KFTA – Some “Wednesday News” Posted by Clare at KTFA 12-6-2023


Clare:  Al-Sudani: The challenges facing Iraqi society are mostly economically rooted

12/6/2023  Baghdad

On Wednesday, Prime Minister Muhammad Shiaa Al-Sudani considered that most of the challenges and problems facing Iraqi society have economic roots, stressing the necessity of adhering to the duties and taxes imposed and not circumventing them to support local products.

This came in a speech he delivered during the launch of the conference on reforming the tax system in Iraq.

Al-Sudani said in his speech, “Within a year of the life of the current Iraqi government, we identified one of the five priorities, which is economic reform. We did not set this word as a slogan or a temporary goal, but rather it came from a realistic reading and inevitable result of the problems and challenges facing Iraqi society, most of which have economic roots.” “. LINK

Clare: Minister of Oil: The government has succeeded in implementing gas investment contracts


The Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdul Ghani, confirmed today, Wednesday, that the government has succeeded in implementing gas investment contracts.

Abdul Ghani said in his speech during the opening of the Iraq Oil and Gas Conference, which was followed by the Iraqi News Agency (INA): “Government support and the follow-up of Prime Minister Muhammad Shiaa Al-Sudani have contributed to accelerating and expediting the implementation of associated gas investment projects,” indicating that “the government and the ministry have succeeded.”

In implementing gas investment contracts with Total International with a capacity of 600 mqmq, Al-Halfaya in Maysan with a capacity of 300 mqmq, and Dhi Qar 200 mqmq, in addition to gas investment in the Bin Omar field in Basra with a capacity of 150 mqmq.

He added, “The Basra Gas Company is implementing its promising plans to invest gas from three oil fields, and has achieved approximately 1,000 megaqqm, and 200 megaqqm have been added after the opening of the gas investment station in the Rumaila field, and it is hoped that the amount of 200 megaqqm will be added at the end of the first quarter of next year.” “After operating the second station within the project.”

He stated that “the Basra Gas Company contributes to stopping the burning of thousands of tons of pollutants annually, and Iraq is committed to the Paris Agreement, and achieved its commitment within the required commitment ceiling,” pointing out that “the project to offer carbon bonds in the Central Oil Company is a promising and unique experience in the region.” .
He continued, “Licensing rounds are promising projects to enhance national production of oil and gas.”    LINK


Clare:  Investors: The Iraqi market is promising and its investment environment is excellent

12/6/2023  Baghdad

The agreement signed between the Iraqi and Saudi sides in the field of industrial investments for the private sector is considered an important partnership and a stimulating initiative that will raise the level of services in the Iraqi market.

The Director Commissioner of the Iraqi Diar Company, Salman Dawoud Salman, said, “Under the sponsorship of the Iraqi Fund for Development, the Iraqi and Saudi sides participated in the private sector for the first time.”

He explained, “Al-Diyar Company acquired 49 percent of the investments of the Saudi Northern Factory in Iraq,” noting that “the company is considered one of the important companies in the industrial field.”

He added, “The industrial city is considered one of the strategic projects with an area of 6,000 dunams and is located in the Al-Najaf Governorate,” noting that “there are 6 factories under construction in the industrial city and work is proceeding at a continuous pace.”

For his part, the director of the Northern Cement Company in Saudi Arabia, Saud Al-Arifi, expressed his “happiness at signing a partnership agreement in the field of industrial investments for the private sector,” noting that it “is the first real investment partnership in the sector at this level.”

He continued, “We hope that this initiative will motivate other investors to take the same approach and create joint and beneficial investments for everyone,” noting that “the investment environment is excellent, the opportunities are available, and the Iraqi market is promising in all respects.”

He added, “The government is working to support and facilitate procedures,” calling on “all investors in the Gulf countries to take the initiative and seize the distinctive opportunities that will raise the level of services and construction in the Iraqi market.”

He added, “Many projects will see the light soon.”

Source: Iraqi News Agency (INA)   LINK

Clare:  Al-Nusairi: The Central Bank has achieved an important step to finance trade with Türkiye in the euro

12/6/2023   Baghdad

Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed on Wednesday that the Central Bank completed an important step last week to finance trade with Turkey in the euro currency in the tens of millions as an initial payment to cover retailers’ imports from Turkey, as “the implementation of the banking understanding agreement with Turkey began last Sunday.” “.

Al-Nusairi noted that “this came through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros,” pointing out that “after that, settlement is made with Turkish merchants in Turkish lira.”

The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, previously announced, “An Iraqi delegation went to Turkey to agree with Turkish banks to enhance balances in euros or Turkish lira.”

He pointed out that the Central Bank continues to hold periodic agreed-upon meetings with the US Federal Reserve and other banks that were agreed with last month as part of a series of negotiations in order to reach more agreements to regulate trade financing and enhance balances of various currencies in correspondent banks, and thus control speculation in the dollar. On the black market, maintaining exchange rate stability.    LINK


Clare: Northern Cement signs a partnership agreement with Iraqi Diyar worth $44 million

Economy News – follow-up

The Northern Province Cement Company announced, on Wednesday, the signing of a partnership agreement with the Iraqi Diyar Investments Company through the Iraqi Diyar Investments Company’s access to 49% of the company’s investments in Iraq.

The company explained in a statement, seen by Al-Iqtisad News, that the value of the deal is $43.9 million, and details the use of proceeds from the sale of the asset to be pumped into foreign investments with promising opportunities and to repay a portion of high-cost loans in light of the current high financing cost rates.

She added that the aim of the deal is to enter into strategic partnerships that enable the company to expand investment in promising markets.   LINK


Clare:  Al-Mandalawi: The Iraqi Parliament is in the process of amending the law on recovery of proceeds of corruption


Mohsen Al-Mandalawi, Acting Speaker of the House of Representatives, announced on Wednesday that the House is working to amend the law on the recovery of proceeds of financial corruption in order to establish a solid legal base that enables institutions to combat this scourge to exercise their role in the country.

This came in a speech he delivered, during his participation in the conference to commemorate the International Anti-Corruption Day and the launch of the annual Integrity Week, which was held by the Federal Integrity Commission under the slogan (With the love of Iraq, we fight corruption and rebuild the country).

Al-Mandalawi said in his speech that the fight against corruption requires close cooperation between the three authorities to pave the way for the Integrity Commission to exercise its effective role, stressing the prevention of any infringement or obstruction of its work by any party, as there are no red lines after today before the force of law and judicial decisions.

He announced that the Presidency of the House of Representatives fully supports the efforts of the Federal Integrity Commission, and is ready with the parliamentary committees to coordinate and cooperate in exercising the supervisory role, legislating the necessary laws to combat corruption, and amending what exists among them, such as the draft law on recovering the proceeds of corruption, whose legislation the Council is working to complete in the best possible way. In order to establish a solid legal base that enables anti-corruption institutions to exercise their role and protect those in charge of them and those working in them.

Al-Mandalawi continued by saying that the Council is keen to work within its relations with the world’s parliaments within the framework of parliamentary diplomacy, to conclude memorandums of understanding that focus on combating corruption and recovering wanted persons.  LINK