No audio or video for this blog post I just couldn't get it in
Iraq pays its debts, but Iran’s problem is withdrawing money from “TBI” - Ambassador Al Sadiq
The opposition has been transferred and disarmed.”
The Iranian ambassador to Iraq, Muhammad Kazem Al Sadiq, said today, Sunday, that Baghdad has paid the debts it owed to Iran, and that Iraqi officials are making the payments on time, indicating that Tehran has created an account in the “TBI” Bank to receive funds in dinars, but the problem lies in operations. Direct withdrawal from the bank.
Regarding the issue of disarming the Iranian opposition in Iraq, Al-Sadiq confirmed that the transfer of opposition forces from the border to the depths of Iraqi territory was done well, and that the disarmament of heavy weapons from them was also completed, pointing to the establishment of 3 camps for them in Erbil and one camp in Sulaymaniyah, and the forces The Patriotic Union of the Kurdistan Region built a wall to besiege them.
Al Sadiq in an interview with the Iranian ISNA agency:
Three important points in the security agreement between Tehran and Baghdad.
Regarding the security agreement between Iran and Iraq, this agreement contains several clauses, saying: There are three important clauses in this agreement, which include monitoring the borders by the central government, disarming the opposition and exchanging criminals, and it was emphasized that these opposition forces would be transferred from the borders to the depths of the lands. Iraqi.
Al-Sadiq stated that the transportation file was completed well and camps were designed in this regard, explaining that there are three camps in Erbil and one camp in Sulaymaniyah for this matter. In the Sulaymaniyah region, where these forces are gathered, the forces of the Patriotic Union of the Kurdistan Region are building a wall to besiege these forces.
Regarding the disarmament of these elements, Al Sadiq also explained that disarmament means that semi-heavy weapons were taken from them, but saying that light weapons were taken from them must be taken into account that most of the Iraqi people have Kalashnikovs and firearms in their home, but these are not allowed. The forces possessing these weapons, and with the measures designed in the Kurdistan region, should not have an armed presence in the region.
Iran responds firmly to the threats
When answering the question about the level of diplomatic relations between Iran and Iraq currently, after the two countries witnessed a diplomatic escalation following Iran’s attack on terrorist groups in the Kurdistan region on January 15, 2024, which led to Baghdad recalling its ambassador to Tehran, the Iranian ambassador said: Our relations with Iraq Strategic, deep and broad in various political, economic, cultural and security fields, and Iraqi officials have repeatedly warned us that our national security is our red line. Unfortunately, in the Kurdistan region of Iraq, due to the presence of regional powers there, we sometimes witness hostile plans against Iran. We also do not begrudge anyone about our national security.
He stated that we told the Iraqi officials: When Iran is threatened by any party, we will respond firmly and we did that. He explained: After this incident, visits and delegations were exchanged between the officials of the two countries, and negotiations took place in a friendly and brotherly atmosphere between the two countries, and the tension between them was settled and following a visit by Amin The Supreme National Security Council, Ali Akbar Ahmadian, went to Iraq and held meetings. The Iraqi ambassador returned to Tehran, and diplomatic relations between the two countries returned to their previous state.
Iran is Iraq's main economic partner
In response to a question about the current level of economic relations between Iran and Iraq, the Iranian ambassador to Iraq said: We are Iraq’s main partner in the economic field, and about 22 to 25 percent of our non-oil revenues are generated from Iraq.
The senior diplomat of the Islamic Republic of Iran stated that the volume of trade exchange between Iran and Iraq currently amounts to approximately 12 billion dollars, and this is a good number, and a quarter of this volume is due to the export of electricity and gas, and the remainder of it is due to other trade exchanges.
The Iranian ambassador to Iraq stated that we aim to raise the volume of exchanges between Iran and Iraq to 20 billion dollars.
The size of Iraqi debt to Iran
In response to a question about the size of Iraq’s debts to Iran and the recent statements of the Iraqi Energy Minister that “we currently do not have any debts to Iran,” he said: The position of Iraqi officials is correct, stating that our contracts are in dollars, but they cannot give us dollars because of the sanctions, and he said: In this regard, we have established We have an account in dinars at TBI Bank, and they deposit the equivalent of Iranian electricity and gas exported transactions in dinars in our account with TBI Bank. They actually make payments on time from their point of view, but we have a problem with direct withdrawals from these sources.
Exporting Turkmen gas to Iraq via Iran
The Iranian ambassador to Iraq also answered a question about transporting Turkmenistan’s gas to Iraq via Iran, saying that negotiations are ongoing in this field and good progress has been achieved so that the three countries can cooperate with each other in this field, and some of Iraq’s problems in the field of gas will be solved, pointing out that Most of the volume of Iranian gas exports to Iraq takes place in the summer.
Linking passport systems in Iran and Iraq
Regarding the number of Iranian and Iraqi travelers and visitors who travel to both countries, the Iranian ambassador to Iraq said: The exchange of visitors between the two countries is currently in a good position and reaches the barrier of 9 million people annually. Every year, a number of Iraqi citizens travel to Iran for the purpose of tourism, visiting and medical tourism, and Iranian visitors also travel to Iraq on various occasions to visit the holy shrines.
Regarding the measures taken by Iraq and Iran regarding this year’s Arba’een, Al Sadiq said: The Arba’een Central Committee has begun its meetings in Tehran, and so far two delegations have been exchanged between Iran and Iraq regarding the Arba’een of 1446. Consultations were held regarding the Husseini Arba’een and more facilities were provided for the comfort of visitors.
He went on to say: Last year, through the agreement we concluded with Iraq, the passport systems of the two countries were linked to each other during the Arbaeen days, indicating that this made us witness a smooth movement of visitors across the border and no long waits at the gates. In this regard, we will witness, God willing, a good forty-day period without any jostling on the borders in the year 1446.
