Wednesday AM Iraq Economy News Highlights 6-22-22

SOMO: We Achieved The Highest Revenue In The History Of Iraqi Oil Exports

The Oil Marketing Company (SOMO) announced today, Tuesday, that it achieved the highest revenues in the history of Iraqi oil export, while it expected oil prices to remain within the range of 115 dollars a barrel until the end of this year.

The director of market research at SOMO, Muhammad Saadoun, said, "We live within high price rates, and we have achieved so far the highest revenues in the history of Iraqi oil exports by about 11 billion dollars for the past month, and we expect these rates to continue," noting that "indicators show the survival of international oil prices. This year, it is around $115.

Saadoun added: "We are in the third quarter of this year, and prices will witness more support and will stabilize during the next three months," noting that "the oil market is witnessing a challenge due to the Russian-Ukrainian war, which affected the market because Russia is one of the major oil producing and exporting countries, and the European embargo. It will remain and may affect the European market, and from this aspect, agencies expect a decrease in Russian oil production estimated between one and a half million, and this means that oil supplies lose this number, and there is another aspect, which is that this conflict affected economic growth and this is reflected in demand expectations. ".

He pointed out that "most of the international energy agencies have revised their price forecasts and increased these expectations from $95 to 120 to be the expected price for 2022, and to 115 for major international banks, and some companies expected it to reach $150 in light of the current stockpile being at its lowest levels." He pointed out that "the decision of the European Union to impose an embargo on Russian oil will be directly reflected in the expected revenues for the year 2023, which extend to 2024, with an increase to 120 dollars, and this is a large number."    https://kirkuktv.net/AR/Details/6928

Finance Confirms Its Keenness To Implement The Provisions Of The Emergency Food Security Support Law[/Size]

Iraq   10:54 - 06-22-2022  Federal Minister of Finance Ali Abdul-Amir Allawi confirmed, today, Wednesday, that the ministry is keen to implement the provisions of the Emergency Support Law for Food Security and Development, which the House of Representatives voted on recently, including Article (18) first.

Allawi said in a statement, "The ministry is committed to financing all the allocations mentioned in Table (A) of the law to secure the food and electricity sectors, lecturers, administrators, contracts, procedures, holders of higher degrees and graduates from the first and whose contracts have been terminated by the security and military services."

He added that "the aim of presenting this law is to cover the actual financial needs that contribute to alleviating unemployment, reducing poverty, achieving financial stability in light of urgent global developments, and continuing to provide the best services to citizens and raising the standard of living for them." https://kirkuktv.net/AR/Details/6949

Al-Kazemi’s Advisor: Parliament Can Add Paragraphs To The Food Security Law Instead Of The Budget[/Size]

Iraq  02:17 - 06-21-2022   Adviser to the Prime Minister, Mazhar Muhammad Salih, announced that the House of Representatives can add paragraphs to the Food Security Law instead of the budget.

Mazhar Muhammad Salih said that there is no constitutional possibility that provides mechanisms for submitting the draft general budget law and passing it through the executive authority towards the legislative authority.

Saleh added that according to this matter, it is difficult to approve the current year's budget.

He explained that the House of Representatives can add paragraphs to the food security law instead of the budget by presenting and voting on the draft law to amend the emergency food security law, which is accepted and implemented by the executive authority.

A report issued by the World Bank warned of the impact of the delay in forming the government and approving the budget on the growth of Iraq's economy.   https://kirkuktv.net/AR/Details/6927

Foreign Companies Seek To Increase Iraqi Oil Sales In Europe

Economie| 12:41 - 22/06/2022   Baghdad - Mawazine News  The National Oil Marketing Company (SOMO), affiliated to the Ministry of Oil, announced today, Wednesday, a movement to increase Iraqi oil sales in the European market, while indicating Iraq's ability to cover the needs of this market.

The director of the company, Alaa Khader Al-Yasiri, told the official news agency, which was followed by / Mawazine News, that "SOMO has valid oil supply contracts with European companies with a total quantity of about 600,000 barrels per day of Basra Medium, Basra Heavy and Kirkuk crude oil," noting that These companies have a total liquidation capacity of about 60% of the total liquidation capacity in the continent of Europe.

He added that "Sumo Company is constantly searching for available opportunities for marketing and approaching European companies that do not have contracts with them," noting that "it has recently received a number of positive responses from some companies that may lead to new contracts and lead to an increase in Iraqi oil sales in the European market." .

He pointed out that "Iraq is able to cover the European market," noting that "the current situation in this market requires companies to find suitable oils that are not subject to international sanctions, as Basra crude oil is considered one of those suitable oils."

He continued, "The acidic average of Basra oil can feed European refineries, despite the difference in some quality specifications from the oils consumed in those refineries currently, which to some extent constitutes an obstacle to European buyers' complete dependence on Iraqi oil."

He stressed, "In terms of the level of demand for crude oil in the European market, the total quantities received for this market of medium-sour oils reached 2.5 million barrels per day, and in light of the political tensions that afflict Europe, which may affect the supply of crude oil in the market." The European Union may have a deficit of up to one million barrels per day of medium-sour crude oil, and this is an opportunity for Iraqi oil away from the Asian market, as it is the most promising market in the long term, which achieves a greater return for the Iraqi round and ensures the stability of demand for Iraqi oils.

Al-Yasiri pointed out that "Iraq is committed to the decisions of the Organization of Petroleum Exporting Countries, which always aims to strive for the stability of global oil markets and the balance of supply and demand," noting that "any quantities that are allocated to a specific market are within the agreed production ceiling."

And he indicated that "the Oil Marketing Company adopts a mechanism for the official price announced to all markets in selling quantities of oil, and this price is determined for each market and for each type of oil on a monthly basis according to the data and variables of the global oil markets, and this is a continuous context in which work is ongoing."   https://www.mawazin.net/Details.aspx?jimare=197264

Chinese Ambassador: We Help Iraq Achieve Economic Growth And Support Its Sovereignty[/Size]

Political | 11:20 - 06/22/2022   Baghdad - Mawazine News, the Chinese ambassador, Cui Wei, stressed today, Wednesday, the support of Iraq's sovereignty and help it restore its industrial capacity and achieve economic growth.

In a press conference attended by "Mawazine News," the ambassador said, "China supports Iraq's sovereignty and we do not interfere in its affairs, and this method can be a basis for developing bilateral relations."

He added, "Many Chinese companies know that their coming to Iraq is to conduct cooperation and not just buy and sell."

And he indicated that "China focuses in its cooperation with Iraq on three areas: improving the livelihood of the Iraqi people, helping Iraq restore its industrial capacity, and helping Iraq achieve economic growth." Ended 29 / M 99   https://www.mawazin.net/Details.aspx?jimare=197252

Prime Minister: The Reality Has Proven That The Government Has Begun Implementing The Chinese Agreement

Posted On2022-06-22 By Sotaliraq   Baghdad: Rola is confident   Prime Minister Mustafa Al-Kazemi expressed his wishes that we unite as Iraqis at this sensitive time for the sake of Iraq and for a real reform process in our political and economic system, and for it to reflect positively on society and citizens, and while he congratulated the heroic security and military forces of all kinds, for the daily effort they are making since For a long period and the continuous operations in pursuit of terrorist groups, he regretted the voices that question the security services, and accuse them of offensive accusations.

And Al-Kazemi said, yesterday, Tuesday, while presiding over the regular session of the Council of Ministers: “For two years, this government has been accused of various accusations, and we have borne them for the sake of the Iraqis, and we all took responsibility as prime minister and ministers, and the results began to appear in the issue of development or in the economic situation, as well as in the speed of growth. economic.”

He explained, "Among the accusations leveled at the government was the issue of the Chinese agreement, as this government was accused of trying to obstruct it, but you followed up last week the first project we embarked on is the project to build 1,000 schools across Iraq."

