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More Iraqi News Friday PM 11-6-20

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Iraq Earns 117 Thousand Dollars A Day For The Crossing Of Planes Over Its Airspace

Money  and business  Economy News _ Baghdad  On Friday, the Minister of Transport, Nasser Hussein Bandar Al-Shibli, directed the Transit Committee to set the conditions within a week or two, while noting that Iraq reaps 117 thousand dollars per day in exchange for the crossing of planes through its airspace.

The Iraqi News Agency quoted Al-Shibli as saying, “The ministry is in the stage of studying the transit, so until now it has not calculated the amounts that the state takes,” indicating that he held “the first meeting with the Transit Committee to discuss the issue and directed that this file be resolved within a week or two.” .

He added that “the committee proposed many ideas, some of them from customs, and the other from border crossings, and a preliminary study was reached on the necessity of transit for what the important location of Iraq represents, whether it is through Jordan, Turkey or Iran,” indicating that “touches have been put in place.” The first stipulates the conditions for starting the transit and holding talks with neighboring countries on the issue.

He stressed that “the wages for each plane crossing Iraqi airspace amount to 450 dollars, and that the number of aircraft that pass through Iraqi airspace reaches 260 aircraft per day, and sometimes more than that,” pointing out that “the air navigation company is responsible for managing the airspace.”

The Minister of Transport, Hussein Bandar Al-Shibli, had previously announced the activation of land and air transit in Iraq.    The number of observations is 130, on the date of the addition of 11/06/2020

https://economy-news.net/content.php?id=22565

Somehow Iraq Sells Its Oil For Free One Month Of The Year And Only Receives 11 Months Of Revenue

Reports  Economy News _ Baghdad It is known that Iraq sells its crude oil by exporting it to different countries, while distributing quantities of its oil to Iraqi refineries, which in turn refine, extract and distribute derivatives, but the refining capacity in Iraq produces approximately half of the amount needed by the market only from derivatives, especially gasoline, white oil and gasoline.

Large figures revealed by government and parliamentary sources, which represent the value of Iraq’s banks and spend it annually on oil derivatives that it buys from abroad, despite being the second largest exporter and producer of oil in OPEC, the weakness of its refining factories makes it in constant need of oil derivatives.

A member of the Parliamentary Energy Committee, Ghalib Muhammad, revealed that Iraq imports oil products worth 3 trillion dinars annually, while the Ministry of Oil’s expenditures during the past year amounted to more than 11 trillion dinars, or about $ 10 billion.

Muhammad said in press statements, “There is mismanagement in the Ministry of Oil that extends for years and massive corruption that is not covered by it, but there are other joint ministries,” noting that “Iraq annually imports 3 trillion dinars of oil products while its crude oil production capacity reaches 5 million barrels per day.

He added, “The expenditures of the Ministry of Oil during the past year amounted to more than 11 trillion dinars in 2019,” wondering, “Why do we import oil products and we have all these capabilities, whether financial or competencies.”

He pointed out “the need to work to achieve self-sufficiency in oil products and to spend the money spent on imports in strengthening the infrastructure in the oil sector.”

A month’s revenue is wasted

3 trillion dinars, or approximately $ 2.5 billion, which is equivalent to the profits of Iraq’s oil for a whole month that it has been achieving for some time now, as Iraq’s monthly oil revenues, according to the Ministry of Oil data, amount to 3.5 billion dollars, while about a billion of them go To foreign oil companies and licensing contracts as well as compensation from Kuwait, so that Iraq has only $ 2.5 billion, as a monthly profit from oil sales, and thus it spends it on purchasing oil derivatives annually, which means that the profits of a whole month of the months of the year go dry, that is, as if he sells oil for free for a period A month, and it only receives 11 months of revenue from annual oil sales.

Number of observations 129 Date added 11/06/2020    https://economy-news.net/content.php?id=22567

Oil Prices Are Falling By More Than 2% With The Increase In Corona Injuries

Friday 06, November 2020 14:22 | Economical Views: 125  Baghdad / NINA / US oil prices fell by more than two percent today, Friday, as new general isolation measures in Europe to stop the rise in Covid-19 infections fueled concerns about the expectations of demand, while the markets remain in a state of tension due to the counting of votes in the American elections that are continuing for a period. long.