Iran and Iraq have distinct positions towards Gaza
Regarding the developments in Gaza and Baghdad’s positions on them, the Iranian ambassador to Iraq stated that among Islamic countries, Iran and Iraq had pioneering and supportive positions for the oppressed people of Palestine. At the national and popular levels, the Iraqi high authority, tribes, and resistance factions in Iraq provided their support to the people of Gaza and Palestine well.
He added that the policy of the Zionist entity is to starve the people of Gaza until people are forced to leave that region, and pointed out that despite these problems and the crimes of the Zionist entity, we are witnessing good resistance from the people of Gaza, and it is necessary for Arab and Islamic countries to take more measures to stop them. The war and the delivery of medical and food aid to the people of Gaza.
An important step in advancing the case of the assassination of the martyr Soleimani
Regarding the latest developments in the assassination of the martyr Soleimani in Iraq and cooperation between Tehran and Baghdad to punish the perpetrators of this crime, Ambassador Al Sadiq stated: Negotiations are continuing between the Iranian and Iraqi sides, and we have been able, through our follow-ups, to change the title “Trump’s criminal act” to “Trump’s terrorist act,” and Iraq has accepted this issue. I think this is an important step.
Al Sadiq announced that lists of those accused of this crime have been exchanged between Iran and Iraq and that this matter is still being followed up by the judicial authorities in both countries. He said: The process in this area is slow, but the follow-up is continuing and we hope to see the results soon.
American play on words
Regarding the latest developments related to the expulsion of American soldiers from Iraq and the repeated violation of Iraqi national sovereignty by the United States in the past few months, the Iranian ambassador to Iraq stated: The officials, the people, and the resistance factions in Iraq are disturbed by this, and the government of Muhammad Shia al-Sudani intends to resolve the issue of the withdrawal of American forces from Iraq. During his term as prime minister and ending this presence. In this context, two rounds of negotiations took place between Baghdad and Washington recently, but my point of view is that in these negotiations, there is no sense of rhetorical unity on the part of the two sides, and I also said to my Iraqi friends that there is no rhetorical unity between the two sides in this area.
Ambassador Al-Sadiq indicated that the Iraqis are emphasizing scheduling the withdrawal and the Americans are emphasizing changing the mission of their military forces, explaining that the Americans at some point changed the mission of their military forces to advisory, and now they want to change the advisory mission to bilateral cooperation. In reality, the Americans are playing with words, and the Iraqis must They are pursuing these negotiations more intelligently so that these forces can leave as quickly as possible.
The resistance is independent in the region
Regarding the claims of American officials that the resistance factions in Iraq are agents of Iran, the Iranian ambassador to Iraq stressed that these allegations made by the Americans are an insult to the resistance, adding that the resistance in the countries of the region is completely independent, and works wherever and whenever it sees fit.
He said: In order to increase their hostility towards Iran, the Americans constantly attack Iran, while, as we mentioned, the resistance makes its own decisions and acts.
He concluded by saying: “We have helped the resistance at times and we announced this officially and we do not hesitate to express it,” declaring: As has been announced many times, the resistance in the region does not receive orders from any party, and takes its own decisions and acts based on that.
Baghdad, Arab Forum
Over two days last week, Baghdad hosted an economic conference focusing on the banking sector to discuss the best ways to find a solution to the challenges facing Arab banks in general and the Iraqi banking sector in particular.
These challenges may have different causes on the one hand and goals on the other hand.
We are not about to present the reasons and objectives, but rather we are looking into the solution. Perhaps the most complex problem faced by the Iraqi banks is the collective sanctions by the US Treasury and the Federal Reserve Bank. Whatever the reasons behind them, whether purely technical or political (par excellence), the conference was an opportunity to present all the laws, requirements and mechanisms that must be Commitment to it, through continuous working sessions over two days, during which clarifications were provided by Arab and Iraqi experts involved in digesting the laws and controls for conducting banking transactions with international banks and avoiding errors and prohibitions.
In any case, the picture was clearly complete before the Iraqi banks, and each of them recognized the unintentional errors and ways to overcome them, and in parallel the reasons and goals became clear to everyone.
In the midst of the tireless efforts made by the government on the one hand, and the Central Bank of Iraq and the Association of Banks on the other, and their attempts to overcome the challenges that faced and are facing Iraqi private banks and the unfairness to which they were exposed through collective punishments that are unprecedented in any country in the world, which has a tangible impact on the sustainability of the work of the private banking system. .
All these efforts were accompanied by a serious government approach that was directed in this direction and was reflected in the activities of the Prime Minister’s visit to the United States of America, which was then crowned by a distinguished reception by the President of the Arab delegations participating in the Challenges Conference hosted by Baghdad last week. What is noteworthy and useful in the results of the conference is the presence and participation of important foreign banks, which allowed them to understand the causes and circumstances of the sanctions and understand the surrounding circumstances. We believe that it will market our banks’ need for correspondent banks and to negotiate through direct meetings in a better way, especially after the technical reasons behind the sanctions became clear. They can be overcome later and there is no need for them. My vision of the results of this conference is that it was an evaluation pause with high transparency and governance for all the course of events and challenges, especially after the picture became clearly clear to the stakeholders.
The government's efforts in attempts to address political causes and resolve them through negotiation are no secret, in addition to the ongoing efforts of the Central Bank of Iraq in this direction, and it represents one of its attempts to extract decisions to lift sanctions, as long as Iraqi banks will adhere to the requirements, controls and instructions for combating the financing of terrorism and money laundering with high transparency. The bottom line is Baghdad remains an important forum for all countries of the world to solve and solve economic and financial challenges and seeks to unify the positions of Arab banks regarding global challenges.
