Tuesday AM Iraq Economic News Highlights 10-4-22
Tuesday AM Iraq Economic News Highlights 10-4-22
For the second day, oil prices continue to rise and approach $90
Economie| 09:18 - 04/10/2022 Follow-up - Mawazine News: Oil prices continued to rise for a second day in early Asian trading, amid expectations that OPEC + may agree to a significant reduction in crude production when it meets tomorrow, Wednesday, but concerns about the global economy limited the gains. Brent crude futures rose 41 cents, or 0.46 percent, to $89.27 a barrel by 0444 GMT, after gaining more than 4 percent in the previous session.
US crude futures also rose 22 cents, or 0.3 percent, to $83.85 a barrel. It had risen more than five percent in the previous session, posting its biggest daily gain since May.
Al-Kazemi: We Have Important Contracts With Major Oil Companies, And Iraq Will Remain An Important Source Of Energy Production
Shafaq News/ The head of the federal government, Mustafa Al-Kazemi, said that his government has contracts with major oil companies to develop infrastructure in the energy production sector in the country.
Al-Kazemi said in an interview with the French newspaper "Le Figaro", "Iraq is an important country in the field of energy production, and we have worked on developing energy infrastructure to be able to secure the energy market with high flow. We have signed important contracts with Total to expand the flow of energy supply." extracting associated gas in our oil fields, and developing clean and alternative energy projects.
He added, "We have changed the title of the Ministry of Electricity to the Ministry of Electricity and Alternative Energy, an indication of our government's directions towards moving towards clean energy that is suitable for the environment."
Al-Kadhimi continued, "We have other important contracts with major oil companies to develop infrastructure in Iraq, and Iraq will remain an important source of energy production in the world. At the same time, we are working hard to adapt our energy production to modern standards appropriate to the environment to protect it and maintain its safety." LINK
Iraq's Oil Revenues Drop 9% In September
Shafaq News/ Iraq's oil revenues decreased by more than 9% last September, while an oil expert attributed this to the drop in world prices.
According to the data of the Iraqi Oil Ministry seen by Shafak News Agency, the country's exports, excluding flows from the Kurdistan Region, decreased by 3.4% on a monthly basis in September to reach 98.765 million barrels, compared to last August, in which exports amounted to 101.859 million barrels. barrel.
Total oil revenues for the month of September decreased by 9.6% to reach 8.773 billion dollars on a monthly basis, compared to the month of August, when revenues amounted to 9.784 billion dollars.
Total oil revenues from Basra oil exports through the southern ports decreased by 10.43 percent on a monthly basis, reaching 8.587 billion dollars, compared to August, when revenues amounted to 9.587 billion dollars.
Meanwhile, oil revenues from Kirkuk crude exports through the Turkish port of Ceyhan increased by 42% on a monthly basis to reach $175 million, compared to the month of August in which revenues amounted to $101 million.
While the oil expert, Muhammad Al-Hasani, in an interview with Shafaq News, attributed the reason behind the decline in Iraq's financial revenues derived from oil, to the drop in global oil prices in addition to the decline in Iraq's production as a result of the suspension of exports after the leakage that occurred in the export pipelines.
He stressed that "the expected reduction in the production of OPEC members during next Wednesday will not affect Iraq's oil exports," noting that "Iraq's production is sufficient to cover what refineries need and to export the rest of it." LINK
Karbala Refinery..A Step To Meet Iraq's Need To Import Oil Derivatives
Shafaq News/ The administration of Karbala Refinery announced, on Monday, new details about the expected production quantities of gas, gasoline and other derivatives, and while setting the date for the initial production, it confirmed that it will include all Iraqi governorates.
The director of the refinery, Muhammad Fazza, told Shafaq News Agency, "The Karbala Refinery will produce 1,500 cubic meters of cooking gas per day, according to international standards, in an amount that suffices the needs of Karbala and Najaf, and may exceed their needs, during the first quarter of next year, specifically in the third month."
On the possibility of a decrease in the price of gas bottles after the refinery’s work, Fazza explained, “The refinery gives free gas to support citizens, but there is a government law that regulates prices, and the companies operating in it are self-financed.”
