Tishwash: As the world’s largest buyer of gold, Iraq ranks seventh
The World Gold Council announced today, Tuesday, that “Iraq ranked first among Arab countries in purchasing gold.”
He said in a statement, “The volume of Iraq’s gold purchases in 2024 amounted to about 20.1 tons, and thus these reserves amount to 152 tons, while Iraq’s gold purchases in 2023 were about 12.3 tons.”
The council added, “Qatar came in second, followed by the UAE in third, Azerbaijan in fourth, China in fifth, and the Czech Republic in sixth.” link
Tishwash: Urgent | Oil Minister: We look forward to resuming exports from Ceyhan within two days
Oil Minister Hayan Abdul Ghani confirmed today, Monday, the readiness of the export pipeline to the port of Ceyhan, while there are discussions with the Turkish side to resume exports within the next two days.
Abdul Ghani said in a press statement followed by “Iraq Observer”, “The ministry continues to export oil through the southern outlet in Basra port and Basra oil port.”
He added, “The ministry is now in discussions and correspondence with the Turkish side to resume exports,” indicating that “once the Turkish side’s approval arrives, exports will resume.”
Abdul Ghani expressed his hope that “exports will resume within the next two days,” stressing that “the oil export pipeline to the Ceyhan oil port is ready, and there are some technical matters that need to be reorganized to resume exports.”
He stressed that “the agreed quantity for export through the Kurdistan Region, according to the budget law, ranges between 300 and 325 thousand barrels per day, part of which is used for local consumption, while the rest is exported.” link
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Tishwash: After a “difficult labor”, the 2025 budget tables finally find their way to the Council of Ministers
A responsible source in the Iraqi Ministry of Finance stated on Monday that the delay in sending the federal budget tables to the Council of Ministers is related to amendments to Article 12 of the Budget Law.
The Iraqi parliament recently approved an amendment to the general budget related to Article 12, which settles a dispute between the Kurdistan Region and the federal government over receiving the region’s oil.
In summary, the Iraqi Parliament voted in June 2023 on the draft general budget law for the fiscal years (2023, 2024, 2025), to approve special budget tables for those years, which will be sent by the Iraqi government to Parliament for voting.
The government source told Shafaq News Agency, “The Ministry of Finance has been working for some time on preparing the general budget tables for the year 2025, in order to send them to the Council of Ministers for approval.”
He pointed out that “the Ministry of Finance will finish preparing the tables and send them to the Council of Ministers for voting on them in the middle of next month,” noting that “the Council of Ministers will vote on the tables without delay and then send them to the House of Representatives for voting on them.”
The Federal Ministry of Oil announced yesterday, Sunday, the completion of the necessary procedures to complete the export of oil produced in the Kurdistan Region via the Turkish port of Ceyhan, stressing that this step comes in accordance with the mechanisms specified in the budget law and its amendment, and within the production ceiling set for Iraq in the OPEC organization.
The Kurdistan Regional Government’s negotiating delegation responded to the Ministry of Oil’s announcement by calling on the federal government to implement its obligations before proceeding with the oil export process.
The delegation explained that despite the regional government’s confirmation of its commitment to implementing the first amendment law to the federal general budget law, which relates to re-exporting oil produced from the region’s fields to the Turkish port of Ceyhan via SOMO, implementing the law requires agreement on several basic points, including determining the quantities allocated for local consumption in the region, in line with actual needs, similar to the rest of Iraq, and establishing a clear and specific mechanism for paying the dues of production and transportation companies to the regional government, in accordance with what is stated in the law. link