We hope that the conference’s message has reached the relevant authorities in the countries of the world to speed up just and equitable solutions after revealing the causes of misunderstanding between the concerned parties with full transparency and clarity.
Iraq is the largest producer.. OPEC+ is pumping higher than scheduled and in anticipation of the June meeting
OPEC+ crude oil production decreased by 210 thousand barrels per day on a monthly basis, to 41.04 million barrels per day last April.
This came according to a survey conducted by S&P Global Commodity, as Russia began implementing a deeper production cut amid a series of Ukrainian drone attacks on its refineries.
However, this decline is unlikely to be enough to calm tensions over compliance, with Russia failing to meet its target, and Iraq and Kazakhstan continuing to produce quantities well above their quotas, according to the survey.
However, this decline is unlikely to be enough to calm tensions over compliance, with Russia failing to meet its target, and Iraq and Kazakhstan continuing to produce quantities well above their quotas.
The two countries exceeded excess production by nearly 1 million barrels per day in early 2024, and committed to compensate for this between May and the end of December 2023, and these plans were adjusted depending on future production and OPEC+ policy decisions based on the data.
Iraq and Kazakhstan continued to produce beyond quotas, despite their pledge to compensate for their surplus production in early 2024.
As for the June meeting, the production data for last April will be the talk available to OPEC+ ministers when they meet to determine production levels, and analysts expect the group to extend the current quotas and voluntary cuts.
Iraq produced above its quota last April, when production reached 4.24 million barrels per day, a decrease of only 4%, compared to the previous month, which amounted to 4.28 million barrels per day. Thus, it produced above its quota by 240 thousand barrels per day.
Al-Sudani confirms Iraq's readiness to hold the next conference of the Arab Network in Baghdad
The meeting witnessed, according to a statement by the Prime Minister’s Office, a copy of which {Al-Furat News} received, “discussion of the human rights file, the work of local, regional and international organizations in this field, and a review of the development witnessed by the Iraqi legal and constitutional environment, in ensuring the rights of individuals and groups and general civil rights.” .
During the meeting, the Prime Minister affirmed, “Iraq’s readiness and welcome to hold the next conference of the Arab Network in the capital, Baghdad, as part of the government’s efforts to create the general climate for the work of human rights institutions and organizations, and to hold conferences and development workshops that support their activities.”
The statement added, "The meeting also witnessed a review of the current events in the Gaza Strip and the continued aggression against our Palestinian people, the human rights violations that violated all international moral standards, and the role of the international community, with its human rights and legal institutions and organizations, in stopping these organized crimes."
In numbers: the rise in internal debt in Iraq
Manar Al-Obaidi said in a statement, a copy of which was received by {Al-Furat News}, that "the total internal debt last April rose to 76.9 trillion dinars, up from the previous month of March by 5%, as the total internal debt of Iraq was 73.2 trillion dinars."
He pointed out that the total debt increased "by 10.39% compared to April 2023, as the total internal debt at that time was 69.7 trillion dinars."
Washington praises Baghdad's efforts to make Iraq an attractive environment for foreign investors - Urgent
On Sunday, the US Ambassador to Baghdad, Elena Romanowski, praised Baghdad's efforts to make Iraq an attractive environment for foreign investors.
Romanowski said, in her blog post on the “X” platform: “A fruitful meeting with the economic advisors of Prime Minister Muhammad Shiaa Al-Sudani, to discuss increasing international cooperation in modernizing the Iraqi economy, supported by the efforts made by the Prime Minister’s team to make Iraq an attractive environment for foreign investors.”
She added: “Which leads to providing better job opportunities for all Iraqis.”
Parliamentary preference on when the budget schedules will arrive
Today, Sunday, the Parliamentary Finance Committee suggested that the 2024 budget schedules would arrive during the current week, while indicating that one of the reasons for its delay was the deficit amounting to more than 80 trillion dinars.
Committee member Muhammad Nouri said in a press statement followed by Iraq Observer: “The 2024 budget tables were supposed to arrive last week, but we were surprised that they were not presented within the Council of Ministers, so the legislative term was extended.”
He added, “One of the reasons for the delay in the arrival of the budget schedules is clear and frank, because of the large deficit, which exceeded more than 80 trillion dinars due to the expansion of government spending, in addition to other reasons.”
He continued, "It is likely that the schedules will arrive during the current week if there is serious work by the Council of Ministers and the government," indicating that "the Finance Committee will try to shorten the time factor as much as possible to pass the budget quickly."
Jordan demands that Iraq continue to export oil for another three months
The Ministry of Energy and Mineral Resources in Jordan announced, on Sunday, that the import of Iraqi crude oil had stopped, noting that this coincided with the end of the memorandum of understanding for processing crude oil signed between the government of the Republic of Iraq and the government of the Kingdom of Jordan signed last May.
The Director of the Oil and Natural Gas Sector in the Ministry, Iman Awad, stated that the Jordanian Ministry of Energy has addressed the Iraqi Ministry of Oil to agree to extend the memorandum of understanding for an additional period of 3 months and with the same contractual conditions, from the expiration date of the memorandum of understanding, with the aim of completing the transfer of contractual quantities for the current memorandum.
She confirmed that the memorandum of understanding can be extended with the approval of both sides.
Awad added that the ministry is closely following up with the Iraqi side and the Jordanian embassy in Baghdad to obtain the necessary approvals from the Iraqi side for the extension.
She explained that the procedures for signing a new memorandum of understanding will be initiated once the transfer of all contractual quantities stipulated in the current memorandum of understanding is completed, noting that the quantities of oil imported from Iraq constitute about 7 percent of Jordan’s crude oil needs.
