Some “Iraq News” Posted by Clare at KTFA 3-20-2025

KTFA:

Clare:  A Government bank launches "electronic loans" for four categories

3/20/2025

The state-run Rashid Bank announced on Thursday the launch of personal loans for employees, security forces personnel, and retirees whose salaries are domiciled at the bank, as well as entrepreneurship loans.

The bank clarified in a statement received by Shafaq News Agency, "The application must be submitted exclusively through the Rasheed Bank's electronic application."   LINK

Clare:  A government meeting discusses the establishment of a private company for the development road project.

3/20/2025

Prime Minister Mohammed Shia al-Sudani chaired the regular meeting of the Higher Committee for Monitoring the Implementation of the Development Road Project on Thursday, in the presence of the Ministers of Transport and Industry, the Chairman of the Investment Commission, the Chairman of the Iraq Development Fund, the Director General of Ports, and representatives of Oliver Wyman, which is providing consulting services for the project.

 A statement from the Prime Minister's Office, a copy of which was received by {Euphrates News}, stated that "the meeting followed up on the project's developments, the progress of work in all its details, and discussed establishing a private company for it, in addition to matters related to the conflicts that affect the progress of work on the railway and the highway, the designs of which have been completed, and the progress made in the subject of expropriations, antiquities, and the treatment of the remains of minefields."

The statement added, "The meeting reviewed the Grand Faw Port project and its key developments, such as the submerged tunnel and container yard. A vision was presented regarding the port's expected imports over the coming years, in addition to discussing the costs of insurance and maritime services."

The meeting discussed "the issue of identifying and arranging economic opportunities for the financial model, as well as discussing the investment zones that will be offered for investment along the development path."   LINK

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Clare:  Iraq attempts to encourage Amazon to build facilities in Iraq

3/20/2025  Baghdad –

The Director of the General Company for Post and Savings, Zainab Abdul-Sahib, revealed on Wednesday that the Iraqi Ministry of Communications is trying to encourage Amazon and SHEIN to establish branches in Iraq.

In a statement to the state news agency (INA), Abdul-Sahib said that the required facilities and warehouses to establish branches of international e-commerce companies in Iraq have been set up.

The Iraqi official explained that the launch of an e-commerce platform in Iraq has become imminent.

Plans have been developed for 2025 following the establishment of the fundamental infrastructure by the Ministry of Communications, according to Abdul-Sahib.

In order to stay up with global developments, the Iraqi government started planning in 2023 to turn the country’s postal system into automated services as part of its digital transformation initiatives.

Increased internet penetration and changing consumer behavior are two factors that have contributed to the enormous growth in e-commerce in Iraq in recent years. Additionally, this change has increased Iraq’s need for trustworthy e-commerce platforms.  LINK

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Clare:  US Urges Iraq to Reach Agreements to Allow Resumption of Kurdish Oil Exports

3/20/2025

WASHINGTON DC, United States (Kurdistan 24) 

Addressing reporters on Wednesday, State Department Spokesperson Tammy Bruce explained that the U.S. was “urging the Iraqi Government” to reach an understanding with the international oil companies to allow the resumption of oil exports from the Kurdistan Region.

According to Iraqi authorities, those exports are to restart shortly. although the international oil companies say that more discussion is needed to reach an agreement that will allow for the export of Kurdish oil.

As one knowledgeable source told Kurdistan 24, that developments have come as far as this has a lot to do with the pressure exerted by the Trump administration on Baghdad, including the pro-Iranian elements there.

As a second source affirmed to Kurdistan 24, the Trump administration is very friendly toward the Kurdistan Region.

That was apparent, for example, in a post last week by President Donald Trump on X, highlighting the role of the Peshmerga in the recent assassination of a key ISIS figure.

"Today the fugitive leader of ISIS in Iraq was killed,” Trump wrote last Friday. “His miserable life was terminated, along with another member of ISIS, in coordination with the Iraqi Government and the Kurdish Regional Government.”

Background to Oil Export Dispute

Kurdish oil exports stopped in March 2023, when the International Court of Commerce (ICC) ruled in favor of Iraq in a dispute that was first brought to the court by Nouri al-Maliki eleven years before—in 2012—when Maliki, a strongly sectarian Shi’ite figure, was Iraq’s prime minister.

In fact, Maliki’s governance was judged to be so partisan that the Obama administration concluded that he had been a significant factor behind the rise of ISIS. Thus, it demanded his resignation as a pre-condition for returning U.S. troops to Iraq in order to fight the terrorist group, which had emerged suddenly out of the Syrian civil war.

It took nine years for the ICC to issue its ruling that the export of Kurdish oil through the Iraq-Turkey Pipeline (ITP) contravened the original 1973 agreement concerning exports through that pipeline. And now it has taken another two years to reach the point where, it seems, Kurdish oil exports will soon resume.

Of course, these problems could have been resolved much more quickly, but there was little desire to do so in Baghdad—until the Trump administration focused on the issue.

State Department Position

Bruce was asked about the U.S. role in promoting the resumption of Kurdish oil exports.

“We’re urging the Iraqi Government to reach an agreement .. .  with the international oil companies to resume oil exports through the Iraq-Turkey pipeline as soon as possible and to honor the existing contracts with U.S.companies,” she replied.

“Reopening the ITP ensures Iraqi oil can reach global, especially European markets,” she continued. “Iraq benefits from the stability of resilient supply chains, as do we all.”

The Trump administration has been focused on cutting off Iranian oil exports, as part of its maximum pressure campaign. Bringing additional sources of oil online helps to reduce the resulting pressure on international oil prices, so it, too, has a strong interest in the resumption of Kurdish oil exports.  LINK

Clare:  Al-Alaq: We are working to establish a data center that represents a successful foundation for digital transformation.

3/20/2025  Baghdad

Central Bank Governor Ali Al-Alaq confirmed on Thursday that the digital currency the bank intends to launch will enhance transparency and limit the flow of cash out of banks. He also revealed plans to establish a data center that will serve as a successful platform for digital transformation.

Al-Alaq said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News," that "financial technologies are developing rapidly, in line with the requirements of the financial and banking sector in terms of speed, accuracy, and economic efficiency, in addition to transparency and oversight. The reality of the digital revolution is imposing itself on all sectors, including the financial and banking sector, which is the most beneficiary of the major transformations taking place."

He added, "Digital currency can serve many purposes, limit the leakage of cash outside banks, and achieve a high degree of transparency, as funds can be tracked, whether in the areas of consumption, investment, savings, or even in legitimate and illegitimate businesses. It also provides important databases for analytical purposes, not just for the movement of paper money, in addition to the economic benefits digital currency offers from printing and tracking currency."

