Zig’s Place Chatroom News Monday AM 7-5-21
Zig’s Place Chatroom News Monday AM 7-5-21
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Butterfly After four days of gains, oil prices fell
Monday 05 July 2021 10:22.......Oil prices fell today, Monday, after four days of gains, as investors and traders await important talks by OPEC + after a disagreement within the group that may lead to major producers increasing trading volumes to seize their market shares.
Brent crude fell 10 cents, or 0.13 percent, to $76.05 a barrel. US oil was down 7 cents, or 0.07%, at $75.09 a barrel, after rising 1.5% last week, the sixth consecutive week of gains.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, voted last Friday to increase production by about two million barrels per day from August to December 2021 and to extend the remaining production cuts until the end of 2022, but objections from the United Arab Emirates (UAE) The United States) prevented an agreement from being reached.
butterfly After its decline, the dollar is rising again
Monday 05 July 2021 10:33...........The exchange rates of the US dollar against the Iraqi dinar slightly increased, today, Monday, on the main stock exchange in Baghdad.
Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 147,200 Iraqi dinars, compared to 100 US dollars. The Central Kifah Stock Exchange recorded, during its opening Sunday morning, 147,150 dinars for every $100.
butterfly Hoshyar Abdullah: The scandal of theft of 19 billion dinars from the allocations of the displaced was previously covered up by parliamentary authorities
Monday 05 July 2021 14:35.......Representative Hoshyar Abdullah commented on the decision of the Federal Integrity Commission to bring in the former head of the Supreme Committee for Relief and Shelter of the Displaced, and two officials in the Ministry of Migration and Displacement against the background of transferring an amount of 19 billion dinars in violation of the powers, indicating that this scandal was previously covered up by Representative bodies.
He said in a tweet published today, "The Federal Integrity Commission is bringing in former officials in the Displaced Relief Committee and the Ministry of Immigration due to the theft of 19 billion dinars from the allocations of the poor who lived in tragic conditions. This scandal was previously covered up by parliamentary authorities, but falsehood does not last."
Abdullah asked: "Will the Iraqi judiciary say its word and hold these thieves accountable?"
UNEEK Doug_W butterfly Good Morning early risers
butterfly UNEEK good morning. I have to laugh about the gas prices. Of course they went down because the holiday is over. Every holiday the price of oil goes up and then down, has for decades now.
butterfly What is behind Iraq's Electricity Crisis?........5th July 2021 in Iraq Industry & Trade News, Politics............What is behind Iraq's electricity crisis?
As summer brings soaring temperatures, Iraq is again experiencing major power shortages with associated political turmoil.
With daytime highs above 50 degrees Celsius, blackouts are particularly hitting the southern governorates of Basra, Dhi Qar, Maysan and Muthanna.
Despite the centrality of Iran in the current reporting on the crisis, the nature and extent of Tehran's role remains unclear.
butterfly Amentum Wins Logistics Contract in Iraq.......5th July 2021 in Security...........Amentum Services Inc., Germantown, Maryland, was awarded a $10,708,728 modification (0003C4) to contract W52P1J-12-G-0028 for transportation logistics support services.
Work will be performed in Kuwait and Iraq, with an estimated completion date of July 2, 2022.
Amentum was created by the sale of AECOM's Management Services business to affiliates of Lindsay Goldberg and American Securities LLC in January 2020. (Source: US Dept of Defense)
butterfly EBRD Investigates Expansion into Iraq.........5th July 2021 in Construction & Engineering In Iraq............The European Bank for Reconstruction and Development (EBRD) has confirmed its intention to expand its operations into Iraq.
It concluded its 30th Annual Meeting this week with decisions on the Bank's future work on the green transition and towards expanding its activities.
The Bank's shareholders "gave us a green light on the work plan to continue the exploratory work on possible limited and incremental expansion into sub-Saharan Africa and Iraq," EBRD President Odile Renaud-Basso (pictured) said during a press conference on the final day of the event.