Adviser to the Prime Minister to / NINA /: The agreements with Türkiye are an economic gain, and these are contracts with the Iraq Fund for Development
An advisor to Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of the economic and trade agreements that Iraq signed with Turkey, while disclosing new contracts for the Iraqi Fund for Development.
Muhammad al-Najjar, advisor to the Prime Minister for Development Affairs, said in a statement to the National Iraqi News Agency ( NINA ): “There are more than 20 agreements recently signed by Iraq with the Turkish side, some of which relate to the path of development, the security agreement, and the oil agreement, and others to economic aspects, including expanding the entry of Turkish capital into the country.” Iraq" .
He added, "These agreements are an important economic gain for Iraq, and will change the course of the relationship with Turkey from Iraq being a source of Turkish goods and the second largest export market for Turkey, to the relationship becoming two-way, and Turkish capital will enter Iraq to begin implementing production and development projects to serve the Iraqi and Gulf markets," noting. “Turkey today looks at Iraq in a radically different way and sees it as an active partner and not just a market, because Iraq has begun to regain its role as a pivotal player in the region, especially for the energy and regional security sectors.”
Regarding the contracts of the Iraq Fund for Development, Al-Najjar, who is the executive director of the Fund, explained that “the Fund Iraq Development is the platform through which companies enter to work in Iraq, and it also plays the role of an intermediary to find Iraqi partners and investors in addition to its own investments.
He added, "The Iraqi Fund for Development signed a contract with Teriyaki Company, one of the largest agricultural companies in the world in Turkey, to work on introducing four basic units, including" recycling and using wastewater in agriculture, raising and raising modern livestock to bridge what is known as the protein gap between Iraq and neighboring countries, because The percentage of protein consumed by citizens in Iraq is 18%, which is less than neighboring countries, where the percentage is about 34-40%. Likewise, agriculture using solar panels, which is a new type that has not been introduced to Iraq previously, as we are trying to expand their use because it contributes to solving the energy crisis and protects crops from heat. Al-Shams, as well as the project to introduce modern irrigation systems of various types into the country./
Apply in Under 15 Minutes by clicking the image above or here
MONDAY MAY 13 24
The Association of Private Banks praises the Iraqi Central Bank’s approach to establishing digital banks
The Executive Director of the Iraqi Private Banks Association, Ali Tariq, praised the Central Bank’s approach to establishing digital banks to keep pace with the great development in the global banking sector.
Tariq said in an interview with Al-Eqtisad News, “The world is moving towards the digitization of banking services, and Iraq has begun its first steps in establishing digital banks, as until now there is a licensed digital bank inside Iraq, and it provides its services normally to the public.”
He pointed out that "the Central Bank of Iraq issued instructions to license banks, which set their number at a rate not exceeding 10% of the total banks operating inside the country, with a capital of 100 billion dinars, with traditional banks participating at a rate of 30%."
He added, "Digital banks are similar to traditional banks, but they differ in that they do not have branches, and most of their services are via mobile phones," noting that the size of central banks in the world has increased significantly and has reached more than 500 digital banks.
Tariq noted that “traditional banks are still providing their services through applications, and they are keeping pace with the development taking place in the banking sector.”
Saleh explains the relationship between the rise in gold and the decline of the dollar and warns of a “double-edged sword”
The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the reason for the rise in gold prices in local markets with the noticeable decline in the dollar exchange rate against the dinar.
Saleh told {Al-Furat News} agency, "It is observed at the level of the local market in our country that the dollar in the secondary market is gradually declining relative to the official exchange rate. Despite this, we find that there is a gradual rise in the price of gold in the local market."
He stated, "Gold is imported today and its imports are financed at the fixed official exchange rate of the dinar against the dollar through the Central Bank platform and at the rate of 1,320 dinars per dollar."
Saleh explained, “Due to geopolitical tensions around the world, especially the war in Ukraine and others, they have brought about major developments in the gold hedging policy on the part of some central banks in the world, which constituted an unprecedented rise in global demand for gold and led to a rise in its prices in the world.” Global markets, and here it is noted that the external factor is the basis for the rise in the price of an ounce of gold in the local market.”
He continued, "International financial institutions have issued expectations about the continued rise in gold prices in the coming months, and the expectations come despite the current strength in the levels of the dollar, which is trading at its highest levels in 5 and a half months according to the dollar index, in addition to the high US government bond yields at the highest level in the world." 5 months in light of expectations that the US Federal Reserve is on its way to keeping interest rates high for a longer period of time, which is supposed to represent negative pressure on gold prices.”
Saleh added, "But the strength of global demand for gold as a safe haven in light of the current geopolitical uncertainty, coupled with expectations that global central banks will continue to increase their gold reserves, has led international financial institutions to expect further gains in gold prices during the remainder of 2024."
He pointed out, "For example, the German Deutsche Bank raised its forecast for gold prices in 2024 to the level of $2,400 per ounce, and expected the price of gold to rise to $2,600 per ounce at the end of 2025. Likewise, the American Citibank Corporation expected the price of gold to reach $3,000." per ounce in the period from the next 6 to 18 months, with gold breaching the level of $2,500 per ounce during the second half of 2024.”
He went on to say, "There is news circulating in global markets about an international group launching its central banks digital currencies denominated in gold to conduct commercial exchanges outside the currencies currently in place in the global monetary system, including China, Russia, and some countries in Africa, Asia, and Latin America. This is a trend that requires high hedging with gold, which has been formed." The other is an unprecedented wave of demand for the yellow metal globally.”
He said, "But we see from our point of view that adopting a global gold reserve system at global market prices for the yellow metal will make the demand for gold grow and rise with the growth of trade and the global economy, and if countries continue to hedge their reserve currencies with gold at open gold prices that are restricted by production and the limited global supply of gold in the face of open demand." It will generate a monetary system with a high exchange rate, which may hinder its commercial competitiveness as countries that are hedged by gold and whose currency exchange rates are determined by the yellow metal.
