Friday Morning Iraq Economic News Highlights 8-25-23

Friday Morning Iraq Economic News Highlights 8-25-23

Iraq Falls One Place Among The Largest Holders Of US Bonds

Posted On 2023-08-25 By Sotaliraq    ]The US Treasury announced, on Thursday, that Iraq is one of the largest foreign holders of US bonds.

And the treasury said in the latest table that “Iraq fell one place despite raising its holdings of bonds for the month of June by $300 million, to reach the 37th rank among the countries with the largest possession of US Treasury bonds of 38 countries listed in the table of countries,” indicating that “a country (Peru) raised its holdings of bonds to rank 36 instead of Iraq.”

And she added, "Iraq's possession of these bonds amounted to $33 billion for the month of June, up by 0.92% from last May, which Iraq's possession of bonds amounted to $32.7 billion, but it increased by 3.12% from June of 2022."

The treasury also indicated that “Iraq was the fourth largest Arab country after Saudi Arabia, the Emirates and Kuwait, while Japan came at the top of the countries with the largest possession of these bonds with 1.105 trillion dollars, followed by China second with 835 billion dollars, the United Kingdom third with 672 billion dollars, and Belgium fourth with 332.” One billion dollars, and Luxembourg fifth with 331 billion dollars.  LINK

Parliamentary Oil: The Prime Minister Seeks To Secure Fuel Needs And Reduce The Import Bill

Economy  08/25/2023   Baghdad - Mawazine News  Today, Friday, the Oil, Gas and Natural Resources Committee announced huge investments in the oil refining sector during the coming period, and while confirming its support for plans to increase production to 8 million barrels of oil per day by 2027, it indicated that Prime Minister Muhammad Shia’a al-Sudani seeks to secure fuel needs. and reduce the import bill.

Committee member Zainab Juma al-Moussawi said: "The committee supports plans aimed at increasing Iraqi oil production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in natural gas, to meet the country's needs that force us to import gas to operate power plants and industrial facilities." , stressing "the need to develop plans for the oil industry in the country."

Al-Moussawi added, "The committee also relies on developing the oil sector by relying on national companies with the support of foreign companies because oil represents the lifeblood of the Iraqi economy, and the development of the oil sector will result in providing the necessary financial resources to invest in building real human and material capital that leads to production creation and development." the rest of the economic sectors and enough to compensate society for the loss of the depleted natural resource by achieving comprehensive economic and social development.

And she continued, "We are expecting huge investments to enter during the coming period in the oil refining sector in Iraq, and there are efforts by the government of Prime Minister Muhammad Shia' al-Sudani to secure the country's fuel needs and reduce the import bill."

He pointed out that "the refineries will be offered for investment by the Ministry of Oil after completing the papers and information related to the refinery portfolios that will be announced in the northern, central and southern governorates," stressing that "the Parliamentary Oil and Gas Committee supports the ambitious plans of the Ministry of Oil to increase refining capacities in the country."

https://www.mawazin.net/Details.aspx?jimare=233855

Iraq Escapes From The Problems Of Iranian Gas And American Pressure Towards Turkmenistan

Economy   2023/08/25 Number of readings: 249 Baghdad - Iraq today:  Iraq has begun to take serious steps to diversify the sources of gas supplies and not to rely on a single source in order to provide the necessary fuel for power stations.

In this context, Baghdad reached a preliminary agreement with the government of Turkmenistan to import gas, in a move that may pave the way for easing the country's electricity crisis, which has worsened with the decline in Iranian gas supplies.

During the past 3 years, Iraq faced several challenges to importing Iranian gas. As the pumping decreased to low levels with Baghdad's failure to pay its debts, due to the US sanctions imposed on Tehran.

Izzat Saber, Undersecretary of the Ministry of Oil for Gas Affairs, said that a high-ranking government delegation held meetings with officials in the gas sector in Turkmenistan, and it was agreed initially to import quantities of gas to meet part of the electric needs. power stations, according to a memorandum of cooperation that is being prepared.

It is expected that the memorandum of understanding will be signed before the end of this year, and it will include the proposed quantities and the mechanisms that will be adopted between the two countries.

Saber pointed out the importance of the agreement, which represents an advanced step to expand the horizons of cooperation with gas-producing countries, including Turkmenistan, which is one of the most important gas-producing countries in the region and the world.

The delegation included the Undersecretary of the Ministry of Electricity for Production Affairs, Adel Karim, and the Director General of the Studies and Planning Department at the Ministry of Oil, Naseer Aziz.

