Iraqi News Highlights and Points to Ponder Tuesday Evening 2-20-24

Minister Of Oil: We Have Plans To Export Gas To Europe

Economy | 11:39 - 02/20/2024  Mawazine News – Baghdad  Oil Minister Hayan Abdul Ghani said on Tuesday that Iraq has plans to export gas to Europe, in light of the plan drawn up to achieve self-sufficiency in gas within five years.

Abdel Ghani stated, during his participation in the session of the strategic conference held within the activities of the Egypt International Energy Conference and Exhibition, that “a global bid was launched to explore and develop natural gas reserves.”

 The Iraqi minister pointed out, "The positive steps that have been taken to zero the process of burning Shula gas in Iraq, which helps the state in its efforts to reduce emissions, stressing that within 5 years Iraq will reach zero burning of this gas and full exploitation of it in generating electrical energy."

He pointed out, "Iraq was able to achieve the required percentages in accordance with international obligations in the Paris Agreement, and pointed to the success of the Basra Gas Project (NGL) in its two phases in stopping the burning of 400 million cubic feet of gas and thus achieving the required percentages in accordance with international obligations.

 Abdul-Ghani pointed to the "integrated project that is underway Implementing it with the international company Total to increase natural gas production, as well as stopping the burning of associated gas in 5 oil fields and benefiting from it in addition to producing renewable energy.”

https://www.mawazin.net/Details.aspx?jimare=242432

A Tripartite Plan To Revive The Largest Industrial Complexes In Iraq

Today 13:03   Information / Baghdad  Member of the Parliamentary Services Committee, Baqir Al-Saadi, confirmed on Tuesday the adoption of a tripartite plan to revive Iraq's largest industrial complexes in 9 governorates.

Al-Saadi told Al-Maalouma, “The government has a tripartite plan that includes several points, the most prominent of which is reviving the largest industrial complexes in 9 governorates through investments or modernizing production lines and creating a partnership in the supply of important materials and equipment.”

He added, "The revival of the industry will provide thousands of job opportunities within a short period, pointing to the ability of the Iraqi markets to absorb the products, and this is what creates a positive situation and the continuation of the project to revive important industries during the next 3 years."

The security unrest and complications in the political scene, accompanied by corruption, caused severe blows to the Iraqi industry after 2003.   LINK

Iraq Stock Exchange: Tomorrow The Deposit Of Government Emaar Bonds Will Begin

Iraq Stock Exchange   Market   Economy News – Baghdad  The Iraq Stock Exchange announced the start of the process of creating the first “Emar” issuance bonds, starting on Tuesday, February 20, 2024.

Director of the Iraq Stock Exchange, Taha Abdul Salam, told Al-Iqtisad News, “This step comes after the completion of technical procedures in the market, and based on the decision of the Securities Commission and the decision of the Board of Governors to list, deposit, and trade Emaar’s first issuance bonds for all their categories.”

He added that trading on the bonds will be launched as of March 19, 2024, noting that the bonds are divided into a category of 500 thousand dinars for a period of two years maturing on 10/9/2025 with an annual interest (6%) paid every six months, and the second category is one million dinars for a period of four years. It matures on 10/9/2027 with annual interest (8%) paid every six months.

He stressed that the instructions for listing, depositing and trading government bonds are that trading in the market takes place according to the category of the bond on the bond platform and that the rate of change in the rise and fall of the bond price is 5% based on the price calculated for the bond on that day during the issuance period.

He pointed out that the minimum commission for the brokerage company is 1,000 dinars, and the commission rate is 0.003 of the value of the bond when trading, and the market commission is 0.3%.

259 views 02/19/2024 - https://economy-news.net/content.php?id=40658

Noticeable Progress In Two Years.. Iraq Is Moving From The Stage Of Recovery To Development (details)

Politics |Baghdad today – Baghdad  Today, Tuesday (February 20, 2024), the Parliamentary Committee on Economy and Industry commented on Iraq’s transition from the recovery stage to the development stage during the current and future period.

Committee member Ruqaya al-Nouri told “Baghdad Today” that “Iraq over the past years has been going through a recovery phase due to the difficult security conditions it experienced, especially during the period of occupation of the terrorist organization ISIS and after the liberation operations, and improving the country’s reality required efforts and time.” long".

