Zig’s Place Chatroom News Wednesday AM 7-28-21
Zig’s Place Chatroom News Wednesday AM 7-28-21
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sandyf Just the first in a long line of steps "The Chairperson of the Working Party, Ambassador Omar Hilale (Morocco), who is currently based in New York, visited Geneva on 16-18 June. Building on his earlier visits, the purpose of the Chairperson's meetings in Geneva was to identify steps and mobilise support in relaunching Iraq's accession process which had been challenging due to the security situation in the country.
During his visit, the Chairperson met with: Iraq's new Ambassador Abdul-Karim Hashim Mostafa in Geneva; WTO Director-General, Dr. Ngozi Okonjo-Iweala and Deputy Director-General Zhang Xiangchen; the Executive Director of the International Trade Centre (ITC), Ms. Pamela Coke-Hamilton, and Acting Secretary-General of the UN Conference on Trade and Development (UNCTAD), Ms. Isabelle Durant. Moreover, he held several bilateral meetings with WTO Members, and with representatives of the World Bank.
The Chairperson left Geneva with a very positive assessment of Iraq's accession process. He felt that there was a renewed political engagement from the Iraqi government, as well as from the mission in Geneva. He believes that as soon as the Secretariat receives the necessary negotiating inputs, the 3rd Working Party meeting could be held before the end of 2021." https://mailchi.mp/wto/wto-accessions-newsletter-n-105-july-2021-6184177?e=9c067e1dee#IRQ
butterfly sandyf thanks
butterfly KRG receives share of Federal Budget, ends Salary Cuts.......28th July 2021......Prime Minister Masrour Barzani on Sunday led a meeting with the Kurdistan Region's Economic Council to address the resumption of full salary pay for government employees.
Prime Minister Barzani reiterated that the KRG pays salaries from available revenue, and that they can do so more reliably if the Iraqi government upholds their budget commitments.
The Council stated that they are preparing to distribute full salaries without any cuts following the federal government's release of 200 billion dinars to the Kurdistan Region.
The positive effects of the KRG's efforts in internal reforms and revenue collections were another point of discussion. (Source: KRG)
butterfly Transporter Named for Iraqi Oil Exports to Jordan...........28th July 2021 .............The Jordanian Ministry of Energy and Mineral Resources has announced that Burj Al Hayat Transport and Trading Company has been awarded a tender to transport Iraqi crude oil to Jordan.
The company will be responsible for transporting 10,000 barrels of crude oil per day from Iraq's Baiji oil refinery to Jordan's Petroleum Refinery Company in Zarqa, covering 7 percent of the Kingdom's daily demand with a discount of $16 from the price of Brent crude per barrel.
"The door-to-door shipping process begins in the coming two weeks, with 50 percent of daily imports transported via Iraqi and Jordanian tanker trucks," according to a statement by the Ministry.
(Source: Govt of Jordan)
butterfly UK's Proserv Wins Contract at Majnoon Oilfield...........28th July 2021......UK-based global controls technology company Proserv Controls has secured a significant contract to manufacture and deliver 22 wellhead control panels (WHCP) to the Basra Oil Company (BOC) for use on the Majnoon Oil Field in southern Iraq.
The deal has been arranged through KBR, the Houston based engineering, procurement and construction management (EPCM) company, which is the EPCM lead on BOC's plans to significantly ramp up production capabilities at the field.
The 22 WHCPs each has the capability of controlling up to four wells and they have been earmarked for use on 70 new wells which are currently in the development phase. At present, Majnoon has a capacity of just over 200,000 barrels per day (bpd) of production, but BOC's strategy is to more than double this to above 400,000 bpd in the next two years.
Proserv will deliver the WHCPs in three lots, with the first due towards the end of Q3 2021, with the second scheduled for Q4 and the final tranche set to arrive in March 2022.
The firm will make use of its well-developed footprint in the Arabian Gulf to deliver this order, with the WHCPs being manufactured at Proserv's dedicated site in Jebel Ali, Dubai.
The value of the contract has not been disclosed. (Source: Proserv Controls)
butterfly Kadhimi "wants US Firm to replace Exxon" at West Qurna 1............28th July 2021...........According to a report from Reuters, the Iraqi Prime Minister Mustafa al-Kadhimi has told the press in Washington DC that he wants another American company to replace ExxonMobil when it exits the West Qurna 1 oilfield.
Meanwhile, S&P Global Platts reports that Exxon filed an arbitration case against the state-owned Basra Oil Company (BOC) related to its stalled attempt to sell its stake in the field.
