Iraqi News Early Monday AM 1-24-22
Iraqi News Early Monday AM 1-24-22
TLM724 Administrator BondLady’s Corner
The electrical connection with Saudi Arabia is in its final stages, and a move to include Iraq in the World Trade Organization
Political Yesterday, 21:39 Today, Sunday, the Iraqi -Saudi Coordination Council announced serious discussions regarding investment in Samawah, and between the electrical interconnection projects with Iraq in its final stages, he indicated a move to include Iraq in the World Trade Organization .
The Secretary-General of the Council and Governor of the Saudi General Authority for Foreign Trade, Abdul Rahman bin Ahmed Al-Harbi, told the Iraqi News Agency (INA), that "the establishment of the Coordination Council between Iraq and Saudi Arabia came in order to strengthen relations, as it includes all areas and opportunities for cooperation between the two countries, including the Iraqi and Saudi private sectors."
"The aim of the council is to help young people create real job opportunities as well as contribute to the developmental aspects of the Iraqi people," he said.
He added, "The continuous meetings between the Iraqi and Saudi leaderships contributed to following up on all the achievements of the Coordinating Council and supporting all the agreements," noting that "the Arar road project is one of the pivotal projects that have been completed, and it is the first direct land line, and by the nature of the ports, it is one of the means for commercial outlets between the two countries.".
He stressed that "the Arar port has achieved a growth of 75% over what it was in the first month," noting that "Saudi Arabia is keen to establish a commercial exchange area in an integrated area, which leads to an objective shift in the port's performance."
He added, "The work of the Arar port continues to be developed from the Iraqi side, and we have noticed the seriousness of this to facilitate the movement of trade exchange."
Al-Harbi indicated that "for the first time a joint business council was formed between the two sides, and a number of commercial and investment opportunities were discussed in various sectors, as their presence in Iraq creates many job opportunities, provides basic needs and helps in developing infrastructure," pointing out:
"We are at work.
He is serious with the Iraqi side and we address all problems, and that Prime Minister Mustafa Al-Kazemi was a great supporter, and the Secretary of the Coordination Council Hamid Al-Ghazi responded quickly to everything that occurred.
And he indicated that "Saudi investments in Iraq, including the Samawa area, are in serious discussions to determine the locations of the lands in which Saudi projects will invest and find appropriate options," explaining that "the electrical connection projects with Iraq are in their final stages, and we may announce them in the near period."
He explained that "work is underway to complete the sports city in Iraq, which is the king's gift to the Iraqi people," noting that "the projects that will be implemented in Iraq are not temporary, but sustainable."
Al-Harbi added that "Saudi Arabia is working to support Iraq and trying to include it in the World Trade Organization, where Saudi Arabia chairs the Arab group," noting that "we support Iraq to join that world organization and we are ready to provide technical and technical support and convince countries to do so."
Regarding trade exchange, he indicated that "the level of cooperation in the trade balance is clear and there is growth during the past five years, as we are talking about $5 billion," noting that "one of the most difficult years is the past three years due to the Corona pandemic, which changed all balances."
He stated that "Saudi Arabia is keen to be Iraq's first trading partner in the region, and we are working on this with the Iraqi side," noting that "Saudi products are very highly accepted by the Iraqi people."
https://www.ina.iq/147065--.html
The Iraqi-Saudi Coordination Council Recommends Providing Financial Facilities Between The Banks Of The Two Countries
Economie Today, 13:22 Baghdad - INA - Medal of Mullah Today, Monday, the Iraqi-Saudi Coordination Council recommended providing financial facilities between the banks of the two countries, while calling for providing facilities for investment between the two countries.
The head of the Saudi side in the Iraqi-Saudi Coordination Council, Muhammad bin Abdullah Al-Khorayef, said during the Iraqi-Saudi Business Forum held in Riyadh, and attended by the Iraqi News Agency (INA), that "the Iraqi-Saudi Coordination Council initiated and launched many initiatives to promote investments and trade exchange, including the establishment of a data center For opportunities, an initiative to inventory preliminary studies, as well as working on an economic forum between the two countries and an initiative to encourage Saudi investments.
