Thursday Afternoon Iraq Economic News Highlights 8-25-22
Thursday Afternoon Iraq Economic News Highlights 8-25-22
The Ministry Of Oil Announces Last Month's Revenues
Economie Thursday, 25 August 2022 1:18 PM Baghdad/National News Center Today, Thursday, the Ministry of Oil announced the final statistics of oil exports for the month of July.
A statement by the ministry, received by the National News Center, stated that "the ministry announced the total oil exports and revenues achieved for the month of July, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), where the amount of crude oil exports amounted to 102 million and ( 385 thousand and (49) barrels (one hundred and two million three hundred and eighty-five thousand and forty-nine barrels), with revenues amounting to (10) billion and (368) million and (352) thousand dollars (ten billion three hundred and sixty-eight million three hundred and fifty-two thousand dollars )”.
The statistics indicated that “the total quantities exported of crude oil for the month of July from oil fields in central and southern Iraq amounted to (99) million (965) thousand and (94) barrels, while the quantities exported from Kirkuk oil through the port of Ceyhan (2). One million (344) thousand (536) barrels.
The statement continued, "The average price per barrel amounted to (101,268) dollars, and that the exported quantities were loaded by (35) international companies of several nationalities, from the ports of Basra, Khor Al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan." https://nnciraq.com/148662/
Integrity Suggests Putting A GPS System On Tanks To Prevent Fuel Smuggling Into Kurdistan
Money and business Economy News-Baghdad Today, Wednesday, the Federal Integrity Commission recommended the development of comprehensive plans by the Ministry of Planning to rehabilitate the refineries and establish new ones; To achieve self-sufficiency in petroleum derivatives.
A statement by the authority stated that "the Authority's Prevention Department indicated in a report on its field team visits to the Ministry of Oil, the General Company for the Distribution of Oil Derivatives and the bodies (Baghdad Distribution, Oil Derivatives Inspection, Studies and Follow-up) and the meeting with the Undersecretary for Liquidation Affairs and the General Manager of the Oil Derivatives Distribution Company, as well as A number of private gas station owners in Baghdad, to follow up on the gasoline crisis in Baghdad and the provinces, to the necessity of establishing new refineries similar to Karbala refinery, and rehabilitating the existing refineries, especially the Baiji refinery, to ensure self-sufficiency and not resort to imports.
He continued, "The report, a copy of which was sent to the Office of the Prime Minister and Minister of Oil, called for activating the GPS system on the tanks, to follow their progress from the loading point to the unloading point, and activating the feature of measuring the level of the product in the basin cars, in addition to supporting the project of automation of stations.
The civil and governmental organization initiated by the General Company for the Distribution of Oil Derivatives using the electronic control system by installing the (electronic arm) on the fuel tanks.
He added that "the report suggested the use of electronic locks (electronic fluids) on the discharge counters and loading nozzles of tanks to limit smuggling operations, noting the importance of developing inspection and control bodies in the Ministry of Oil, and linking the inspection body to the minister's or agent's office to give it broader powers, while limiting the import of imports. Fuel pumps at the Ministry of Oil, to prevent adding parts that could tamper with the quantity of the product.
The report addressed, according to the statement, "the reasons behind the oil derivatives crisis, including the increase in demand for the product in the provinces bordering the Kurdistan region, in order to trade it in the region where prices are subject to the global price bulletin, which is often high compared to the position that supports gasoline prices."
Car owners residing in the region refueling from stations in nearby governorates such as (Nineveh, Kirkuk, Diyala), in addition to the absence of supervision and the significant increase in the import of cars without being matched by an increase in the number of refineries, and the weakness of supervision and inspection in monitoring violations at filling stations, The number of the inspection staff does not exceed (70) members throughout Iraq.”
He pointed out that "regarding the immediate measures taken by the General Company for the Distribution of Oil Products to address the crisis, the report indicated that they were issued by issuing a "fuel card" that operates according to an electronic control program to read the information of each vehicle through a card reader installed on the fuel pump that is activated by a secret number specific to each vehicle.