Governmental Committee

Iraq's moves to import gas are the first moves of the joint committee that the government recently formed from the Ministries of Oil and Electricity. To discuss importing gas from Qatar and Turkmenistan.

Electricity Minister Ziyad Ali Fadel said, in recent statements, that the government took a set of decisions and formed a joint committee with the Ministry of Oil, headed by the Undersecretary of the Ministry of Electricity for Production Affairs and the Ministry of Electricity's advisors.

He added that the committee will go with a delegation to Turkmenistan; To study the possibility of contracting to import gas, and another to Qatar; To discuss the possibility of supplying Iraq with liquefied gas through a port.

Iraq uses gas to operate power plants that are distributed in the center and south of the country, and together generate nearly 7 thousand megawatts per day.

Baghdad's gas import bill is about 8 trillion dinars ($6 billion); As the import takes place through tanker lines, whether with the Kurdistan region or Iran. LINK

Parliamentary Oil Affirms Its Support For Plans To Increase Production By 8 Million Barrels To Secure Fuel Needs

August 25, 2023  Baghdad / Obelisk Al-Hadath: Today, Friday, the Oil, Gas and Natural Resources Committee announced huge investments in the oil refining sector during the coming period, and while confirming its support for plans to increase production to 8 million barrels of oil per day by 2027, it indicated that Prime Minister Muhammad Shia Sudanese seeks to secure fuel needs and reduce the import bill.

Committee member Zainab Juma al-Moussawi said, “The committee supports plans aimed at increasing Iraqi oil production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in natural gas, to meet the country’s needs that force us to import gas to operate power plants and industrial facilities.” , stressing “the need to develop plans for the oil industry in the country.”

Al-Moussawi added, “The committee also relies on developing the oil sector by relying on national companies with the support of foreign companies because oil represents the lifeblood of the Iraqi economy, and the development of the oil sector will result in providing the necessary financial resources to invest in building real human and material capital that leads to production creation and development.” the rest of the economic sectors and enough to compensate society for the loss of the depleted natural resource by achieving comprehensive economic and social development.

And she continued: “We are expecting huge investments to enter during the coming period in the oil refining sector in Iraq, and there are efforts by the government of Prime Minister Muhammad Shia al-Sudani to secure the country’s fuel needs and reduce the import bill.”

He pointed out that “the refineries will be offered for investment by the Ministry of Oil after completing the papers and information related to the refinery portfolios that will be announced in the northern, central and southern governorates,” stressing that “the Parliamentary Oil and Gas Committee supports the ambitious plans of the Ministry of Oil to increase refining capacities in the country.”

https://almasalah.com/archives/64128

A Parliamentary Committee Determines The Causes Of The Current Fuel Crisis.. What Is The Relationship Between The Oil Departments?

Sumerian special  2023-08-25 | 1,377 views  Alsumaria News – Special  The Parliamentary Oil, Gas and Natural Resources Committee identified, today, Friday, the reasons for the crisis of the lack of oil derivatives in the local fuel reserves, while stressing that Iraq has not achieved self-sufficiency in kerosene and gasoline.

Committee member said,  Ali Shaddad Al-Fares, in an interview with  Alsumaria News "The oil derivatives crisis, especially kerosene, is repeated annually at this time and is raised in one way or another," noting that "there are many problems, including: the oil departments and the delay in supplying gas stations with this substance."

He added, "At the same time, we are going through the Arbaeen days, and therefore there is a large withdrawal of oil derivatives," stressing, "There is support from  Oil Ministry  for Husseini processions in order to carry out the visiting ceremonies.”

A member explained  Parliamentary Oil Committee And that “the petroleum products company is under great pressure as a result of the visit and the large clouds that accompany it,” noting that “the other reason revolves around the presence of disruptions used by some merchants responsible for importing kerosene into Iraq"

And between the strong, that" Iraq It has not yet achieved self-sufficiency, and we need imports from abroad," pointing out, "a company Sumo Al-Watania conducts tenders from time to time to import kerosene and gasoline.”

He pointed out that, “at the end of this year, there will be self-sufficiency in kerosene, according to what was announced by the Ministry of Oil; Result of filtered entry Karbala With full production capacity, which is comparable to the refineries of the south in the province Basra In addition to some projects in the refineries of the south and the north, which will enter service soon

.Iraqneeds to import gasoline; Until a new group is created to improve this article and take advantage of the window, which is currently issued through Sumo

The capital, Baghdad, and a number of Iraqi provinces have been witnessing, for days, a severe fuel crisis that has created a large congestion in front of gas stations, and citizens have been forced to stand for long hours to supply gasoline, in addition to closing hundreds of stations in front of people due to the lack of gasoline .   LINK