Al-Nouri added, “Iraq has now passed the stage of recovery and entered the stage of development at various levels, especially with regard to the service, urban and many other aspects,” stressing that “there is a great government interest in developing all banking and service sectors, and Iraq during the next two years will witness remarkable development.” "It is great in all aspects."

Since taking office in October 2022, Iraqi Prime Minister Muhammad Shiaa Al-Sudani has achieved a record number of policy achievements. The “Services Government”, which he heads, has completed a set of projects, including the construction of roads, highways and hospitals, the signing of multibillion-dollar agreements to ensure independence in the field of energy, and the completion of an agreement with Tehran to trade gas for oil so that Iraqis can withstand the extreme heat in the summer when temperatures reach...

The temperature reaches 50 degrees Celsius, and work with the government to approve the federal budget for three years.   LINK

Iraqi Currency Auction Sells More Than $180 Million

Economical  02/20/2024    Baghdad: Al-Sabah   External remittances decreased at the Central Bank of Iraq auction yesterday, Monday, compared to Sunday, reaching $180 million.

During its auction for buying and selling the US dollar, the Central Bank sold 210 million 462 thousand and 654 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for external transfers, and in cash.

Most of the bank's dollar sales went to strengthening balances abroad in the form of (transfers, credits), which amounted to 180 million, 432,654 dollars, an increase of 83%, compared to cash sales of 30 million and 30 thousand dollars.

The number of banks that purchased cash dollars reached two banks, while the number of banks that responded to requests to enhance balances abroad reached 14 banks, while the total number of exchange and brokerage companies participating in the auction was 32 companies.

https://alsabaah.iq/92084-.html

Planning: SAIPA Is Prohibited From Importing Used Cars And Their Supply Will Not Be Random

Money  and business  Economy News – Baghdad  The Ministry of Planning confirmed that new cars that violate Iraqi specifications are prohibited from being imported, such as Saiba, noting that imported gold is examined at Baghdad and Najaf airports before it is distributed in the markets.

The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said that in the past, gold was spread in the markets, and merchants would take it to the quality control agency for examination, but now offices of the agency have been opened at Baghdad and Najaf airports in order to examine the gold before it enters the markets.

He pointed out that the gold that comes from the Kurdistan region has not been examined, explaining that there are legal procedures against violators and they will be referred to the judiciary, which may lead to closing the store and withdrawing the license.

He confirmed that new imported cars have become subject to the Iraqi standard, which is considered one of the best specifications in the world and is similar to the Gulf standard, and that many imported cars are being rejected and prevented from entering border crossings such as SAIBA.

He pointed out that the used cars that are imported, work is being done to set specific specifications for the durability of the car.  1124 views  02/19/2024 - https://economy-news.net/content.php?id=40661

Provoking Points To Ponder on Money

Some people's money is merited and other people's is inherited.  - Ogden Nash

There is only one thing for a man to do who is married to a woman who enjoys spending money, and that is to enjoy earning it.   - Edgar Watson Howe

To be clever enough to get all that money, one must be stupid enough to want it. - G. K. Chesterton

Why is there so much month left at the end of the money?   - Anonymous

Money is the poor people's credit card.  - Marshall McLuhan

A man is rich in proportion to the things he can afford to let alone.  - Henry David Thoreau

Money is like a sixth sense, and you can't make use of the other five without it. - W. Somerset Maugham

Money swore an oath that nobody who did not love it should ever have it.  - Irish proverb

I'm so happy to be rich, I'm willing to take all the consequences.  - Howard Ahmanson

I haven't heard of anybody who wants to stop living on account of the cost. - Kin Hubbard

It isn't enough for you to love money - it's also necessary that money should love you. - Baron Rothschild

Philanthropist: a rich (and usually bald) old gentleman who has trained himself to grin while his conscience is picking his pocket.  - Ambrose Bierce 

The darkest hour of any man's life is when he sits down to plan how to get money without earning it.

- Horace Greeley

The petty economies of the rich are just as amazing as the silly extravagances of the poor.

- William Feather

Money is human happiness in the abstract.   - Arthur Schopenhauer

Money is the most egalitarian force in society. It confers power on whoever holds it. - Roger Starr

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