Sunday Evening Iraq Economic News Highlights 10-2-22
Sunday Evening Iraq Economic News Highlights 10-2-22
Iraq Is The Largest Buyer Of Gold For The Second Quarter Of This Year
Shafaq News/ The World Gold Council announced today, Saturday, that Iraq was the world's largest buyer of gold during the second quarter of 2022.
The council said in a tabular report seen by Shafak News Agency, that "Iraq bought 33.97 tons during the second quarter of the current year 2022, bringing its balance to 130.3 tons, followed by Turkey by buying 26.60 tons, then Uzbekistan by 26.44 tons, and then Kazakhstan came By 15.79 tons, then India came by 8.39 tons.
He added that "the most countries selling gold during the second quarter of the current year 2022 was Germany at 3.36 tons, followed by Mongolia by 0.80 tons, followed by the United Arab Emirates by 0.27 tons." LINK
Iraq Achieves Nearly $9 Billion From Oil Sales In September
Shafaq News/ The Ministry of Oil announced, on Saturday, the total exports and revenues achieved for the month of last September.
According to the preliminary statistics issued by the Iraqi Oil Marketing Company "SOMO", the total amount of crude oil exports amounted to (98) million, (765) thousand, and (153) barrels, with revenues amounting to (8.773) billion dollars.
The statistics indicated that the total exported quantities of crude oil for the month of September from oil fields in central and southern Iraq amounted to (96) million and (445) thousand and (421) barrels. One million and (169) thousand and (180) barrels.
And the average daily quantities amounted to (3) million (292) thousand barrels per day.
And the average price per barrel amounted to more than (88.83) dollars. LINK
More Than 200 Thousand Barrels Per Day .. Iraq's Oil Exports To America Rise Within A Week
Shafaq News/ The US Energy Information Administration announced on Sunday that Iraq's oil exports to America increased by more than 200 thousand barrels per day during the past week.
The administration said in a report seen by Shafak News Agency, "The average US imports of crude oil during the past week from eight countries amounted to 5.610 million barrels per day, down by 455,000 barrels per day from the previous week, which amounted to 6.065 million barrels per day."
She added that Iraq's oil exports to America amounted to an average of 202 thousand barrels per day last week, higher than the previous week, when oil exports to America reached an average of 120 thousand barrels per day.
She pointed out that "most of America's oil revenues during the past week came from Canada, at a rate of 3.755 million barrels per day, followed by Mexico at a rate of 598,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 422,000 barrels per day, and then Brazil at a rate of 299 thousand barrels per day."
According to the administration, "the amount of US imports of crude oil from Ecuador amounted to an average of 191,000 barrels per day, from Colombia at a rate of 72,000 barrels per day, and from Trinidad and Tobago at a rate of 51 thousand barrels per day, while no quantity was imported from Russia and Nigeria." LINK
Iraq Concludes A Contract With An American Company To Raise Gas Production From Two Oil Fields
Shafaq News/ Dhi Qar Oil Company announced on Sunday a contract with the American "Baker Hughes" company to raise the production of associated gas in the Nassiriya and Al-Gharraf oil fields.
The Director of the Associated Gas Investment Division in the company, Anwar Hadi Shiaa, said in a statement today, that the company seeks to raise the production rates of associated gas from 20 million standard cubic feet currently to 200 million standard cubic feet (mscf) during the coming period, in the fields of Nasiriyah and Al-Gharraf.
He explained that work is continuing to raise production rates of associated gas in the two fields through the South Gas contract with the American "Bakry Hughes" company, which leads to an increase in production by approximately 80%, provided that the rates of crude oil production in the two mentioned fields rise.
He also pointed out that the cadres of the General Company were able to overcome many difficulties and obstacles and still supply the national production with extracted gas, some of which are prepared for power plants operating on this type of fuel, pointing out that the process of investing associated gas is currently taking place through the (GTU) plant, which is a treatment plant. Associated gas, through which samples are taken and analyzed by laboratories specialized for this purpose called the drying process "Glycol Tower (GTG)" to rid the produced gas from impurities and oil compounds, to turn into the stage of compressors according to the required specifications, and transported through the national pipeline that equips power plants.
It is noteworthy that the Dhi Qar Oil Company began the process of investing associated gas in April of the year 2019 and seeks to develop this strategic industry. LINK
Iraq's Oil Exports To America Increased By 68% In A Week
2022-10-02 Yes Iraq: Baghdad On Sunday, the US Energy Information Administration announced that Iraq's oil exports to America increased by more than 200 thousand barrels per day during the past week, an increase of 68% over the previous week.
The administration said that "the average US imports of crude oil during the past week from eight countries amounted to 5.610 million barrels per day, down by 455,000 barrels per day from the previous week, which amounted to 6.065 million barrels per day."
She added that Iraq's oil exports to America amounted to an average of 202 thousand barrels per day last week, higher than the previous week, when oil exports to America reached an average of 120 thousand barrels per day.
