Iraq Economic News and Points To Ponder Late Monday AM 6-10-24


Iraq Economic News and Points To Ponder Late Monday AM 6-10-24

Minister Of Oil: The Proportion Of Gas Investment Has Risen To 63 Percent, And We Plan To Build A Number Of Refineries

Economy      Today, 22:17  Baghdad – ; Deputy Prime Minister and Minister of Oil, Hayan Abdul Ghani, confirmed that the  proportion of gas investment has risen to 63 percent, while indicating that  the government is planning to build a number of refineries.

Abdul-Ghani said to the “Duty of Frankness” program, which is shown on Al-Iraqiya News and affiliated with the Iraqi News Agency (INA), that  the proportion of gas investment rose to 63%,” indicating that

 “the quantities of gas invested reached 1,900 million cubic feet.” 

He added,   “One thousand million cubic feet of gas is burned daily,” stressing that “gas burning will stop completely for the period from 2028 to 2030.”  He pointed out that “Iraq will not need to import gas in the future,” noting that “the Okaz field produces 60 million cubic feet of gas.”

 He continued, “Iraq’s gas reserves are estimated at 140 trillion cubic feet,” pointing out that “gas is considered the cleanest type of energy and fuel currently.”  He stated,

“A refining capacity estimated at 360 thousand barrels per day was added during the life of the current government,” explaining that   “Iraq consumes 28 million liters of gasoline per day.” 

He pointed out that

 “Iraq produces 21 million liters of gasoline per day,” noting,

 “We will achieve self-sufficiency in gasoline during the next year.”  He pointed out that

 “gasoline is subsidized by 50 percent from the state,” stressing that  

“the price of gasoline in Iraq is much lower than in other countries.” 

He explained, “We have achieved self-sufficiency in white oil and gas oil,” noting that “for the first time in the history of Iraq we have achieved self-sufficiency in gas oil.”  He continued, “Iraq produces 4 million barrels of oil per day,” noting that “Iraq exports 3 million and 400 thousand barrels of oil per day, and sometimes 3 million and 450 thousand barrels.”  He went on to say:

“We hope to have multiple outlets for exporting Iraqi oil abroad,” pointing out that

“OPEC decisions are issued in coordination with Iraq.”  The minister continued,

“We are looking for other sources to deliver Iraqi oil to global markets,” adding:  

“We were exporting 400,000 barrels of oil per day through Turkish Ceyhan before it stopped.”  He stated that “we are conducting negotiations with Turkey to resume oil exports through Ceyhan,” noting that

“there is progress in negotiations between the center and the region regarding the Iraqi-Turkish oil pipeline.”  He pointed out that “the Aqaba pipeline project has been on the table since 1983,” stressing that

 “we went towards activating the Basra Haditha pipeline all the way to the Iraqi-Turkish pipeline.”

He continued,  “We plan to build a number of oil refineries in Nasiriyah, Samawah, and a number of governorates,” explaining that  “the strategic pipeline project will feed the refineries with oil.”  He pointed out that   “there is a plan to move the Doura refinery to Jurf Al-Nasr,” stressing that “450 thousand barrels of oil per day go to local consumption.”–63-.html    

The Investor Sells To A Financier By “Defaulting” The Finances.. The Secrets Of The High Prices Of Investment Housing Units

 Economy     2024-06-09   3,128 views    Alsumaria News-Economy    Today, Sunday, the Parliamentary Investment Committee reviewed the reasons for the “dilemma” of high prices for investment housing units, which were supposedly created to solve the housing crisis in the country, while indicating that the

 most prominent reason is that the investor did not obtain a contract with the Ministry of Finance and therefore sold the units to “financiers.” “ They can set selling prices without any restrictions.

 The Vice Chairman of the Committee, Hussein Al-Sabari, said in an interview with Al-Sumaria News,

“There are several reasons behind the rise in the prices of investment housing units, especially in Baghdad,” noting that  the higher the prices.” 

He added,   “The other side of the rise in prices is that every investor who applies for a residential investment project provides economic feasibility by determining the construction price and the purchase price,” noting that

 “investment bodies, whether national or in the governorates, did not follow up and monitor the different numbers between reality and feasibility.” “Economic, and therefore

 we did not witness any punitive measures or warnings issued by investment authorities against violating companies.” 

He explained that  the main reason behind the lack of monitoring and rising prices is that some investors circumvent this mtter by selling housing units to banks or financing financial institutions, and

 they in turn sell at higher prices and in the numbers they want, as

 they are not a party to the contract related to economic feasibility.  He points out that

 “the investor’s justification for selling the units to a financier or bank is that he did not obtain a loan or contract with the Ministry of Finance and the State Real Estate Department,” noting that

 “there is negligence in the Ministry of Finance regarding this issue, represented by the problem of not signing contracts, which… The investor pays to sell the housing units to banks, which finance the construction, acquire the housing units, and sell them at the prices they want.” 

He explained,  “If the pace of work in new cities is fast and starts offering reasonable prices, it is possible for the middle classes to obtain housing units.

