More Iraqi News Iraqi News Thursday PM 3-11-21
More Iraqi News Iraqi News Thursday PM 3-11-21
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Iraq Spent $ 100 Billion On Foreign Oil Companies Without Increasing Production
Energy Economy News _ Baghdad The Parliamentary Economic and Investment Committee began moving towards making amendments to the oil licensing round contracts concluded by the government in 2009, pointing out that the size of Iraq's financial losses due to these contracts amounted to more than three billion dinars annually.
The head of the Parliamentary Economic and Investment Committee, MP Ahmad al-Kanani, said in an interview with Al-Mada newspaper, which was followed by Al-Eqtisad News, that he “began to move in Parliament towards amending the contracts for the oil licensing rounds in which the right to the Iraqi state is depleting the public money in illegal ways,” warning of “continuing Working on these contracts will cause waste of money. "
In mid-2009, the Iraqi government concluded contracts with major foreign companies to restructure and develop the oil sector and reverse the annual decline in oil production, as production had not increased from 2003 to 2011.
The licensing rounds concluded by Iraq with foreign oil companies were described as representing colonialism and not investment for the Iraqi economy, since there are funds owed by the government belonging to foreign oil companies, such as the travel and residence of the foreign company director in a country other than Iraq.
Al-Kinani adds that "the travels, transfers, and residency of these managers, consultants, technicians and engineers working in these companies are borne by Iraq," estimating that "the number of these managers in each company is approximately more than 100 people."
He points out that "the government has contracted within the contracts of licensing rounds with 30 giant oil companies and with many secondary companies, all of which are now working in the production and export of oil," adding that "even food and water for these companies are imported from outside Iraq."
Within the licensing rounds, foreign companies were granted unfair privileges against Iraq and constrained Iraq with financial restrictions and obligations that squandered the country's wealth, without any return on the level of technology transfer and the development of local professional cadres.
Hussain al-Shahristani promised after the signing of these contracts that Iraq's production capacity would reach 12 million barrels per day within 6 years, making it one of the largest oil-exporting countries in the world.
The deputy from Baghdad governorate adds, "Why does the Ministry of Oil and even the government refuse to send details (doors for disbursing these sums) the expenditures of the oil licensing rounds and only mention the number of debts owed in Iraq only?", Indicating that "Iraq's debts to these companies amount to approximately 20 billion dollars. ".
And in 2014, the Australian site Fairfax Media published the largest bribery scandal in the world, in which an advisor to former prime minister Hussain al-Shahristani, former oil minister Karim Laibi and other Iraqi officials facilitated the sale of billions of dollars of oil quotas to Western countries through the Unaoil company owned by an Iranian businessman called Atta Ehsani.
Kanani adds, "The Parliamentary Economic and Investment Committee will adopt the amendment of the contract or enact a law in a way that serves national interests," indicating that "the amendment of these contracts arranges money for Iraq because of the penal conditions in it."
He explains the government's refusal to "provide the House of Representatives with a copy of the licensing rounds contracts to the existence of financial breaches and problems," estimating the costs of Iraq's annual losses due to the oil licensing rounds "at more than three billion dollars."
For his part, the expert in economic affairs, Abdul Rahman Al-Mashhadani, believes that "there are damages that will befall the Iraqi state in the event of amending or changing the licensing round contracts, specifically the first, second and third rounds, as it was written in the presence of an Iraqi legal consultant who does not have sufficient experience."
He continues that "the government at the time neglected many aspects, including the failure to establish a mechanism to control the expenses of oil companies represented in the transfer of their resources from the Emirates to Iraq," noting that "the wages of one of the Chinese farmers within the licensing rounds, his monthly salary reaches about eight thousand dollars a month."
He adds that "the salaries of non-Iraqi engineers range from 60 to 65 thousand dollars a month, and sometimes reach a hundred thousand dollars," expressing his surprise that "the sums spent on these companies from the year 2010 amounted to a hundred billion dollars without development or increase." In production. "
He believes that "the Parliamentary Economic Committee is unable to make any amendment to the licensing round contracts due to the penalty clause set by the oil companies," considering that "the adoption of these amendments comes within the early electoral campaigns." Number of observations 101 Date of addendum 11/03/2021 https://economy-news.net/content.php?id=24392
An MP Reveals Political Pressure Exerted By Al-Kazemi And Allawi On The Management Of The Central Bank
Author: AhadNA2 On 3/11/2021 - 12:17 PM 80 On Thursday, a member of the Parliamentary Economic and Investment Committee, Layal al-Bayati, held two sides responsible for changing the exchange rate of the dollar, while the Minister of Finance, Ali Allawi, was accused of harassing Iraqi citizens with limited income.
Al-Bayati said in a press statement, "Prime Minister Mustafa Al-Kazemi and Minister of Finance Ali Allawi are the ones who bear the consequences of the high exchange rate of the dollar against the Iraqi dinar," indicating that "the prime minister and the Minister of Finance exerted political pressure on the current Central Bank management to raise the dollar exchange."
She added, "The Ministry of Finance bears full responsibility before the House of Representatives," stressing that "with the rise in crude oil prices and growing oil revenues, Minister of Finance Ali Allawi is still insisting on raising the price of the dollar and restricting Iraqi citizens, especially those with limited income, with completely rejected justifications."
