“Tidbits From TNT” Tuesday 4-23-2024

EconomicsNews

Apr 23

TNT:

CandyKisses: Parliamentary Foreign Ministry: The quadripartite agreement of the development road project will contribute to stimulating economic growth and enhancing regional and international cooperation

Baghdad / Nina / The Parliamentary Foreign Relations Committee affirmed its support for the government's efforts and positive steps to build integrated strategic relations regionally and internationally, and pointed out the need for these steps to be a real turning point in Iraq's foreign policy.

The committee said, in a press statement, that "the quadripartite agreement between Iraq, Turkey, Qatar and the Emirates on the development road project, will contribute to stimulating economic growth and strengthening regional and international cooperation relations, by achieving economic integration and striving towards a sustainable economy between East and West."

The committee appreciated the efforts of Prime Minister Muhammad Shia Al-Sudani related to developing bilateral relations and building real long-term strategic partnerships between Iraq and Turkey, which culminated in the visit of Turkish President Recep Tayyip Erdogan and discussing the files of water, security, energy and economy, and the signing of important agreements and memoranda of understanding between the two countries

Including the signing of the strategic framework agreement between Iraq and Turkey, and the framework agreement for cooperation in the field of water, which includes mechanisms and radical treatments for the entire water system and achieves an effective partnership. aims to ensure the provision of water, water and food security to Iraq./Ends5

Tishwash: After two decades of neglect... Iraq adopts a strategy to invest in phosphate

Oil is not the only thing that Iraq owns, but due to the political and security conditions that the country has witnessed over the past years, successive governments have not succeeded in investing in mineral resources other than oil, which has made Iraq a hostage to oil export operations, which constitute the main source of the country’s budget with more than 95%.

With Iraq possessing a huge reserve of phosphate, amounting to 9 percent of the global reserve, Representative Mudar Al-Karawi revealed the adoption of a strategy to invest in phosphate and operate its factories.

It is noteworthy that phosphate, fertilizer, brick, paste and pharmaceutical factories are all stopped or almost stopped, although they are intertwined with the agricultural and industrial sectors.

Al-Karawi said in a press statement, “Iraq possesses huge reserves of phosphate, which is used in various industries, including fertilizers of various kinds, and which constitutes an economic sector whose financial ceilings worldwide reach tens of billions of dollars annually.”

He added, "Despite the huge reserves of phosphate, Iraq imports 60-70% of its needs from abroad at double prices," pointing out that "the government has actually begun to adopt a strategy for investing in phosphate, operating its factories, and pumping its production, especially since phosphate represents the third largest natural wealth in the country." The country after oil and gas.

He pointed out that "the documented reserves in several regions of Iraq, especially the western one, indicate that they are sufficient for production for many decades, meaning that we are facing a wealth that will not be depleted in the short term, in light of the presence of dozens of markets to receive it in order to revive agriculture."

The specialized international economic website Statista published a report on the natural resources possessed by the countries of the world, where Iraq ranked ninth in the world, as it possesses 15.9 trillion dollars in natural resources, and its desert terrain contains oil, natural gas, phosphate and sulfur, according to the website.

Crude oil constitutes about 90 percent of state budget revenues, while other imports are marginal in the form of taxes and customs revenues, and some revenues from the transportation and communications sector, among others.

Iraq has a reserve amounting to 9 percent of the global reserve of phosphate, but this huge reserve has remained buried underground since 2003 and has not been invested or exported, at a time when the country depends on importing this material, which is used in many industries.

The annual export rate of phosphate products from Iraq abroad, especially to East Asian countries, before the Gulf War in 1991, amounted to half a million tons annually, with almost constant revenues that were included within the country’s non-oil resources.

Most of the phosphate reserves are located in the Al-Qaim region, and the area extending over 80 kilometers is known as “phosphate mines.”

Phosphate plants in Anbar have turned into rubble since 2003, despite the dependence of many industries on this material, in addition to its previously supplying the state treasury with 22 percent of its revenues during the previous regime.

The industrial sector in Iraq in general has been facing a major deterioration since the year 2003 until now, with most factories stopping and turning to imports. The Federation of Iraqi Industries estimated years ago the percentage of stalled projects at 40 thousand projects, and successive government programs always include a theme of revitalizing the local economy and industry. However, without achieving any promise, the wheel of trade exchange with the countries of the region continues while neglecting the local industry. link

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Tishwash: Oil sets 5 government goals for optimal investment of national wealth

Today, Tuesday, revealed a government strategy to maximize national production and enhance Iraq’s economic role in global oil markets, while stressing the keenness to increase national production of refining energy.