More here and here. https://www.reuters.com/world/middle-east/iraq-wants-american-firm-replace-exxon-prime-minister-says-2021-07-27/ .............. https://www.spglobal.com/platts/en/market-insights/latest-news/oil/072621-exxonmobil-seeks-arbitration-against-iraqs-boc-over-stalled-west-qurna-1-stake-sale
Read also: The Demise of ExxonMobil in the Iraqi Petroleum Sector . (Sources: Reuters, S&P Global Platts)
https://www.iraq-businessnews.com/2021/04/29/the-demise-of-exxonmobil-in-the-iraqi-petroleum-sector/
xyz Immunity of Central Bank of Iraq funds abroad
The legal authorities in the United States of America confirmed to the Governor of the Central Bank of Iraq that all the reserves and funds of the Central Bank of Iraq are fortified and no party can seize them. They also confirmed that they will defend its immunity with the rest of the countries and these reserves cannot be compromised.
As Iraq will complete during the coming period the full payment of the compensation and benefits accrued from it prior to 2003, this will lead to the lifting of the international immunity for Iraq's money abroad and it will be subject to implementation by some creditors from other parties and companies.
In this context, those legal authorities confirmed that the funds and reserves of the Central Bank of Iraq are protected under the laws followed in the United States of America, and pledged to defend what is in the central banks and banks in other countries. Central Bank of Iraq Media Office 27 July 2021 https://cbi.iq/news/view/1778
Butterfly Al-Kazemi: We have taken bold measures towards real reforms.. and the doors of Iraq are open to investment
Wednesday 28 July 2021.........Prime Minister Mustafa Al-Kazemi affirmed: "The Iraqi government has taken bold measures towards real reforms in the economy."
Al-Kazemi said during his meeting with businessmen and owners of companies at the American Chamber of Commerce: "We started to address the weak infrastructure by encouraging private sector investments, and we have achieved great progress in the field of investment, and there is work in the field of oil and energy."
He added: "The doors of Iraq are open to investment, and American companies in particular, and we have launched strategic projects in the investment of associated gas, in cooperation with American companies."
He continued, "Our vision is serious about relying on Western investments instead of others, and we are conducting negotiations with international companies to grant 7500 megawatts of solar energy during the next two years."
butterfly Oil price hike Wednesday 28 July 2021.......Oil prices recorded a big jump, on Wednesday, after industrial data showed that stocks of crude and American products fell more sharply than expected last week.
Brent crude futures rose 30 cents, or 0.39 percent, to $73.81 a barrel.
US West Texas Intermediate crude futures rose 38 cents, or 0.53 percent, to $72.03 a barrel.
Data from the American Petroleum Institute industry group showed that US crude stocks fell by 4.7 million barrels for the week ending, gasoline stocks decreased by 6.2 million barrels, and distillate stocks decreased by 1.9 million barrels.
butterfly The Minister of Planning announces from Basra the launch of all financial allocations for projects before the end of next September
Wednesday 28 July 2021........Minister of Planning Khaled Batal Al-Najm announced the completion of the plans of all governorates, and the release of all financial allocations for them before the end of next September.
The Minister of Planning, Khaled Battal Al-Najm, had arrived in Basra province earlier today, Wednesday.
butterfly The price of the dollar fell against the dinar in the local markets
Wednesday 28 July 2021........The dollar exchange rates decreased slightly on the main stock exchange and local markets in the capital, Baghdad.
Today, the Central Kifah Stock Exchange in Baghdad recorded 147,700 dinars, for each $100 bill.
And the prices of buying and selling dollars have stabilized in exchange offices and local markets in Baghdad, where the selling price amounted to 148,250 dinars for each paper denomination of 100 dollars, while the purchase prices amounted to 147,250 dinars for each paper denomination of 100 dollars.
butterfly Nassif calls on the Undersecretary of the Ministry of Electricity not to contract with the monopoly company (GE), which destroyed the electricity sector and looted the people's money
Wednesday 28 July 2021.........The representative of the State of Law coalition, Alia Nassif, Undersecretary of the Ministry of Electricity for Production Affairs, Adel Karim Kak Ahmed (who is charged with running the affairs of the ministry after the minister's resignation) demanded not to contract with the American monopoly company (GE) that destroyed the electricity sector and looted the people's money.
And she said in a statement today: "The sales manager of GE Company, called Saddam Mansour, claimed that he met with Adel Karim and published a publication in English, in which he said (I am proud to have participated in the fruitful discussion with the customer represented by the Minister of Electricity to build a maintenance program for 13,000 megawatts for a period of five years)," indicating "This company has been operating in Iraq for 10 years as a monopoly, and during the past five years it has achieved sales of up to two billion dollars, while the electricity in Iraq is still going from bad to worse."
Nassif explained: "The instructions of the Council of Ministers, Parliament and the Ministry of Electricity are clear, as the budget does not include the names of specific companies, and invitations are directed to the largest possible number of companies with the aim of opening the door to competition and obtaining the best offers and the most appropriate prices, but after the resignation of Minister Majed Hantoush, some started trying again. contract with this company.