He noted that "unless these groups adopt a fixed, moderate and competitive official price for gold itself, their competitive capabilities in their international trade with the countries of the world will be inevitably threatened, and here gold will be a double-edged sword. At the same time, one should be wary of commercial gold policies in establishing a monetary system on its own, and finally and until... On May 11, 2024, an ounce of gold, which weighs 31 grams, rose to reach about $2,361 per ounce in global markets.
Chinese companies emerge big winners in Iraq's latest energy bidding round
Twenty-nine oil and gas projects are up for grabs in energy bidding rounds that started on Saturday in Baghdad
Chinese companies won most of the oil and gas deals in Iraq's energy bidding round launched on Saturday as the Opec member country seeks to strengthen reserves and revenue.
A total of 29 oil and gas projects are available in the latest energy bidding rounds that last three days.
Sixteen fields and exploration blocks were offered as an appendix to the fifth bidding round held in 2018. Then, 11 blocks and fields were offered, but only seven were awarded. The rest are being offered as the sixth bidding round.
Twenty-two energy companies have been pre-qualified to take part.
Out of the 21 projects auctioned on Saturday and Sunday, 10 were awarded to Chinese's companies.
Zhongman Petroleum and Natural Gas Group (ZPEC) won rights to develop the Northern Extension of East Baghdad oil filed. It will be entitled to 6.67 per cent share of the profit.
The bid was less than the one submitted by Iraq KAR company of 12.22 per cent. The field is shared by Baghdad and Salahuddin provinces in central Iraq.
It also took the Middle Euphrates fields in central Iraq, offering 11.67 per cent share of net profit, which was higher than the 9.35 per cent share the oil ministry was willing to pay. Afterward, the company accepted the 9.35 per cent share offered by the ministry.
It is a cluster of three fields – Kifl, West Kifl and Merjan – shared by the provinces of Najaf and Karbala. The fields hold both oil and gas reserves.
China’s UEG was the only company interested in Fao block in the southern province of Basra. The oil ministry accepted its bid of 25.16 per cent of net profit. The block, which is located near the border with Iran and Kuwait, has oil potential.
Zhenhua won the deal to develop Qurnain block south of Iraq. It initially asked for 25 per cent of the net profit, but later accepted the oil ministry’s rate of 17.3 per cent. The filed is shared by the provinces of Najaf and Anbar in southern Iraq.
It also won a bid to develop Abu Khema oilfield in the southern Muthanna province and will get 9.1 per cent of the net profit.
China's Geo-Jade won a bid to develop Zurbatiya block in Wasit province in central Iraq. It initially asked for 12.65 per cent of the net profit, but later accepted the Oil Ministry's offer of 7.65 per cent. The block has oil potential.
Geo-Jade also won rights to develop Jabal Sanam block in Basra province with oil potential. Its share of the net profit is 30.9 per cent.
Iraq's Block 7 was awarded to China's CNOOC with a share in the net profit of 25.88 per cent. The block, which has oil potential, extends across the country's central and southern provinces of Diwaniya, Babil, Najaf, Wasit and Muthanna.
China's Anton Oilfield Services won a bid to develop Iraq's Dhufriya oilfield in the central Wasit province, and Sinopec won a bid to develop Summer block, which has oil potential, in the southern Muthana province. They will get 29.16 per cent and 17.85 per cent of the net profit, respectively.
A bid by Sinopec to develop Adan block with oil potential in Basra was rejected. It asked for 31.67 per cent of the net share, far from the Oil Ministry's set share of 15.8 per cent.
Iraqi KAR company won the rights to develop Dimah oilfield in the southern province of Maysan. It will receive 6.2 per cent of the net profit and was one of seven companies that vied for this field.
Sasan and Alan fields in the northern province of Nineveh were also awarded as one project to Iraqi KAR company. It will be entitled to 17.25 per cent of the net profit. Both fields hold oil and gas reserves.
Number of projects received no bids and companies have until Monday to submit their bids for these projects, Oil Minister Hayan Abdel Ghani said.
These include Anbar, Okashat, Anah and Al Anz blocks with oil and gas potential in Anbar province; Pulkhana field with oil and gas reserves in Salahuddin province; Tel Al Hajar block with oil and gas potential in Nineveh province; Block 11 in Muthana province; and Qalaat Salih block with oil potential in Maysan province.
Iraq Prime Minister Mohammed Shia Al Sudani said his country is committed to “assuring a safe and stable working environment” and to remove “complicated routine and bureaucracy”.
He added that the recent contacts signed with international oil companies will help his country to stop burning natural gas in three to five years from now.
Separately, the country’s Oil Minister Mr Abdel Ghani said the offered projects will boost the country’s oil and gas reserves.
Iraq will soon announce an increase in its proven oil reserves to more than 160 billion barrels from 145.02 billion barrels now, he added.
The objective of the current offering is the award of contracts to qualified companies or consortia of companies to carry out exploration, appraisal, development and production activities in accordance with the terms of the contracts applicable to each of the 29 contract areas.
Winning companies or consortia must enter into either an exploration, development and production contract (EDPC) or a development and production contract (DPC) to carry out such activities.
For certain costs categorised as supplementary costs, the contractor is entitled to recover such costs at an accelerated rate and with interest. Petroleum costs, supplementary costs and remuneration will be paid in export oil unless Iraq elects to pay in cash.
The terms of the contracts vary according to the level of exploration maturity.
The EDPC provides for an exploration period from five to nine years and a development period of 25 years.
The DPC has a development period of 20 years with the potential for a single five-year extension.
