Thursday Afternoon Iraq Economy News Highlights 5-26-22

The UN Security Council between Baghdad and Erbil to resolve the oil dispute

Sumerian special  2022-05-26  The UN Security Council between Baghdad and Erbil: a UN envoy with a Kurdish request to resolve the oil dispute between the center and the region.

The UN intervened on the crisis line between Baghdad and Erbil.. Where, after a Kurdish request, there was news that the UN Security Council had sent an envoy representing it to resolve the oil conflict and regulate the relationship between the center and the region, in a dangerous precedent that had not occurred before.

In a precedent that did not occur before that .. the UN Security Council and following a Kurdish request, sends a representative on it to resolve the differences between the center and the region related to the oil file in a clear and explicit external intervention in the local affairs, but this will not prevent, according to deputies, the implementation of the Federal Court’s decision, which considered the oil law And the Kurdistan gas void and unconstitutional.

The international intervention, according to the regional government, comes to regulate the relationship between Baghdad and Erbil after the chaos of positions and statements, but some parliamentarians from the Kurdish side believe that the relationship will not be regulated except by enacting the oil and gas law that was suspended from the year two thousand and seven for reasons that have a political and economic aspect. LINK

To Expedite The Implementation Of Gas Investment Contracts... The Minister Of Oil Meets The CEO Of Total

Economie   09:24 - 2022-05-26   The Iraqi Oil Minister, Ihsan Abdul-Jabbar Ismail, met in the French capital, "Paris", the CEO of the French Total Company, Patrick Pouyanne, and the Ministry of Oil stated in a statement, that during the meeting, they discussed programs and job opportunities and joint cooperation in the implementation of projects in the oil and energy sector, and agreed on the timings for the implementation of a number of projects.

Among the joint projects, which include “the associated gas investment project in a number of oil fields in southern Iraq, the solar energy project, the project to develop the Artawi field and increase production from it, and the sea water transfer project to support the operations of sustaining and increasing production in the oil fields.”

The meeting was attended by a number of officials in Total, in addition to the ministerial delegation accompanying the Minister of Oil.    https://kirkuktv.net/AR/Details/6301

The Parliamentary Oil and Gas Committee decides to host the Minister of Oil and his agents next week

Economie| 01:18 - 26/05/2022  Baghdad - Mawazine News  The Parliamentary Oil and Gas Committee decided, today, Thursday, to host the Minister of Oil and his agents next week

https://www.mawazin.net/Details.aspx?jimare=194469

Oil: Discussions To Raise The Production Of The Rumaila Field To One Million And 700 Thousand Barrels Per Day

Economie| 10:35 - 26/05/2022   Baghdad - Mawazine News   The Ministry of Oil announced today, Thursday, talks to raise the production of the Rumaila field to one million and 700 thousand barrels per day.

And the ministry said in a statement, "Oil Minister Ihsan Abdul-Jabbar Ismail met in the British capital, London, CEO of (BP) Bernard Looney."

She added, "During the meeting, they discussed mechanisms to support development plans and programs for the Rumaila oil field in southern Iraq, in order to achieve the goal of peak production of one million and 700 thousand barrels per day."   https://www.mawazin.net/Details.aspx?jimare=194446

Oil Prices Continue To Rise Cautiously

Economie| 09:04 - 26/05/2022  Follow-up - Mawazine News: Oil prices rose, Thursday, to continue their cautious rise this week, amid indications of a tight supply.

Brent crude futures in July rose seven cents, or 0.42 percent, to 114.45 dollars a barrel at 04:15 GMT.

US West Texas Intermediate crude futures for July delivery rose 55 cents, or 0.5%, to $110.90 a barrel. Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=194436

A Slight Decrease In Gold Prices In The Iraqi Markets

Shafaq News/ "Foreign and Iraqi" gold prices decreased slightly in the local markets, today, Thursday.

Shafak News Agency correspondent said that gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded this morning, the selling price of one weight of 21 karat of Gulf, Turkish and European gold amounted to 380 thousand dinars, and the purchase price of 376 thousand, while the selling prices for yesterday, Wednesday, reached 381 One thousand dinars for one weight.

Our correspondent indicated that the selling price of one 21-carat weight of Iraqi gold also decreased slightly at 340 thousand dinars, and the purchase price reached 336 thousand.

With regard to gold prices in goldsmiths’ shops, the selling price of a 21-carat Gulf gold weight ranged between 380 thousand and 390 thousand dinars, while the selling price ranged between 340 thousand and 350 thousand Iraqi dinars.   It is equal to one mithqal of gold (five grams).   LINK

Al-Kazemi: Iraq Has Become One Of The Most Important Countries In The Middle East In Terms Of Economic Growth

Shafaq News/ Prime Minister Mustafa Al-Kazemi considered, on Thursday, that Iraq has become one of the most important countries in the Middle East in terms of economic growth.

This came in his speech during his attendance at the launch of the National Strategy for Early Childhood Development in Iraq (2022-2031).