The Prime Minister asked, “How can the government block the agreement? While in fact, it has started implementing it within the most important education project,” stressing that “this project will continue in its first phase, and the second phase also includes the construction of 1,000 schools, and will also include all governorates. Education is of great importance, and the advancement of societies depends on education.”

And he called for us to cherish our history, which was an essential contributor to human civilization, and now the Chinese agreement has implemented part of it, which is the part related to building schools,” concluding that “the claim that the government obstructs the Chinese agreement has proven the reality to be a false claim, which falls within

False accusations.

Regarding Iraq’s foreign relations, Al-Kazemi explained that, during the past period in its foreign policy, Iraq sought to calm the region, which is experiencing very serious turmoil and challenges, and the repercussions of the war in Ukraine have become influential on food security in the whole world.

He added, "Our policy from the first moment was to follow the policy of balance and work to build good relations with Iraq's neighbors and friends, so that these relations would serve the Iraqi citizen, and be able to attract foreign investments, and we succeeded in this process."

He pointed out that "Iraq possesses all the ingredients for success, as well as an important strategic location, and a creative people that can play its role in economic integration and development, and provide its experiences and benefit from the experiences of others," noting that "during this period, we succeeded in bringing many investments to Iraq, through cooperation With the neighboring countries and friends of Iraq, and we are continuing this policy for the sake of Iraq and for the interest of the Iraqis, and I wanted to raise these points with you and say, We are on the verge of a political situation, and, God willing, a new government will be formed, and in every meeting I emphasize continuing to work until the last minute In the service of the citizen and the service of Iraq.”

He stressed that "this relationship with the citizen is very important, and it is also important to listen to citizens' complaints and implement their true demands, and we must present ideas to solve these problems, and serve the demands that need special legislation, in cooperation with our colleagues in Parliament."

Meanwhile, the Prime Minister visited Tahrir Square in the center of the capital, Baghdad.

He inspected the ongoing rehabilitation, restoration and maintenance work of the Freedom Monument and the Nation’s Garden, and followed up on the implementation of the projects planned to develop the area and upgrade its service level, and everything that would make it a civilized frontage for the capital and its architectural heritage.

He urged those in charge of rehabilitation work to abide by the set timelines, and his readiness to provide the requirements for the success of the development process and to overcome the administrative and technical obstacles facing the progress of work, in a manner that ensures that the results are appropriate in the civilized and technical face of Baghdad.

Disclaimer: All published articles represent the opinion of its authors only   LINK

Six Companies Listed On The Iraq Stock Exchange Distribute High Cash Profits During The First Half Of This Year

Posted On2022-06-22 By Sotaliraq   Six companies listed on the Iraq Stock Exchange distributed good cash dividends during the first half of this year, as Asiacell topped the ranking with a profit return of 11.8%, and Asiacell is the second largest mobile operator in Iraq, with the largest number of subscribers and the most widespread in terms of Market share of revenue.

According to Rabie Securities, many of the listed Iraqi companies have good financial solvency, with positive cash flow for various reasons, such as increased purchasing power and improved economic fundamentals with the stability and high oil prices, which are the backbone of the Iraqi economy.

Baghdad Soft Drinks Company announced a dividend of 5.3%. The company produces and distributes PepsiCo soft drink brands in the central and southern regions of Iraq.

In turn, Al-Iraqiya for seed production distributed profits by 5.2%, while the Baghdad Hotel, which opened in 1958 and includes 160 rooms, announced a dividend distribution of 3.2%, and the International Islamic Trust Bank distributed profits with a return of 2.9%, and Al-Mamoura Real Estate Investment Company announced a dividend of 2.9%. 2.0%, between 2019 and 2021, Asiacell Baghdad Soft Drinks Company distributed annual cash dividends with a yield range of 7.4% to 14.3% and 2.9% to 5.6% respectively.  LINK