Major deals
As the security situation improved in 2008, the following year, Iraq began to attract IOCs to develop its resources.
Top among major oil companies were the US‘s ExxonMobil, Royal Dutch Shell, the UK’s BP, China’s CNPC and Russia’s Lukoil.
Since then, Iraq has awarded dozens of oil deals to develop major fields that hold more than half of its 145.02 billion barrels of proven reserves. Deals to tap natural gas resources were also awarded.
The country is now producing slightly more than 4 million barrels a day from Baghdad-controlled oilfields, up from nearly 2.4 million a day in 2009, and its daily exports averaged 3.6 million barrels a day in March, according to Oil Ministry figures.
Iraq is Opec’s largest producer behind Saudi Arabia. Oil revenue makes up nearly 95 per cent of the country’s budget.
In recent years, it started focusing on developing vast gas reserves to meet growing demand for electricity, especially during summer.
Iraq buys 1,200 megawatts of electricity and enough natural gas to generate 2,800MW from Iran, making up nearly one third of its needs.
Last year, it signed a deal with French company TotalEnergies to develop oil and gas and renewable energy projects worth $27 billion.
Iraq holds a 30 per cent stake in the joint venture, while 45 per cent is held by TotalEnergies and the remaining 25 per cent by QatarEnergy.
may 11h
Iraq , Tunisia sign bilateral agreements in several areas
The Iraqi government signed ,on Sunday, bilateral agreements with Tunisia in several areas.
The agreements and understanding memorandums included the following:
- The Ministry of Education signed an executive program memorandum for educational cooperation for the years 2024, 2025 and 2026, with the Tunisian Ministry of Education.
- The signing of the annex to the amendment of the memorandum of understanding in the fields of youth and sports between the minister of youth and sports Ahmed Al-Mubarqa, and the Tunisian Minister of Foreign Affairs and immigration Nabil Ammar .
- A memorandum of understanding in the field of pharmaceutical and health cooperation between the Iraqi and Tunisian ministries of Health, represented by the Iraqi Ministry of Health, Minister Saleh Al-Hasnawi, and the Tunisian Ministry of Health, Tunisian Foreign Minister Nabil Ammar.
- A memorandum of understanding in the security field between the Iraqi Ministry of Interior and the Tunisian Ministry of Interior, on the Iraqi side, minister Abdul Amir al-Shammari and the Tunisian side, Tunisian Foreign Minister Nabil Ammar.
- A memorandum of understanding in the field of Labor and social affairs between the Ministry of Labor and Social Affairs, represented by Minister Ahmed Al-Assadi and the Tunisian Ministry of Social Affairs represented by Tunisian Foreign Minister Nabil Ammar.
- Memorandum of understanding for technical cooperation between the Iraqi Ministry of Labor and Social Affairs and the Tunisian Ministry of Social Affairs.
- A memorandum of understanding in the field of vocational training and employment between the Iraqi Ministry of Labor and Social Affairs and the Tunisian Ministry of Social Affairs.
- A memorandum of understanding in the field of traditional industries between the Ministry of industry and minerals represented by its minister Khaled Batal and the Tunisian Ministry of industry and energy represented by Tunisian Foreign Minister Nabil Ammar.
- A memorandum of cooperation in the field of religious affairs between the Iraqi Ministry of Culture, Tourism and antiquities represented by Minister of Culture Ahmed Fakak Al-Badrani, and the Tunisian Ministry of Tourism represented by Tunisian Foreign Minister Nabil Ammar.
- A memorandum of understanding in the field of civil protection between the Iraqi Civil Defense Directorate, represented by its director, Major General Mohsin Kadhim Alak, and the Tunisian civil defense and protection service, represented by the Tunisian ambassador in Baghdad.
- A memorandum of understanding between the Baghdad Secretariat, represented by Secretary Ammar Moussa, and the municipality of Tunis, represented by the notary of the municipality of Tunis.
- A memorandum of understanding in the field of Archives between the Iraq National Library and Archive represented by the director general of the Department of cultural relations and the Tunisian National Archives represented by the Tunisian ambassador in Baghdad.
- Memorandum of understanding between the Union of Iraqi chambers of Commerce and the Union of Tunisian chambers
- Memorandum of understanding between the Union of Iraqi contractors and the Chamber of Tunisia.
- Signing the minutes of the meeting of the Joint Committee between Iraqi foreign ministers Fuad Hussein and Tunisian Foreign Minister Nabil Ammar.
- Memorandum of understanding in the field of developing trade exchanges between the Republic of Iraq and the Ministry of trade and export development of the Republic of Tunisia.
- Memorandum of understanding on the environmental side on the Iraqi side minister Nizar Mohammed and the Tunisian side Foreign Minister Nabil Ammar.
- Memorandum of understanding between the Iraqi federation of industries and the Tunisian Federation.
An economic expert proposes a solution to end the Jordan National Bank's "takeover" of the currency window
Economist Duraid Al-Anzi proposed, today, Monday, a solution to end the “takeover” of the Jordan National Bank of the currency selling window, noting that the continuation of the situation as it is poses great financial risks to Iraq.
Al-Anazi said in an interview with:Alsumaria News, that "Jordan National BankHe has internal and external privileges and extensive relationships and correspondents, and he took advantage of the weakness of the Iraqi banks in this aspect by seizing the largest part of the currency selling window,” indicating that “the Central Bank is unable to find a solution to this process because of the risks it entails.”
Al-Enezi added, “These risks are represented by the fact that the transfers that come out of the Central Bank to the Bank of Jordan are unsafe if it is exposed to any external accounting, becauseIraqIt does not have any control over it as it is a foreign bank.”