 However, with this climate and investment environment in this way, it is difficult for the middle class to obtain apartments, especially within the capital, Baghdad.”المستثمر-يبيع-لممول-بـتقصير-من-المالية-أسرار-ارتفاع-أسعار-وحدات-السكن

Reconstructing Iraq: The role of banks in financing the future

Time: 06/08/2024 20:27:26 Read: 2,730 times  {Economic: Al-Furat News} Reconstructing Iraq after years of wars and conflicts represents a great challenge,
but it also represents an opportunity to rebuild a strong and sustainable economy.
Banks play a crucial role in financing reconstruction, by providing the loans and credit facilities necessary to finance construction and infrastructure projects.
The Iraqi Deposit Insurance Company played an important role in enhancing the confidence of investors and depositors in the Iraqi banking system,
which made it easier for banks to obtain the necessary financing for reconstruction.
It is estimated that Iraqi banks have provided loans worth more than $10 billion to finance reconstruction projects in recent years.
Germany’s experience after World War II is an inspiring example of how banks can play a crucial role in the country’s reconstruction.
The KfW German Development Bank has contributed to financing many vital projects in Germany, such as rebuilding industrial and residential infrastructure, and providing financing for small and medium-sized companies.إعادة-إعمار-العراق-دور-المصارف-في-تمويل-المستقبل   

After Depriving About 200 Commercial Companies Of The Dollar… Will Some Goods “Disappear” From The Market?

 Economy     2024-06-08 | 4,496 views Alsumaria News-Economy  Today, Saturday, the Baghdad Chamber of Commerce outlined the expected effects of the Central Bank of Iraq’s recent decision to deprive 197 general trading companies from the currency auction, due to violations, while indicating the possibility of these companies returning to the auction.

 Baghdad Chamber of Commerce spokesman, Rashid Al-Saadi, told Al-Sumaria News,

“The suspension of 197 companies and deprivation of obtaining the dollar at the official rate from the Central Bank of Iraq came after violations were flagged and the provision of unreal and exaggerated information about their trade and imports,” noting that“

 some of their transactions The information you provided is fictitious, and in light of these violations, this penalty was imposed and they were removed from the list for obtaining dollars.”

Regarding whether depriving these companies will have expected effects on the market or the possibility of the “disappearance” of some types of goods and merchandise, especially since these companies are all general trade and cigarette import companies, Al-Saadi said,

 “This number does not represent anything, as there are thousands of companies entering the currency auction for the purpose of obtaining dollars.”

Therefore, the increase in these companies will not have a significant impact on the market, whether in terms of goods or in terms of the rise in the price of the dollar.” 

He explained that  “the number of companies and merchants who enter through the currency platform is large and increasing day after day, after the facilities of the Central Bank and the increased experience of bank employees, as

 previously merchants were facing problems and did not accept to buy dollars from the Central Bank due to the difficulty of dealing. However, employees…

 “The banks have entered into training courses and the process has become easier.”

 Regarding the future of these companies and whether they will stop their work or go to buy the dollar from the parallel market, he stressed that

“these companies can adjust their legal status and submit a request to the Central Bank to reconsider the decision after these companies apply the required standards,” noting that “this matter

 This happened earlier with 5 major and well-known companies in Iraq, where they were deprived of the dollar after a penalty was imposed on one of the banks,

 but these companies submitted a request to the Central Bank, met the required standards, and returned to the currency auction easily.”بعد-حرمان-نحو-200-شركة-تجارية-من-الدولار-هل-تختفي-بعض-السلع-من-السوق؟

The European Union Mission Expresses Its Readiness To Cooperate With The Iraqi Banking Sector

 June 09, 2024   His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received a delegation from the European Union mission headed by His Excellency Ambassador Mr. Thomas Seiler in Baghdad.

His Excellency the Governor discussed the role of the Central Bank of Iraq and its interest in developing the banking sector, and its diligent measures in structuring government banks and addressing problems therein with direct support and follow-up from the Prime Minister.

 His Excellency explained that these banks used international auditing companies.

Pointing out that the Central Bank is working to establish a “Riyadah Bank” specialized in

      financing small and medium enterprises, in order to

     facilitate and develop credit capacity, in consolidating loans, with support and supervision from the Central Bank and

     financing from private banks, and

     seeking the expertise of international organizations in this field.

 In his speech, His Excellency the Governor focused on the bank’s interest in

   strengthening and developing electronic payment systems and

   internal and external electronic financial transfers, and

   developing supervisory practices in the field of combating money laundering in accordance with international standards.

 For his part, Mr. Siler praised the role of the Central Bank of Iraq in the steps it took to develop the

   banking sector,

    conomic stability, and

   confront difficulties and challenges.

 Expressing the readiness of the European Union to provide support and joint cooperation in developing systems and expertise for the staff of the Central Bank of Iraq and to open areas of cooperation with the Iraqi and European banking sectors through official communication methods between them.

 Central Bank of Iraq  information Office  June 9, 2024    

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Provoking Thoughts and Points To Ponder On Adversity:

Every difficulty slurred over will be a ghost to disturb your repose later on.  – Fridiric Chopin

Fire tries gold, misfortune men.  – Anonymous

The fiery trials through which we pass will light us down in honour or dishonour to the latest generation.  – Abraham Lincoln

Thou hast shown thy people hard things: thou hast made us to drink the wine of astonishment. – Bible

A wounded deer leaps the highest.  – Emily Dickinson

The difficulties which I meet with in order to realize my existence are precisely what awaken and mobilize my activities, my capacities.  – Jose Ortega y Gasset