Iraq Economic News And Points To Ponder Monday Afternoon 5-12-25
46 Prominent Iraqi Businessmen And Traders Travel To America.
Baghdad Today – Baghdad The U.S. Embassy in Baghdad announced today, Sunday, May 11, 2025, that it will lead a delegation of 46 Iraqi business leaders, including representatives from the Kurdistan Region of Iraq, to the United States to participate in the annual SelectUSA Investment Summit.
The US Embassy noted in a statement received by Baghdad Today that
the summit will be held in the Washington, D.C., area from May 11th to 14th.
She noted that "the delegation includes diverse economic sectors, including technology, cybersecurity, tourism and hospitality, food and beverage industries, franchises, agriculture, construction, investment, pharmaceutical industries, real estate, and the oil and gas sector.
This diversity highlights the broad opportunities for cooperation and joint investment between the United States and Iraq."
The SelectUSA Summit is the largest event of its kind aimed at encouraging foreign direct investment in the United States.
The summit attracts international investors, representatives from state and local governments, and
government officials, with the goal of facilitating the flow of investment into the US economy.
The summit is organized by the US Department of Commerce, which provides essential information and services to help foreign investors understand and complete investment procedures in the United States.
The goal is to enable Iraqi companies to identify investment opportunities in the United States and grow their businesses, according to the statement.
He explained that "this visit comes within the context of a series of important visits aimed at strengthening economic relations between Iraq and the United States in various sectors."
It's worth noting that a delegation from the US International Development Finance Corporation visited Baghdad this May, and in April, more than 100 businessmen and companies affiliated with the American-Iraqi Chamber of Commerce participated in a business forum held in Baghdad. https://baghdadtoday.news/274002-46.html
Ministry Of Oil: Iraq Is Floating On A Large And Inexhaustible Oil And Gas Reservoir.
Time: 2025/05/11 08:15:30 Reading: 3,030 times {Economic: Al Furat News} The Ministry of Oil reported that Iraq is floating on a large oil and gas reservoir from north to south, and work is ongoing to reach new discoveries.
Osama Raouf Hussein, the director general of the Ministry of Oil Exploration's company, said in a press statement that "Iraq's reserves are large and are what raises its ranking in the Organization of the Petroleum Exporting Countries (OPEC)," noting that "Iraq is floating on a large oil and gas reservoir from north to south, and it will not be depleted from now on and for a very long time."
He added, "The Oil Exploration Company is a pioneer in the field of seismic surveys and is the sole exploration arm of the Ministry of Oil. 8
With the help of its seismic teams spread throughout Iraq, it has been able to carry out seismic surveys for international companies. It signed a contract with the Chinese company Geo-Jade to carry out a two- and three-dimensional seismic survey of the Khana oil patch in Diyala Governorate.
This contract was implemented with purely national efforts and with modern capabilities, potential and technology that rivals what exists in the world. It was implemented in record time and with a 100 percent completion rate.
In addition, a contract was signed with the Angolan company Sonangol to carry out three-dimensional surveys of the Qayyarah field in Nineveh Governorate, which was completed 100 percent. The Oil Exploration Company received certificates of appreciation and praise from both companies for the information, accuracy and speed of completion."
Hussein explained that, "Despite the limited and scarce financial capabilities, the company was able to carry out 15 two-dimensional seismic surveys at the national level, with completion rates of 102.4 percent, in addition to four three-dimensional surveys with a completion rate of 116 percent."
He stressed that "the Oil Exploration Company is currently using the most modern surveys in the world, and is in the process of introducing wireless technology, which is characterized by flexibility, ease of use, and saving time, effort, and cost."
The Director General of the Oil Exploration Company indicated that "it was able to achieve revenues estimated at 230 billion dinars during the past year, in addition to achieving revenues through the VSP vertical survey team estimated at 114 thousand dollars by signing a contract with the American company (Halliburton), in addition to contracts with (Anton Oil) in the Al-Faiha field, and (EBS) in the East Baghdad field."
He explained that "the Oil Exploration Company was supposed to receive an operating budget estimated at 200 billion dinars, of which the company received only 10 percent," noting that "the company was threatened with ceasing operations had it not signed some contracts through which it was able to achieve high revenues."