The Bank approved Iraq's request to join in October last year. Source: EBRD)
Doug_W https://www.youtube.com/watch?v=PvPgYLhOq24
Doug_W Lee Greenwood sings "God Bless the USA"
butterfly Iraqi Dinar/US Dollar auction results 7-5-2021 25k Iraqi Dinar notesThe results of the foreign currency sale window for Monday 7/5/2021 and implemented today
Announcement No. (4443) Sale date – Monday 7/5/2021 and executed today the details the amount
Total sale for the purposes of strengthening balances abroad (remittances, credits) 161,873,765
Total cash sale 50,480,000 Total total sales 212,353,765
Note that: The selling price of the amounts transferred to bank accounts abroad is ( 1460 ) dinars per dollar.
The cash sale price is ( 1460 ) dinars per dollar. cbi.iq/currency_auction/view/1059
butterfly Al-Araji and Tueller discuss Al-Kazemi’s upcoming visit to Washington
07-05-2021 05:21 PM Al-Araji and Tueller discuss Al-Kazemis upcoming visit to WashingtonNational Security Adviser Qassem Al-Araji received, in his office today, Monday, the American ambassador in Baghdad, Matthew Tueller, while the two parties discussed Al-Kazemi’s upcoming visit to Washington.
A statement by Al-Araji’s office said that he discussed with the US ambassador the latest political and security developments in Iraq and the region, bilateral relations between Baghdad and Washington, and joint cooperation in areas that serve the two countries .
According to the statement, the two sides discussed “the expected visit of Prime Minister Mustafa Al-Kazemi to the United States of America, the files that he will discuss with the American side, and ways to make this visit a success, in a way that is in the mutual interest between the two countries . ” dijlah.tv
butterfly Al-Kazemi’s advisor announces a new plan to attract foreign investment in electricity
2021-07-05 11:06 Al-Kazemis advisor announces a new plan to attract foreign investment in electricityShafaq News/ Hussein Allawi, advisor to Prime Minister Mustafa Al-Kazemi announced on Sunday that the Iraqi government has a new plan to attract investment to the electricity sector.
In a statement to CNBC Arabia, Allawi said that the government has a new strategic plan to attract foreign investments in the electricity sector and to construct stations of 5,000 megawatts.
He indicated that the highest electricity production reached 20,000 megawatts, but the sustainability of production is a challenge for the government due to the climate and gas supplies from Iran.
With regard to the exit of foreign oil companies from Iraq, Allawi stressed that it is too early for these companies to withdraw due to the importance of the Iraqi economy to them, noting that the challenges surrounding the oil sector will be addressed by the government if the oil and gas law is approved, which will enhance foreign investments.
Allawi added that it is not possible to specify a time frame for the end of the electricity crisis, but work is being done to solve it quickly.
For several weeks, Iraq has witnessed a significant decrease in the supply of electric power, which in some Iraqi cities has reached four hours of supply within 24 hours. shafaq.com
butterfly Parliamentary Economy: Two steps will prevent the theft of about 4 billion dollars annually in Iraq
Monday 5 July 2021 | 10:10 am Parliamentary Economy - Two steps will prevent the theft of about 4 billion dollars annually in IraqA member of the Economy Committee in the House of Representatives, Nada Shaker, revealed, on Monday, two steps that can be implemented at the border crossings that will ensure that revenues reach the state treasury without being stolen .
Shaker said, “The Economic Committee provided many solutions and treatments for the government in order to control the revenues of the border crossings,” noting that “the percentage of lost revenue that goes to the pockets of the corrupt is estimated annually at more than 4 billion dollars .”
She added that “among those proposals is the automation of outlets through a unified electronic system, as well as working to change the mechanisms used by the authority, because it facilitates the work of the corrupt and continues to steal public money .”
She explained that “complete control of the border crossings will ensure the arrival of more than 7 billion dollars annually to the state treasury, and perhaps much more than this number.” aynaliraqnews.com
butterfly Dollar exchange rates in local markets
Monday 5 July 2021 | 10:58 am Dollar exchange rates in local marketsThe exchange rates of the dollar against the Iraqi dinar on a daily basis, according to the variables of the currency exchange market in the capital, Baghdad, and the provinces of the country .
The selling price of the dollar is 147,200 per 100 dollars
The purchase price of the dollar is 147,100 per 100 dollars aynaliraqnews.com
butterfly Iraqi confusion in front of the scenario of the flight of foreign investors in the oil sector
7-5-2021 Iraqi confusion in front of the scenario of the flight of foreign investors in the oil sectorIt was not long before the Iraqi Oil Minister, Ihsan Abdul-Jabbar, redressed his “dreadful” statements he made at the end of last week regarding the flight of major international investors in the Iraqi oil sector. It has been prolonged, and has made Iraq a country that repels investors in various sectors.