Al-Alaq confirmed that "we have begun taking steps in coordination with international organizations to review initial experiments in the digital currency file, which we do not wish to delay." He explained that "there are existing experiments in some countries in the region, and we are also following up with the Arab Monetary Fund to develop appropriate steps in this direction, and what is required is infrastructure.

" He continued, "The Central Bank has advanced infrastructure, as the new bank building contains a sophisticated data center, and we are also working to establish a data center that will represent a successful foundation for digital transformation."  LINK

FRANK26….3-18-25…….TRUMP CARD

KTFA

Tuesday Night Conference calls

FRANK26….3-18-25…….TRUMP CARD

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE=IMPLEMENTATION

https://www.youtube.com/watch?v=JyU0UNFhNeU

FRANK26….3-17-25…..THE TABLES…ARE SET

KTFA

Monday Night Conference Call

FRANK26….3-17-25…..THE TABLES…ARE SET

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE=IMPLEMENTATION

https://www.youtube.com/watch?v=A5h4gXqmmJA

FRANK26….3-14-25……GHOSTED

KTFA

Friday Night Conference Call

FRANK26….3-14-25……GHOSTED

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE=IMPLEMENTATION

https://www.youtube.com/watch?v=ojpChND9IhU

“Iraq and Vietnam News” Posted by KTFA Members 3-13-2025

KTFA:

Clare:  IMF Discusses Strengthening Iraqi Dinar

12th March 2025   By John Lee.

Iraq's delegation concluded its meetings with the International Monetary Fund (IMF) in Amman (February 24-26), with participants including Minister of Finance Taif Sami and the Governor of the Central Bank of Iraq (CBI).

Discussions focused on Iraq's economic performance and sustainable growth prospects, with the IMF acknowledging the progress made.

Key discussions included:

Non-oil GDP growth of 5% in 2024, driven by agriculture expansion and increased public spending, with 3.5% growth expected in 2025.

Reduced dependence on oil revenues, improving economic diversification and stability.

Review of actual 2024 expenditures and 2025 revenue forecasts, alongside strategies for deficit financing.

Public debt strategy update, ensuring fiscal sustainability and investor confidence in government bonds.

Financial sector reforms, with the IMF stressing the importance of banking modernization to attract foreign capital.

Expanded collaboration with international correspondent banks to facilitate trade financing.

Increased use of the Iraqi dinar in major transactions to strengthen the national currency.

The IMF reaffirmed its support for Iraq's financial policy development, offering advisors and experts to assist the Ministry of Finance in public debt management and tax system improvements.

The meetings underscored Iraq's commitment to fiscal reforms, promoting economic stability and investment-friendly policies, in line with its strategic partnership with the IMF.

(Source: Ministry of Finance)   LINK

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Clare:  Important details about the 2025 budget schedules and the date for submitting them to Parliament were revealed.

3/12/2025

The Prime Minister's financial advisor, Mazhar Mohammed Salih, revealed important details about the 2025 budget schedule.

Saleh said in a press statement: "The budget is based on two main wings: the first is the operational wing, which constitutes between 68 and 70% of total public spending, and covers the salaries of employees, retirees, and social care, while the second wing is allocated to investment in development and service projects.

Saleh pointed out that the budget will operate according to spending ceilings estimated at about (200) trillion dinars, with a hypothetical deficit of (64) trillion dinars. This deficit will be financed from internal sources in the event that the average price of a barrel of oil falls below (70) dollars or oil exports fall below (3.4) million barrels per day.

He stressed that the government is committed to guaranteeing the salaries of employees and retirees, pointing out that approximately (8) million citizens receive government income, which contributes to the indirect support of approximately (40) million people. He added that implementing service projects, such as water, electricity, schools, and hospitals, will be a parallel priority to securing salaries.

For its part, the Parliamentary Finance Committee confirmed that the discussion of the 2025 budget will be resolved after it reaches Parliament.

Committee member Jamal Koujar explained that the committee will hold a session to discuss the budget once the schedules are received by the parliament, and will submit a report on the matter to the parliament's presidency.  LINK

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Clare:  The Association of Private Banks organizes a dialogue session to discuss the latest developments in the banking sector in Iraq.

3/13/2025- Baghdad

The Iraqi Private Banks Association organized a dialogue session to discuss the latest developments in the banking sector in Iraq, including deprived banks and fines imposed by the Central Bank. The session was attended by the Governor of the Central Bank of Iraq, Ali Al-Alaq, and representatives of banks and electronic payment companies.

At the beginning of the session, the Chairman of the Iraqi Private Banks Association, Wadih Al-Handhal, welcomed the Governor and the participants, stressing the importance of joint cooperation between the Central Bank, banks, and electronic payment companies to enhance financial stability and develop the banking system in accordance with the latest international standards.

Al-Handhal stated that the Special Committee for Assisting Deprived Banks, formed within the Ministerial Economic Council, called for the need to assist deprived banks and suspend fines imposed on them, as they are going through difficult circumstances, as everyone knows. He explained that deprived banks work daily to implement global financial requirements and are subject to daily fines, calling for these fines to be suspended and reviewed by the Central Bank of Iraq. 

For his part, the Governor of the Central Bank, Ali Al-Alaq, addressed the Central Bank's measures related to banks barred from using the dollar, noting signs of optimism in discussions with the US side on this issue. 

He stressed that the Central Bank supports the establishment of digital banks, with 75 banks having applied for them, contributing to accelerating the digital transformation of the banking sector in Iraq. He noted that the first phase will involve granting only one or two licenses for the purpose of experimentation and studying the problems and challenges facing these digital banks. 

Al-Alaq indicated that banks are required to work to increase the rate of financial inclusion by providing modern banking services that target broader segments of society, emphasizing that the transition to a digital economy is a fundamental step towards enhancing financial stability and economic development. LINK

Henig:  US seeks cooperation with Việt Nam in semiconductor, essential mineral & nuclear energy R&D

March 13, 2025 - 22:00  

Emphasising the need to continue making economic - trade - investment cooperation a bright spot and driving force of the bilateral relations, the PM said that Vietnamese ministries and sectors are actively addressing the US side's current concerns in economic - trade - investment ties

HÀ NỘI — Việt Nam always considers the United States a partner of strategic importance, Prime Minister Phạm Minh Chính said while receiving US Ambassador to Việt Nam Marc Evans Knapper in Hà Nội on Thursday.

