More Iraqi News Late Friday PM 9-24-21
More Iraqi News Late Friday PM 9-24-21
TLM724 Administrator BondLady’s Corner
Washington: Our commitment to the Kurdistan Region is long-term. We are better together
Posted On 2021-09-23 By Sotaliraq Today, Wednesday, Washington affirmed that the United States' commitment to the Kurdistan Region is long-term, and that America will remain a reliable partner for the region's government.
This came in a speech delivered by the American Consul in Erbil, Robert Palladino, on the occasion of the tenth anniversary of the opening of the American Consulate in the Kurdistan Region and the completion of the structural construction of the new compound of the American Consulate in Erbil.
The consulate said via Twitter, "Kurdistan Regional Government President Masrour Barzani and other senior officials joined US Consul General Robert Palladino in celebrating the structural achievement of the new US Consulate General in Erbil. A video documentary was shown recalling the consulate's most prominent achievements over the past decade.
The consulate quoted Palladino as saying: “The commitment of the United States to the Kurdistan Region is very strong. Our commitment is long-term and our future looks bright. The United States will remain a trusted partner to the Kurdistan Regional Government and Iraq. The United States and the Kurdistan Region are better together!”
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani , had confirmed in a speech on the same occasion, that the future of the region's partnership with the United States of America goes beyond supporting the Peshmerga and the ISIS war. LINK
Iraq Signs A Memorandum Of Understanding With The United Nations To Reform The Social Protection System
Money and business Economy News – Baghdad The Ministry of Labor and Social Affairs signed a memorandum of understanding to reform the protection system with the United Nations Children's Fund, which includes the provision of financial grants to children and pregnant women and the inclusion of youth workers in the informal sector in its services.
The head of the Social Protection Authority, Huda Mahmoud Sajjad, said, in a statement reported by the official newspaper "Al-Sabah" and seen by "Economy News", that "the memorandum concluded by the ministry with the United Nations Children's Fund, the International Labor Organization and the World Food Program, in cooperation with the ministries of Planning and Development Cooperation,
And trade, aims to develop a strategy and roadmap for reforming the social protection system over a period of five years (2025-2021) in order to respond in the short-term to the repercussions of Corona, as well as to protect the lowest-income citizens during and during the financial and economic reform.
She added that "one of the goals of the memorandum of understanding is to provide financial grants within the protection network for children and pregnant women, with coordination and coherence between the authority and the ministries of education and health, as well as expanding the access of young workers in the informal sector to the employment-based protection system in the active labor market."
The head of the authority explained that "the memorandum of understanding will contribute to unifying the program and information record of the Social Protection Authority and the ministries of health, planning and education, so that access to information is better and smooth," noting that "the memorandum stressed the importance of effective coordination between governmental and non-governmental agencies to ensure integration in achieving outputs." reform of the social protection system.
Sajjad indicated that "the memorandum aimed to come up with formulas for cooperation between international institutions active in the field of social protection in order to advance this important and vital sector, as it represents the first source in the fight against poverty," noting that "the ministry is working to remove all obstacles and ways to overcome them in order to reach cooperation." The joint effort to improve the service of poor families and alleviate them, especially in the conditions of the epidemic and the high cost of living. Views 88 Date Added 09/23/2021 https://economy-news.net/content.php?id=26386
British Institution: Iraq Still Represents The Largest Opportunity For Oil Investment
Reports Economy News – Baghdad The British Petroleum and Gas Extraction and Industry Corporation, Petrel Resources, revealed in its commentary on the world oil market that Iraq still represents the largest opportunity for oil investment at the present time, stressing that the biggest challenge facing the foreign investor is the old contracts concluded when oil prices were high. Which needs updating as well as the financial terms.
On the Iraqi oil market, the British economic institution Petrill Resources, which last year presented a proposal to develop one of the oil fields in Iraq, said, "Despite the well-known challenges, Iraq is still considered the largest commercial investment opportunity in the field of oil at the present time.
The geological nature of the sites "The oil in the country is unparalleled. The Iraqi oil market is recovering sharply, but one thing that must be emphasized is that the contracts must be updated in order to carry out effective exploration and development."
The British Economic Corporation said that the year 2021 is the real opportunity for international oil companies to prepare themselves to invest in Iraq.
She stated that some of the major Western companies, which are ignorant of the prevailing conditions, had optimistically presented service offers before design since 2009, and therefore found it difficult to operate effectively. But now the conditions are better.
The Petrill Resources Corporation said that one of the major companies that found in Iraq a great opportunity to invest at the present time is the French Total Energy and the Chinese National Oil Companies NOCs, as it pledged itself to come to Iraq to invest because of the huge opportunities for its investment.
Iraq has no room now for retreat, but there are promising opportunities for revival that must be realized, taking into account the necessary economic reforms pursued by the elected Iraqi government.
For several years after the US invasion of Iraq in 2003, there was a prevailing perception that contractors close to Western governments and giant oil companies would control contracts for exploration and development of Iraqi oil fields. This is not true. However, Iraq has other ideas, it wants partners and not heads of contracting companies.
The Petrel Foundation stated that the biggest challenge it faces nowadays is not the working conditions, the provision of modern technology equipment or the social interaction with the environmental environment. The biggest challenge facing the active oil industry companies is the old contracts and financial terms that were designed during the years of boom and high oil prices.
The Petrel Foundation said it had been asked by an Iraqi company to assess prospects for minerals that might become economically and legally viable following the passage of expected legislation.
And the British Petrel Corporation, at the invitation of officials in the Iraqi government in 2020, presented a proposal to develop the Marjan oil field, in accordance with the applicable laws and the formula of the Iraqi contract. This is based on the principle of TCA. Conducted by the Petrel Foundation in cooperation with the partner by 50% since 2004.
The French energy company Total signed last week a contract with Iraq worth 27 billion dollars to invest in the field of oil and gas production and solar electric power to generate electricity with a capacity of 1,000 megawatts at a time when the country is facing a severe crisis in the production of electric power.
The Iraqi Oil Minister, Ihsan Ismail, said during the contract signing ceremony, which was attended by Prime Minister Mustafa Al-Kazemi, "This is the largest investment in Iraq made by a foreign company. Completing these projects is the challenge we are facing now."
For his part, the director of the French Total Company, Pouyanne, said that these projects represent the company's ambition to support oil-producing countries such as Iraq in achieving the transition in the field of energy by combining natural gas production with solar energy to meet the increasing demand for electricity.
In recent months, Iraq announced several agreements with international oil and gas companies in order to develop renewable projects in the coming years.
As with Total, Iraq has also signed an agreement with China's Power China to develop solar power plants that are expected to produce up to 2 gigawatts of electrical energy. This will help the country to reduce the severity of the electricity supply crisis in the country.
Source: Dow Jones Economics website Translation: run
Views 109 Date Added 09/23/2021 https://economy-news.net/content.php?id=26385
To read more current and reliable Iraqi news please visit BondLady’s Corner: