Tuesday Afternoon Iraq Economic News Highlights 7-19-22

Tuesday Afternoon Iraq Economic News Highlights 7-19-22

Iraq exported about 55 million barrels of oil in 17 days, with revenues exceeding $6 billion

Energy Economy News-Baghdad   Tables obtained by "Economy News" showed that Iraq exported about 55 million barrels of oil in 17 days, with revenues exceeding 6 billion dollars.

The tables show that the total exports during 17 days amounted to 54,984,607 barrels, which achieved revenues of $6,294,138,047.    The daily export rate was 3,234,389 and revenues amounted to 367,596,355.

Iraq sold its oil at an average price of 113.65 dollars per barrel.   India, China and Egypt came at the forefront of importing countries for Iraqi oil, as the table below shows: LINK

With revenues approaching one billion dollars... Oil exports from Kurdistan fields exceed 6 million barrels in 17 days

Energy Economy News-Baghdad   Tables obtained by "Economy News" showed that oil exports from the Kurdistan region exceeded 371 thousand barrels per day during the past 17 days, while it obtained more than 717 million dollars in revenues from selling crude to a group of countries, including Israel, led by Greece and Italy.

The total daily oil exports in Kurdistan amounted to 371,311 barrels, while the total amounted to 6,321,289 barrels.  The average price of a barrel was 113.65 dollars, while the daily revenue reached 42,200,436 dollars.

The total revenues during the mentioned period amounted to 717,407,425 dollars.

The exports to the countries were as follows:

Greece ranked first with a rate of 85,723 barrels per day, with a total of 1,457.441 barrels.

Its share of total exports was 23.09%.

Italy ranked second, with a rate of 75,566 barrels per day, and a total of 1,284,614 barrels.

Its share of total exports was 20.36%.

Croatia ranked third with a rate of 61,321 barrels per day and a total of 1,042,321 barrels.

Its percentage was 16.51%

Unknown parties ranked fourth, with a daily average of 59,192 barrels, and a total of 10.006.272.

It accounted for 16.51% of the total exports.

As for Turkey, it came in fifth place, with a daily average of 47,308 barrels, and a total of 804.244.

The percentage of Turkish imports was 12.74%.

Israel ranked last, with a daily average of 42,200 barrels, and a total of 717.406  ,  with imports amounting to 11.37% of total exports.    https://economy-news.net/content.php?id=28952

Saleh: The Idea Of ​​Converting 4 Ministries To A Self-Financing System Needs Legal Amendment

Money and business   Economy News _ Baghdad   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Tuesday, that the idea of ​​converting 4 ministries to the self-financing system needs a legal amendment.

Saleh said in an interview with "Al-Sabah" newspaper, which was seen by "Economy News", that "the idea of​​converting 4 ministries into a context that is somewhat similar to self-financing, needs a major legal amendment, because the budget and exchange units are completely central."

And he indicated that "the idea put forward by Counselor Haitham al-Jubouri is to convert some ministries into revenue, and these revenues cover current operational expenses, as the operational aspect includes current expenses that include employment and salaries."

He explained that "the current budget has two parts: the first is to operate the administration of the public office and its costs, and the other part is salaries and wages, and the latter is paid into the federal general budget through the operating budget that pays salaries, wages and the cost of operating the budget, which is called, according to the financial literature, the current budget."

Saleh reiterated that “the proposed idea needs a legal amendment to transform these ministries into revenue ministries, meaning that their services are paid for as if they are a private sector, and this collection pays as salaries to its employees and covers its expenses instead of taking fees and taxes that go as central revenues, and therefore it will be a decentralized revenue, and this ( A hybrid context) because we have self-financing units that are subject to quasi-market rules governed by the provisions of the Public Companies Law No. 21 of 1997 and that these companies make profits that are costs and revenue and work on a revenue-equivalent point that covers the costs with everything in it, so this pattern is called (hybrid public finance) You need to amend a law that entails rights and duties related to retirement and others that reduce public revenues as a cost.

https://economy-news.net/content.php?id=28948

Kurdistan Exports 15 Million Barrels Of Oil, With Revenues Of One Billion And 800 Million Dollars In June

Shafaq News/ The global ship tracking company (tankertrackers) revealed that the Kurdistan Region exported nearly 15 million barrels of crude oil last June, with financial revenues of more than one billion and 800 million dollars.

The company mentioned in its schedule, seen by Shafak News Agency; "Oil exports from the Kurdistan Region during the month of June amounted to 14,836,586 barrels, at a rate of 494,553 barrels per day," noting that "7 countries that bought crude oil from the Kurdistan Region went 88% of it to Greece, Italy, Ukraine and Turkey."

She added that "the revenues from these exports amounted to one billion and 821 million and 50 thousand dollars," noting that "the price of a barrel sold amounted to 122.74 dollars."

And it indicated that "Greece was the most purchaser of the region's oil in June, with 5 million, 225 thousand and 19 barrels, followed by Italy, with 4 million, 480,206 barrels, and then Ukraine came third, with 2,44 thousand and 15 barrels."    LINK

The Stability Of Gold In The Iraqi Markets

Shafaq News/ "Foreign and Iraqi" gold prices stabilized in the local markets, today, Tuesday, (July 19, 2022).