PM Chính and Knapper acknowledged the results achieved in the relationship between the two countries recently, especially after Việt Nam and the US upgraded their relationship to a Comprehensive Strategic Partnership. They discussed priority areas for promoting bilateral cooperation on the occasion of the 30th founding anniversary of diplomatic relations between Việt Nam and the US.

The PM highly appreciated Knapper's efforts in promoting the Comprehensive Strategic Partnership, maintaining stable development momentum with many positive results, including maintaining and promoting high-level contacts, notably the very successful phone talks between Party General Secretary Tô Lâm and US President Donald Trump before and after being elected.

He affirmed the message of Party General Secretary Tô Lâm and senior Vietnamese leaders that they attach great importance to and want to cooperate closely with President Trump’s administration to promote the Comprehensive Strategic Partnership, maintain a stable and increasingly substantive development momentum, and effectively implement the contents of the Joint Declaration and Action Plan to implement the Comprehensive Strategic Partnership for the common interests of the two countries.

In the context that the two countries are organising activities to celebrate the 30th founding anniversary of diplomatic relations, PM Chính requested the US Ambassador and Embassy to coordinate with relevant Vietnamese agencies to implement measures to deepen cooperative relations, including promoting visits and meetings at all levels, especially high-level ones.

Emphasising the need to continue making economic - trade - investment cooperation a bright spot and driving force of the bilateral relations, the PM said that Vietnamese ministries and sectors are actively addressing the US side's current concerns in economic - trade - investment ties, including sending the Minister of Industry and Trade as a Special Envoy to work in the US to co-chair the Trade and Investment Framework Agreement (TIFA) Council’s meeting.

According to the government leader, Việt Nam's relevant ministries, sectors and agencies are actively reviewing the tariffs on goods imported from the US, encouraging increased imports of products that the US has strengths and Vietnam has demand, especially agricultural products, liquefied petroleum gas and high-tech products.

He emphasised that the Vietnamese Government always pays due attention to creating conditions for US businesses and investors operating in Việt Nam, affirming that Việt Nam wants to build balanced, stable, harmonious and sustainable economic - trade - investment cooperation relations with the US for the common interests of the two countries.

The PM also proposed the US continue to take steps towards recognising Việt Nam as having a market economy and creating conditions for Việt Nam to import high-tech equipment from the US.

On this occasion, PM Chính requested the Ambassador and the Embassy to continue to prompt the US Government and Congress to increase support projects to overcome the consequences of war in Việt Nam, especially the dioxin detoxification project at Biên Hoà airbase, assist people with disabilities and war victims, and support the search for fallen Vietnamese soldiers; transfer technology and improve the capacity to examine the DNA of Vietnamese martyrs.

Thanking the PM for his recognition and appreciation, Knapper pledged to continue to coordinate closely with Vietnamese ministries and sectors to promote and further deepen the Việt Nam - US Comprehensive Strategic Partnership.

The Ambassador expressed his joy with the two sides actively implementing the Joint Declaration and Việt Nam - US Action Plan for 2023, affirming that Việt Nam - US relations have achieved many positive results, in accordance with the desires and interests of both sides.

He affirmed that the US prioritises developing relations with Việt Nam based on the principle of respecting Việt Nam's political institutions, independence, sovereignty and territorial integrity, supporting a strong, independent, self-reliant and prosperous Việt Nam.

The US wants to expand cooperation in all fields, including cooperation in overcoming the consequences of war, defence - security, and education - training; support Việt Nam in training high-quality human resources and human resources in the semiconductor industry, and cooperate with Việt Nam in essential mineral exploitation and nuclear energy research and development, the diplomat said.

Knapper emphasised that 2025 is of important significance in the bilateral relationship, with the two sides celebrating the 30th anniversary of diplomatic relations. The US Embassy in Hà Nội will work together with Vietnamese agencies to build an effective agenda, thereby deepening the Comprehensive Strategic Partnership, he added. — VNA/VNS

 https://vietnamnews.vn/politics-laws/1693886/us-seeks-cooperation-with-viet-nam-in-semiconductor-essential-mineral-nuclear-energy-r-d.html

FRANK26….3-11-25…..SOFTWARE

KTFA

Tuesday Night Conference Call

FRANK26….3-11-25…..SOFTWARE

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE=IMPLEMENTATION

https://www.youtube.com/watch?v=MHMdQ48V13I

FRANK26….3-7-25……THE RUMOR IS MY OPINION

KTFA

Friday Night Conference Call

FRANK26….3-7-25……THE RUMOR IS MY OPINION

This video is in Frank’s and his team’s opinion only

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE=IMPLEMENTATION

https://www.youtube.com/watch?v=kf66q6ITVH4

FRANK26…..3-4-25…….IT’S NO TOP SECRET

KTFA

Tuesday Night Conference Call

FRANK26…..3-4-25…….IT’S NO TOP SECRET

This video is in Frank’s and his team’s opinion only

Frank has stated he will no longer do public videos on the Iraqi dinar UNLESS it is Important, Prudent or Necessary.  

Frank’s team is Walkingstick, Eddie in Iraq and guests

Playback Number: 605-313-5163   PIN: 156996#

What Frank’s suit color’s mean…. FRANKS SUIT COLORS FOR CC'S..... WHITE = NEW INFO…. SILVER = INTEL FROZEN…. RED= HIGH ALERT… PURPLE=GUEST WITH US…. BLUE = AIR FORCE…. BLACK = GROUND/FF’S…. GREEN= MR OR FAB 4 ... GOLD = CHANGE… ORANGE=IMPLEMENTATION

https://www.youtube.com/watch?v=U4uHOpa-gKs

Some Iraq and Iran News Posted by Clare at KTFA 3-3-2025

KTFA:

Clare:  Counterfeit currency and 'unmarked' gold dealers busted in Iraq

3/3/2025

The National Security Service announced, on Monday, the arrest of promoters of counterfeit currencies and traders of "unmarked" gold in Baghdad and the provinces of Dhi Qar and Diwaniyah.

The agency said in a press statement received by Shafaq News Agency, "Two suspects were arrested in Baghdad in the Al-Baladiyat area, who were promoting counterfeit local and foreign currencies. 3,400 counterfeit US dollars in 100-dollar bills were seized in their possession, in addition to various amounts of counterfeit Iraqi dinars."

He continued, " In Dhi Qar, an illegal commercial complex was raided for selling unmarked gold. It was found that its owner was offering usurious loans to citizens in exchange for seizing Key Cards and Master Cards. 122 cards, a gold piece, four seals, records of the dealers, electronic devices, and an amount of 12 million and 750 thousand dinars were seized."