Al-Kazemi said during the speech, "This government came in difficult and complex circumstances with specific tasks, and it performed them, which is the establishment of fair and fair elections, and with this we took the initiative in order to create better economic and security conditions, and the government succeeded after we were on the brink of economic collapse."

And he added, "International indicators and reports confirm that the Iraqi economy today is the fastest growing, and that Iraq has become one of the most important countries in the Middle East in terms of economic growth."

Al-Kazemi added, "We have succeeded in overcoming many challenges according to the capabilities and capabilities available to us, while others require longer work and greater cooperation between state institutions, political blocs and all parties of Iraqi society."   LINK

Finance Minister: We Are Thinking Of Establishing New Industrial Cities And Lifting Restrictions In Free Zones

Money and business  ECO  Economy News-Baghdad   Today, Thursday, Finance Minister Ali Allawi revealed the intention to build new industrial cities and lift restrictions on free zones.

Allawi said in a speech during a workshop sponsored by him under the title: (Free Zones and Industrial Cities Capable of Attracting and Providing Employment Opportunities) with the participation of a number of governors and directors of the concerned departments, that “free zones are part of the country’s trade and economy, in the eighties and nineties there are no free zones, but After the oil revolution, free zones entered the Arabian Gulf, stressing the need to benefit from global experiences in the field of economic and industrial cities.

He added: "Our situation in Iraq needs a new look, as we are thinking of establishing new industrial cities and working to lift restrictions in the free zones," pointing to "the importance of finding investment-attractive laws to encourage the private sector."

And he indicated that "the economic zone must have a leading role for the economy," noting that "there is a law for free zones, and it is necessary to know whether it has succeeded or needs to be modified or integrated."

He continued, "We must think about how to organize and develop industrial cities, and what legislation is required and the purpose of it," explaining that "the existing obstacles are very big because building new cities is difficult."

He stressed "the importance of improving the workforce through industrial cities, knowing tax and non-tax incentives, and thinking that cities should be an export base," pointing out "the need to develop a strategy during the next 10 years."

Allawi said that "it is possible to establish new banks through the industrial cities, which play a major role."

https://economy-news.net/content.php?id=28179

Parliamentary: More Than 80 Iraqi Government Companies Have Turned Into Losers, Borrowing Their Salaries From The Finance

Shafaq News/ Member of Parliament from the "Azm" bloc, Ahmed Abdullah al-Jubouri, said on Thursday that dozens of Iraqi government companies, factories and laboratories have become losers and are borrowing their salaries from the federal government due to rampant corruption in the Ministry of Industry and Minerals.

Al-Jubouri said during a press conference held at the parliament building and attended by Shafak News Agency correspondent, that there are 83 factories and laboratories such as cement, steel, sulfur, frankincense, leather, textile, medicine, cars and others, which have turned into a loss that borrows their salaries in the form of advances from the Ministry of Finance, and these advances annually amount to more than One trillion and 82 billion Iraqi dinars as a result of rampant corruption in the Ministry of Industry and Minerals.

He added, "Corruption in the ministry has turned into a complex and organized corruption that has reached advanced stages, moving to the stage of sabotaging and destroying the national industry and hitting the local product, which cannot be tolerated."

Al-Jubouri also accused the Minister of Industry and Minerals, Manhal Aziz Al-Khabbaz, his deputy for planning affairs, Youssef Muhammad Al-Janabi, and a number of general managers, through their positions, of destroying the national industry by referring most of the ministry’s factories and laboratories to investment for companies that are not solid, contrary to the provisions of the laws, in addition to selling production lines as scrap and scrap. As happened in Mosul laboratories.

He continued, "We submitted 24 corruption files to the Integrity and Public Prosecution Commission, and they were personally handed over to the Director General of Investigations in the Integrity Commission, and 120 deputies signed these files, and an official letter was sent to Prime Minister Mustafa Al-Kazemi in order to ensure the progress of the investigation to withdraw the hand of a minister." The industry and its agent and the invalidation of all contracts signed in the caretaker government.   LINK

The Minister Of Oil Agrees With The President Of Total On The Timing Of The Implementation Of Five Joint Projects

Energy   ECO   Economy News-Baghdad   Today, Thursday, Minister of Oil, Ihsan Abdul-Jabbar Ismail, agreed with the President of Total on the timing of the implementation of five projects.

A ministry statement said, "Oil Minister Ihsan Abdul-Jabbar Ismail met in the French capital, Paris, the CEO of the French Total, Patrick Pouyanne, noting that the meeting was attended by a number of officials in Total, in addition to the ministerial delegation accompanying the minister."

He added, "During the meeting, programs and job opportunities and joint cooperation in implementing oil and energy sector projects were discussed, and the timing of the implementation of a number of joint projects was agreed upon, which includes a project to invest associated gas in a number of oil fields in southern Iraq, a solar energy project, and a development project." Artawi field and increase production from it, and a project to transfer sea water to support the processes of maintaining and increasing production in the oil fields. https://economy-news.net/content.php?id=28177