Tuesday Afternoon Iraq Economic News Highlights 7-12-22
Tuesday Afternoon Iraq Economic News Highlights 7-12-22
Three Scenarios, Two Of Which Are In The Interest Of Al-Kazemi.. A Source From The Framework: Al-Maliki Withdrew From The Candidacy
Posted On2022-07-12 By Sotaliraq A source in the coordinating framework that includes all Shiite forces except for the Sadrist movement, which seeks to form the next government, revealed that the competition is limited to three candidates for prime minister, indicating that the leader of the state of law, Nuri al-Maliki, will withdraw from the nomination for the position, along with the imminent nomination of a candidate for the position of First Deputy Speaker of Parliament.
The source explained that “the competition for the position of prime minister is limited to 3 personalities, including the former Prime Minister Haider al-Abadi and the former Minister of Labor and Social Affairs, Muhammad Shiaa al-Sudani, in addition to one of the personalities from the second row leaders of one of the forces of the coordinating framework, known for his strength in decision-making in addition to his political acumen.” , These will enter the circle of competition within the coordination framework, and whoever reaps the highest points will be an official candidate for the framework for the position of prime minister.
The source pointed out that "the leader of the rule of law and in his last statement is an explicit declaration of withdrawal from the candidacy for the presidency of the next government, but they will have a share in naming a candidate on their behalf for the position of the first deputy speaker of parliament."
He pointed out that “there are three applicable scenarios in the next stage. The first is to keep Mustafa Al-Kazemi’s government in the event that the Kurds agree on Barham Salih as a compromise candidate among them, in addition to Al-Kazemi presenting a practical and brief government program, time ceilings and priorities, with a change in his booth for those who hover around them. Files of corruption or defective management.
He continued, "The second scenario is that the three candidates will enter into an electoral competition within the framework, and whoever wins is the favored one, by a unanimous decision of the framework."
He added that "the third scenario is to extend the life of the Al-Kazemi government for a period of one year in preparation for holding early elections with a change in the entire booth," noting that "the special parliament session to be held after Eid will not be delayed if it is agreed upon and all matters are resolved, especially the Kurdish candidate for the presidency." .
Earlier in the day, the leader of the Al-Fateh Alliance, Hadi al-Amiri, had rejected his candidacy to head the next government, while stressing that his bloc would not participate in any future government.
Al-Amiri said in a statement, “While I reject this media performance that is charged with lies, and may be paid for, I would like to emphasize that this news is false, and that I am not a candidate for this position and reject my candidacy from those who believe that this is correct from the Brotherhood.”
He stressed that “what is important to him first and foremost is to preserve the unity of the framework, and that he will provide support and assistance to any candidate agreed upon in the coordination framework. LINK
Iraq And Saudi Arabia Are Declining.. India's Oil Imports From Russia Rise
Shafaq News/ India's oil imports from Russia jumped to a record level of about 950,000 barrels per day last June, which represents about five imports of the third largest oil consumer in the world, according to data provided by Indian trade.
Indian refiners were buying Russian oil sold at deep discounts on Brent and Middle East crude after some companies and Western countries avoided buying from Moscow after it invaded Ukraine on February 24.
The data showed that India shipped about 4.8 million barrels per day of oil in June, down 3.8 percent from May but about 23 percent higher than the previous year. India's oil imports were low as demand for fuel was affected by a second deadly wave of the Corona virus.
The data showed that oil imports from Russia increased by 15.5% in June compared to May, while imports from Iraq and Saudi Arabia fell by 10.5% and 13.5%, respectively, with the Middle East's share declining to 56.5% from 59.3%.
Russia remained India's second largest oil supplier after Iraq, while Saudi Arabia remained third for the second month in a row.
Cheaper Russian oil reduces losses to India's state-run refineries that sell fuel at low prices in the domestic market, while adding to the profits of private companies Reliance Industries Limited (RELI.NS) and Nayara Energy, which export most of their refined products.
India, the world's third-largest oil importer, has defended its purchases of "cheap" Russian oil, saying it provides only a fraction of the country's overall needs, and a sudden stop will increase costs for consumers.