Al-Khorayef called for "facilitating the investment process between the two countries, especially the procedures, in a way that contributes to promoting trade exchange," noting that "Iraq and Saudi Arabia are neighbors and have a large volume of investment that deserves consideration of opening more than one port for the entry of goods."
He called "Iraqi and Saudi banks to provide financial facilities for communication between them, which will return to great results," pointing out that "the next stage requires that the private sector have a major role."
Al-Khorayef expressed his hope that "today's meeting will be the beginning of great economic cooperation between the two countries, and bilateral meetings will continue to meet the ambitions."
https://www.ina.iq/147108--.html
The Minister Of Oil Confirms The Keenness To Implement Plans For The Implementation Of Projects For The Development Of Exploratory Patches With The Aim Of Increasing Production Rates Of Crude Oil
Saturday 22 , January 2022 | Economy Read Counter 33 Baghdad / NINA / - The National Oil Company and the Ministry of Oil affirmed their keenness to implement plans for the implementation of projects to develop exploratory patches with the aim of increasing production rates of crude oil, pointing out that the world is heading towards clean energy without retreat.
The Head of the National Oil Company, Ihsan Abdul-Jabbar Ismail, said, during his patronage of the ceremony of laying the foundation stone for the crude oil processing plant for the ninth exploration block within Al-Fayhaa oil field in Basra Governorate, with a capacity of 100,000 barrels per day, that "Al-Fayhaa oil field development project is one of the important projects for the production of light oil, and it is one of the border fields, and the national oil from this project aims to produce up to 100,000 barrels of crude oil, in addition to producing quantities of gas with a capacity of 135 cubic meters in a future stage to support the operation of electric power plants.”
He added, "The Ministry of Oil and the National Oil Company are planning to increase production in the coming years, which will lead to an increase in the financial revenues of the federal treasury and thus raise the level of services provided to the people," noting the importance of developing clean energy projects and alternative sources of fossil energy that reduce the use of fossil fuels and thus reduce of expenses.
For his part, Director of the Basra Oil Company, Khaled Hamza, stressed the importance of developing this field because it is one of the border fields and also because we are targeting for the first time the development of a complex reservoir, pointing to the field development operations that began in 2014 with Kuwait Energy and later with the Chinese company UEG, and the first exploratory well was drilled the results were encouraging.
He explained, "The oil produced from the exploration block 9 is classified as one of the best types of oil globally, and we have promising future plans to develop the field's reservoirs," praising the efforts of the company's employees and the role of the security forces to achieve this achievement.
In turn, the CEO of the Chinese company UEG "Song Yu" said, "These are important moments for our company, which is laying the foundation stone for the development of the 9th exploration block in the Fayhaa field," reviewing through an explanatory explanation the stages of work and future plans for its development. / End https://ninanews.com/Website/News/Details?key=952116
An Economist Talks About The Price Of A Barrel Of Oil In The 2022 Budget
Economic 01/23/2022 | 7:46 pm information / special Economist Dia Al-Mohsen expected, on Sunday, that the price of a barrel of oil in the 2022 budget will be $70, which will provide $140 billion in oil imports.
Al-Mohsen said in a statement to the Information Agency, that "the increase is not only in oil prices, but
there is a significant increase in the demand for oil quantities, which will explode the 2022 budget to 140 billion dollars in oil imports if the price of a barrel of oil is set at 70 dollars," noting that “The price of $70 per barrel is the best price to protect the budget.”
He added that "there are also $50 billion in non-oil resources from taxes, tourism, and customs, in addition to the remaining rise in the price of a barrel of oil estimated in the budget, which means that the next budget will be an explosive amount of $190 billion."
And he indicated that "there is a financial abundance that will be in the next budget, given the price of oil, but the problem lies in the financial legislature. Is it capable of managing investment projects and providing job grades?" https://almaalomah.me/2022/01/23/578257/
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