The owner of a vehicle, pointing to the work of "fuel card" in the governorates of Kirkuk and Nineveh, while future measures include increasing the supply of fuel stations, increasing working hours throughout the day and proceeding with contract implementation procedures to implement the collection and electronic payment system.
80 . views Added 08/24/2022 - 1:45 PM Update 08/25/2022 - 11:49 AM
"Vehicles And Machinery" Are The Most Important Iraqi Imports From South Korea
Shafaq News/ The value of importing vehicles from South Korea amounted to more than half of Iraq's total imports during the year 2021, according to the trademap website, which provides a trade map for exports, imports, international demand, and alternative and competitive markets.
The website stated in a statistic on its website, seen by Shafak News Agency, that "Iraq imported 24 items of goods from South Korea during the past year, with a value of $986.404 million," noting that "the growth rate of imports from South Korea decreased by 14% between 2017 to 2021".
He added that "vehicles came first in Iraq's imports from South Korea, with a value of 510.800 million dollars, followed by machines and mechanical devices with a financial value of 143.692 million dollars, followed by electrical appliances and their parts with a value of 98.341 million dollars."
The website indicated that "Iraq's exports to South Korea amounted to more than 5,323.531 billion dollars in 2021 due to the export of crude oil."
And it indicated that "Iraq exported mineral fuels and mineral oils to South Korea with a financial value of $5,320,620 billion, followed by aluminum and its products, with a financial value of $2.658 million."
Iraq is one of the main countries for exporting crude oil to South Korea. On the other hand, Korean cars are considered among the most popular cars in the Iraqi market. LINK
Indian And Chinese Companies Were The Largest Importers Of Iraqi Oil Last July
Shafaq News/ The Iraqi Oil Marketing Company "SOMO" announced on Thursday that the Indian-Chinese oil companies were the most numerous purchasers of Iraqi oil during the month of July.
"SOMO" stated in a statistic published on its official website and seen by Shafak News Agency, that "Indian and Chinese companies were the most numerous among other international companies in purchasing Iraqi oil, with 7 companies each out of 35 companies that purchased oil during the month of July." .
She added that "American companies came second with 4 companies, then Italian and South Korean companies came third with 3 companies for each of them, and Russian and Greek companies came fourth with two companies for each one, while the rest were distributed among Spanish, (Dutch-British), Kuwaiti and Jordanian companies. Turkish, Azerbaijani, and Emirati, with one company each.”
Sumo indicated that it "relies in selling Iraqi oil on the main criteria for contracting with major, medium, independent and vertically integrated international oil companies," noting that "the most prominent international companies that bought Iraqi oil are the Indian Hindustan Company, the Korean Kokaz, the American ExxonMobil, the Dutch British Shell and the Italian Eni." ". LINK
The Environment Is Reassured About The Marshes: The Situation Is Not Yet Worrying
Reconstruction and building Economy News – Baghdad The Ministry of Environment confirmed, on Wednesday, that the situation of the marshes is not worrisome so far.
Director-General of the Technical Department in the Ministry Issa Fayyad said, "The situation in the marshes is not yet worrying about the destruction of livestock and rare birds, but if the percentage of water decreases more in the marsh areas, the situation will be very critical."
In an interview with the official news agency, Fayyad added, "About 18 families of the marsh residents have moved to the city and approvals have been issued for them, because the situation is difficult."
He continued, "The Ministry of Water Resources is trying hard to pump water in the marsh areas, but the water scarcity is predominant," stressing that "there are proposed solutions to this issue for the optimal use of water." 43 . views Added 08/24/2022 - 3:59 PM Update 08/25/2022 - 11:39 AM
https://economy-news.net/content.php?id=29448
Iraq Ranks Tenth In The Arab World And 62nd Globally In The Average Monthly Salary
Money and business Economy News – Baghdad The average net salary of a government employee in Iraq amounted to more than $580 during 2022, according to the American CEOWORLD magazine .
In a report, the magazine said, "The average net monthly salary of an employee in Iraq after tax deduction amounted to $583, and thus it ranks tenth in the Arab world and 62nd globally, compared to 105 countries listed in the table."