Nassif stressed: "The need to avoid contracting with this monopolistic company that plundered public money and caused the electricity system to remain a failure," calling for: "the implementation of government instructions and opening the door to competition between companies."
butterfly Al-Rikabi: The Iraq-Washington agreement to evacuate American combat forces from Iraq is unclear and vague
Wednesday 28 July 2021 09:20.............A member of the Parliamentary Security Committee, Kataa Al-Rikabi, described the Iraq-Washington agreement to evacuate the US combat forces from Iraq as unclear and ambiguous."
Al-Rikabi said, in a statement to the National Iraqi News Agency ( NINA ), that the conversation between the US President and Prime Minister Mustafa Al-Kazemi He did not address the number of fighting forces and their locations in Iraq, and under what pretext this period remained, despite the previous strategic agreement that led to the complete withdrawal of combat forces in 2011."
Al-Rikabi indicated that the House of Representatives and the Parliamentary Security and Defense Committee called many times to host the Prime Minister, Commander-in-Chief of the Armed Forces in Parliament, to clarify some things, but he did not respond for a whole year, and therefore it is not clear that Parliament will host Al-Kazemi to explain what was agreed upon in Washington ".
Prime Minister Mustafa Al-Kazemi had confirmed that the dialogue with the United States of America was very positive, and was for the sake of the future of relations.
He said: "The dialogue has strengthened Iraqi sovereignty, and it is an important and historic day for Iraq, and it is the beginning of a stage for organizing relations and removing all American combat forces from Iraq."
butterfly 2021-07-28 06:03 Shafaq News/ The Central Bank of Iraq (CBI) auctioned $174 million in foreign currency today, Sunday.
Shafaq News Agency correspondent said that CBI's sales of foreign currency in today’s auction amounted to $174,815,000, down by wowing 18.69% compared to yesterday's $214,570,530. The weighted rate of the U.S dollar averaged 1460 dinars.
Our correspondent explained that three banks and five exchange companies cashed $11.32 million, while the remaining sums went to boost funds abroad in the form of credit and non-cash transactions, with 27 banks meeting those demands.
butterfly 2021-07-28 04:15 Shafaq News/ Basra's light crude exported to Asia registered $75.14 a barrel, 0.49% below the previous session's price.
The price of a Basra heavy crude barrel rose to $70.05 a barrel, up by 0.17%.
The Saudi Arab light crude closed at $75.13 a barrel, while Iran's heavy settled $69.54 a barrel. UAE's Murban Mixture and the Algerian Saharan blend registered $73.88 and $73.80 a barrel, respectively. A barrel of Bonny light (Nigeria) registered $73.23, $0.15 and below Angola's Girassol.
butterfly Posted from Canada: COVID Cases July 27th: USA - 61,581 Canada - 547
Our Aug. 9th border reopening ought to be revisited. Sorry.
Butterfly The dollar is rising, and investors' eyes are on the Fed's decision
Economie- 07-28-2021 .... The dollar rose slightly on Wednesday after falling earlier, as investors shunned big bets ahead of the results of the US Federal Reserve meeting.
The US dollar index turned bullish after falling in Asian trade. It rose 0.1 percent at the latest reading to 92.534.
The Japanese yen, the Swiss franc and the euro maintained the gains of the previous day during Asian transactions, and the yen, which is considered a safe haven, recorded 109.80 per dollar, and the euro reached the level of 1.1809 dollars.
The dollar saw a steady rise over the course of a month after the Federal Reserve turned to tightening in June. Markets are waiting to see if the central bank will indicate when to start withdrawing stimulus measures amid rising inflation rates in the United States.
But exchange market analysts said there is a good chance that the Fed will not change policy, given that the recent inflation boom is likely to be temporary, as well as concerns about the growing Covid-19 infections, which could derail the global economic recovery.
"The delta outbreak may provide good reason to continue to be vigilant and to postpone the announcement of any significant downgrade to the Jackson Hole Symposium in late August," ING analysts wrote in a note.
butterfly Gold rises due to the decline in the dollar and stocks ahead of the Federal Reserve's decision
Economie- 07-28-2021 Gold prices rose on Wednesday, supported by a decline in stocks and the dollar, but gains were limited while the market cautiously awaited what the US Federal Reserve assessments of inflation and economic growth would reveal.
By 0707 GMT, the spot price of gold was up 0.3 percent to $1804.69 an ounce. US gold futures rose 0.2 percent to $1,803.40 an ounce.
"Gold is benefiting from some buying to hedge risks ahead of the FOMC meeting," said Jeffrey Haley, senior market analyst for Asia Pacific at Oanda.
The Fed statement will be released at 1800 GMT today, followed by a press conference by Central Bank Chairman Jerome Powell.
Gold plunged 7 percent in June after the Fed sounded hawkish at its last meeting.
Silver rose 0.6 percent to $24.82 an ounce, after hitting its lowest level in nearly four months at $24.46 on Tuesday. Palladium and platinum rose 0.7 percent to $2,626.93 and $1,057.99 an ounce, respectively.
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