She pointed out that "most of America's oil revenues during the past week came from Canada, at a rate of 3.755 million barrels per day, followed by Mexico at a rate of 598,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 422,000 barrels per day, and then Brazil at a rate of 299 thousand barrels per day."
According to the administration, "the amount of US imports of crude oil from Ecuador amounted to an average of 191,000 barrels per day, and from Colombia at a rate of 72,000 barrels per day, and from Trinidad and Tobago at a rate of 51 thousand barrels per day, while it did not import any quantity from Russia and Nigeria." LINK
Dhi Qar Oil Company Enters Into A Contract With The American Company "Baker Hughes" To Raise Gas Production
Dhi Qar Oil Company announced, on Sunday, a contract with the American company "Baker Hughes" to raise the production of associated gas in the Nassiriya and Al-Gharraf oil fields.
The Director of the Associated Gas Investment Division in the company, Anwar Hadi Shiaa, said in a statement today, that the company seeks to raise the production rates of associated gas from 20 million standard cubic feet currently to 200 million standard cubic feet (mscf) during the coming period, in the fields of Nasiriyah and Al-Gharraf.
He explained that work is continuing to raise the production rates of associated gas in the two fields through the South Gas contract with the American "Bakry Hughes" company, which leads to an increase in production by approximately 80%, provided that crude oil production rates rise in the two mentioned fields.
He also pointed out that the cadres of the General Company were able to overcome many difficulties and obstacles and still supply the national production with extracted gas, some of which are prepared for power plants operating on this type of fuel, pointing out that the process of investing associated gas is currently taking place through the (GTU) plant, which is a treatment plant.
Associated gas, through which samples are taken and analyzed by laboratories specialized for this purpose called the “glycol tower (GTG) drying process” to rid the produced gas of impurities and oil compounds, to turn into the stage of compressors according to the required specifications, and it is transported through the national pipeline that equips power plants.
It is noteworthy that the Dhi Qar Oil Company began the process of investing associated gas in April of the year 2019 and seeks to develop this strategic industry. LINK
Industry Announces The Size Of Sulfur Reserves In Iraq
Money and business Economy News _ Baghdad Today, Sunday, the Geological Survey of the Ministry of Industry and Minerals clarified the details of its work regarding granting an industrial establishment license and referring mineral revolution projects, announcing the size of sulfur reserves.
The Director of the Mineral Investment Department in the Authority, Ahmed Tariq Shehab, said, in an interview with the Iraqi News Agency, and followed by "Al-Iqtisad News", that "the authority oversees the regulation of investment work in mineral wealth through its association with two parties, namely, the Directorate of Industrial Development in the Ministry in accordance with Law 20 of 1998 and granting it licenses Establishing industrial projects, and the other side is the National Investment Authority and its branches in the governorates.
He added, "Most of the clays and ores are invested by a decision of the Ministry of Industry," explaining that "since the end of 2012, the Mineral Extraction Department was affiliated with the Geological Survey and our commission became centrally funded by the Ministry of Finance, and the department was separated, with its affiliated sites, including the silica sand site. Al-Atyan and Husayniyat iron, and became affiliated with the Extraction Department of the General Company for Mining Industries.
He pointed out, that "when an investor arrives, the authority is required to specify the raw material, its depth, quantities, extension, and the mining conditions for the material to be invested."
He continued, "Our commission is supervising this issue, in addition to implementing the amended Mineral Investment Law No. 91 of 1988, which is currently in force, and then to put investors in front of their capabilities to invest accordingly."
He stressed that "the Commission alone cannot implement the investment on its own, because we will need owners, excavators and financial funding, which the government has not monitored, to activate investment in mineral wealth."
He pointed out, "The sulfur reserve of 320 million tons contains sulfur rocks and needs special treatments, so raw sulfur accompanies the rocks."
15 . views Added 02/10/2022 - 2:28 PM Update 02/10/2022 - 2:48 PM
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Mazhar Muhammad Salih: Issuing A New Cash Denomination Is A Measure To Improve The Performance Of The Cash Payments System
Economie 12:55 - 02-10-2022 The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the issuance of a new category for cash circulation, especially a category that is not very high, does not mean that it is an expression of inflationary conditions, but rather a measure to improve the efficiency of the performance of the cash payments system in the country with intermediate currencies that serve the speed of monetary exchange and facilitate settlement of transactions and payment methods within society. Economic.
Saleh added that the announcement of the Central Bank of Iraq about the issuance of a category of twenty thousand dinars, comes within the framework of improving its policy in managing the cash payments system in the country, which required through experience the need to issue a category (intermediate currency) divisible by two to facilitate cash payments (not large). Inside the country's monetary system.
The governor of the Central Bank had clarified the work to complete the design of a new currency of twenty thousand dinars, after a series of practical studies to unify the Iraqi currency.