Hussein continued, "The mission of the Oil Exploration Company is to enhance hydrocarbon reserves and replenish depleted reserves. This is achieved through exploration of hydrocarbon reservoirs and assessment of their reserves, through geological and geophysical exploration studies, and identifying the locations of exploratory wells. When they are drilled and produce oil or gas, this means they have added to Iraq's reserves and replenished depleted reserves through local consumption and export outside Iraq." LINK
Iraq Was The Third Largest Oil Exporter To The US Last Week.
Energy Economy News – Baghdad Iraq ranked third as the largest oil supplier to the United States last week. The US Energy Information Administration reported that US crude oil imports from ten major countries averaged 5.269 million barrels per day last week, up 176,000 barrels per day from the previous week's average of 5.093 million barrels per day.
The administration added that "Iraq's oil exports to the United States reached an average of 229,000 barrels per day, making Iraq the third-largest oil exporter to the United States last week."
She continued, "The largest oil revenues to America during the past week came from Canada, at a rate of 3.834 million barrels per day, followed by Mexico at a rate of 384,000 barrels per day, then Iraq at a rate of 229,000 barrels per day, then Colombia at a rate of 164,000 barrels per day, and then Saudi Arabia at a rate of 160,000 barrels per day."
She explained that "the amount of US crude oil imports from Ecuador reached an average of 156,000 barrels per day, from Venezuela an average of 144,000 barrels per day, from Brazil an average of 86,000 barrels per day, from Nigeria an average of 83,000 barrels per day, and from Libya an average of 29,000 barrels per day." https://economy-news.net/content.php?id=55332
Customs Automation Increases Government Revenues To More Than 59 Billion Dinars.
May 11, 2025 Baghdad - Ibtihal Al-Arabi Finance Minister Taif Sami revealed a quantum leap in customs revenues, exceeding 59 billion dinars, following the implementation of the ASYCUDA customs automation system at several border crossings.
Sami said in a statement yesterday that (customs revenues before implementing the ASYCUDA system amounted to 375 billion dinars, while after implementation it increased to 435 billion dinars, an increase of 59 billion dinars), and indicated that (the General Authority of Customs has begun implementing the ASYCUDA system in 15 customs centers, including the air cargo customs, the dry port, the Baghdad International Airport terminal, the Great Welcome Square customs, Trebil, Safwan, Arar, Umm Qasr Middle, Umm Qasr South, Kirkuk Airport, and the ports of Zurbatiyah, Al-Mundhiriya, Mandali, Al-Shaib, and Al-Shalamcheh).
She indicated that (the Authority has currently begun implementing the second phase of the system, which extends over two years, and includes its implementation in 8 remaining customs centers, in addition to linking 12 electronic applications to the system, including land transport clearance, the smart value and selectivity system, and the exemptions, licenses, and certificates system, which will enable the system to be linked with all ministries).
Meanwhile, the Border Ports Authority has compiled a list of all violations detected during the month of April.
In a statement received by Al-Zaman yesterday, Authority spokesman Alaa al-Din al-Qaisi said, "Based on the directives and follow-up of Prime Minister Mohammed Shia al-Sudani, the Authority detected violations that fell under several headings."
Customs Violations
He stressed that "the total number of customs cases referred from our ports to the judiciary amounted to 119 cases for customs violations, while 131 suspects wanted by judicial warrants were arrested."
He confirmed that (attempts to smuggle money were thwarted, with 6 seizures), and went on to (seize narcotic substances and arrest their possessors, as 26 drug smuggling attempts were thwarted, as well as deport 155 people violating residency conditions, in addition to a number of joint activities with departments operating at border crossings, most notably with the General Authority of Customs, where the number reached 13 cases, including the destruction of materials unfit for human consumption, and the re-issuance of goods that failed inspection).
He continued that (all violations were subject to the necessary legal measures, and were referred to the judicial authorities according to proper seizure reports), pointing out that (all measures come from the implementation of government directives to tighten and control border crossings, and the Authority continues to follow up on all violations and work to control and reduce their occurrence).
Meanwhile, the Trade Bank of Iraq warned citizens of the risks of sharing their electronic payment card information.
The bank's media advisor, Aqil Al-Shuwaili, said in a statement yesterday that "the bank urges customers not to share their card numbers or confidential information, such as the PIN, verification code, or any other details, with any party."
Official Channels
He pointed out that "there are electronic fraud attempts targeting cardholders through fake messages claiming to be from the bank," calling on everyone to "exercise caution and report any suspicious attempt immediately through the bank's official channels." He went on to say that "the bank continues to take all necessary security measures to protect customer data and ensure the integrity of their financial transactions." LINK
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