of 2]
