An Inside Look At Iraq’s “Fuel Smuggling Market”: New Developments And Smugglers “Suffering”

Economy   2024-11-23 | 1,627 views   Sumerian News-Economy   Economic platforms specialized in energy information in the world revealed that they addressed...Iraq To Iran, and the request to prevent the passage of smuggled fuel tankers through the territory Kurdistan To Iran, after reaching Iraq to deal By raising the cost of a barrel of oil for foreign companies, and restricting export Oil and fuel exclusively through SOMO.

Economic reports said that the Iraqi Ministry of Foreign Affairs requested the authorities to...Iranian Preventing trucks carrying “oil, black oil and other petroleum products” from entering Iran through border crossing areas in the region. Kurdistan Iraq Unless exports are licensed by Iraq's state oil marketing company SOMO, according to a letter dated Nov. 12.

Reports quoting market sources say that a movement Bitumen and other petroleum products through the Haj crossing Imran- Piranshahr has already stopped due to the new directive, but Parviz Khan and Bashmakh border crossings are still exporting bitumen, but if this message is fully implemented, the exports will Iraq Of bitumen will be cut off because these producers do not have a license from SOMO.

The restrictions are expected to remain in place until further notice, although some market participants have expressed doubts about the effectiveness of the strict measures. The directives are expected to affect crude producers in the Kurdistan region, which have relied on local sales since the main export pipeline to Turkey was shut down last year.

Foreign operators working in the Kurdistan They have been transporting crude to local refineries since the pipeline was shut down, but data suggests Kurdish crude is also being smuggled – by truck – across the border to Turkey, Iran and Syria.

Bitumen market participants  in Iraq The smuggling ban, however, comes at a time when domestic supplies are already tight, due to limited availability of raw materials from refineries.

Not only are high margins encouraging Iraqi refiners to blend vacuum distillation residues to produce high-sulfur fuel oil, but the long blockade between Erbil and Sulaymaniyah, which began before the Kurdish elections in October, has made it difficult for bitumen producers to transport vacuum distillation residues from refineries to their production units.

Despite a reduction in freight rates to $10 per tonne last week to encourage bitumen producers to transport vacuum distillation residues, down from $35 per tonne when the ban began, most Kurdish suppliers have refrained from offering new export cargoes in the past three weeks.

A few Indian importers said it was becoming increasingly difficult to secure Iraqi bitumen barrels due to a lack of supply, and some bitumen suppliers have decided to step down in the hope that export values ​​will rise in line with higher Iranian sea freight rates.

Limited availability of spare parts has pushed up production costs for Iraqi bitumen suppliers, with producers saying Iraqi barrels will be offered at above $340 a tonne FOB Bandar Abbas in the coming days, compared with around $322-325 a tonne last week.

Market participants said one major producer in South Iraq It has stopped offering barrels since the end of October because high production costs have made export prices less competitive for major consumers such as India.   LINK

MP Calls For Activating China's Belt And Road Initiative

Economy    MP calls for activating China's Belt and Road Initiative   Information / Baghdad..    Head of the Amal parliamentary bloc, Yasser Al-Husseini, called today, Saturday, to activate the Chinese Belt and Road Initiative to get rid of American hegemony.

Al-Hussaini said in a statement to Al-Maalouma Agency, "China is at the forefront of countries in trade and economy with Iraq, indicating the importance of activating the Chinese agreement and starting to implement the Silk Road to get rid of American hegemony over Iraq's sovereignty."

He added, "The Belt and Road Initiative is of great importance in developing the Iraqi economy and building infrastructure."

He pointed out that "Iraq can exploit its distinguished geographical location as it connects by land and sea the three ancient continents (Asia, Africa and Europe) and will be a point of strength for Iraq in its contribution and participation in this great project." End/25H  LINK

The Central Bank Of Iraq Sells More Than $894 Million In Three Days

Shafaq News/ The Central Bank of Iraq witnessed total sales of hard currency exceeding $894 million in just three working days last week.

Shafaq News Agency correspondent explained that the Central Bank's sales of the US dollar during the past week, during the three days in which the auction was opened, amounted to 894 million, 662 thousand, and 721 dollars, at a daily average of 298 million, 220 thousand, and 907 dollars.

These sales declined compared to the previous week, when total sales amounted to $1,434,982,505.

He added that the highest sales of the week were on Sunday, reaching $308,018,326, while Tuesday recorded the lowest sales of $287,810,781.