He pointed out that "in Diwaniyah, the apparatus' detachments were able to overthrow a gang specializing in promoting counterfeit currency, where an ambush was set up for one of the gang members and two suspects (a man and a woman) were arrested red-handed while exchanging counterfeit money, and an amount of 215 thousand counterfeit US dollars was seized in their possession, in addition to the vehicle they were riding in."  LINK

Clare:  Mazhar Saleh: Geopolitical controls push towards shifting to official channels for currency trading

3/3/2025

Mazhar Muhammad Salih, the financial advisor to the Prime Minister, confirmed that the geopolitical controls imposed on informal trade contribute to expanding dealings with official outlets for foreign currency, which contributes to financing foreign trade through the sound international financial system.

He pointed out in his statement to {Euphrates News} that "this shift aims to move away from informal financing from the parallel dollar market intensively, especially with the change in the behavior of small traders in avoiding the parallel market linked to the countries' regional and geopolitical problems." 

Saleh added that "this shift comes in the context of the importance of increasing Iraq's foreign reserves and confronting money smuggling operations, in addition to facilitating external transfer operations through Iraqi banks that deal with international banking correspondents, at an official exchange rate of 1,320 dinars per dollar."

He also stressed that the end of the compliance platform phase adopted by the Central Bank of Iraq in the past two years and the country's entry into a new phase has contributed to providing great flexibility in financial transfers through official channels.   LINK

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Clare:  Oil Minister: A boom in investment in associated gas and raising its rates to 67%

3/3/2025

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani Al-Sawad received today, Monday, a German delegation that includes representatives of the German Embassy in Baghdad, the German Chamber of Commerce, and companies specialized in various oil and non-oil fields.

Abdul Ghani confirmed, in a statement from his office, a copy of which was received by {Euphrates News}, "Iraq is keen to cooperate with various parties, including German companies, which have a long history in the field of industry and are of high quality and acceptable in Iraq."

He pointed out that "Iraq has made great strides in the field of developing the oil industry, and in particular the optimal investment of gas, as Iraq has achieved, during the life of the government, a great leap in the field of investment in associated gas and raised investment rates from 53% to more than 67%, and Iraq is determined to stop flaring gas and achieve self-sufficiency in 2028."

Abdul Ghani explained that "the ministry has major projects in the gas investment sector, the most important of which is the gas development project in Basra with Total to invest 600 cubic meters in two phases, in addition to other projects in the field of gas field development, as the ministry signed contracts to develop the Mansouriya and Akkas fields, and signed contracts to develop 14 fields and exploration areas, which were offered in the fifth and sixth supplementary licensing rounds."

He added, "The ministry has investment opportunities for gas and oil exploration fields and blocks from the last licensing round that have not been referred. The ministry is working to develop them through investment projects with specialized international companies."

German companies presented a review of their activities and offers to work and cooperate with the Ministry of Oil and its formations, in the fields of exploration, pipelines, laboratories, training, and the provision of equipment, tools, and supplies for oil facilities.  LINK

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Clare:  Iraq-Turkey Pipeline Reopening Pressures Oil Prices, Signals Potential Market Shift

3/3/2025

ERBIL  – Oil prices experienced volatility as news of the anticipated reopening of the Iraq-Turkey pipeline raised expectations of increased supply, despite Iraq’s ongoing commitment to OPEC+ production constraints, according to a report by Robin Mills, CEO at Qamar Energy, published in the Energy This Week newsletter on Monday

Mills noted that crude oil prices ended higher on Monday but dropped on Tuesday following reports that the Iraq-Turkey pipeline is set to resume operations. The country’s deputy oil minister, Bassem Mohammed, recently confirmed that 185,000 barrels per day (bpd) from the Kurdistan Region could be exported after domestic allocations are met. Before its closure in March 2023—following an arbitration ruling—the pipeline transported around 450,000 bpd.

“The market is reacting to the possibility of higher supplies, but Iraq is still constrained by its OPEC+ commitments,” Mills stated. He added that while the pipeline’s reopening may put downward pressure on oil prices in the short term, long-term impacts will depend on Iraq’s ability to balance exports with production limits.

Mills also highlighted the role of U.S. diplomatic efforts in pushing for the pipeline’s resumption. “Washington has been applying pressure on Baghdad to restart exports through the pipeline, which requires an agreement between the federal government and the Kurdistan Regional Government (KRG) on budget allocations and payments to international oil companies,” he explained.

Meanwhile, British Petroleum (BP) has reinforced its presence in Iraq’s energy sector by finalizing a deal to redevelop the massive Kirkuk oil fields in the country’s north. Mills pointed out that BP, part of the original consortium that discovered Kirkuk’s oil in 1927, estimates the contract area contains up to 20 billion barrels of oil equivalent. “This redevelopment could help Iraq secure a higher production quota within OPEC+,” he noted.

However, BP itself faces challenges, and Mills referenced recent discussions suggesting that a merger with Shell could strengthen the struggling British energy giant.

Iraq’s Energy Sector and Geopolitical Pressures

Iraq, OPEC’s second-largest oil producer, has long grappled with balancing its production ambitions against OPEC+ output agreements. While Baghdad seeks to increase exports to boost revenue, it remains bound by cartel-imposed limits, a tension that has led to periodic disputes.

Mills emphasized that the reopening of the Iraq-Turkey pipeline is particularly significant for the Kurdistan Region, which has faced financial strain since the shutdown. 

The U.S. has been actively working to counter Iran’s influence in Iraq, particularly following President Donald Trump’s return to office. By pressuring Baghdad to resume pipeline exports, Washington aims to strengthen its economic ties with Erbil while reducing Tehran’s leverage over Iraq’s energy sector.

As Iraq navigates these complex political and economic dynamics, the coming months will be crucial in shaping the country’s energy strategy amid shifting global market conditions and geopolitical maneuvering.   LINK

Clare:  Kurdistan Region's Oil Exports Near Resumption

3/3/2025

ERBIL – All preparations for resuming the Kurdistan Region’s oil exports to Turkey’s Ceyhan port have been completed, according to an announcement by a member of the Iraqi Parliament’s Oil and Gas Committee.

The long-awaited move comes after almost two years of suspension, which has cost the Iraqi government billions in revenue losses.

Ali Shaddad al-Faris, an MP from Basra and a member of the Oil and Gas Committee, confirmed that no obstacles remain to restart the oil flow. “According to the budget amendment, the amount to be sent from the region is between 300,000 to 325,000 barrels of oil per day,” he stated.

Additionally, al-Faris revealed that the Kurdistan Regional Government (KRG) has requested an increase in the amount of oil used for domestic consumption, seeking an expansion from 45,000 barrels per day to 110,000 barrels per day.