The spokesman for the Ministry of Oil, Assem Jihad, told the Iraqi News Agency (INA): “The strategy of the government and the ministry depends on the optimal investment of oil and gas wealth,” indicating that “the strategy requires not relying only on the export of oil, but rather diversifying the sources that enhance the Iraqi national income through... Developing mechanisms for dealing with wealth, which represents the main source of the national economy.”

Jihad added, "The government's strategy aims to maximize national production of petroleum products and the refining industry in Iraq, transform crude oil into white products, and achieve the priority of self-sufficiency, stopping imports, and gradually shifting to exporting these products to global markets," indicating that "the shift to marketing and product trade Al-Bayda achieves more revenues from exporting crude oil and contributes to strengthening Iraq’s position in the oil and commercial markets, and strengthens and supports the national economy, which depends directly on this wealth.”

He pointed out that "the Ministry of Oil adopted the strategy announced by the Prime Minister by converting 40% of crude oil into petroleum products, and last year it announced 7 investment opportunities in which it called on private sector companies and national and foreign investing companies to cooperate with the National Investment Authority and develop a promising program." Companies were invited to establish a number of investment refineries, including the Maysan Refinery Investment Project with a capacity of 150,000 barrels, the Qayyarah Refinery Project in Nineveh Governorate with a capacity of 70,000 barrels, the black oil hydrogenation project in Basra Governorate with a capacity of 30,000 barrels, and the Nasiriyah Refinery Project in Dhi Qar Governorate with capacity. 150 thousand barrels, and the Samawa refinery project in Al-Muthanna Governorate with a capacity of 150 thousand barrels, and also the Al-Kut Refinery project in Wasit Governorate with a capacity of 100 thousand barrels per day

And the rehabilitation of Al-Samoud refineries in Baiji, whose capacity reaches approximately 280 to 300 thousand barrels per day as refining capacities after... Rehabilitation and reconstruction operations, and after the Karbala refinery entered national production and also after the addition of the fourth unit with a capacity of 70 thousand barrels per day in the southern refineries, production became approximately 280 thousand barrels of refining capacity for the southern refineries in addition to other projects, and this will reflect positively on the national production of refining industries that represent the market and demand. Higher Petroleum Products.

He pointed out that “after achieving self-sufficiency, Iraq seeks to implement a strategy that enhances its economic role in the global oil markets,” noting that “the Ministry is keen to increase national production of refining energy and the announcement of inviting national and international companies to invest represents a shift in the government’s strategy towards encouraging... Investments in the crude oil settlement and refining sector open new horizons for national and foreign companies specialized in this field.”

He stated that "the government and the ministry are working on several axes for wealth, including the axis of internal use to meet local needs and attention to specifications, the axis of exporting crude oil and strengthening Iraq's role in global markets, and the axis of maximizing national production from refining industries and optimal investment of associated or natural gas," indicating that "the government's strategy depends on A contract for integrated project partnerships that include several axes, including integrated projects that include oil extraction and associated gas investment with the establishment of electric power stations, a refinery, petrochemical industries, and others that contribute to enhancing Iraq’s wealth.

Regarding the Al-Faw refinery, Jihad confirmed that “the Al-Faw refinery and petrochemical industries project is one of the promising projects in the refining industry in Iraq and the first project to be established in the ports of southern Iraq, and the government is working to accelerate its implementation,” explaining that “the refinery includes a petrochemical factory, tanks, export platforms and all related facilities.” Which contributes to achieving an integrated project aimed at investing and exporting these products.”

He stressed that "establishing the refinery in the Iraqi oil export port represents high flexibility in the process of marketing oil products and guarantees high revenues," adding that "the government hopes that this project will be one of the promising projects that is being established by one of the largest Chinese government companies."

He pointed out that "the government and the ministry are working to expedite the signing of the final contract after completing the due procedures."
He explained, "The refinery will enhance the country's refining capacity by 300,000 barrels per day, as well as a petrochemical plant, tanks and facilities, and is considered one of the giant projects in the region." link