The correspondent pointed out that foreign remittance sales accounted for the largest proportion of total sales, amounting to 841 million, 712 thousand, and 721 dollars, representing 94% of total sales, while cash sales were only 52 million, 950 thousand dollars.  LINK

OPEC Secretary General: Crude Oil And Natural Gas Are 'Gifts From God'

Energy     Economy News - Follow-up  OPEC Secretary-General Haitham Al-Ghais stressed that global warming talks should focus on reducing emissions rather than choosing energy sources, stressing during a speech he delivered at the United Nations Climate Change Conference (COP29) in Azerbaijan that crude oil and natural gas are “a gift from God.”

The comments came as world governments seeking to limit the damage caused by global warming in the Caspian Sea country met to try to reach a comprehensive financial agreement aimed at helping countries cut emissions and adapt to the effects of climate change.

Al-Ghais said in a speech he delivered at the conference hosted by Baku, the capital of Azerbaijan, “Oil and natural gas are in fact a gift from God.”

“Today, nearly 180 years after the discovery of oil, specifically here in Baku, the capital of Azerbaijan, oil and its various derivatives still play a role in how we heat and cool our homes, build buildings, and move and travel from one place to another. Oil and gas remain vital to producers and consumers around the world,” Al Ghais said.

“These resources affect how food is produced, packaged and transported, how medical research is conducted and how medical supplies are manufactured and distributed. I could go on and on with an endless number of examples,” he added.

The statements of the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, are in line with the opening speech of the President of Azerbaijan, Ilham Aliyev, in which he responded to Western criticism of his country's oil and gas industry, and also described these resources as a "gift from God."

He pointed out that the world's governments, which set a ceiling for the rise in global temperature during the Paris summit in 2015 of no more than 1.5 degrees Celsius compared to the pre-industrial revolution level, can achieve their climate goals without shifting away from oil.

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Al Ghais also stressed that a balanced energy transition is the key to global sustainability.

"The Paris Agreement focuses on reducing emissions, not on choosing energy sources," he said.

OPEC said technologies such as carbon capture could address the climate change impacts of burning fossil fuels.

Mohamed Hamel, Secretary General of the Gas Exporting Countries Forum, also spoke at the conference on Wednesday in support of fossil fuels.

“As the world’s population grows, the economy expands and human living conditions improve, the world will need more natural gas, not less,” he said.

He added that he hopes that the COP29 agreement on international climate finance will allow support for natural gas projects to help countries transition away from more polluting fuels such as coal.

"The outcome of the conference should facilitate financing of natural gas projects and promote cleaner technologies such as carbon capture, storage and utilization," he added.

"This is essential to achieve energy transitions that are fair and inclusive and ensure that no country is left behind," he added.     https://economy-news.net/content.php?id=50114

A Government Bank In Karbala Embezzles Installment Amounts Paid By A Number Of Borrowers

Saturday, 11-23-2024, Taisir Al-Asadi  The Federal Integrity Commission was able to monitor cases of embezzlement of financial sums in a government bank in Karbala Governorate, indicating that the accused embezzled the amounts of installments paid by a number of borrowers.

The Government Media and Communications Office, while talking about the details of the operation that was carried out under the direct supervision of the judge of the Karbala Investigation Court, which is specialized in examining integrity cases, stated that a team formed in the Commission’s Investigation Office in the governorate,

and within the framework of the follow-up and auditing work it is carrying out at Rafidain Bank - Al-Hussainiya Branch, revealed the embezzlement of an amount of money that was paid by two borrowers, noting that the borrowers’ files were seized along with a calculator statement of the cash payments that showed the embezzled installments.

The media office added that the former bank manager, in cooperation with the loan and counter department officials and the computer employee, embezzled the installment amounts, noting that the accused had previously been arrested after an arrest warrant was issued against them by the competent investigating judge;

following the commission’s discovery of their embezzlement of financial amounts after it had audited (2413) files over a period of three weeks, by organizing fictitious loan transactions to purchase cars, indicating that their statements were recorded and they were presented to the judge of the Karbala Investigation Court specialized in integrity cases, who decided to detain them in accordance with the provisions of Article (315) of the Penal Code.

It is worth noting that the Authority announced on August 21st the arrest of 5 bank employees on the grounds of embezzling a sum of money after reviewing the borrowers’ files, guarantor forms, loan contracts, collection receipts, daily matching statements, calculator tables, and the electronic program. https://non14.net/public/172216