Iraq’s Oil Minister, Hayan Abdul Ghani, announced last Friday that the Federal Oil Marketing Company (SOMO) would initially sell 185,000 barrels of Kurdistan Region oil per day through Turkey’s Ceyhan port. This figure is expected to gradually rise until it aligns with the quota specified in the federal budget.

The decision marks a significant development after prolonged disputes over oil revenue-sharing between the Kurdistan Regional Government and Baghdad. Since March 2023, exports have been halted following an international arbitration court ruling in Paris, which favored the Iraqi federal government in its legal battle over oil export rights.

The suspension of exports has resulted in an estimated loss of over $21 billion for Iraq’s treasury, underscoring the economic urgency of restoring Kurdish oil sales.

US-Iraq Talks and Diplomatic Pressure

The resumption of oil exports has been a key issue in recent U.S.-Iraq diplomatic discussions.

Last Tuesday, U.S. Secretary of State Marco Rubio spoke with Iraqi Prime Minister Mohammed Shi’a al-Sudani, marking their first official conversation. According to statements from both governments, the meeting was productive, addressing a range of issues, including the Iraq-Turkey pipeline.

On Friday, Reuters reported that the Trump administration has been pressuring Baghdad to allow the restart of Kurdish oil exports as part of Washington’s broader "maximum pressure" campaign on Iran. The U.S. sees Kurdistan’s oil exports as a strategic economic lever, and Secretary Rubio specifically raised the issue with Prime Minister Sudani.

Tammy Bruce, the U.S. State Department spokesperson, stated that both leaders agreed on the importance of reopening the Iraq-Turkey Pipeline "as quickly as possible." The involvement of Washington further underscores the geopolitical importance of Kurdish oil exports and the role they play in regional energy dynamics.

Economic and Political Implications

The restoration of oil exports is expected to ease financial strains on both Erbil and Baghdad. The KRG relies heavily on oil revenue to sustain its economy, and the prolonged suspension has exacerbated budgetary challenges, including delays in public sector salaries. Meanwhile, Baghdad seeks to recover billions in lost revenue and stabilize its economic outlook.

However, broader negotiations between the KRG and Iraq’s federal government remain ongoing, particularly regarding revenue-sharing mechanisms and long-term agreements on oil production rights.

As preparations are finalized and the first shipments of Kurdish oil are set to flow once again, all eyes will be on how efficiently the resumption process unfolds and whether it signals a more stable economic and political relationship between Erbil and Baghdad.  LINK

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Clare:  Due to the collapse of the toman.. Iranian parliament dismisses the Minister of Finance

3/2/2025

The Iranian parliament dismissed Finance Minister Abdolnaser Hemmati on Sunday after starting a no-confidence vote against him over his handling of the high inflation rate and the decline in the national currency exchange rate, state television reported.

The source explained that the Minister of Economic Affairs and Finance, Abdolnasser Hemmati, lost the vote of no confidence against him, with 182 parliamentarians out of 273 who attended the session designated for his dismissal supporting the motion.

Earlier on Sunday, Iran's parliament began a session that included a vote of no confidence in the finance minister, following a sharp decline in the value of the Iranian currency, the rial.

On the black market on Sunday, the riyal was trading at more than 920,000 to the US dollar, compared to less than 600,000 in mid-2024.

The decision to withdraw confidence from Finance Minister Abdolnaser Hemmati comes nearly 8 months after the formation of the government under President Masoud Pezeshkian.

Under the Iranian constitution, the minister's dismissal would take effect immediately, with an acting minister appointed until the government chooses a replacement.   LINK

Some Iraq News Posted by Clare at KTFA 3-2-2025

KTFA:

Clare:  The Central Bank invites the Ministry of Culture to receive gold artifacts deposited in its vaults

In light of Baghdad being chosen as the Arab Tourism Capital for 2025 by the Arab Tourism Organization, and in order to provide Iraqi museums with original antiquities to be a tourist destination that attracts tourists from all over the world, the Central Bank of Iraq confirms the existence of about 23 boxes containing golden and historical antiquities, such as the Nimrud antiquities, which were deposited in the vaults of the Central Bank of Iraq in previous years to preserve them.

The Central Bank called on the Ministry of Culture to receive these deposits, to enhance the contents of the Iraqi National Museum and other museums.

 Central Bank of Iraq 
Media Office 
March 1, 2025

https://cbi.iq/news/view/2809

Clare:  Central Bank: Gold reserves grow by 45.1%

3/2/2025 

The Central Bank announced, today, Sunday, that gold reserves grew by 45.1% in the fourth quarter of 2024 compared to the same quarter of the previous year.

The bank's media stated in a statement received by {Al Furat News} that "gold reserves increased from 12.29 trillion dinars in the fourth quarter of 2023 to 17.83 trillion dinars in the same quarter of 2024," explaining that this growth is due to the increase in the amount of gold and global gold prices.

The statement added that "the growth of reserves has great benefits, as it enhances economic and financial stability and protects against risks, and is considered an important tool for intervening in the foreign exchange market."  LINK

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Clare:  Iraqi dinar hits nine-month high against US dollar

3/2/2025    ERBIL  –

The Iraqi Dinar exchange rate has reached its highest level in the past nine months, with the currency strengthening against the US Dollar in both the Iraqi and Kurdistan Region markets.

On Sunday, the US Dollar was trading at 147,750 dinars, but it has since appreciated to 145,950 dinars, signaling a positive shift in the national currency's value.

This significant improvement is largely attributed to the effective measures implemented by the Central Bank of Iraq. The bank's consistent efforts in maintaining a steady supply of dollars, coupled with a decrease in demand for the US currency, have played a key role in strengthening the dinar. 

Despite rumors surrounding potential sanctions on Iraqi banks, the exchange rate has remained stable, providing further confidence in the resilience of the Iraqi economy.   LINK

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Clare:  Dollar prices decline "gradually" in Baghdad and Erbil

3/2/2025

The markets of the Iraqi capital, Baghdad, and Erbil, the capital of the Kurdistan Region, are witnessing a gradual decline in the exchange rates of the US dollar today, Sunday.

Shafaq News Agency correspondent reported that the dollar prices decreased in Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate at one o'clock in the afternoon recorded 147,100 dinars for every 100 dollars, after it was 147,800 dinars this morning.

In the local markets in the capital, exchange rates declined at exchange offices, with the selling price reaching 148,000 dinars for every 100 dollars, while the buying price reached 146,000 dinars.