Shafaq 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 is 352 thousand dinars, and the purchase price is 348 thousand, which are the same prices for yesterday, Monday.

Our correspondent indicated that the selling price of one 21-carat weight of Iraqi gold was also stable at 312 thousand dinars, and the purchase price reached 308 thousand.

With regard to gold prices in goldsmiths’ shops, the price of selling a weight of Gulf 21-carat gold ranges between 350 thousand and 360 thousand dinars, while the selling price ranged between 310 thousand and 320 thousand Iraqi dinars.    It is equal to one mithqal of gold (five grams).    LINK

For The Third Month..Iraq Ranked Third In The List Of Countries That Buy Most Turkish Homes

Shafaq News/ The Turkish Statistics Authority announced, on Tuesday, that Iraqis ranked third and for the third month in a row after Russian dominance as the most people buying real estate in Turkey during the month of June.

The authority said in a report seen by Shafak News Agency, "House sales in Turkey to foreigners increased by 81.8% in June 2022 compared to the same month of the previous year and became 8 thousand and 630 houses. Istanbul ranked first with 3 thousand and 906 houses, and Antalya came in In second place, with sales of 2,534 homes, then Mersin with 428 homes.

And she added, "Turkey sold 35,383 houses to foreigners during the first six months of this year, an increase of 72.7% over the same period of the previous year."

The commission indicated that "the Russians topped the rest of the countries in buying real estate in Turkey during June, with a number of 1,887 homes." house".

Iraqis have topped the list of home purchases in Turkey since 2015, but it fell to second place after Iran at the beginning of 2021, before falling to third place since last April after Russia's dominance of Turkish real estate. LINK

A Slight Increase In The Exchange Rates Of The Dollar In Baghdad And The Kurdistan Region

Shafaq News/ The exchange rates of the US dollar rose slightly against the Iraqi dinar, on Tuesday, in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region.

Shafaq News Agency correspondent said that the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded this morning 148,475 Iraqi dinars, compared to 100 US dollars.

Yesterday, Monday, the prices were 148,450 Iraqi dinars, compared to 100 US dollars.

Our correspondent indicated that buying and selling prices have stabilized in money exchange shops in the local markets in Baghdad, where the selling price amounted to 149,000 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 148000 Iraqi dinars per 100 US dollars.

In Erbil, the capital of the Kurdistan Region, the dollar prices also increased, as the selling price reached 148,650 dinars per 100 US dollars, and the purchase price reached 148,550 dinars per 100 US dollars.  LINK

It Will Reduce The Import Of Oil Derivatives By 60 Percent .. Pumping Crude Oil To The Karbala Refinery Before The End Of This Year

Shafaq News/ Oil Minister Ihsan Abdul-Jabbar Ismail announced on Monday that next October will witness the start of pumping crude oil to the refinery before the end of this year, noting that it will reduce the import of oil derivatives by 60 percent.

This came during his visit to the Karbala oil refinery project, according to a statement received by Shafaq News Agency.

Ismail stressed "the ministry and government's keenness to increase the national production of petroleum products and stop their import, pointing to the importance of achieving this goal by starting production from the Karbala refinery before the end of this year, in addition to the completion of the (FCC) project in the southern refineries, and a group of refinery rehabilitation projects." steadfastness in Baiji for the next few years.”

The Minister of Oil said that "the refinery will cover the actual need for local consumption, in addition to reducing the import of oil derivatives by 60 percent, returning the operation of the Karbala refinery as a great economic achievement in light of the high prices of oil derivatives globally, which cost the country's budget large financial expenses due to the import of fuel."

Ismail added, "The Karbala refinery project is the latest project in the refinery sector in Iraq, with a capacity of 140,000 barrels per day. It includes modern and integrated refining systems, and production with international specifications. Therefore, we are keen to speed up the start of production operations from the Karbala refinery despite the economic conditions and health challenges."

He pointed out that "the refinery is an important step to meet the local need for consumption, followed by other steps when rehabilitating the Al-Samoud refinery in Baiji and the FCC project in the South Refineries Company in Basra, and the sum of these projects will lead to achieving self-sufficiency in the production of oil derivatives."

The Minister of Oil explained that "next October will witness the start of pumping crude oil to the refinery, expressing his hope that the total operation of the refinery will begin gradually."

The statement pointed out that "the minister held a meeting with the companies executing the project, during which he was accompanied by the Undersecretary for Liquidation Affairs Hamid Younis, confirming the provision of all kinds of support to expedite the completion and operating procedures for the refinery."

The Undersecretary for Filtering Affairs Hamid Younis said that "the refinery was established according to the latest specifications and advanced technology to produce high-quality oil derivatives. The beginning of next year for the production of light products, which will have a positive impact to meet the needs of local consumption."

Meanwhile, General Manager of Al-Wasat Refineries Company, Ayed Jaber Omran, said that the company has prepared the technical and engineering staff and included them in training courses to operate the refinery. LINK