Earlier, the Parliamentary Economic and Investment Committee revealed the intervention of the US Embassy in Baghdad to change the exchange rate of the dollar Suspect , which sparked a wave of popular discontent and affected the poor classes.
https://alahadnews.net/172174/%d8%a7%d9%84%d8%b3%d9%8a%d8%a7%d8%b3%d9%8a%d8%a9-2/
Parliamentary Integrity: Most Corruption Cases End With The Dismissal Of The Official Without An Account
Editing date: 11/3/2021 18:44 • 46 times read [Baghdad-Where] The Parliamentary Integrity Committee confirmed, on Thursday, that most of the major corruption files that were raised end with the dismissal of the official from his post without being accountable and no senior corrupt official was put behind bars. Suspect
A member of the Integrity Committee, Khaled Al-Jashami, said, "The citizen has great discontent, and any official perceives that he is corrupt because of the large size of files."
He added, "This will be reflected in the elections and will lead to the citizen’s reluctance to vote, and no party expects the citizen to be elected to him unless the corrupt party is held accountable for it."
Al-Jashaimi explained that "the citizen’s anger is due to the failure to hold accountable any corrupt person who is proven guilty of theft," noting that "most of the major corruption cases that are raised end up with interrogation and dismissal of the official without being accountable."
http://www.alliraqnews.com/modules/news/article.php?storyid=107238
Al-Tamimi Calls On The Government To Make Optimal Use Of The High Oil Prices
Money and business Economy News _ Baghdad On Thursday, a former member of Parliament, Sabah Al-Tamimi, called on the government headed by Mustafa Al-Kazemi to make optimal use of the current high crude oil prices.
"The current prices of a barrel of crude oil are heading towards an increase due to recent data from the World Health Organization about the end of the Corona pandemic in June 2021, in addition to Saudi Arabia's decision to reduce its daily production by one million barrels for two months," Al-Tamimi said in a press release. The next two, in addition to an improvement in the profit margin of the refiners, and a decline in the value of the US dollar against other major currencies.
Al-Tamimi added that the Iraqi government should now benefit from the high prices of black gold in establishing a sovereign emergency fund to be a buffer against any future crisis, indicating that "the Iraqi economy is rentier and is directly affected by the occurrence of any global crisis."
And Iraq depends by up to 95%, according to government estimates, on the financial revenues achieved from the sale of crude oil on the global markets.
Iraq's oil exports for the month of February reached more than 82 million barrels, with a daily production rate of 2 million - 960 thousand barrels per day, with an initial financial revenue of $ 5 billion, at a weighted price rate of $ 60 per barrel, according to the SOMO statement on its official website.
Number of observations 145 Date of addendum 11/03/2021
https://economy-news.net/content.php?id=24403
Al-Kazemi Directs Trade And Employment By Providing The Necessary Support To The Segment Of The Poor
Mustafa Al-Kazemi, Prime Minister. "Internet"
Money and business Economy News – Baghdad The General Secretariat of the Council of Ministers announced, on Thursday, that Prime Minister Mustafa Al-Kazemi directed the Ministries of Trade and Labor to provide the necessary support to the segment of the poor.
In a statement seen by Al-Eqtisad News, the secretariat said, “Prime Minister Mustafa Al-Kazemi directed the Ministry of Trade to provide the ration card items of the best quality for the poor to overcome all economic and bureaucratic challenges in light of the Corona pandemic.”
She added, "Al-Kazemi has also directed the Ministry of Labor and Social Affairs to provide the necessary support to the segment of the poor who are registered with it in the coming month of Ramadan."
Number of observations 97 Date of addendum 3/11/2021 https://economy-news.net/content.php?id=24405
Dollar Exchange Rates In The Local Market Today
Market Economy News _ Baghdad "Economy News" publishes the exchange rates of the dollar in local markets on Thursday (May 11, 2021). The price of the dollar against the Iraqi dinar
Exchange offices prices: The sale price of the dollar is 146,000, the purchase price of the dollar is 145,000 Number of observations 117 Date of addendum 11/03/2021
https://economy-news.net/content.php?id=24400
The Iraqi Stock Exchange Is Trading 5 Billion Shares This Week
Economie| 03:20 - 11/03/2021 Baghdad - Mawazine News The Iraq Stock Exchange (the stock exchange) organized three trading sessions during the second week of March 2021.
The sessions began from Monday March 08/2021 to Thursday March 11/2021, while Wednesday’s session was not organized because it coincided with an official holiday.
During the week, 5 billion shares were traded, worth 2 billion dinars.
The index of trading in the market for the first session of the week closed at (565.73) points, while the index closed at the end of the week at (572.38) points, achieving an increase of (1.16%) from its close at the beginning of the session.
During the week, more than (1700) buying and selling deals were executed on the shares of listed companies. Ended 29 / h https://www.mawazin.net/Details.aspx?jimare=145131
Issue (4619) Of The Iraqi Newspaper Al-Waqi’a Issued On 1/3/2021
2021-03-11 01:33:00 1- Law on the accession of the Republic of Iraq to the Asian Investment Bank Infrastructure Agreement No. (19) for the year 2020.
2- Law on the accession of the Republic of Iraq to the Second Protocol to the Hague Convention of 1954 relating to the protection of cultural property in the event of armed conflict No. 21 of 2020.
Those wishing to acquire the Iraqi factsheet can refer to the Iraqi investigation department, located in Salhiya / Haifa Street (Ministry of Justice building), and obtain the required number.
https://www.moj.gov.iq/view.5464/
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