Iraqi News Tuesday Afternoon 5-3-22
Iraqi News Tuesday Afternoon 5-3-22
TLM724 Administrator BondLady’s Corner
An Economist Explains The Reasons For The Withdrawal Of The Largest Oil Company In The World From Kurdistan
Sunday, May 1, 2022 9:20 PM National News Center/ Baghdad Among the economic expert, Nabil Al-Marsoumi, on Sunday, the reasons for Exxon Mobil's withdrawal from Kurdistan.
Al-Marsoumi said, in a Facebook post, followed by the National News Center, that “the American company, Exxon Mobil, which is the largest oil company in the world, which Masoud Barzani described as equal in importance to ten military teams, decided to withdraw from Kurdistan for reasons related to the lack of profits and the weak economic feasibility of investment. in the oil fields of Kurdistan.
He added, "The company is still in the exploration stage and has not reached production, and to try to seize more feasible investment opportunities, knowing that the American company is seeking to exit West Qurna/1 field and sell its share for the same reasons."
He pointed out that "ExxonMobil has invested in six exploration blocks in Kurdistan since 2011,
but in 2016 it withdrew from three oil exploration blocks in the region, which are (Beitwata, Arabat and Qara Hanjir) within the borders of Sulaymaniyah Governorate, while ExxonMobil recently decided to abandon the fields.
The other three (Shicrack, Bashiqa, and Alqosh) are located in two of the fields in which they are being explored, and part of a third field is beyond the Green Line and within the disputed areas between the center and the region. https://nnciraq.com/125277/
The Constitution Needs Amendments.. Al-Fateh Proposes For The First Time A Serious Matter Related To The Supreme Political System
856 Policy 2022/05/02 22:34 Baghdad today - Special, a member of the Al-Fateh Alliance, Mukhtar Al-Moussawi, confirmed today, Monday, that the solution to the political and economic problems that Iraq suffers from is to transform the system from a parliamentary to a presidential one.
Al-Moussawi said in a statement to (Baghdad Today), "Iraq has tried the parliamentary system over the past years and has proven its failure, so the solution is to transform the system of government into a presidential one."
He added that "the system can be transformed into a presidential one by amending the constitution."
Al-Moussawi added, "The Iraqi constitution needs many amendments because it contains major problems that have had an impact on the reality of the country in all fields."
https://baghdadtoday.news/ar/news/187868/
Al-Kazemi's Advisor Calls For The Enactment Of A Law That Encourages The Return Of Iraqi Expatriate Capital
Political Today, 20:44 Baghdad - conscious - Nassar al-Hajj The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that the phenomenon of the exit of Iraqi capital extends to the fifties of the last century.
Saleh said, to the Iraqi News Agency (INA), that "the phenomenon of the exit of Iraqi capital and its settlement in its investment strongholds outside Iraq came according to a long history that extends back to the fifties of the last century, and
the leakage of funds was done in invisible ways by inflating the values of imports through bank credits. for wealthy importers but on a very small scale.
He added, "The situation has continued by various illegal means over the years, political conditions, crises, long wars and economic siege, as Iraqi law historically did not allow Iraqi private sector investment abroad at all, which encouraged the phenomenon of flight."
He pointed out that "due to the abolition of restrictions on external transfer under the Central Bank of Iraq Law No. 56 of 2004 and the liberalization of the current account of the balance of payments in particular, economic freedom after 2003 allowed the leakage of a lot of money to invest outside the country with wide freedom and settlement in environments that may be of low return but high Relative safety,
without the availability of sufficient and explicit legal texts that prevent the leakage of capital outside the country or the existence of explicit texts that allow the exit of national capital for the purpose of investing outside the country, especially after this was permitted by Article (28/b) of the Central Bank of Iraq Law No. 56 of 2004 which stipulated: (the simple unconditional purchase or sale (cash or forward) of foreign exchange).
And he continued, "Thus, those funds that left the country without legal prosecution are considered national (expatriate) capital whose proceeds have been invested in various aspects of investment in assets or assets outside the country and for different years and enjoy the legal status in their foreign investment sites and are subject to the controls and conditions of the jurisdiction and legal area in countries Its foreign domicile, but unfortunately it is cut off from its home country Iraq,
and it is excluded from the funds that the Iraqi state is currently pursuing based on the provisions of the Iraq Funds Recovery Fund Law No. 7 of 2019 amending Law No. 9 of 2012 on looting public money, as well as with the exception of funds that are subject to the Anti-Money Laundering Law Crime and Terrorism Money No. 39 of 2015
He pointed out that "in order to return the Iraqi expatriate investments abroad, it is appropriate to issue a legislation or a law that encourages the return of the Iraqi expatriate capital to the interior to find its way in the investment map in Iraq and to advance the development of our country, provided that it provides full legal protection for it and enjoys the same privileges that it obtains."
