Iraqi News Monday Evening 8-29-22
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Oil Expert: Iraq’s Purchase Of Exxon Mobil’s Share Will Achieve A Financial Return Of $ 526 Million
West Qurna field Energy Economy News – Baghdad The oil expert, Ahmed Musa Jiyad, confirmed that Iraq will achieve a financial return of 526 million dollars after purchasing ExxonMobil’s share in the West Qurna 1 field.
Jiyad said, in a study seen by “Economy News”, that “purchasing Exxon Mobil’s stake in the amount of $300 million will generate a total cash return accumulated at the beginning of 2035 estimated at about $826 million over 13 years, meaning that it gives a net return of $526 million, which is The equivalent of depositing $300 million at an annual interest rate of 8.1%.”
He added that the net cash return does not mean much in economic terms, because it overlooks the time factor, explaining that the production rate of West Qurna 1 field reached 520 thousand barrels per day during the month of June.
He pointed out that ExxonMobil’s share amounts to 158,000 dollars per day from the Ghorba Al Qurna 1 field.
It is noteworthy that the Council of Ministers agreed to authorize the Ministry of Oil to buy Exxon Mobil’s share, worth 300 million dollars.
To read the study text , click here. LINK
147 . views Added 08/29/2022 – 11:04 AM Update 08/29/2022 – 5:57 PM
Mazhar Muhammad Salih To / NINA /: Central Bank Loans .. A Soft Cash Lending Program For The Purposes Of Economic Development
Sunday 28 August 2022 10:54 | Economic Number of readings: 517 Baghdad / NINA / – The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the Central Bank loans are a soft cash lending program for the purposes of economic development.
He told the National Iraqi News Agency ( NINA ) that the Iraqi banking system is experiencing a kind of financial liberalization, as the supervisory instructions of the Central Bank of Iraq have allowed sufficient freedom for bank boards of directors to determine the credit and debit interest in accordance with the competitiveness and the bank’s policy since 2004.
Saleh added: Today, the monetary policy interest rate is between 4-5%, and it is a price that guides banks in making their credit decisions. Noting that due to the low level of monetary credit in our country, the Central Bank initiated a soft cash lending program for the purposes of economic development, and the interest was initially about 4% with long grace periods for repayment.
He explained: The Central Bank of Iraq, in order to face the pressures of unemployment and depression, replaced the interest on its lending initiative, which amounted today to about 19 trillion dinars, with a commission that is deducted when the loan is granted once, and it may amount to 4% .
And Saleh: Despite that, there is no obligatory restriction on interest in the banking market. Rather, it is still free and free to be exercised by banks authorized by their administrative decisions and according to their liquidity conditions./End 3 LINK https://ninanews.com/Website/News/Details?Key=996523
Integrity: Forming Committees To Recover Iraq’s Money From Abroad
Money and business Economy News _ Baghdad Today, Monday, the Integrity Commission announced that most countries did not cooperate with Iraq to recover its money, while indicating the formation of several committees to return those funds from abroad.
The Director General of Recovery in the Commission, Deputy Head of the Iraq Money Recovery Fund, Moataz Faisal Al-Abbasi, said in an interview with the Iraqi News Agency and followed by “Economy News”, that “most countries do not cooperate with Iraq, as the countries that have money in their banks do not give it easily and it is a rule General”.
Al-Abbasi pointed out, “The Integrity Commission is working to conclude agreements between countries for cooperation, but it collides with legal, judicial or political procedures, depending on the state and its cooperation, and therefore the matter is outside the integrity of the integrity or the Iraqi money recovery fund.”
He added, “The Integrity Committee, and in accordance with the conference held in order to recover Iraq’s funds abroad, formed many committees,” stressing that “coordination is continuing in order to clearly implement the recommendations, and there is a lot of work with those countries.”
40 . views Added 08/29/2022 – 11:20 AM Update 08/29/2022 – 5:35 PM
Oil Prices Rose By More Than 1% In Global Markets
Economie| 09:03 – 29/08/2022 Follow-up – Mawazine News: International oil prices rose, this morning, Monday, by more than 1%, and investors expect a decrease in the supply of this type of raw materials in the market, according to trading data.
As of 8:07 Baghdad time, the price of the futures contract for the month of November, Brent crude oil, rose by 1.08% to reach $100.09 a barrel. Also, the October futures contract for West Texas Intermediate crude rose by 1.08% to reach $94.15. Ended https://www.mawazin.net/Details.aspx?jimare=203775
Will The Sadrists Hit The Iraqi Economy To The Core With This Sudden Step?
Politics, 2022/08/26 22:49, the number of readings: 1383 Baghdad-Iraq today: News platforms linked to the Sadrist movement have been promoting, since yesterday, Thursday, the Telegram application, to close oil stations, considering that “the oil goes to the corrupt, and that the people do not benefit from the export,”
stressing that “the safety of all oil companies is guaranteed.” Foreign and domestic workers operating inside the oil fields when they are closed.
She pointed out that “the value of Iraqi oil revenues, according to official data, amounts to about 120 billion dollars annually,
but the actual number is much more than that if we take into account the illegal export and smuggling of oil to neighboring countries, and that these astronomical numbers are sufficient to build a continent.” The platforms also confirmed,
“The (Petranus) field or the Al-Gharraf oil field (north of Nasiriyah) between the Shukr Castle district and Al-Rifai district produces 200,000 barrels per day, and that the leader of the Dawa Party, Kata Najiman (Abu Mujahid) dominates it,”
noting that “Closing production fields will stop 83 percent of oil exports.
Activists published the names of many fields, stressing that they will be closed, and they are in the governorates of Basra, Maysan, Nasiriyah, including the Abu Zarqan field, the Abu Gharb field in Maysan, the Rumaila fields in Basra, the Zubair field, the Qurna field, the Western Qurna field, and the giant Majnoon field in the governorate.
Basra, Giant Nahr Ibn Omar Field, Halfaya Field, Giant Nasiriyah Field in Dhi Qar Governorate, Al-Gharraf Field in Dhi Qar, Sinbad Field, West Al-Kifl Field, Al-Sabbah Field, Dujaila Field, Jabal Fawki Field, Nasiriyah Fields: Heath Field, Bazerkan Fields , Fakka field (Maysan) and others.
For his part, one of the coordinators of the Sadrist sit-ins, Jassem Al-Fatlawi, said that “any directives did not arrive from the leaders of the movement to close the oil fields,”
noting that “the Sadrist movement and all the people believe that the imports of these fields go to the pockets of the parties and the corrupt and their parties, and this is the reality, and that The people did not get any benefits from those imports.”
He pointed out that “the movement does not take any steps without being very deliberate, aimed at preventing corruption and looting state funds and serving the people.”
The activist in the Sadrist movement, “Abu Shaham”, urged the people of the southern provinces to close all the fields, and he said in a tweet to him,
“The free southern people must close all the oil fields in southern Iraq, and for the reason that the people do not benefit from them, because they go into the pockets of the corrupt… We shall die honorably and not be slaves to corrupt tyrants.” https://iraqtoday.com/news/65599/هل-سيضرب-الصدريون-الاقتصاد-العراقي-في-الصميم-بهذه-الخطوة-المفاجئة
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