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Iraqi News Monday AM 2-22-21

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Oil Minister: The Dispute With The Region Is On The Way To A Solution, And We Agreed On This Formula

Time: 02/22/2021 12:39:32 Read: 4,368 times  {International: Al Furat News} The Minister of Oil, Ihssan Abdul Jabbar, expressed his optimism that the outstanding issues with the Kurdistan region would be resolved in the near future “if there is confidence between the two sides.”

Abdul Jabbar said in an interview with the BBC, regarding relations with the region: “I think that it is on its way to a solution and there are high-level committees from the Kurdistan region visiting Baghdad to discuss with those with political, technical and economic decisions in the field of budgeting, and there is progress in the relationship.”

He added, “The information was almost withheld from the central government previously, but now information and data have been exchanged between the Federal Office of Financial Supervision and the Office of Financial Supervision in the Kurdistan region, and we in the Ministry of Oil received a number of data and it was agreed on a formula in the budget that the center would receive the value of 250 thousand.”

A barrel of crude oil at the price of (sumo), meaning high competition, and there are other formulas for discussion, and I think the issue is heading towards a solution. ”

In response to the rumors that the Kurdistan region concluded an agreement with Turkey to sell oil for a period of 50 years, Abdul Jabbar explained: “The data received by us say other than this. The Kurdistan region concluded at a certain stage contracts with companies of extraction, transport and export based on the electrified political atmosphere during the period of signing These contracts, and we believe that these contracts were not successful at this time, although at that time they were a financial solution for the region, but now they are unsuccessful and lead to the failure to provide an integrated return from the export of crude oil. I believe that the near future will solve these problems with a joint agreement.

The Oil Minister went on to say that “the relationship with the region will be positive in the near future if there is confidence between the two sides. We are trying to extend elements of confidence and give positive signals, and that the center thinks about the Kurdish people as it thinks about the people in central and southern Iraq, but the issue needs time to build confidence.” .

During the last period, the negotiating delegation for the Kurdistan region headed by the Deputy Prime Minister, Qubad Talabani, made many repeated visits to Baghdad, which resulted in the inclusion of Article 11 – first of the draft budget that stipulates the settlement of dues between the federal government and the Kurdistan region for the years 2004 to 2020 After the Federal Office of Financial Supervision, in coordination with the Kurdistan Regional Office of Financial Supervision, audited it.

Also, starting from the year 2021, the Federal Ministry of Finance will download the debt installments owed by the Kurdistan Region granted to it by the Iraqi Commercial Bank and schedule it over ten years.

Article 11-second of the draft law obliges the Kurdistan Regional Government to deliver 250 thousand barrels of crude oil per day of crude oil produced from its fields, and to hand over oil and non-oil revenues exclusively to the state’s public treasury, but the objection of the Shiite blocs delayed the vote on the law.

Earlier, the Parliamentary Finance Committee set, next Thursday, the date for voting on the 2021 budget, after the announcement that the Shiite blocs had reached an agreement on the Kurdistan region’s oil exports and its share in the budget represented in the delivery of 250,000 in-kind barrels per day to the Kurdistan region in favor of the national oil marketing company (SOMO). ), And the remainder of the production is paid in the form of production, marketing and domestic consumption costs in the Kurdistan region.

The Kurdistan Region delegation will visit Baghdad again this week, to follow up on stabilizing the region’s share of the budget and passing the bill, on which Parliament is scheduled to begin voting on as of next Thursday.  LINK

Parliamentary Finance: Two options for financial abundance from increasing oil prices

Time: 02/22/2021 10:37:57 Read: 6,604 times  {Baghdad: Al Furat News} A member of the Parliamentary Finance Committee, Sherwan Mirza, affirmed that the financial increase or abundance from the high oil prices will be used to fill the deficit or go as a supplementary budget.

Mirza told {Al-Furat News} that “the price proposed by the government for a barrel of oil is $ 42, and after the recent adjustments that we have made, the price has become $ 45 per barrel.”

He added, “The $ 45 is a small price compared to the current price, but it is considered a conservative price because we do not know what will happen in the coming months.”

A member of the Finance Committee stated that “the price was proposed by experts in the Ministry of Oil and the National Oil Company {SOMO}”.

Mirza added: “If there is an increase or a financial abundance due to the high price of oil, it can be used to fill the deficit or as a supplementary budget.”

The advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed earlier that Iraq is on the edges of economic recovery, and said, “Iraq is on the edges of economic recovery at the present time in two areas. The first is that there is a tangible agricultural boom that will achieve growth in the non-oil GDP in 2021 by about More than 4%, which is about one and a half times higher than the population growth, adding that “the second scale is the boom in the energy demand sector in the world. Oil prices have gradually recovered, which is a positive sign and strengthens the country’s overall financial capacity.”

Saleh stressed “the necessity of dealing with this matter with great caution, by laying a basis for sustainable development and minimizing economic shocks.”   LINK

Parliament Session Next Thursday .. Kurdish Parliament: Positive Atmosphere Prevails In The Negotiations In Baghdad And Erbil

Political| 02:58 – 22/02/2021  BAGHDAD – Mawazine News  , Dylan Ghafour, MP for the Patriotic Union of Kurdistan in the House of Representatives, suggested Monday that the parliament would convene next Thursday, pointing out that a positive atmosphere prevails in the negotiations in Baghdad and Erbil.

