Iraq Economic News and Points To Ponder Saturday Afternoon 7-19-25
Jamima Port Is About To Open And The Ports Are Achieving Unprecedented Revenues.
July 19, 2025 Baghdad – Qusay Munther The Jamima border crossing with Saudi Arabia will soon enter service, boosting trade and economic exchange between Baghdad and Riyadh. This comes amid government efforts to open new windows to support the national economy and expand foreign trade routes, in line with the government’s current regional openness plans.
Lieutenant General Omar Adnan Al-Waili, head of the Border Ports Authority, said during a conference yesterday that “the Border Ports Authority has completed the administrative procedures and official recognition of this crossing since 2020.”
Opening An Outlet
He added, “The current government and the House of Representatives were determined to open the crossing as soon as possible.
” Al-Waili expressed his “thanks to the Kingdom of Saudi Arabia and its ambassador to Iraq, who had a great desire to personally attend this place, and that all state institutions, agencies and ministries are looking forward to opening the crossing,” announcing “the imminent opening of the border crossing, which will positively reflect on trade and economic exchange between Iraq and Saudi Arabia.”
The current government is moving to open new windows that support the national economy and expand foreign trade routes in line with the regional openness plans it is adopting during the current phase. Meanwhile, the General Company for Iraqi Ports has achieved revenues exceeding 630 billion dinars.
The company’s general manager, Farhan Al-Fartousi, said in a statement yesterday that “total revenues for the first half of the current year amounted to 630 billion dinars, a clear increase compared to last year’s revenues, which amounted to more than 486 billion dinars,” stressing that “these figures reflect the increasing performance and operational efficiency of Iraqi ports.”
He went on to say that “the northern Umm Qasr port topped the ports by achieving revenues of more than 288 billion dinars, followed by Khor Al-Zubair port with 125 billion dinars, then Basra oil port with revenues of nearly 138 billion dinars.
The southern Umm Qasr port also recorded revenues exceeding 56 billion dinars, while Abu Flus port revenues amounted to more than 3 billion dinars, and Al-Maqal port about 11 million dinars. As for administrative and service activity at the company’s headquarters, it achieved revenues exceeding 18 billion dinars,” indicating that “these revenues came as a result of administrative reforms and operational expansion implemented by the company as part of its strategic plan,” and he pointed out that “Iraqi ports are currently witnessing an increasing momentum in import movement.” And exports, supported by operational stability, improving the investment environment, and concluding operational contracts with specialized companies.
Meanwhile, the Ministry of Transport announced its plan to transport pilgrims to and from Karbala during the Arbaeen pilgrimage, noting that more than 850 buses have been allocated to serve pilgrims inside and outside the city of Karbala.
Ministry spokesman Maitham Al-Safi said, “A committee or operations room was formed under the direction of the former Minister of Transport, headed by the Undersecretary of the Ministry for Administrative Affairs, to manage the Arbaeen pilgrimage file.”
He continued, “The Ministry usually allocates a number of buses each season, consisting of more than 650 red single-decker and double-decker buses, and more than 200 blue buses.”
Multiple Axes
He stressed that (the blue buses will be designated for transportation between governorates, while the red buses will operate within the city of Karbala), pointing out that (this process is taking place along multiple axes determined by the Supreme Committee for the Arbaeen Pilgrimage, as there is a full fleet of buses to cover the transportation of visitors).
The Minister of Interior, Chairman of the Security Committee for the Million-Man Pilgrimage, Abdul Amir Al-Shammari, had previously inspected the Shalamcheh border crossing to see its readiness to receive visitors.
Yesterday’s statement said that (Al-Shammari arrived at the Shalamcheh border crossing to see the preparations underway at this crossing to receive visitors of Arbaeen of Imam Hussein, peace be upon him, the services provided to them, facilitating their entry procedures into Iraq and providing a suitable atmosphere for all arrivals). LINK
Iraq Intends To Increase Majnoon Oil Field Production To 400,000 Barrels Per Day.
Energy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani announced on Saturday that the ministry intends to increase crude oil production from the Majnoon oilfields in southern Iraq to 400,000 barrels per day by the end of this year.
This came during his visit to the DS2 station in the Majnoon field, where he reviewed the implementation phases of the vital project, which began in 2018 following its receipt by the Basra Oil Company. The project currently stands at more than 85% completion, according to a statement issued by the company.
The statement quoted the minister as saying: “Completion of the station by the end of this year will increase the Majnoon field’s production capacity to 400,000 barrels per day.” He added: “However, actual production remains linked to OPEC’s quota and Iraq’s share, as it currently stands at 120,000 barrels per day.”
He pointed out the importance of the station’s complementary projects, particularly the connection of wet oil units designed to accommodate oil with a high reservoir water content, stressing that this step enhances production efficiency and sustainability.
The Majnoon field is one of the key fields feeding Total’s gas projects. Gas will be collected from this station and pumped to the Artawi site, where the main processing plant will be installed. https://economy-news.net/content.php?id=57602
Barzani Discusses With Washington The Resumption Of The Region’s Oil Exports.
July 19, 2025 Erbil – Farid Hassan Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani discussed the general situation in Iraq and the region with the Chargé d’Affaires of the US Embassy in Iraq, Ambassador Steven Fagin, a statement received by Al-Zaman yesterday said that “the meeting that brought them together in Erbil discussed ways to strengthen bilateral relations and the general situation in Iraq and the region.”
The two sides agreed on “the need for the federal government to send salaries and financial dues to the region as soon as possible. They also stressed the importance of expediting the process of resuming the region’s oil exports through the Turkish port of Ceyhan.
” The statement added that “the meeting addressed the sabotage attacks targeting oil fields and energy infrastructure in the region with drones,” stressing “the importance of forming the new ministerial cabinet of the regional government before holding parliamentary elections.
” Barzani expressed his “thanks to the United States for its continued support for the region.” For his part, Fagin affirmed “his country’s support for the federal entity of Kurdistan and its support for a strong region.” LINK
Gold Prices Rise In Baghdad And Erbil Markets.
Saturday, July 19, 2025, 12:10 PM | Economic…Number of reads: 194 Baghdad / NINA / The prices of foreign and Iraqi gold rose in the local markets of Baghdad and Erbil, on Saturday.
The selling prices of gold, in the wholesale markets on Al-Naher Street in the capital, Baghdad, this morning, for one Mithqal of 21 karat Gulf, Turkish and European gold, were recorded at 660 thousand dinars, and the purchase price was 656 thousand dinars.
The selling price of one Mithqal of 21 karat Iraqi gold was recorded at 630 thousand dinars, and the purchase price was 626 thousand.
As for the prices of gold in goldsmiths, the selling price of one Mithqal of 21 karat Gulf gold ranges between 660 thousand and 670 thousand dinars, and the selling price of one Mithqal of Iraqi gold is between 630 thousand and 640 thousand dinars.
As for gold prices in Erbil, they also recorded an increase, as 22 karat gold was sold for 690 thousand dinars, 21 karat gold was sold for 658 thousand dinars, and 18 karat gold was sold for 564 thousand dinars. / End https://ninanews.com/Website/News/Details?key=1241673
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