Iraqi News Wednesday Evening 6-29-22

TLM724 Administrator BondLady’s Corner

Kurdistan Parliament Votes To Amend The Oil And Gas Law In The Region

Political | 03:28 - 29/06/2022   Kurdistan - Mawazine News  On Wednesday, the Kurdistan Parliament voted on the first amendment to the oil and gas law in the region No. 22 of 2007.

79 members of Parliament voted in favor of the amendment related to Article 4 of the law directed by the Presidency of the Council of Ministers to the Parliament of Kurdistan. The amendment includes adding the Prime Minister's Cabinet to the membership of the Regional Council for Oil and Gas Affairs.

On Monday, the Kurdistan Parliament held the second reading of the draft law to amend the oil and gas law in the Kurdistan region.

Referred to the fourth article of the law, which provided for the formation of a regional council of “the Prime Minister – as president, the deputy prime minister – as vice president, the Minister of Natural Resources – as a member, the Minister of Finance and Economy – as a member, and the Minister of Planning – as a member,” before adding a chief of staff Cabinet to membership of the Council under the amendment approved today.

The Regional Council sets the general principles of oil policy and plans for exploration and development of fields and their amendments in the region, approving contracts for oil operations, and determining the level of production in line with Paragraph Two of Article (112) of the Federal Constitution.

Article (112) of the Federal Constitution in force for 2005 states: “First: The federal government shall manage the oil and gas extracted from the current fields with the governments of the producing regions and governorates, provided that their imports are distributed in an equitable manner commensurate with the population distribution throughout the country, with a specified share For a specific period of time for the affected regions, which were unfairly deprived of them by the previous regime, and which were subsequently damaged, in a way that ensures balanced development for the different regions of the country, and this is regulated by law.

Second: The federal government and the governments of the producing regions and governorates shall together draw up the strategic policies necessary to develop the oil and gas wealth, in a manner that achieves the highest benefit for the Iraqi people, adopting the latest techniques of market principles and encouraging investment. https://www.mawazin.net/Details.aspx?jimare=197994

Low Oil Prices

Economie| 08:32 - 29/06/2022   Follow-up - Mawazine News:   Oil prices fell today, Wednesday, after rising for 3 consecutive sessions, but the declines were slight due to the continuing crisis of global supply, as it is unlikely that the major producers will be able to make a significant increase in production. On the other hand, the Group of Seven agreed to explore Ways to put a cap on the price of Russian oil.

US West Texas Intermediate crude futures were down 64 cents, or 0.5%, at $111.12 a barrel at 0350 GMT.

Brent crude futures for August delivery fell 61 cents, or 0.5%, to $116.99 a barrel. The August contract will expire on Thursday and the September contract was the most active at $113.14, down 66 cents, or 0.6%.

Data issued by OPEC also showed that oil export revenues of the OPEC countries jumped on an annual basis by about 77% during the past year to reach $561 billion, on an annual basis, supported by the recovery of crude prices, while the number of active drilling rigs for its members recorded a modest recovery and the decline of new wells. completed.

In a related context, analysts also warned that the political turmoil in Ecuador and Libya may increase the scarcity of supplies.

Data from the Institute of Petroleum showed that US crude stocks fell by 3.8 million barrels during the week ending June 24, while gasoline stocks rose by 2.9 million barrels.

Distillate stocks, which include diesel and heating oil, increased by about 2.6 million barrels.

The markets are awaiting government data on oil stocks, which is due to be released today, Wednesday, and will cover the past two weeks together, after the official figures were postponed last week due to computer software problems, and Reuters polls indicate that US crude stocks are expected to decline in the past two weeks. m99     https://www.mawazin.net/Details.aspx?jimare=197942

Deputy: Iraq May Lose 96 Million Dinars To A Foreign Company Due To The Policy Of The Ministry Of Transport

Money and business  Economy News – Baghdad Today, Wednesday, MP Alia Nassif warned that the Iraqi state will have to pay large fines and compensation in millions of dollars to companies that have filed lawsuits against the Ministry of Transport.

Nassif said in a statement, "One of the most prominent of these lawsuits is the international arbitration filed by one of the companies regarding air freight and the unpaid amounts by the General Company for Iraqi Airways by order of the Minister, as the company demanded an amount of 96 million dollars as compensation, and this large amount It will be paid from the state treasury to that company instead of directing these funds to things that benefit the people, such as services or those covered by social welfare.”

And she added, "The other issue is the international arbitration submitted by another company due to the non-payment of its dues by the General Company for Air Navigation Services, which may lead to the payment of dues that may reach 20 million dollars despite the existence of a contract signed based on Cabinet Resolution 286 for the year 2021, and there is also another lawsuit (international arbitration) at the beginning of July to ask Iraq to pay compensation that may reach 255 million dollars due to violations committed by the Minister of Transport, which obliges the ministry to negotiate with a company in order to reach an amicable solution that protects public money, as well as many International arbitration lawsuits witnessed by all the Ministry’s formations.”

Nassif called on the "Integrity Commission to intervene and deal with this issue as a deliberate waste of public money, take legal measures against those who caused it, and seek to prevent the state treasury from assigning all these losses," noting that "one of the biggest problems that Iraq faces is the presence of failed ministers. They cost the state money and leave the ministry, leaving the state and the people mired in debt.” 185 . views  Added 06/29/2022 - 10:55 AM  Update 06/29/2022 - 6:05 PM

https://economy-news.net/content.php?id=28692

The US Ambassador Discloses A Joint Project To Build The First Industrial Gases Separation Plant In Iraq

Wednesday, 29 June 2022 4:20 PM   National News Center/ Baghdad  On Wednesday, US Ambassador to Iraq Alina Romanowski affirmed the US Agency for International Development's commitment to building a thriving private sector based on transparency and equal opportunities, revealing a public-private partnership project to separate industrial gases in Iraq, which will help reduce Iraq's dependence on importing medical oxygen and nitrogen. Liquid also strengthens local supply chains and creates a number of new jobs.

