Iraq Economic News and Points to Ponder Monday Afternoon 3-31-25
Chairman Of The Ports Authority: Revenues Exceeded 400 Billion Dinars In Two Months
Money and Business Economy News – Baghdad The head of the Border Ports Authority, Major General Omar Al-Waili, confirmed the completion of the electronic linking process for all land, sea and air border crossings, revealing that revenues exceeding 400 billion dinars were achieved within two months.
Al-Waili said in a statement reported by the official news agency and reviewed by Al-Eqtisad News, "The authority has completed the process of linking all land, sea, and air border crossings to a unified central operations room, whereby control operations are now managed directly and systematically via an electronic automation system."
He added, "The electronic link covers various regulatory areas, including auditing pre-inspection of goods, auditing the exemption program for imports into the country, and monitoring receipt audits."
Al-Waili explained that "preliminary statistics for the months of January and February of this year, 2025, showed revenues exceeding 400 billion Iraqi dinars," noting that "the authority seeks to double these revenues as part of its strategic plans to bolster the state's resources and control ports more effectively." https://economy-news.net/content.php?id=53975
Al-Sudani Confirms That The Refineries' Refining Capacity Will Soon Reach 542,000 Barrels Per Day
energy Economy News – Baghdad Baghdad – INA Prime Minister Mohammed Shia al-Sudani confirmed on Sunday that refineries' refining capacity will soon reach 1,542,000 barrels per day.
The Prime Minister's media office said in a statement seen by Al-Eqtisad News that
"Prime Minister Mohammed Shia al-Sudani launched the implementation work on the
Maysan refinery development project, and the
expansion of its refining capacity from 40,000 barrels to 110,000 barrels per day,
during his visit to the governorate, which he arrived at this afternoon." Al-Sudani explained that
"Eid this year will be marked by hard work, which will continue across various service and economic sectors." He emphasized that
"the Maysan refinery development and expansion project has been one of the stalled projects since 2014, when the government embarked on it as part of its approach to completing all stalled and suspended projects.
It will be implemented
through national effort and national cadres, and
in a record period of 6-8 months."
The Prime Minister pointed to the Baiji refinery expansion project, which
added 70,000 barrels per day to refining capacity and
will be operational within two months.
This project was also completed through national efforts and local expertise,
raising the refining capacity of all Iraqi refineries to 542,000 barrels per day, a
record level achieved for the first time in the Iraqi oil industry. He pointed out that
"Maysan, which stood up to dictatorship and contributed to building the new Iraq, deserves this attention and care in every respect.
The project is part of the government's drive to
achieve self-sufficiency in petroleum derivatives and
convert 40% of exported oil into petroleum products,
due to the significant revenues it generates." He added,
"We talked about a 10-year period to achieve this goal, but
these projects will account for 40% of our oil exports by 2030.
With the Cabinet's approval to resume work on the Maysan refinery project,
we are looking at an industrial oil city, qualified to launch petrochemical and fertilizer projects.
These projects will provide thousands of direct and indirect job opportunities." The Prime Minister emphasized that
"the growth in these projects and programs represents the true reform of the Iraqi economy, which suffers from its
unilateral dependence on oil exports."
According to the Prime Minister's Media Office, the Maysan Refinery Development Project, in its two phases, includes the
construction of a new, world-class unit with a capacity of 70,000 barrels per day,
which will contribute to increasing the refinery's capacity.
It will also include the construction of complementary units, including a
hydrogenation and gasoline improvement unit, an
FCC unit, a
gas oil unit, and a
kerosene unit, in addition to
environmentally friendly service units.
The project will work to secure the needs of
Maysan Governorate and
neighboring governorates
for petroleum derivatives.
https://economy-news.net/content.php?id=53952
Chairman Of The Ports Authority: Revenues Exceeded 400 Billion Dinars In Two Months
Money and Business Economy News – Baghdad The head of the Border Ports Authority, Major General Omar Al-Waili, confirmed the completion of the electronic linking process for all land, sea and air border crossings, revealing that revenues exceeding 400 billion dinars were achieved within two months.
Al-Waili said in a statement reported by the official news agency and reviewed by Al-Eqtisad News, "The authority has completed the process of linking all land, sea, and air border crossings to a unified central operations room, whereby control operations are now managed directly and systematically via an electronic automation system."
He added, "The electronic link covers various regulatory areas, including auditing pre-inspection of goods, auditing the exemption program for imports into the country, and monitoring receipt audits."
Al-Waili explained that "preliminary statistics for the months of January and February of this year, 2025, showed revenues exceeding 400 billion Iraqi dinars," noting that "the authority seeks to double these revenues as part of its strategic plans to bolster the state's resources and control ports more effectively." https://economy-news.net/content.php?id=53975
Iraqi Oil Maintains Its Rise In The Global Market
Economy | 03/31/2025 Mawazine News – Baghdad Basra Heavy and Medium crude oil prices rose during weekly trading on the global market. Basra Medium crude reached $74.38 per barrel, while Heavy crude reached $71.33 per barrel.
Data showed a slight decline in global crude oil prices, with British Brent crude reaching $73.39 per barrel, while US West Texas Intermediate crude reached $69.01 per barrel. https://www.mawazin.net/Details.aspx?jimare=260454
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