Representative Dylan Ghafour explained that “the House of Representatives will meet next Thursday,” noting that “the priority for the federal budget bill for 2021.”

Regarding the delegation’s visit, Ghafour said that “a positive atmosphere prevails over the meetings,” expressing “optimism that a decisive agreement will be reached within the coming days.”

She suggested, “the inclusion of the draft federal budget law for 2021 in the agenda of the House of Representatives.”

She added, “Two articles in the budget regarding the dues of the Kurdistan region will remain as they came in the draft law,” expressing “optimism for the success of the negotiations.” Ended 29 / A 43

After The Rise In Oil Prices, Iraq Announces Freezing The Pre-Payment Agreement For Crude

Monday 22, February 2021 10:30 | Economical Views: 301  Baghdad ( NINA ) – Minister of Oil, Ihsan Abdul-Jabbar, announced today, Monday, the freezing of the pre-payment agreement for crude oil, after oil prices rose higher than they were when the decision was taken, which was aimed at boosting revenues.

Abdul-Jabbar said in a press statement, “The ministry decided to freeze the prepayment of Iraqi crude sold at the beginning of the current year, due to the economic stability resulting from high oil prices.”

He explained that “there was a fear that oil prices would not rise again above forty dollars when Iraq announced for the first time in its history the pre-payment decision.”

And Iraq, according to an earlier statement by the Oil Marketing Company / SOMO, was seeking a five-year pre-payment agreement, beginning in January 2021 and ending in December 2025, for shipments of Basra crude.

The crude oil prepayment agreement stipulated that the winner of the bid would pay Sumo about $ 2.5 billion for 48 million barrels of crude between July 1, 2021 and June 30, 2022. / End 8

Iraq And Saudi Arabia Discuss Support For Joint Investment And Trade

Economie| 04:05 – 02/22/2021    BAGHDAD – Mawazine News  Minister of Foreign Affairs Fouad Hussein and his Saudi counterpart Prince Faisal bin Farhan discussed, on Monday, support for joint investment and trade.

“The Foreign Minister Fuad Hussein met his Saudi counterpart, Prince Faisal bin Farhan, in Riyadh, at the invitation of the latter,” said the Foreign Ministry spokesman, Ahmed Al-Sahaf, in a statement received by Mawazine News.

Al-Sahaf added, “Hussein and his Saudi counterpart discussed bilateral relations and ways to advance them in order to serve common interests, in the framework of supporting investment and trade exchange and strengthening development paths.”

The two parties discussed, according to the statement, “the regional and international situations and exchanged views on them and their implications for the region.”

The World Bank: Iraq’s GDP Will Grow By 1.9% In 2021

Money  and business Economy News _ Baghdad  The World Bank expected, on Monday, that Iraq’s GDP growth will be 1.9% for 2021.

The bank said in a report seen by the “Economy News”, that “it is expected that the gross domestic product of Iraq will grow in 2021 by 1.9%,” indicating that “the gross domestic product of Iraq decreased in 2020 by -9.7%.”

He added, “Djibouti is expected to record the highest GDP growth for 2021 among the countries of the Middle East and North Africa, at a rate of 9.2%, while Lebanon’s GDP is expected to record the lowest growth for the same year, at a decrease of -6.3%.”

He pointed out that “the GDP of the oil-producing countries in the Middle East and North Africa, which includes Iraq, Algeria, Kuwait, the UAE, Saudi Arabia, Qatar, Iran, Oman and Bahrain, is expected to increase during 2021 by 2.1% after it recorded -5% in 2020.”

It indicated that “the GDP of the oil importing countries in the Middle East and North Africa, which includes Tunisia, Jordan, Lebanon, Morocco, Egypt and Palestine, is expected to increase in 2021 by 3.2% after recording a decrease of -0.8% in 2020.”   Number of observations 124 Date of addendum 02/22/2021

Iraq Is Developing A Three-Phase Plan To Restart 83 Of Its Stalled Plants

Editing date: 2/22/2021 11:34 • 63 read times   [Baghdad_Where]  The Ministry of Industry and Minerals announced, on Monday, a three-stage plan to restart the stalled factories, while indicating that there are 83 plants that have been suspended from the Ministry’s 288 plants.

“The Ministry of Industry and Minerals has set a strategic plan of three axes, the first is short-term, the second is medium-term, and the third is long-term, to restart all the stalled factories,” said the ministry’s spokesman, Mortada Al-Safi, according to the official agency, indicating that “we started with the short plan that includes operating 17 factories and factories.” Within one year. ”

Al-Safi added, “14 factories and factories have been completed and opened within the short-term plan within only 7 months,” noting that “these factories from various governorates and products are not only related to citizens, but there are materials that the infrastructure needs, including bricks and asphalt plants, and many of them.” .

He added that “the second medium-term plan begins after the passage of a year after the short-term plan, which will include many factories to rehabilitate them through the participation of the private sector,” stressing the need

Al-Safi stressed that “many companies have come to participate with the companies of the Ministry of Industry and Minerals, but we must be careful so that they are sober and real companies, not like they were in the past.”