In her opening speech to the USAID symposium on (Accessing Funding in Iraq), Romanowski said: “I am proud of the United States’ continued support of our Iraqi partners to develop a more prosperous, transparent, and inclusive Iraqi private sector.”

"In the past 18 months alone, USAID has attracted more than $40 million in private investment seeking to support economic growth and foster greater prosperity across the country," she added.

And she explained in her speech, “Let me highlight some success stories:

– We ended the year 2021 with the help of Miswag, the Iraqi e-commerce market, in securing more than (1.6) million dollars to expand its operations.

At the beginning of 2022, we helped Al-Saree Company (‘Al-Sa-Ree), the Iraqi food and delivery service program, to secure more than (4) million dollars by introducing them to new investors and facilitating the investment process.

A few weeks ago, the United States Agency for International Development helped facilitate an investment of $18 million for Toters, one of the start-ups and market leader in the online Middle East market in Iraq.

We also granted more than $150,000 to Green Shovel, a startup company for greenhouses and modern irrigation systems, as part of USAID’s efforts to promote an environmentally friendly green economy in Iraq. https://nnciraq.com/137986/

The Central Bank: The Value Of Our Development Initiatives Reached 18 Trillion Dinars

Money and business  The Governor of the Central Bank of Iraq, Mustafa Ghalib, announced that the value of his development initiatives reached 18 trillion dinars.

The governor said at a conference for small and medium enterprises attended by "Al-Iqtisad News", that "the Central Bank of Iraq launched 18 trillion dinars to establish development initiatives and 1 trillion dinars within the development initiative to purchase renewable energy units."

He added, "We launched, in cooperation with the Association of Iraqi Private Banks, a community initiative funded by banks to meet the needs of Iraqi society."

He explained that "this increase in the amounts of financial allocations comes in response to the success achieved in the development initiatives launched by the Central Bank of Iraq in financing various private sector projects and housing loans."

He pointed out that "this increase will contribute to financing economic development projects, increasing local production and reducing unemployment by providing job opportunities, as well as contributing to supporting various government efforts to confront climate change."

Views 235  Added 06/29/2022 - 12:22 PM  Update 06/29/2022 - 5:45 PM

https://economy-news.net/content.php?id=28694

World Bank: Small And Medium-Sized Companies Provide 60% Of Job Opportunities In Iraq

Money and business  Economy News – Baghdad The representative of the World Bank in Iraq, Ramzi Numan, confirmed that 60% of job opportunities in Iraq are carried out by small and medium enterprises.

Noman said at a conference on supporting small and medium-sized enterprises in Baghdad that "Iraq is gradually emerging from the deep recession that it experienced in the year 2020 due to the Corona pandemic," adding that "Iraq achieved economic growth of 2.2% in the year 2021 after the economy had contracted by 11% in the year." 2020".

He pointed out that "Iraq has a unique opportunity to start rapid reforms and redirect government spending towards programs that improve growth, which is very important and address the problem of human capital in Iraq."

He pointed out that "the market for small companies is still small and limited, because Iraq suffers from the absence of an environment incubating entrepreneurship and most of the small and medium companies are not registered," noting that "small and medium companies provide 60% of the job opportunities available in Iraq."

He pointed out that "the small and medium-sized companies sector suffers from low services and financial intermediary, which made it the smallest sector in Iraq and the region."

185 . views  Added 06/29/2022 - 12:37 PM  Update 06/29/2022 - 5:45 PM

https://economy-news.net/content.php?id=28695

The Dollar Depreciates Against The Iraqi Dinar

Economie| 10:04 - 29/06/2022  Baghdad - Mawazine News  The dolla r exchange rates witnessed, today, Wednesday, a slight decrease in the Iraqi Stock Exchange.

And the selling prices of the dollar were 148000 dinars per 100 dollars, while the purchase prices of the dollar were 147,900 dinars per 100 dollars.    https://www.mawazin.net/Details.aspx?jimare=197953

Integrity Brings In A Director General At The Ministry Of Labor Who Harmed The Public By One Billion And 400 Million Dinars

Local | 05:21 - 29/06/2022  Baghdad - Mawazine News, the Federal Integrity Commission announced, on Wednesday, the issuance of an order to bring in a director general in the Ministry of Labor and Social Affairs, for causing harm to the money and interests of the entity in which he works.

A statement by the Commission's Investigation Department, Mawazine News, received a copy of it, stated that the Rusafa Investigation Court, which is specialized in issues of integrity, money laundering and economic crime, issued a summons order against a director general in the Ministry of Labor and Social Affairs - the Disability and Special Needs Authority; It is proven that he intentionally caused harm to public funds.

He added that the Director-General committed violations in purchasing a plot of land on which (cinema) was built by the Department of Retirement and Social Security, contributing to the National Company for Tourism Investments and Real Estate Projects, and paying its purchase price of (1,400,000,000) billion dinars without completing the procedures for transferring its ownership, which led to the damage with public money.

The statement indicated that the court issued the recruitment order against the official in the Ministry of Labor and Social Affairs, as well as two other persons in the same case in accordance with the provisions of Article (340) of the Penal Code, with the precautionary seizure of the movable and immovable funds for them and their travel ban; The fact that the crime is against public money. Ended 29/R77

https://www.mawazin.net/Details.aspx?jimare=198009

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