He explained that "the refinery was established at a filtering depth of up to 80 percent to produce the largest amount of gasoline needed by the country and citizens, and production will reach 9 million liters per day, in addition to the production of white oil, jet gasoline, kerosene, black oil, and heavy fuel."
Fazza added, "All units of the refinery are determined to work at once, and their capacities gradually increase until they reach full capacity," noting that "the production of gasoline will initially be 60 percent, and then production will rise according to operational conditions, since the refinery is new and caution should be taken when Increasing its capacity," stressing that "gasoline production will reach the farthest point in Iraq."
On September 25, Iraq launched trial operations for a new oil refinery in Karbala, and this project, according to specialists, would help oil-rich Iraq significantly reduce its imports of fuel.
The refining capacity of this refinery is 140,000 barrels per day, and it will contribute, during the next few period, to covering part of the local need and reducing imports of oil derivatives and fuel, according to a statement issued by the Iraqi Oil Ministry.
After this first operational phase, production at the refinery is scheduled to start in early 2023, as the ministry had announced earlier.
The new refinery is located 40 km from the city center of Karbala. The foundation stone was laid in 2014, at a construction cost of six billion and 500 million dollars, and it was built by a Korean group of companies headed by Hyundai.
In August, Iraq exported 101 million barrels of crude oil, the equivalent of $9.7 billion, according to preliminary oil ministry figures. LINK
Integrity Announces The Issuance Of An Order To Recruit A Dhi Qar Investment Manager
Political | 11:05 - 04/10/2022 Baghdad - Mawazine News, the Federal Integrity Commission reported, on Tuesday, the issuance of a summons order against the director of the Investment Authority in Dhi Qar Governorate for damaging public money and violating his job duties.
In a statement received by Mawazine News, the Commission's Investigation Department said, "The Nasiriyah Investigation Court, which is competent to look into integrity issues, issued the order against the background of the investment manager granting a plot of land as an investment opportunity for a commercial complex, contrary to the approval of the Nasiriyah Municipality Directorate and the relevant departments that refer to the use of The land is intended for industrial purposes, in addition to the fact that changing the type of land is not within the powers of the head of the investment authority in the governorate.”
The department stated, "The Nasiriyah Investigation Court, which is competent to consider integrity issues, issued the recruitment order, based on the provisions of Article (340) of the Penal Code." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=207271
An Order Was Issued To Bring In A Dhi Qar Investment Manager For “Damaging” Public Money
Economy News – Baghdad On Tuesday, the Federal Integrity Commission reported the issuance of a summons order against the director of the Investment Authority in Dhi Qar Governorate for damaging public money and violating his job duties.
The Commission’s Investigation Department said in a statement, “The Nasiriyah Investigation Court, which is competent to look into integrity issues, issued the order against the background of the investment manager granting a plot of land as an investment opportunity for a commercial complex, contrary to the approval of the Nasiriyah Municipality Directorate and the relevant departments that refer to the use of the land for industrial purposes. In addition, changing the sex of the land is not the prerogative of the head of the investment commission in the governorate.”
The department stated, "The Nasiriyah Investigation Court, which is competent to consider integrity issues, issued the recruitment order, based on the provisions of Article (340) of the Penal Code."
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https://economy-news.net/content.php?id=30026
Efforts To Establish A Trade Exchange Zone Between Iraq And Saudi Arabia In Najaf
Reconstruction and building Economy News – Baghdad Najaf Governor Majid Al-Waeli revealed that there are efforts to establish a free zone for trade exchange between Iraq and Saudi Arabia in the province.
Al-Waeli said, "An area for trade exchange between Iraq and the Kingdom of Saudi Arabia has been identified, which is hoped to have an area of 1,000 dunams within the Iraqi depth, 10 kilometers from the Iraqi-Saudi border."
He added, "This project is underway in coordination with the General Secretariat of the Council of Ministers," noting that "the project is a commercial city for free exchange between Iraq and Saudi Arabia."
He continued, "The project will provide thousands of job opportunities for the people of the province and the neighboring provinces," stressing that "its cadres are in vigorous follow-up for the purpose of completing the approvals from the concerned authorities in the Iraqi government and the Saudi side."
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