Globally, Switzerland ranked first in the world with an average salary of 6,142 dollars, then Singapore came second with an average of 4350 dollars, and then Australia came third with an average of 4,218 dollars, while Sri Lanka followed with an average salary of 143 dollars, preceded by Pakistan with an average of 163 dollars. . Views 228 Added 08/24/2022 - 4:26 PM Update 08/25/2022 - 12:59 PM
https://economy-news.net/content.php?id=29449
The Insurance Company: Compensation For Run-Over Victims Exceeded 4 Billion In One Year
Money and business Economy News – Baghdad The National Insurance Company summarized its compensation for the victims of various insurance portfolios during the year 2020, while confirming that the volume of compensation exceeded 25 billion and 574 million and 490 thousand dinars.
According to the company's annual report for the year 2020, "the Compulsory Insurance Fund granted compensation to those affected by run-over accidents amounting to 4 billion and 185 million and 770 thousand dinars, an increase of 36 percent over the year 2019".
The report indicated that "the compensation paid to the wallet of those affected by the fire amounted to 6 billion and 987 million and 721 thousand dinars, an increase of 33 percent."
He added, "As for the portfolio of ships, 196 million and 292 thousand dinars were paid to the victims, at a time when the marine insurance/goods portfolio did not show any compensation."
With regard to the compensation of the aviation portfolio, the report stated that "it amounted to 4 billion and 984 million and 751 thousand dinars, while the compensation of the engineering insurance portfolio amounted to 536 million and 362 thousand dinars, at a time when the compensation paid to the car/supplementary portfolio amounted to 282 million and 467 thousand dinars."
The report indicated that "the compensation paid to the agricultural insurance portfolio amounted to two million and 449 thousand dinars, while it paid from the miscellaneous accidents portfolio 140 million and 17 thousand dinars, and the compensation paid to the life insurance portfolio was 8 billion and 251 million and 855 thousand dinars."
The report continued, "The compensation paid to the transit portfolio amounted to 350 thousand dinars, while the compensation for the incoming return portfolio amounted to 6 million and 456 thousand dinars."
Regarding the premiums collected during the same year, the report confirmed that "the total premiums achieved by the National Insurance Company for the year 2020 amounted to 81 billion and 356 million and 942 thousand dinars." 83 . views Added 08/24/2022 - 6:18 PM Update 08/25/2022 - 10:04 AM
https://economy-news.net/content.php?id=29451
Work: 1.4 Million Families Benefit From Social Protection Salaries
Money and business Economy News – Baghdad On Wednesday, the Ministry of Labor and Social Affairs counted the number of beneficiaries of social protection salaries, while it decided to prevent commenters from entering the departments.
The Director General of the Social Protection Department, Zikra Abdel Rahim, told the official news agency, "The total beneficiaries of social protection salaries are approximately one million and 400 thousand families," explaining that "objections are submitted to the director of the department, who in turn sends them in an official letter to the judge and the Supreme Committee in the province for consideration." In which".
Abdel Rahim added, "It is forbidden to enter any of the departments, and in the event that one of them is discovered to enter, he will be stopped and the departments will be held accountable in the event of such cases."
She pointed out that "the beneficiary citizen reviews himself and prevents anyone from acting on his behalf except for the completely disabled such as paralysis or mental problems, so the brother is reviewed in the first degree or a relative of the second degree only, and others are not allowed."
She noted that "the Department of Labor and Vocational Training, along with the Department of General Insurance and Retirement for Workers and Occupational Health and Safety, conducts inspection tours of the beneficiaries of insurance, retirement, work and vocational training, and in the event of any misinformation, it is boycotted with all state institutions."
She explained, "There are several indicators that the ministry relies on, including housing, health, education, those of working age and heads of families."
And she added, "The treatment is carried out in accordance with the strategy of reforming the social protection system in the European Union, the International Labor Organization, the Food Organization, UNICEF, work, vocational training, insurance and retirement."
41 views Added 08/24/2022 - 7:59 PM Update 08/25/2022 - 10:53 AM