In Erbil, the dollar recorded a similar decline, with the selling price reaching 146,400 dinars per 100 dollars, while the buying price reached 146,300 dinars.  LINK

Clare:  Financial and Economic Measures.. Iraqi Finance Ministry Announces Results of its Meeting with the International Monetary Fund

3/2/2025

The Iraqi Ministry of Finance announced, on Sunday, the results of its meetings with the International Monetary Fund, indicating an agreement to intensify efforts to expand cooperation with foreign correspondent banks, while the IMF stressed the importance of developing the banking sector.

The ministry stated in a statement received by Shafaq News Agency, "The Iraqi delegation concluded its meetings with the International Monetary Fund in Amman during the period from February 24 to 26, 2025, with the participation of the Minister of Finance, Taif Sami Muhammad, and the Governor of the Central Bank of Iraq. Iraq's economic performance and prospects for sustainable growth were discussed, amid appreciation for the progress made."

He explained that "the discussions, in which experts from the Ministries of Finance, Planning, Oil, Electricity and the Central Bank participated, focused on macroeconomic indicators, where a remarkable growth in non-oil GDP was recorded at 5% for 2024, driven by the expansion of the agricultural sector and increased public spending, with growth expected to continue at 3.5% in 2025.

The mission confirmed that these figures reflect an improvement in economic diversification and a reduction in dependence on oil, which enhances the stability of the national economy, in addition to reviewing actual expenditures and expected revenues for 2024 and expectations for 2025 and how to finance the deficit."

The statement added, "The meeting also discussed updating the public debt strategy with mechanisms that ensure public financial sustainability and enhance investor confidence in government bonds. The IMF also stressed the importance of developing the banking sector to support investments and attract foreign capital, which contributes to creating a more stable financial environment."

The International Monetary Fund confirmed, according to the statement, "its support for Iraq in developing financial policies by providing advisors and experts to help the Ministry of Finance manage public debt and improve the tax system in line with the requirements of economic growth."

The statement continued, "Within the framework of enhancing financial stability, it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, which facilitates foreign trade financing operations, in addition to enhancing the use of the Iraqi dinar in major transactions, which enhances the strength of the national currency."

The statement concluded by saying, "The meetings emphasized the continued progress in financial and economic reforms, which reflects the Iraqi government's commitment to achieving financial sustainability that supports development and stimulates investment, in light of an ongoing strategic partnership with the International Monetary Fund."

On February 26, Iraqi Finance Minister Taif Sami discussed with the International Monetary Fund financial and banking reforms to support the Iraqi economy, during periodic meetings held in the Jordanian capital, Amman.  LINK

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Clare: Kurdish delegation holds meeting in Baghdad to decide on resuming oil exports

3/2/2025

Informed sources reported on Sunday that a delegation from the Kurdistan Regional Government arrived in the capital, Baghdad, to put the final touches on the file of resuming oil exports via the Turkish Ceyhan pipeline.

A source told Shafaq News Agency, "A delegation from the Ministry of Energy and Natural Resources of the Kurdistan Regional Government is currently holding a meeting with officials at the headquarters of the Federal Ministry of Oil, to resolve matters related to resuming oil exports from the region's fields, and other issues related to the work of companies."

Another source told the agency, "This meeting was scheduled to be held next Tuesday, but developments in the file prompted the date to be brought forward," without mentioning further details.

Yesterday, Saturday, the Federal Ministry of Oil invited international oil companies under the umbrella of "APICOR" and contracted with the Kurdistan Regional Government, in addition to the Ministry of Natural Resources in the region, to attend a meeting in Baghdad next Tuesday, March 4, 2025.

Last Friday, eight international oil companies operating in the Kurdistan Region announced that they would not resume oil exports through the Turkish port of Ceyhan, despite Baghdad’s announcement of the imminent resumption of exports.

Before that, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani announced the resumption of Kurdistan Region oil exports via the Turkish port of Ceyhan within the coming hours. LINK

Frank26 “News and Views” Sunday AM 3-2-2025

KTFA:

Frank26:  "PROOF THAT THEY WORK THROUGH RAMADAN"......F26

Parliament will not be suspended" .. Parliamentary Legal Committee reveals the plan for sessions during Ramadan

2/27/2025

 A member of the Parliamentary Legal Committee, Mohammed Anouz, confirmed on Thursday that the Iraqi Parliament will not be suspended early due to the upcoming legislative elections, stressing that the Council has a moral and constitutional responsibility to continue holding its sessions and approving the remaining laws.

Anouz added to Shafaq News Agency that the first and second legislative chapters are sufficient to complete the reading, discussion and voting on many laws, stressing that the Council will resume its sessions next week.

He pointed out that Parliament sessions during the month of Ramadan will be in the evening, i.e. after breakfast, to ensure the continuation of legislative work before the end of the current session.

It is noteworthy that the current session of the Iraqi Council of Representatives began on January 9, 2022, and is scheduled to continue for four years, which means that it will end on January 8, 2026. 

According to the amended Electoral Law No. 12 of 2018, legislative elections must be held 45 days before the end of the parliamentary term. 

Accordingly, the next elections are expected to be held in late November 2025. 

Recently, the Independent High Electoral Commission began its technical and logistical preparations to ensure that the elections are held on the scheduled date, in coordination with the Prime Minister’s Office.   LINK

Frank26:  "ONCE AGAIN CBI REACHED TO THE INTERNATIONAL THEATER, NOT AT 1310!!!".....F26

CBI Governor announces integration of Iraq's e-payment system with global networks

 2/26/2025  BAGHDAD

The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced on Wednesday the details of electronic payment in all of Iraq, he pointed out that the financial inclusion rate has increased to more than 40 percent, he emphasized that the bank has achieved international integration by linking the Iraqi electronic payment system to global networks

Al-Alaq said in a speech during the ninth annual exhibition and conference for finance and banking services in Iraq, which was attended by a reporter of the Iraqi News Agency (INA): “There is a complete roadmap for the digitization of banking services through electronic payment as a key tool for digital transformation, as the number of devices reached 63 thousand devices in the governorates of Iraq.”

“The number of ATMs has reached more than 4,000 devices and the number of bank cards is about 17 million,” he added.

“The Central Bank supported the licensing and operation of mobile e-wallets that allow charging, transferring and paying bills, which raised the rate of financial inclusion to more than 40% compared to 20% three years ago,” he said.

“The number of permanent wallets has reached one million and 200 thousand wallets, and we have achieved international integration by linking the Iraqi electronic payment system to global payment networks, allowing the transformation of the acceptance of foreign cards locally and expanding the acceptance of Iraqi cards internationally,” he said.