West Texas Intermediate crude fell $ 1.06, or 2.7 percent, to $ 37.73 a barrel, after falling 0.9 percent on Thursday.

Brent crude fell $ 1.05, or 2.6 percent, to $ 39.88, after falling 0.7 percent in the previous session.

The European Commission also lowered its economic outlook, predicting that the European Union will not see a recovery to pre-virus levels until 2023.

The counting and trends of the votes in the US elections shows that the Republicans will retain control of the Senate, while the Democrats are expected to obtain a slim majority in the House of Representatives, which dampens hopes for a large stimulus package, which is another factor that puts pressure on oil. / End 8 https://ninanews.com/Website/News/Details?key=867605

International Exchange Rates, Gold And Oil Prices On Friday

Friday 06, November 2020 11:57 | Economical Views: 164  Baghdad ( NINA ) – The Economic Center announced the global prices of foreign currencies, gold and oil on Friday.

The price of selling the dollar in Baghdad and the provinces was recorded: 125 thousand and 500 dinars per 100 dollars, and the purchase price: 124 thousand and 500 dinars per 100 dollars, up from the previous day.

The prices of other currencies are as follows:

100 euros, 118.1 dollars,  100 pounds, 131.37 dollars,  844.55 Turkish liras, against 100 dollars,

and the global price of an ounce of gold 1938.77 dollars, a barrel of Brent crude oil, 39.94 dollars, a barrel of US crude oil, 37.77 dollars. Ended 8   https://ninanews.com/Website/News/Details?key=867576

A Parliamentary Committee Reveals An Upcoming Meeting With The Finance And Central Bank Of This File

19:54 – 11/05/2020   Information / Special …  On Thursday, the Parliamentary Finance Committee revealed an upcoming meeting between it, the Finance Ministry and the Central Bank to discuss the fiscal deficit financing law.

Committee member Shirwan Mirza said in a statement to “the information”, “The Finance Committee will hold a meeting next week with the Central Bank and the Ministry of Finance to discuss the fiscal deficit financing law,” noting that “the meeting will deal with reducing the money ceiling within the law to the real extent that the government needs in Payroll insurance.

He added that “the meeting will be followed by the presentation of the law in the House of Representatives for a vote and passage,” indicating that “next week the law may be passed completely.”

Today, Thursday, the Parliamentary Economic Committee revealed that the government has determined the financial need of the Kurdistan Region by three times its basic need within the fiscal deficit financing law.

The deputy of the Fatah Alliance, Qusay Abbas, confirmed, on Wednesday, that the financial crisis that the country is going through will continue for the next year. 25 T.  https://www.almaalomah.com/2020/11/05/503694/

The President Of The Republic Calls For Clearing The Way For A New Political Generation To Complete The Desired Reform Project

The President of the Republic, Barham Salih, stressed the need to fulfill the requirements for holding early elections, based on the foundations of integrity and justice in its various stages, including biometric registration, and effective and serious coordination between the Elections Commission and the United Nations for monitoring and supervision in order to achieve this.

The President of the Republic said in a speech after his ratification of the Parliamentary Elections Law, “Electoral corruption is a serious scourge that threatens societal peace and economic safety, and the road must be cut in front of this scourge,” noting that the challenges and doubts witnessed in previous electoral processes were a major cause.

Citizens ’reluctance to vote, undermined citizens’ confidence in the legitimacy of the existing system and the entire electoral process.

He stressed the need to empower a new political generation to take upon itself to complete the desired reform project, in fulfillment of the blood that has been shed on the road to reform and change.

The President of the Republic indicated his approval of the reservations recorded on the law voted on in the House of Representatives, indicating that it does not represent all that we aspire to, but at the same time, it represents a development for the better and a basic building block towards the path of reform, and affirms the consideration of the people as the primary source of legitimacy of government, leading to To the free will of the Iraqis in the rule of a rational servant of them. ”   https://www.radionawa.com/all-detail.aspx?jimare=22411

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