Al-Enezi proposed to the Central Bank a solution to this problem by saying, “IraqIt owns 19 banks with a high credit rating and is not without dust. If a coalition occurs between 5 or 6 banks, its capabilities will be greater thanJordan National BankIt will undertake the transfer process and enter the currency selling window,” noting that “the central bank in this case will ensure that money is not risked.”IraqThe fact that these banks are local and not foreign, as is the case withJordan National Bank".
The government signs memorandums of understanding with “Honeywell” to keep pace with the increasing demand for energy
In the presence of Sudanese and American trade
Today, Monday, the Iraqi government and the private sector signed memorandums of understanding with Honeywell, a company specializing in sustainable energy solutions, to help support local infrastructure and keep pace with the growing demand for energy and electricity. The signing was attended by Prime Minister Muhammad Shiaa Al-Sudani and members of the American Chamber of Commerce.
The Ministry of Oil stated in a statement:
Honeywell announced the signing of memorandums of understanding with the Iraqi government and the private sector in the country, with the aim of helping to support the local infrastructure to keep pace with the increasing demand for energy and electricity.
Executive Director of the company specializing in sustainable energy solutions, Ken West, said in a press statement that these agreements allow the company to explore opportunities for strategic cooperation in Iraqi oil and gas fields, including stopping the burning of gas associated with production operations, and providing development, automation, remote control and monitoring services.
He added, during his presence, the signing of memorandums of understanding, during a meeting held hosted by the American Chamber of Commerce, accompanied by members of his leadership team. Prime Minister Muhammad Shia al-Sudani also participated in the meetings, along with an elite group of high-level officials in the Iraqi government and prominent companies in the private sector.
He stressed that Honeywell has achieved outstanding achievements in Iraq, and I look forward to transferring these agreements into implementation. There is tremendous potential for growth and cooperation to enhance the levels of reliability and sustainability of the energy sector for Iraqis across the country, in parallel with the remarkable development the sector is witnessing at the local level.
He stressed that these agreements come within the framework of Honeywell's commitment to providing the best global solutions and expertise to help raise levels of efficiency and sustainability within the country's energy sector. It also reflects the company's efforts to align and enhance its portfolio with three mega trends, including the energy transition.
For his part, Muhammad Shabout, President of Honeywell in Iraq, said: These agreements reflect the firm commitment of Honeywell and the private and public sectors in Iraq to continue working to modernize and develop the local industry. The focus is increasing on the energy sector, as we must all invest in the necessary technology and work to provide a better energy future for the entire region.
Honeywell has been running its operations in Iraq since the 1970s, and recently appointed Shabout to the position of regional president of the company in Iraq. The company supports local industry across diverse sectors, including energy, smart buildings and space.
An economist calling for transforming the rentier economy into a multi-resource economy
Economist Osama Al-Tamimi said: “Today, the budget is closely linked to oil revenues, as they are affected negatively and positively according to the market situation.”
Al-Tamimi told the Iraq Observer Agency that Iraq is currently achieving a financial surplus, given that oil prices are higher than eighty dollars at a rate of $84 per barrel, and that it is in a comfortable situation and likely to increase due to OPEC’s oil policy.
He continued, “Implementing the production reduction agreement, but if it falls below the price fixed in the general budget, God forgive me, the state will be exposed to a problem and will be forced to address the issue in different ways to overcome the crisis.”
He stated that the dependence of the Iraqi rentier economy primarily on oil revenues, more than ninety percent at the current stage, is something that must be addressed, and the state must maximize its revenues by investing the surplus and establishing long-term development projects in order to transform the Iraqi economy from a rentier state to a multi-resource economy.
The economic expert concluded by saying: “Making oil a secondary resource, as many oil-producing countries do, in the region and the world, is to avoid the tremors that oil markets may be exposed to, and to avoid economic crises by developing other economic sectors and putting them at the forefront, especially since Iraq has the capabilities.” Multiple potentials in many aspects can be exploited.
Labor is discussing with the World Bank a joint cooperation document for the economic inclusion project for social protection beneficiaries
The Director General of the Department of Labor and Vocational Training in the Ministry of Labor and Social Affairs, Osama Majeed Al-Khafaji, discussed with the World Bank delegation the joint cooperation document for the economic inclusion project for social protection beneficiaries in Dhi Qar Governorate.
The Ministry of Labor stated in a statement, “The two sides met in Istanbul and discussed the terms of the cooperation document that targets the category of those able to work and those covered by social protection by empowering them economically in multiple fields.”
Al-Khafaji explained, “The project will depend on the impact measurement indicator, to be circulated later on to the rest of the governorates by providing the necessary support through the adoption of programs and new ideas for capacity building and training in specialized technical fields, to improve professional skills and increase knowledge in supporting and monitoring small projects.” In addition to understanding labor market indicators, and the basics of supply and demand in it, in a way that serves the groups benefiting from the ministry’s services and its various formations.”
Parliamentary Finance determines the amount of the deficit in the current year’s budget
Today, Monday, a member of the Parliamentary Finance Committee, Moeen Al-Kazemi, revealed the expected deficit in the current year’s budget, indicating that it may exceed 75 trillion dinars.
Al-Kadhimi told Al-Maalouma, “The current year’s budget amounts to 228 trillion dinars, with a planned deficit of up to 75 trillion.”
He added, "The budget included total revenues and spending in the amount of 150 trillion dinars, indicating that the government seeks for actual spending to be 228 trillion."
He pointed out that "the committee will amend the budget schedules during the second reading."
A deficit exceeding 75 trillion, and this is the date of its arrival.. Parliament’s finances talk about the 2024 budget
Today, Monday, the Parliamentary Finance Committee expected the schedules of the general budget law from the government to reach the House of Representatives this week, while it determined the expected deficit percentage.