“The achievements in the field of information technology and electronic payments at the Central Bank are a fundamental shift in the financial system,” he said. LINK

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Frank26:  "NORTHERN IRAQ OIL FIELDS WELCOME RUSSIA".....F26

Russia announces imminent resumption of oil projects in Kurdistan Region

 2/27/2025

The Russian Ministry of Energy announced, on Thursday, the imminent resumption of oil projects in the Kurdistan Region. 

The Russian news agency TASS quoted Russian Energy Minister Sergei Tsevilev as saying that the Kurdistan Region of Iraq and the Iraqi government had reached a settlement to their disputes over oil, which would allow Russian companies to resume their projects in the region.

Among the companies that suspended operations in the region is Rosneft, Russia's largest oil producer.

The company has suspended some operations for security reasons while carrying out work near the border with Syria.

Last Monday, Iraqi Oil Minister Hayan Abdul Ghani said that Iraq is waiting for Türkiye's approval to resume oil flows from the Kurdistan Region of Iraq, hoping to resume them within two days.

According to TASS, the Russian Energy Minister said he had received information about resolving the differences between the region and the federal government.  LINK

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Frank26:  "DIGITAL CURRENCY IS SO HARD TO STEAL... ISN'T IT PARLIAMENT?".....F26

The digital currency to be launched in Iraq.. between economic opportunities and potential risks

 2/26/2025  Baghdad

Today, Wednesday (February 26, 2025), the expert in international economic affairs, Nawar Al-Saadi, revealed the importance of the Central Bank of Iraq launching its own digital currency.

Al-Saadi told Baghdad Today, “From an economic standpoint, this step has great benefits, but at the same time it involves challenges and risks that must be dealt with carefully.”

He explained that “the importance of this step lies in several aspects, most notably that it provides a more efficient and transparent means of electronic payment, which reduces reliance on paper money and limits the informal economy,” adding: “It also contributes to enhancing financial inclusion by facilitating digital transactions, especially in a country like Iraq where a large percentage of the population is still outside the formal banking system.”

He added, "The central bank's digital currency could help reduce the costs of printing and managing paper currency, and improve control over cash flows, which would help combat corruption and money laundering."

“However, this step is not without risks, especially in light of the challenges facing the Iraqi financial system,” he added, indicating that “the most prominent concerns are the possibility of using digital currency in smuggling operations, especially if there are no strict mechanisms to monitor digital transactions. Iraq already suffers from challenges in controlling money transfers through informal channels, and any weakness in managing digital currency could lead to its exploitation by illegal networks.”

Al-Saadi also warned that “there are risks related to monetary stability, as the rapid transition to digital currency may lead to pressures on the traditional banking system, especially if banks are not technically and practically prepared for this change.” Moreover, any security or technical flaw in the digital infrastructure may make the financial system more vulnerable to cyber attacks or hacking.”

The international economic affairs expert pointed out that “in order to ensure the success of this step, it is necessary for the Central Bank to follow a well-thought-out policy to implement it gradually, with a clear legal framework to regulate the use of digital currency,” stressing “the need to strengthen the digital banking infrastructure and ensure the readiness of the financial system to accommodate this transformation without affecting economic stability.” If this policy is implemented with caution and transparency, the Central Bank’s digital currency can be an effective tool to strengthen the Iraqi economy and push it towards more modernity and financial openness.”

Earlier on Wednesday, the Central Bank Governor, Ali Al-Alaq, revealed the intention to create a digital banking currency to replace paper currencies.

Al-Alaq said, in a speech during the Ninth Finance and Banking Services Conference and Exhibition, which was followed by “Baghdad Today”, that “the financial and banking system will witness fundamental transformations, including the decline of paper currencies to be replaced by digital payments for central banks.”

He added that "the Central Bank is moving to create its own digital currency, to gradually replace the paper process as is happening in some central banks in the world," indicating that "we are seriously considering establishing a data center in Iraq, and the bank has begun to move on this issue as part of the digital transformation steps."  LINK

Frank26:  "MIGA!!!"......Make Iraq Great Again!!  .F26     

 After calling for cutting funding to Baghdad, US representative: Let's make Iraq great again

2/28/2025

US Republican Representative Joe Wilson called for "making Iraq great again" and stopping Iran's control over it, after his previous calls to stop funding Iraq, according to the American Fox News channel.

The American report, which was translated by Shafaq News Agency, explained that Wilson, who is also a member of the Foreign Affairs Committee in the US House of Representatives, published a tweet on the "X" platform, in which he said, "Make Iraq great again," accompanied by a picture of the Iraqi flag.

The report noted that many people commented on Representative Wilson's tweet, including one who wrote to him saying, "America first? " , while another commented saying, "Forget Iraq and worry about the Americans."

The report indicated that "Representative Wilson spoke publicly on social media about various foreign countries, including Iraq and Iran, where he criticized Tehran's control over Baghdad, and repeatedly used the phrase "liberate Iraq from Iran."

The report quoted Wilson as saying in previous positions, "Iran runs the Iraqi government, as well as the army, judiciary, police and banks."

In a previous post, Wilson said that “the great people of Iraq, of all religions and ethnicities, are the heirs of a great civilization, and deserve better than to be ruled by a terrorist regime in Iran,” criticizing the former Joe Biden administration’s abandonment of the non-sectarian protest movement in Iraq, adding that “we must empower the Iraqi people to make Iraq great again and liberate Iraq from Iran.”

The report also mentioned Wilson's previous publications, in which he called for "stopping funding for Iraq" and "cutting off all aid to Iraq as long as Iran runs it."  LINK

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Frank26:  "MONETARY REFORM TEACHES... FROM THE RV TO THE RI."......F26

Analysis detailing the reasons for the fluctuations in the exchange rate of the Iraqi dinar against the dollar over 21 years

2/28/2025

The "Iraq Al-Mustaqbal" Foundation for Economic Studies and Consultations attributed, on Friday, the reasons for the fluctuations in the exchange rate of the dinar against the US dollar in the parallel market over more than two decades in the country to internal and external factors.

This came according to an analysis issued by the institution, in which it explained these fluctuations from 2005 until 2024.

The institution stated in its analysis that "the exchange rate of the Iraqi dinar against the US dollar in the parallel market witnessed noticeable fluctuations over the course of 21 years, as it was affected by a group of factors ranging from political, legislative and economic."

The analysis added that "supply and demand were the most influential, as the patterns of exchange rate changes differed according to the months of the year as a result of internal and external factors, such as the timing of the launch of the general budget and official holidays in major countries exporting goods to Iraq, such as China and Iran."