The rise in oil imports from Russia reduced the share of OPEC in India's total imports to 65.2% during the quarter and 60.8% in June, and the data showed that the share of OPEC in India's oil imports has been declining since last March. LINK
Al-Mukhtar: Iraq's response is weak to prevent Turkey from building the Al-Jazira Dam
Posted On2022-07-11 By Sotaliraq Today, Monday, Adviser to the Parliamentary Agriculture and Water Committee, Adel Al-Mukhtar, criticized the lack of an official Iraqi position to prevent Turkey from building Al-Jazira Dam, because of the damage it has on Iraq.
Al-Mukhtar said in an interview, "Since 2017, we have been calling for the need to take an official position to prevent the construction of the Jazra dam from the Turkish side," noting that "the Jazra dam is considered the killer as it kills the waters of the Tigris River, and it is basically built between the Ilisu Dam and the border."
Al-Mukhtar added that “the Jazra dam is an irrigation dam, meaning that all the water released by the Ilisu Dam is taken by the Jazra dam and directed to agriculture, and it is clear through this the process of preventing water releases towards the Tigris and Iraq, and this is a disaster,” stressing that “since 2017 until now there is no official position To demand Turkey and prevent it from building the Jazra Dam.”
And Al-Mukhtar indicated that "the problem is that the Iraqi water policy began to operate with the same policy of dealing with the Ilisu Dam, which is the procrastination until the Ilisu Dam ended and we were facing a fait accompli."
Al-Mukhtar continued, "Iraq's reaction today towards building dams is very weak, and the water management is weak. So far, no one has moved, and Turkey has reached the stage of maps, and soon it will begin implementation. We are still moving around and there is no position until this moment." LINK
The Housing Fund Announces The Granting Of Loans To 160,000 Housing Units Since 2005
Reconstruction and building
Economy News-Baghdad Today, Tuesday, the Housing Fund of the Ministry of Construction, Housing and Public Municipalities counted the housing units completed from loans since 2005 .
The Director of the Planning and Information Technology Department at the Fund, Ahmed Hashem Abed, said in a statement reported by the Iraqi News Agency, "The Housing Fund grants loans to all Iraqi citizens under the age of 65 under the law, and every citizen, whether employed or not, is covered by the loan and can easily apply through The electronic link on the fund's website .
Abdul added that "the sums were available through the Central Bank, and we do not have any liquidity problem, and it has been resolved, and the Housing Fund only lends residential homes. As for residential complexes, it is the jurisdiction of the Real Estate Bank ."
He added, "The number of units that he has loaned since 2005 has exceeded 160,000 housing units, and this number is large and I do not think that there is a department in Iraq that was able to build this large number of housing units ."
"As for the interests, they were raised after appeals by citizens, but they are deducted once and from the first payment 5%, and the installment period is 20 years, so the loan amount is 75 million, and the monthly installment is 331 thousand." https://economy-news.net/content.php?id=28881
Iraqi Tourists Spent More Than $100 Million In 10 Days
Money and business Economy News-Baghdad On Tuesday, the Future Iraq Foundation, which is concerned with economic affairs, said that more than 100,000 Iraqi tourists have left the country, spending more than $100 million within ten days .
The head of the Foundation, Manar Al-Obaidi, indicated in a report published today, that more than 500 flights were recorded during the first days of the month of Dhul-Hijjah until Eid, adding that more than 100,000 Iraqi tourists left Iraq during this period (excluding pilgrims).
He explained that the exchange rate for one tourist, including transportation and accommodation fees, is more than $1,000 .
Thus, the total money spent during the ten days on travel amounted to 100 million dollars, all of which went to foreign countries, according to Al-Obeidi .
The Foundation's report justified the reasons for travel in order of importance, as follows: (temperatures) and (entertainment) .
The report also noted that it would have been more useful for the Tourism Authority, in cooperation with the Ministry of Transport, to conduct a clear questionnaire survey to know the destinations of Iraqi travelers, the amounts that will be disbursed and the reasons for travel more accurately, and for the Ministry of Planning to work with the Tourism Authority and the Ministry of Transport to analyze this data and turn it into great investment opportunities. for different regions inside Iraq .
The report stated that the exit of more than $100 million during at least ten days is an indication of many factors, including: the role of the Tourism Authority to work on analyzing this data, who are the traveling age groups, and the cognitive and cultural division, and to analyze it accurately, and to find local areas that can accommodate the wishes Tourists instead of going outside Iraq .
The report added, "If the number of tourists outside Iraq is more than 100,000 during the Eid period, this means that there is an opportunity for more than one million internal tourists ."