Abdul-Jabbar said on Sunday that Lukoil and BP want to continue working in Iraq, which is in stark contrast to his previous statements about the two companies’ tendency to leave the country, which is rich in energy resources.
“We have good relations with BP and we have been able to pay all the debts owed to the company,” he said at a press conference in Baghdad, as well as the case with the Russian company Lukoil. He added, “BP wants to continue to work in Iraq and implement important energy projects in the future.”
Ihsan Abdul – Jabbar: investment environment in Iraq is not appropriate to keep investors
and contradicted the minister ‘s remarks reported page Oil Ministry on Facebook Saturday as saying in a video clip that BP is considering pulling out of Iraq And that the Russian Lukoil company sent an official notice stating that it wants to sell its stake in the West Qurna-2 field to Chinese companies, justifying this that “the investment environment in Iraq is not suitable for maintaining large investors,” adding, “All investors are either looking for another market or are looking about another partner.
Sources at the Oil Ministry said that Abdul-Jabbar’s statements were made during a parliamentary session to which he had been invited on June 29.
butterfly Commenting on the minister’s conflicting statements, Iraqi sources considered that his first statements could not be issued from a vacuum and might reflect the truth or a large part of it, and that the clarification he later resorted to aimed at surrounding the state of panic raised by talking about the scenario of investors fleeing from the first vital sector in Iraq and the source is almost The only way to finance the Iraqi state budget.
The same sources pointed out that what the Minister of Oil said confirms what was reported earlier about the Iraqi government entering into difficult talks with foreign investors in the oil sector with the aim of persuading them not to leave the country after they complained about the difficult investment climate in the country and the threat of security and social unrest for their businesses.
In reference to the many protests that took place in the central and southern regions of the country in particular, and their orientation towards oil fields and its transportation and marketing routes, to demand employment in the sector and the expulsion of foreign workers in it.
Economists believe that the fluctuation in oil prices in recent years has reduced the sector’s attraction to investors in several countries, especially in Iraq, where political and security uncertainty prevails in light of the presence of decision circles projected onto the fabric of the Iraqi state from personalities linked to Iran and armed factions that permeate the institutions that do not It interferes in security and political affairs only, but it also influences the economic decision and controls several sectors that it exploits to provide the necessary resources with which to cover its exorbitant expenses.
butterfly Thumbnail Political and security problems have prevented the development of Iraq’s oil sector. For example, the goal of raising the daily production of crude to exceed the ceiling of 4.6 million barrels has been hesitant for more than ten years, which is theoretically allowed by the country’s huge oil reserves, but it actually collides with several technical and material obstacles.
After the recent oil shock, when Iraq found itself compelled to reduce its production within the measures of the Organization of Petroleum Exporting Countries (OPEC) to limit the deterioration in prices, it turned to negotiations with the international companies that manage its oil fields to reduce their budgets to develop the fields by thirty percent in light of the inability to touch With its production, the contracts concluded with it require the Iraqi state to compensate for any shortfall in its financial resources.
In light of the difficulty of financing the development of the oil sector, resorting to borrowing is the only solution. The Iraqi Basra Gas Company signed last week with the International Finance Corporation, the investment arm of the World Bank, a loan agreement of 360 million dollars to invest in gas projects.
And the loan from the account of the International Finance Corporation is about 137 million dollars and about 180 million dollars to eight international banks, according to a statement by the Iraqi Oil Ministry.
butterfly On the other hand, Iraq is looking forward to entering China as a competitor to invest in its oil sector, but the Chinese steps in this field seem so far timid, which makes compensation for the withdrawal of international companies difficult in the foreseeable future.
Minister Abdul-Jabbar announced a few days ago that the Dhi Qar refinery project to refine crude oil with a capacity of 100,000 barrels per day was referred to a consortium of Chinese investment companies. He said in a press statement that the Ministry of Dhi Qar Refinery will include integrated production units and will be built according to the latest technical and technological quality standards and specifications. rawabetcenter.com
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