Thursday AM Iraq Economic News Highlights 9-29-22

Oil: Revenues For The Month Of August Amounted To More Than 9 Billion Dollars

Economie   11:45 - 09-29-2022  Today, Thursday, the Ministry of Oil announced that the revenues for the month of August amounted to more than 9 billion dollars.

A statement by the ministry said: "The total of oil exports and revenues achieved for the month of August, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), where the amount of crude oil exports amounted to (101) million (859) thousand and (528) barrels. With revenues amounting to (9) billion and (688) million and (903) thousand dollars.

The statement added that "the total quantities of crude oil exported for the month of August from oil fields in central and southern Iraq amounted to (100) million and (750) thousand barrels, while the quantities exported of Kirkuk oil through the port of Ceyhan were (1) million and (109). One thousand (528) barrels," noting that "the average price per barrel amounted to (95,120) dollars."

He added, "Additional revenues were achieved from selling quantities of exported crude oil shipments at a price premium, as the total revenue for them amounted to (14) million dollars."

He explained, "The exported quantities were loaded by (32) international companies of different nationalities, from the ports of Basra, Khor Al-Amaya, the mono buoys on the Gulf and the Turkish port of Ceyhan, noting that "the ministry, through its belief in informing the people of the export operations and the revenues generated from it, took this action." monthly procedure.

https://kirkuktv.net/AR/Details/9269

Parliamentary Finance: It Is Necessary To Make Updates To The Figures In The 2023 Budget

Economie    11:09 - 2022-09-29   The Parliamentary Finance Committee stressed the need to make updates to the figures in the twenty-three budget, in accordance with the changes in the current world oil prices.

A member of the Parliamentary Finance Committee, Jamal Cougar, said that all figures, prices and amounts specified in the budget must be reconsidered in accordance with the requirements of the stage and what the global market is witnessing from the rise in oil prices.

He added, that the next fiscal year should witness a change in its budget in accordance with expected oil prices, after changes in prices at the global level.

And a member of the Parliamentary Finance Committee indicated that there are studies and destinations dedicated to oil prices during the year two thousand and twenty-three, and they can be used to draw the budget map for the next year, in addition to the fact that Iraq’s surroundings represented by the oil countries are also able to predict their expected oil prices in order to draw Balance correctly.

Parliamentary Finance: All figures in the budget need updates according to oil prices

https://kirkuktv.net/AR/Details/9266

Parliamentary Finance Committee: 300,000 Employees Receive More Than One Salary

Economie   23:58 - 09-28-2022   Today, Wednesday, the Parliamentary Finance Committee revealed that 300,000 employees received more than one salary, while the introduction of a currency of 20 thousand dinars was considered a positive step.

Member of the committee, Representative Jamal Cougar, said that "salaries will not stop because there is no budget," noting that "salaries amount to 70 trillion dinars, and this is in violation of international standards."

Cougar added, "We need 10 billion dollars a month to secure expenses," noting that "300,000 employees receive more than one salary."

He explained, "Some employees receive 5 salaries."

Regarding the Central Bank’s intention to offer a currency of 20 thousand dinars, Cougar said, it is a “positive step.”   https://kirkuktv.net/AR/Details/9263

Iraq Announces The Total Oil Revenues Achieved Within A Month

Economie| 10:56 - 09/29/2022   Baghdad - Mawazine News  The Iraqi Ministry of Oil announced today, Thursday, the total oil exports and revenues achieved for the month of August, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO).

Somo said in a statement that Mawazine News received a copy of it, that "the amount of crude oil exports for the month of August amounted to 101 million and 859 thousand and 528 barrels of oil, with revenues of 9 billion and 688 million and 903 thousand dollars."

The statistics indicated that "the total quantities of crude oil exported for the month of August from oil fields in central and southern Iraq amounted to 100 million and 760 thousand barrels, while the quantities exported of Kirkuk oil through Ceyhan port were 1 million and 109 thousand and 628 barrels."

And she indicated that "the average price per barrel amounted to 95.120 dollars, pointing out that" the exported quantities were loaded by (32) international companies of several nationalities, from the ports of Basra, Khor al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan.

https://www.mawazin.net/Details.aspx?jimare=206854

Al-Mandalawi: We Have An Opportunity That Requires More Cooperation To Meet The Requirements Of The Iraqis

Political| 09:10 - 09/28/2022  Baghdad - Mawazine News   The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, stressed today, Wednesday, that the Iraqis have an opportunity that needs more cooperation and trust between all political forces and popular activities, in order to provide for their needs.