The report concluded that "this huge amount is a great opportunity to find internal Iraqi tourist areas that take into account the needs of tourists of various orientations, and to exploit the desert, oases and mountainous places located in various parts of Iraq ."
He stressed that "the real and quick alternative to oil is domestic and foreign tourism, because Iraq possesses the ingredients to make it a first-class tourist country and its ability to provide hundreds of thousands of job opportunities in record time ." https://economy-news.net/content.php?id=28876
Electricity Announces The Submission Of The Electronic Collection And Privatization Project To The Council Of Ministers
Energy On Tuesday, Minister of Electricity, Adel Karim, announced the submission of the electronic collection and privatization project to the Council of Ministers for the purpose of discussion and approval
Karim said in a statement, "The electronic collection project was submitted to the Council of Ministers, and it is hoped that after the Eid al-Adha holiday, it will be discussed and approved ."
He added, "The ministry is proceeding with the completion of the project at the level of Iraq, and there will be a good and applicable mechanism, which will be announced at a later time, depending on the experiences of neighboring countries and the world," adding: "As for privatization, it is the same project under the name (Service and Collection Project), but the matter is related to the budget and allocated funds .
The Minister of Electricity had spoken earlier about the existence of one million housing units that exceeded electricity in Iraq . https://economy-news.net/content.php?id=28879
After An Agreement To Invest $27 Billion In Energy, France's Total Withdraws From Iraq
Energy Economy News-Baghdad Economist Nabil Al-Marsoumi revealed, on Tuesday, that the French company Total decided to withdraw from Iraq, at the end of this month.
Al-Marsoumi said in a Facebook post, “Private information from reliable sources indicates that the French company Total decided to withdraw at the end of July from the initial agreement it signed with the Iraqi Oil Ministry, in September 2021, due to the delay in forming the Iraqi government and the inability to convert the initial agreement into a final contract between them. ".
He pointed out that "the previous agreement included the implementation of four projects in Basra worth $27 billion in the field of oil, gas and electric power. The first is to develop a complex and refining gas in all fields, outside the Basra Gas Agreement, which are the fields of (Artawi, West Qurna/2, Majnoon, Al-Touba, Al-Luhais)." )".
The second project is related to "transferring and treating sea water with a capacity of 5 million barrels per day to maintain and increase production from oil fields, the third project, the establishment of facilities to produce one thousand megawatts of electric power based on solar energy, and the fourth project, the development of the Artawi oil field with the aim of maximizing the potential of gas supply."
The implementation of the project was delayed due to "the Oil Ministry's failure to obtain approvals on the financial details of the deal from all government departments whose approval is required, and it sank into many disputes."
The economic expert pointed out that "the agreement raised concerns because of the signing of the agreement without procedures that guarantee competition and transparency."
The sources say that "under the draft terms, Total is counting on obtaining ten billion dollars of the first investment to finance the broader project by selling oil from the Artawi oil field, which is one of the four projects in the broader agreement."
The Artawi field is currently producing 85 thousand barrels per day, and Total seeks to increase it to the level of 210 thousand barrels per day, and Total is scheduled to get 40% of the sales of the Artawi field to pay the amount that the company spent. https://economy-news.net/content.php?id=28880
How Many Permits Are Granted To Foreign Workers In Iraq During 10 Years?
Money and business Economy News – Baghdad The Ministry of Labor and Social Affairs confirmed, on Monday, that most of the foreign workers in Iraq are illegal, while referring to the granting of 100,000 permits to foreign workers since 2012.
The Director-General of the Department of Labor and Vocational Training in the Ministry of Labor and Social Affairs, Raed Jabbar Bahed, said, "Foreign labor greatly affects internal employment, and in the simplest works we find foreign labor," noting that "most of the foreign workers in Iraq are illegal, and the Ministry of Interior has carried out a set of Campaigns to expel them and prevent them from entering Iraq."
He pointed out that "the Ministry of Labor regulates the entry of foreign workers by issuing work permits to those wishing to work in Iraq, and we compare with the database and work to limit the entry of foreign workers, but granting a visa is in the hands of the Ministry of Interior."
He added, "The Ministry of Labor since 2012 until now has given permits to foreign workers, numbering only 100,000, and these are legitimate workers, and the ministry is following up and knowing their whereabouts. https://economy-news.net/content.php?id=28874