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More Iraqi News Friday PM 1-15-21

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Learn about the exchange rate of the dollar against the Iraqi dinar by Friday’s transactions

Economie | 09:22 – 15/01/2021  BAGHDAD – Mawazine News  The exchange rates of the dollar against the Iraqi dinar rose again, on Friday, in the main stock markets.   As for the exchange rate on the local market, it also rose, where it was:   The selling price of the dollar is 144,500,  the purchase price of the dollar 142,500 https://www.mawazin.net/Details.aspx?jimare=137954

An International Report On Oil Exports In The Kurdistan Region

Time: 01/15/2021 16:19:54 Read: 585 times   {Kurdistan: Al Furat News} The Kurdistan Regional Government’s Regional Council for Oil and Gas Affairs published a report containing verified statistics, covering the Kurdistan region’s oil exports, consumption and revenues for the period from January 1, 2020 to September 30, 2020.  The report provides an analysis of oil export information and average prices, as data verification was performed by Deloitte.

According to the report, the Kurdistan Region achieved during this period, 3176136721 billion dollars from total oil sales, and after paying the dues to companies, the remaining 1831781964 billion dollars.

The number of barrels sold during that period through the pipelines extending from the Kurdistan region to Turkey amounted to 118720827 barrels, at an average selling price of 31.66 dollars per barrel.

The Kurdistan Regional Government regularly evaluates additional disclosures that would enhance the transparency of the oil and gas sector.

Accordingly, starting in 2020, the KRG began providing information about the balances of prepayments it owes to oil traders, and in 2020 the disclosures were expanded to include reconciliation between production, exports and domestic consumption.

The Regional Council for Oil and Gas Affairs acknowledges the positive feedback received so far from local and international stakeholders. He reiterates his commitment to the people of Kurdistan that Deloitte continue to independently review the oil and gas sector in the region.

The Deloitte report contains a review of the export, use, revenues and expenditures of oil and gas in the Kurdistan region for the period January 1, 2020, to September 30, 2020.

After cutting the Kurdistan region’s share from the federal budget by a decision of the federal government in February 2014, the Kurdistan Regional Government decided on May 22 2014 to export and sell oil from the region directly to secure the salaries of the region’s employees and employees, provide public services and perform their duties towards the region’s citizens, in light of The second paragraph of Article 6 of the Kurdistan Parliament Law No. 5 of 2013 concerning the identification and collection of financial dues from the federal revenues of the Kurdistan region – Iraq. LINK

Falling Oil Prices

Time: 01/15/2021 10:12:29 Read: 3,302 times  (Baghdad: Al Furat News) Oil prices fell today, Friday, as concerns about Chinese cities being subjected to general isolation measures due to the Corona outbreak curbed a rally driven by strong import data from China and US plans for a stimulus package.  Brent fell 0.8 percent to $ 55.96 a barrel, by 05:44 GMT, after it had gained 0.6 percent on Thursday.

US West Texas Intermediate crude fell 0.5 percent to $ 53.28 a barrel, after increasing more than 1 percent in the previous session.

Brent is heading for its first weekly decline in three weeks, while US crude is on track for its third weekly gain.

While producers face unparalleled challenges to balance supply and demand equations in light of the calculation of variables involving the distribution of the vaccine against the general isolation measures, the financial contracts are supported by a strong performance of stocks and a weak dollar, which reduces the cost of oil, along with strong Chinese demand.

And a rescue package worth nearly two trillion dollars aimed at alleviating the repercussions of the Corona virus in the United States, which President Joe Biden unveiled, may increase the demand for oil from the world’s largest consumer of crude.   LINK

Oil Minister: Importing Gas Is Indispensable

Energy  Economy News _ Baghdad On Friday, Oil Minister Ihsan Abdul-Jabbar confirmed that Iraq cannot dispense with importing gas, while the opening of the Salah al-Din refinery, with a capacity of 60,000 barrels per day, was considered that it would contribute to reducing the volume of import of white products.

“The added refinery has a design capacity of 70,000 barrels per day and an operational capacity of 60,000 barrels, and this is a great addition to the national economy and will contribute to reducing the volume of import of white products from outside the country and will open up great areas, In development. ”

He added, “There are additional units that will be added during the month of June and another in September to produce larger quantities of gasoline.”