He pointed out that "by analyzing the exchange rate data in the parallel market from 2005 to 2024, there appears to be a recurring pattern that reflects the dinar's value being affected by specific months more than others."

According to the institution, “December was the month with the most frequent increase in the value of the dinar, as it witnessed a decline in 13 years out of 21 years, followed by: August and June with increases in the value of the dinar against the dollar in 11 years, then April 10 times, while October and November witnessed an increase 9 times, and March 8 times.”

May was the month with the least frequent decline in the value of the dinar, as its value rose only 4 times during the period studied, which gives a semi-impression that the prices of the dinar against the dollar rise in the months of February, March and April, then decline again against the dollar in May as a result of the strong return of demand in May.

The institution warned in its analysis that "despite this clear seasonal impact on the exchange rate, there are other factors that cannot be ignored, such as the levels of dollar sales by the Central Bank of Iraq, which directly affect the size of the money supply in the market, as well as political and financial factors such as the timing of the release of general budget funds, in addition to geopolitical situations that may cause sudden disturbances in the demand for foreign currency."

The analysis concluded that “the seasonal effect remains one of the main elements in determining the exchange rate trends in Iraq, as a recurring pattern appears at the end of the year and the beginning of the fiscal year, in addition to being affected by official holiday periods in countries exporting goods to Iraq. However, other factors, such as monetary policies and political and economic developments, remain a direct influence on the parallel market, which makes it necessary to monitor all these variables to understand exchange rate changes more accurately.”  LINK

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Frank26:  "DIGITAL CURRENCY IS SAFER THAN PAPER... SECURITY & STABILITY!!!"........F26

"From Safe Internet to Smart Systems" Iraq Enters the Digital Revolution Era with Steady Steps

2/28/2025

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq is moving steadily towards achieving a major digital renaissance, based on a set of foundations that support this trend. 

Saleh explained to {Euphrates News} agency, "The most prominent of these foundations is the progress achieved in two types of infrastructure."

He explained that "the first category is represented by the advanced technological infrastructure, whether through secure and strong internet networks or digital payment systems that work effectively and efficiently in parallel with each other."

Saleh continued, "As for the other category, it is the advanced legal infrastructure that provides protection for the rights of users, operators, and the public right against electronic and financial crimes arising from the digital transformation."

He pointed out "the importance of having the ability to keep pace with the developments of digital technology in the virtual world on an ongoing basis," indicating that "the advisory team in the General Secretariat and all relevant Iraqi state institutions are keen to achieve this to ensure that Iraq enters the new digital age."

 Raghad   LINK

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Frank26:  "APIKUR WANTS TO GET PAID...BECAUSE THEY TOO WAIT FOR THE NEW EXCHANGE RATE."....F26 

'IOCs Demand Written Agreements, Payment Surety', APIKUR Spokesperson

3/1/2025   ERBIL –

As discussions continue over the resumption of oil exports from the Kurdistan Region, Colonel Myles B. Caggins III, spokesperson for the Association of the Petroleum Industry of Kurdistan (APIKUR), has emphasized the necessity of formal agreements before any further steps are taken.

Speaking exclusively to Kurdistan 24, Caggins laid out APIKUR’s conditions, stressing that without clear, binding agreements, international oil companies (IOCs) will not proceed with production and exports.

APIKUR’s Stance on Oil Exports

Caggins explained that APIKUR, which represents eight companies operating in the Kurdistan Region, collectively produces over 60% of the region’s oil.

He clarified that while APIKUR welcomes the Iraqi Oil Minister’s statement regarding the resumption of oil exports, the reality is that no formal agreements are currently in place. According to him, the lack of written contracts is a fundamental obstacle preventing exports from moving forward.

“We need agreements in writing. These are called sales agreements and lifting agreements. Our companies need to know that when they produce oil, they will get payment and the path for payment,” Caggins stated.

He emphasized that across the global oil industry, including in federal Iraq, such agreements are standard practice, ensuring both producers and buyers have a clear understanding of their obligations. Without these legal documents, APIKUR companies remain hesitant to restart production.

Caggins illustrated the issue with a simple analogy: “I was at a restaurant in Zakho a couple of days ago, and I had breakfast. The restaurant owner understood that if he gave me chai, I was going to pay him in Iraqi dinar. It’s the same concept. If our companies are producing oil, they need to know how and when they will get paid.”

Aligning Payments with the Iraqi Budget Law

Another major concern raised by APIKUR is ensuring that payments to oil companies align with the Iraqi Budget Law.

Under the current arrangement, the Iraqi central government provides payments to the KRG based on total oil production in the Kurdistan Region. These funds are then allocated among oil companies based on production volumes.

Caggins highlighted the importance of ensuring that APIKUR companies receive payments consistent with their contracts with the KRG and in accordance with Iraq’s budget law.

He further stressed that the Iraqi Prime Minister has publicly expressed the need to resume oil exports for the benefit of all Iraqis.

The U.S. government, including Secretary of State Marco Rubio, has also voiced support for the continuation of Kurdistan’s oil exports, recognizing the economic benefits it brings to Iraq as a whole.

Caggins emphasized that honoring contracts with oil companies would enhance Iraq’s attractiveness to foreign investors across multiple industries.

Addressing Outstanding Payments and Future Export Volumes

Before resuming exports, APIKUR insists that there must be a structured plan to address outstanding payments. Caggins revealed that international oil companies operating in Kurdistan were not paid for the oil they produced between October 2022 and March 2023, resulting in over one billion dollars in arrears.

He stressed that before production resumes, there must be a written plan outlining how these arrears will be repaid.

“We just need to know that there is a plan in writing for us to get the money. That plan needs to be written on paper and agreed to for how the companies will get repaid and when they will get repaid,” he said, acknowledging that different companies may have their own individual decisions to make but stressing the need for a clear financial roadmap.

Furthermore, APIKUR seeks assurances regarding future oil export volumes. Decisions about how much oil will be exported and at what rates must also be specified in formal agreements.

“You see, it all comes back to these written agreements,” Caggins reiterated. “We cannot do business based on press statements and tweets. We need agreements on paper.”

As Baghdad and Erbil continue negotiations on the future of Kurdistan’s oil sector, APIKUR remains firm in its position that transparency and contractual certainty are non-negotiable.

With ongoing discussions between the KRG, Baghdad, and international stakeholders, the coming weeks will be crucial in determining whether an agreement can be reached that satisfies all parties.

Caggins concluded by reaffirming APIKUR’s commitment to its investments in Kurdistan and willingness to cooperate in securing a sustainable future for oil production in the region.

However, he made it clear that without written agreements, the resumption of Kurdistan’s oil exports remains uncertain.  LINK