Committee member Faisal Al-Naeli said, in an interview followed by Al-Iqtisad News, that “the House of Representatives is awaiting the arrival of the budget schedules and the start of discussing its provisions and making the necessary amendments to them by the Finance Committee to ensure the proper implementation of the government curriculum.”
He pointed out that "indicators confirm that the schedules will reach the House of Representatives this week in order to proceed with their approval as quickly as possible."
In turn, a member of the Parliamentary Finance Committee, Moin Al-Kadhimi, revealed the expected deficit in the current year’s budget, indicating that it may exceed 75 trillion dinars.
Al-Kadhimi said, “The current year’s budget amounts to 228 trillion dinars, with a planned deficit of up to 75 trillion.”
He added, "The budget included total revenues and spending in the amount of 150 trillion dinars, indicating that the government seeks for actual spending to be 228 trillion."
He pointed out that "the committee will amend the budget schedules during the second reading."
KDP: Baghdad-Erbil dialogue reaches advanced stages, solutions imminent
Also under this title
After Nechirvan Barzani's visits... the Kurdistan Democratic Party: Solving the problems of Baghdad and Erbil has become "easy"
The Kurdistan Democratic Party (KDP) on Monday said that the ongoing dialogue between Baghdad and Erbil has reached advanced stages, with solutions to outstanding issues becoming increasingly attainable.
KDP Lawmaker Shervan Sleimani informed Shafaq News Agency that "dialogue between Baghdad and Erbil is continuous, and the issue of salaries in the Kurdistan Region is progressing positively. There is good coordination and understanding between the two parties, which has resolved many disagreements and pending files." He stressed that "work is ongoing to overcome all differences between the two sides."
Sleimani highlighted the positive signs emerging from the recent Baghdad-Erbil dialogue, emphasizing that "the phase of deep and difficult disagreements has been surpassed, and we have reached a stage of 'easy' disagreements that can be resolved through adherence to the constitution and the fulfillment of rights, in accordance with the political agreement."
"Solutions have become possible and imminent between Baghdad and Erbil, especially in light of the commitment to the constitution and the principles of consensus, balance, and partnership."
The visit of Kurdistan Region President Nechirvan Barzani to Baghdad last April received positive acclaim from government, parliamentary, and social circles, particularly after his announcement of reaching a preliminary agreement to resolve outstanding issues between Baghdad and Erbil.
Upon his arrival in Baghdad on April 27, Barzani held talks with Iraqi Prime Minister Mohammed Shia al-Sudani, discussing the government's program, the implementation of political agreements, and resolving outstanding issues between Baghdad and Erbil, including oil, budget, and employee salaries.
Barzani also participated in both the Coordination Framework meeting and the regular meeting of the State Administration Coalition, which continued late into the night. He reiterated the Region's serious desire to resolve outstanding issues with the federal government in accordance with the provisions of the country's permanent constitution.
Barzani also held talks with the US Ambassador and the French Ambassador in Baghdad.
Observers noted that Nechirvan Barzani's visit to Baghdad carried many "positive indicators" and generated popular optimism.
5 questions from “Rights” to Al-Sudani: Why doesn’t the director of the Central Bank retire?!
And about the activity of foreign banks
On Monday, the head of the Parliamentary Rights Bloc, Representative Saud Al-Saadi, directed 5 questions to the Prime Minister, Muhammad Shiaa Al-Sudani, about the continuation of the Governor of the Central Bank of Iraq, Ali Al-Alaq, in his position despite completing the legal age, as well as inquiring about the activity of licensed foreign and Arab banks
This was stated in two documents by the representative:
To the Honorable Prime Minister A parliamentary question regarding the Central Bank Governor’s continued work in his position in violation of the law good greeting .... The purposes are supervisory and representative based on the provisions of Articles (61/Second and Seven/1) and (49/First) of the Constitution, and based on the provisions of Articles (15) and (27) of the House of Representatives and its Formations Law No. (13) of 2018 and Article (50) of the system. Internal Affairs of the House of Representatives
Please answer the following parliamentary questions 1 - What are the reasons for the Governor of the Central Bank to continue in his current position despite reaching the legal age for mandatory retirement in accordance with the provisions of Article (10) of the Unified Retirement Law No. (9) of 2014, as amended?
2 - Who is responsible for the delay in not referring the Central Bank Governor to retirement? What is the fate of the salaries and allowances paid to him in violation of the law?
1 - What is the number of foreign and Arab banks that practice their financial and banking activities in Iraq and are approved by the Central Bank of Iraq?
Does the activity of foreign and Arab banks licensed by the Central Bank extend to entering into the auction of foreign currency (US dollars) or not?
What is the percentage of these banks buying the US dollar from the dollar selling window for the period from January 1, 2024 until the date above? -
What is the percentage of participation of Iraqis (natural or legal persons) in the capital of foreign and Arab banks established in Iraq and approved by the Central Bank of Iraq?
4- What are the reasons for you violating the legal percentages specified in the Public Companies Law No. (21) of 1997 regarding the percentage of Iraqi participation in foreign private banks amounting to (51%) of the capital?
Foreign and Arab banks established in Iraq and approved by the Central Bank of Iraq? - What are the reasons for you violating the legal percentages specified in the Public Companies Law No. (21) of 1997 regarding the percentage of Iraqi participation in foreign private banks amounting to (51%) of the capital?
Who is responsible for the delay in referring the Central Bank Governor to retirement? What is the fate of the salaries and allowances paid to him in violation of the law?
Please inquire...and our response within fifteen days in accordance with the law of the House of Representatives and its formations...with appreciation Deputy Office of the Second Saud Al-Saadi Saud Saadoun Al-Saadi Head of the Parliamentary Rights Bloc 13/5/2024 Copy it to: Prime Minister's Office - For your information...
No comments:
Post a Comment