He pointed out, “The opening of a gas plant in Basra at the end of 2022, while another plant will be opened in Maysan Governorate in the first quarter of 2023, while Dhi Qar will witness the opening of a new plant in 2024,” indicating that “the total energies that are supposed to be added from 2021″ To the year 2025 it will be 1500 million cubic feet. ”

Number of observations 67 Date added 01/15/2021   https://economy-news.net/content.php?id=23627

Iraq Expects $ 57 A Barrel Of Oil At This Time

POSTED ON 2021-01-15 BY SOTALIRAQ   Iraqi Oil Minister Ihsan Abdul-Jabbar said that he expects oil prices to stabilize, and to reach about $ 57 a barrel in the first quarter of the year.

Ihsan Abdul-Jabbar said, on Thursday evening, that Iraq is currently capable of producing 5 million barrels per day, but the determinants of the Organization of Petroleum Exporting Countries (OPEC) forced us to produce 4 million barrels per day.

In an interview with the state-run Al-Iraqiya TV, he said, “Iraq does not evade its commitments to OPEC, but rather is committed.”

He added that reducing the Saudi voluntary production of one million barrels per day would help stabilize the market.

Iraqi Oil Minister Ihsan Abdul-Jabbar

He added, “The selling price of a barrel of Iraqi oil now stands at $ 54 per barrel, and that 70% of Iraq’s exports go to the Asian market, especially China and India.”

He explained that “our share in OPEC is one million and 800 thousand barrels per day from the southern fields and 400 thousand barrels from the northern fields.”

The minister said that Iraq is in talks with OPEC and the oil producers allied with it to allow it to postpone compensation for a previous increase in production, adding that there is an understanding of Iraq’s situation and its financial crisis.

He continued that the request for the postponement does not mean that Iraq will not comply with its obligations regarding the OPEC + agreement and that it is committed to reducing its production to maintain market stability.

The Iraqi minister revealed that “the Ministry of Oil will reduce fuel imports by up to 50 percent.”  LINK

Deputy: Submitting A Parliamentary Request To Resolve The Issue Of Customs Tariffs On Raw Materials

Money   and business  Economy News _ Baghdad   On Friday, a member of Parliament, Representative Taha Al-Defense, identified obstacles to the advancement of local factories, while affirming that a parliamentary request was submitted to solve the issue of customs tariffs on raw materials.

In an interview with the Iraqi News Agency and followed by Al-Iktissad News, Al-Defense said, “There are many problems facing the private sector, including the economic challenges that the country is going through.” “.

Al-Defense indicated that “a request has been submitted to the Deputy Speaker of Parliament in order to discuss this issue and to know the extent of its impact on the national product.”

With regard to the issue of Iraqi gas, he explained that “the Ministry of Oil was late in finding solutions to burning gas,” noting that “gas is supposed to be exploited and the Ministry of Electricity stations equipped with it, especially since most of the stations depend on gas to operate them, which forced the import of Iranian gas.” “.

And he stressed “the existence of efforts to exploit gas and convert it to run electric power, and according to the statistics of the Ministry of Oil, the coming years will have gas self-sufficiency for Iraq.”

Number of observations 134 Date added 01/15/2021   https://economy-news.net/content.php?id=23632

Moody’s Grants Ashur International Investment Bank A Credit Rating (Caa1) Similar To The Sovereign Rating

Banks  Economy News – Baghdad  Moody’s credit rating agency announced that Ashur International Investment Bank has been granted an international credit rating, which is the first in its career, and is one of the first banks to obtain such a rating from a global agency.

Where Moody’s evaluated the creditworthiness of the bank, which expresses its ability to fulfill its obligations towards others with a grade of (Caa1), which is the highest category in the degree of (C) , and long-term deposits in foreign and local currencies with the same evaluation of them and also granting them the aforementioned degree, which happens for the first time, which is a positive aspect. .

And that degree is also similar to the degree of government sovereign rating according to the evaluation criteria approved by Moody’s for the Iraqi state, since the degree of credit rating of the state is not generally exceeded .

The agency added in its announcement that the bank has the strength of the capital base in facing risks, as the capital adequacy ratio exceeds the established minimum limits, solid profitability and abundant liquidity, and that the bank’s outlook is stable, and its expectations that it will maintain its path in strengths and that its capital will remain strong with future prospects that reflect moderation In the growth of the credit portfolio and the difficulties facing the operating environment .

Within this context, Mrs. Alya Amer Majeed, Managing Director of Ashur International Bank for Investment, announced that this classification and out of keenness to keep abreast of banking developments and developments, to adopt comprehensive policies and strategies, and to determine the bank’s credit rating from a global agency required by its business and activities, it shows, praise be to God, the bank’s ability and success in implementing its strategies to preserve What has been achieved, while seeking to achieve more and strengthen the status of the bank and expand its spread in the Iraqi market.

Number of observations 391 Date added 01/14/2021   https://economy-news.net/content.php?id=23624

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