The foreign investor through the effective investment law, as well as the enjoyment of all legal protection rights,” noting that
“Iraq is organized under the International Convention for the Protection of Foreign Investments, specifically the International Investment Guarantee Agency known as “ MIGA" and it is one of the agencies affiliated with the World Bank Group.
He stressed, "The necessity of the birth of a semi-official entity to represent (the Investment Board for Iraqi Expatriates) to establish the best relations with the Iraqi expatriates to invest their money in their country of Iraq, whether real or financial investment and with the various assets that will be allowed by the Iraqi expatriate capital investment law that we propose to issue." https://www.ina.iq/155062--.html
Oil Prices Are Rising In Global Markets
Economie| 09:44 - 03/05/2022 Follow-up - Mawazine News : Oil prices rose on Tuesday, extending gains from the previous session, as the European Union confirmed its plans to tighten sanctions on Russia this week, and Germany said it was ready to support an immediate embargo on Russian oil.
Brent crude futures rose 25 cents, or 0.2%, or $107.83 a barrel at 0234 GMT, while US West Texas Intermediate crude futures were up 17 cents, or 0.2%, at $105.34 a barrel.
The European Commission is expected to finish work on Tuesday on the sixth package of EU sanctions against Russia over its actions in Ukraine, which will include a ban on the purchase of Russian oil.
Tight supplies of fuel products increased demand for crude, helping Brent and West Texas Intermediate up more than 40 cents on Monday, after a choppy session. https://www.mawazin.net/Details.aspx?jimare=191984
The Stability Of The Dollar Exchange Rates On The Iraqi Stock Exchange
Economie| 11:12 - 03/05/2022 Baghdad - Mawazine News The dollar exchange rates witnessed, today, Tuesday, stability on the Iraqi Stock Exchange.
The selling prices of the dollar were 147,850 dinars per $100, while the purchase prices of the dollar were 147,750 dinars per $100. https://www.mawazin.net/Details.aspx?jimare=191990
Washington Considers The Targeting Of Erbil An Attack On Iraq's Sovereignty
The United States of America condemned the attack that damaged an oil refinery in the Kurdistan region of Iraq.
"The attacks in Iraq, including on the energy sector, are an assault on Iraq's sovereignty and harm Iraqi citizens," the US embassy in Baghdad said in a statement.
She added during the statement that "the United States stands with the people of Iraq and will continue to work to ensure the security, stability, and sovereignty of the Iraqi state."
The Security Media Cell announced, earlier, that the refinery of the (Car) company had been targeted with missiles in Erbil governorate, while indicating that a platform stuffed with four missiles had been found in Bashiqa district. https://www.radionawa.com/all-detail.aspx?jimare=29307
The International Monetary Fund Expects A Jump In Iraq's Revenues To Nearly 150 Billion Dollars
Economie Tuesday, 3 May 2022 1:19 PM National News Center / Follow up
The International Monetary Fund expected Iraq to achieve a jump in its public revenues during 2022, after the rise in oil prices.
According to the fund’s estimates, “it is expected that the Arab oil-exporting countries will witness leaps in their revenues during the current year, in conjunction with the rise in oil prices globally,” noting that “it is expected that Iraq’s revenues during 2022 will reach 149 billion dollars and an annual change rate of 73 percent over the year 2021.
The report added that “Saudi Arabia’s revenues are expected to rise 327 billion dollars with an annual change of 28 percent, while Libya’s annual revenues for the current year will reach 39 billion dollars with an annual change of 84 percent, while the UAE’s revenues will be 190 billion dollars with an annual change of 46 percent, and Kuwait’s revenues will be 102 billion.” dollars with an annual change rate of 46 percent.
He added that "Qatar's revenues are expected to reach $84 billion with an annual change of 40 percent, Bahrain's revenues will be 11 billion dollars with an annual change of 39 percent, Oman's revenues will amount to 39 billion dollars with an annual change of 34 percent, while Algeria's revenues will reach 58 billion dollars, with a percentage change of 28 percent." percent". https://nnciraq.com/125477/
Deputy For The Rule Of Law: We Will Have A Position On The Laws Of This Segment
Political | 04:19 - 03/05/2022 Special - Mawazine News The deputy of the State of Law coalition, Durgham Al-Maliki, confirmed, on Tuesday, that the current parliamentary session will have a role towards laws that pertain to workers and people.
In an exclusive interview with Mawazine News Agency, Al-Maliki said that the fifth session of the House of Representatives gathered a lot of youth energies, which were rejecting what was going on in the previous sessions.
He added that there is a real determination towards laws that include workers, toilers and peasants, as they will be among our priorities and the files that will be done and work on them with honesty, seriousness and loyalty to the people.Al-Maliki continued: "Any law in the public interest of every Iraqi energy working for the country and its construction will be accelerated." https://www.mawazin.net/Details.aspx?jimare=192011
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