TNT – “Tidbits From TNT” Tuesday 6-11-2024

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Tishwash:  Al-Sudani will visit Jordan tomorrow, Tuesday

A government source revealed today, Monday (June 10, 2024), that Prime Minister Muhammad Shiaa Al-Sudani will visit Jordan tomorrow, Tuesday.

The source told “Baghdad Today” that the Sudanese “will pay a visit to Jordan tomorrow, Tuesday, at the head of a high-ranking government delegation.”

He pointed out that “the visit will discuss a number of security and economic files and developments in the region.”  link

Tishwasj: Iraq expects to reach an agreement to resume oil exports through Türkiye within days

The Iraqi government expects to soon reach a final agreement with the Kurdistan region and international oil companies there, to resume oil exports, according to what Bloomberg reported.

The Iraqi Oil Minister, Hayyan Abdul-Ghani, said in a televised interview on the government “Al-Iraqiya” channel, “There is progress in these negotiations, and we hope that we will reach, within the next few days, a final understanding in this regard.”

He added that the Iraqi Ministry of Oil, the Ministry of Natural Resources in the Kurdistan Region, and international oil companies met on Sunday in Baghdad to discuss the resumption of production and exports, noting that the revenues will be deposited in an account in the Central Bank of Iraq.

Abdul Ghani expressed his hope that there will be multiple outlets for exporting Iraqi oil abroad, and he said: “We are looking for other sources to deliver Iraqi oil to global markets… We were exporting 400 thousand barrels of oil per day through Turkish Ceyhan before it stopped.” He added: “We are conducting negotiations with Turkey to resume oil exports through Ceyhan,” noting that “there is progress in the negotiations regarding the Iraqi-Turkish oil pipeline.”

Sunday’s meeting in Baghdad, which was attended by Abdul Ghani and officials from the Ministry of Natural Resources in the Kurdistan Region, came after an invitation sent by the Ministry of Oil, last month, to the Kurdish authorities and international energy companies. To meet and discuss the resumption of northern oil exports.

A senior official at the Ministry of Oil, who requested anonymity due to the sensitivity of the talks, said on Sunday that the talks are expected to focus on the Kurdistan Regional Government’s energy production sharing contracts, which Baghdad wants to amend, and the oil production costs demanded by foreign oil companies. In exchange for oil extracted from the Kurdistan region.

Iraq says that foreign companies and the authorities of Iraqi Kurdistan are behind the delay in resuming crude oil exports. Because it has not yet submitted its contracts to the Federal Ministry of Oil for review.

Crude oil exports from Kurdistan stopped more than a year ago, after they were closed in March 2023. Due to the dispute over who allows exports from the Kurdistan region.

The impasse came on the heels of the International Chamber of Commerce’s March 2023 ruling on a dispute between Turkey and Iraq over Kurdistan’s oil. The ICC ruled in favor of Iraq, which said Turkey should not allow Kurdish oil exports through the Iraq-Turkey pipeline and the Turkish port of Ceyhan, without the approval of the Iraqi federal government.

Months of tense negotiations between Iraq and Turkey, and between Iraq and Kurdistan, followed, with an agreement remaining elusive. In January of this year, foreign companies operating in Kurdish oil fields called on the US Congress to take immediate action to help solve the problem of the cessation of crude oil exports from the autonomous Iraqi region. The group said, in a letter to Congress, that “oil export is the foundation of Iraq’s economy, and all Iraqis will benefit when full production and global sales from the Kurdistan region resume.”   link

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Tishwash: Al-Rafidain: Al-Khader branch joins the branches that operate with the comprehensive system

Al-Rafidain Bank announced the implementation of the comprehensive banking system in the Al-Khader branch in Al-Muthanna.

The bank stated in a statement: “With the addition of the Al-Khader branch, the number of branches in force and operating the system has become (29), in an important step to strengthen the banking system, achieve its requirements, abandon paper work, and move completely to electronic systems.”

The bank confirmed: “The digital transformation plan and adoption of the comprehensive banking system is proceeding according to the set timings to include all the bank’s branches in implementing the system, especially since one of the priorities and adoptions of the government program is electronic transformation in financial transactions, reducing episodes of red tape for citizens, reducing time, simplifying procedures, removing obstacles, and intensifying efforts to raise the level of Services provided to customers and completion of their transactions.”   link

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CandyKissses: Corporate governance in Iraqi banks. Enhancing transparency and efficiency

{Economical: Al-Furat News} Corporate governance is one of the most important factors that contribute to enhancing the performance and safety of the banking sector. By applying the principles of sound governance, banks can improve their efficiency and risk management, and enhance investor and customer confidence.

In Iraq, banks have come a long way in applying corporate governance principles, with the support of the Central Bank of Iraq and the Iraqi Deposit Insurance Company. These efforts have contributed to improving the performance of the banking sector and increasing its transparency, which reflected positively on the Iraqi economy in general.

Singapore’s experience in corporate governance in the banking sector is an example.
The Monetary Authority of Singapore (MAS) has applied a set of strict governance standards, including disclosure and transparency requirements, defining the responsibilities of the board of directors and executive management, and periodically evaluating the performance of banks.

These efforts have contributed to making Singapore a global financial centre with an excellent reputation for transparency and integrity.

In Iraq, the Iraqi Deposit Insurance Company can play a greater role in strengthening corporate governance in banks, by encouraging banks to adopt international best practices in this field, and providing training and guidance to board members and executive management.

The Iraqi Deposit Insurance Company is arguably an inspiring success story under difficult circumstances. Through its vital role in protecting depositors’ funds and promoting confidence in the banking system, so that the company contributes to building a strong and stable national economy.

As its efforts in development and innovation continue, the Iraqi Deposit Insurance Company promises to be a key pillar in achieving sustainable economic development in Iraq.