Al-Mandalawi said in a statement received by Mawazine News: "I extend my sincere thanks, appreciation and gratitude to our honorable people for their support for us throughout the previous period, and I extend my heartfelt thanks to the members of the Iraqi Council of Representatives, and to the presidency of the Council of Representatives for their great confidence in us, and their efforts to make today's session a success despite The great difficulties and exceptional circumstances that our country is going through."

He added, "I extend my thanks to our heroic security forces, which make sacrifices after sacrifices and ensure the preservation of citizens' lives, law enforcement and protection of public and private institutions."

And Al-Mandalawi added, "My choice today as the first deputy speaker of the Iraqi parliament is a great responsibility that requires us to exert more effort in order to raise the parliament's work to the level of ambition, as well as to ensure that the executive authority in its various institutions is monitored to carry out its duties in the best way."

He noted that "we have before us an opportunity that requires more cooperation and trust between all political forces and popular activities, in order to provide the needs of Iraqis, and meet their requirements in all their segments, in order for everyone to enjoy the country's abundant bounties, however we need a lot of goodwill with our people." We look forward to forming a government that is capable and strong to carry out its duties to the fullest extent, and to achieve these requirements for all.”

Al-Mandalawi added, "I reiterate my thanks, appreciation and gratitude to our honorable Iraqi people, and that our doors and hands will remain open to them, as they have entrusted that from us in the previous period, and that keenness continues to provide the best services and develop infrastructure for all areas of the capital, Baghdad, and the rest of the Iraqi provinces and cities."

He concluded, "I also reiterate to our Iraqi youth that efforts will focus in the coming period on finding solutions to achieve their demands, and we must work together to solve many of the outstanding problems in the past, which resulted in contracts, wages and lecturers in all ministries and institutions," adding by saying: May God protect Iraq and its people,

and may God’s peace, mercy and blessings be upon you.” Ended 29 / p. 87

https://www.mawazin.net/Details.aspx?jimare=206816

Gold Prices Are Falling Globally

Economie| 09:52 - 29/09/2022   Follow-up - Mawazine News, global gold prices declined during trading, today, Thursday, to lose more than 6 US dollars in spot transactions.

According to global market data, the prices of the yellow metal fell in spot transactions by 0.39%, or the equivalent of $ 6.32, to reach $ 1653.66 per ounce.

Gold futures contracts for December delivery decreased by 0.47%, equivalent to $ 7.9, to reach $ 1662.15 an ounce.     https://www.mawazin.net/Details.aspx?jimare=206843

Oil Prices Fell Slightly

Economie   2022-09-29 | 3 o'clock   571 views   Alsumaria News – Economy Oil prices fell slightly, Thursday, after rising more than three dollars in the previous session, as the dollar rose by blocking demand for oil from buyers who use other currencies and concerns about the faltering economic prospects that caused cloudy market sentiment.

Brent crude futures fell 41 cents, or 0.5 percent, to $ 88.91 a barrel by 03:37 GMT, while US crude futures fell 35 cents, or 0.4 percent, to $ 81.80.

Both benchmarks had rebounded in the previous two sessions after reaching their lowest levels in nine months this week after a temporary drop in the dollar index and a larger-than-expected decline in US fuel stocks raised hopes of a recovery in consumer demand.

However, the dollar index headed higher again on Thursday, reducing investors' appetite for risk and stoking fears of a global recession.   LINK

A Government Company Sues The Ministry Of Oil And Demands More Than Two Billion Dinars

Posted On2022-09-29 By Sotaliraq   Dhi Qar / Hussein Al-Amel    [size=45]A government company revealed that it is going to sue the Ministry of Oil and demand it to pay two billion and 300 million dinars, stressing that the accumulated debts of the ministries of oil and electricity, amounting to about 30 billion dinars, have had a negative impact on the pace of production in the company, and threatened to open files of official institutions dealing with the private sector.

Haider Sahar Al-Husseinawi, Director General of the Ur Company, affiliated with the Ministry of Industry, said in an interview with (Al-Mada), that "the company's management was forced to sue the Ministry of Oil (the General Company for Oil Projects) before the Nasiriyah Investigation Court after its reluctance to pay the financial dues, not to mention the late fines."

Al-Husseinawi added, "The total debts of the company owed by the Ministry of Oil amount to two billion and 350 million dinars under a contract concluded in 2020."

He pointed out that "the contract included the supply of cables and electrical wires for the Sabbah and Lahais field in Nasiriyah, at a value of two billion and 500 million dinars."

Al-Husseinawi pointed out that "the oil company provided only an initial payment of the contract value and did not pay 90% of the total value."

He stressed, "The management of the Ur company was forced to sue the Ministry of Oil after it was unable to recover its debts for two years."

Al-Husseinawi continued, "The Ministry of Oil is one of the rich ministries with great potential, and it is illogical not to pay the dues of a government company whose production depends on self-financing."

He believed that "this serves to discourage the national industry and is in the interest of importing from abroad."

It is worth mentioning that Ur State Company for Engineering Industries was established in the early seventies of the last century and started work in 1973. 3 thousand members currently from various technical and engineering specializations.

Al-Husseinawi said, "The Ur company is considered one of the companies supporting the ministries of electricity and oil and a number of other ministries, and covers its needs from the company's various products, including cables and wires," and added, "But unfortunately, most ministries do not pay the debts they owe to the company."

He pointed out that "Ur Company operates according to the self-financing system and has more than 3200 employees, with 2600 employees working on the permanent owners and 600 employees working according to the wage and contracts system," stressing that "the total accumulated debts on the ministries of oil and electricity amount to about 30 billion dinars." .

Al-Husseinawi stated, "The debts are distributed at 27 billion dinars to the Ministry of Electricity and two billion and 350 million dinars to the Ministry of Oil."

He explained, "The Ministry of Electricity, despite its large indebtedness, pays part of the debt periodically, and with every meal, it prepares the required materials."

Al-Husseinawi finds, “The lack of cooperation of the ministries in paying their debts is causing the disruption of the national industry, especially the Ur company, which is the only company in the country specialized in the production of cables and wires.”

He added, "When the ministries need the products of the Ur company, they are provided immediately, but the ministries do not pay the company's dues according to the contracts concluded between the two parties."

Al-Husseinawi disapproved of the ministerial measures, saying that “the federal ministries pay the private sector’s dues in cash and are reluctant to pay the dues of our company as it is a government company,” expressing regret that “the government support for industry is weak if not negative, especially in the area of ​​disbursing financial dues.”

Al-Husseinawi believes that “this is a negative and dangerous indicator that is not in the interest of the national industry.”

He stressed, "The failure to pay debts to the company would impede financing the purchase of raw materials entering the production process, and thus negatively affect the pace of work and production."

At the same time, Al-Husseinawi praised the Ministries of Communications and Defense in the field of paying the dues of the supply contracts concluded with them, stressing that "the problem of non-payment of debts is represented by the two richest Iraqi ministries, which are oil and electricity."

He waved “to sue the reluctant ministries to pay debts and open their files to the Integrity Commission, especially files related to deals concluded with the private sector,” calling for “auditing contracts between ministries departments and private sector companies that enjoy support at the expense of the public sector.”

Al-Husseinawi stressed, "The ministries departments pay in cash to private sector companies, while they are late and procrastinate in paying public sector companies, including Ur Company."[/size]

And he spoke, of “circumvention in some departments of the ministries on the instructions of the Council of Ministers to support the national product by dealing with public sector companies,” hinting at “the existence of suspicions of corruption by insisting on dealing with private sector companies, some of which are owned by government officials.”

Al-Husseinawi attributed the reasons for the lack of cooperation of some government departments with public sector companies to the fact that “public sector companies do not pay commissions to those responsible for concluding supply contracts, while private sector companies are able to do so.”

[size=45]He pointed out, "The production is currently going well and is in line with the mechanism of processing contracts concluded with the relevant ministries and the private sector."

Al-Husseinawi stated, "The company's total monthly sales of cables, wires, sections and aluminum sheets range between two billion and two billion and 500 million dinars."

In (mid-June 2022), the management of Ur State Company revealed a record increase in its production and sales this year, confirming the supply of electrical circuits with 1,000 km of cables and wires during the month of May, and the marketing of about 500 tons of aluminum profiles and sheets to the local markets, Turkey and Syria during the past few months.   LINK