More Iraqi News Sunday Evening 10-2-22
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A Parliamentary Committee Calls For The Enactment Of A Law That “Obliges” Kurdistan To Return Oil Revenues To Baghdad
Energy Economy News – Baghdad The Oil, Gas and Natural Resources Committee in the House of Representatives confirmed that the regional government did not provide the Ministry of Finance with oil revenues.
Member of the Parliamentary Committee, Alaa Al-Haidari, said that “there are a number of problems between the central and regional governments with regard to oil and its revenues that spanned for years and still exist,” noting that “the regional government did not provide the Ministry of Finance in the current government with the region’s oil revenues, at a time when The latter has a share of the general budget.
Al-Haidari added in an interview with the official newspaper, that “it has become necessary to legislate a law obligating the region to return the sums of selling their oil to the federal government,” noting that “approximately 18-20 percent of the region’s oil is smuggled through international companies, and therefore it must be controlled.” Iraqi oil in general and protecting it from smuggling and theft.
Al-Haidari continued, “Although the region’s authorities are subject to the Iraqi constitution and courts, the region rejected the decisions of the Federal Court, regretting that the federal government did not take its correct and constitutional role toward the regional government’s rebellion in this regard, which led to the suspension and exacerbation of problems.”
He touched on “the necessity of dealing in accordance with the law with all provinces without exception,” noting that “Basra governorate exports daily 3 million and 800 thousand barrels of oil per day through the southern outlets, and therefore the region’s share cannot be taken from Basra oil revenues, and often the share of the province is lower than the rest of the provinces.
438 views Added 10/01/2022 – 6:43 PM Update 02/10/2022 – 3:44 PM
https://economy-news.net/content.php?id=29983
The President Of The Republic To The Ambassadors Of Three Countries: Economic Fluctuations Represent A Global Challenge That Requires Joint Cooperation
Money and business Economy News-Baghdad Today, Sunday, October 2, 2022, at Al-Salam Palace in Baghdad, President Barham Salih received the credentials of the ambassadors of Kuwait, Tariq Abdullah Al-Faraj, Denmark, Christian Turning, and the Netherlands, Johannes Lindert Sande.
President Barham Salih stressed, when receiving the ambassadors separately, that “Iraq looks forward to supporting the international community, establishing balanced relations based on common interests, enhancing political, economic and commercial cooperation, and overcoming differences through dialogue.”
He pointed out that “there are common global and regional challenges that require joint cooperation and coordination, most notably combating terrorism and cross-border extremism, addressing economic fluctuations and health crises, and confronting severe climate changes.”
The president expressed his “wishes for the new ambassadors to succeed in performing their new duties, in a manner that enhances friendship and cooperation relations between Iraq and their countries.”
For their part, the ambassadors expressed “their countries’ aspiration to strengthen relations with Iraq in various fields in a way that enhances joint ties.”
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https://economy-news.net/content.php?id=29995
Bank Of Baghdad Increases Its Total Revenues By 4%
Banks Economy News-Baghdad In the second quarter of 2022, Bank of Baghdad’s pre-tax profit fell 3% from quarter to quarter to $8.2 million, according to a new research study by Rabea Securities. In the second quarter compared to the first quarter, the bank’s total revenue increased 4% to $16.7 million.
In addition, according to Al Rabie Securities, the share price of Bank of Baghdad is on the rise, rising 88% over the past 12 months and still has 44% more upside potential than when it peaked on Oct. 2011.
After a change of ownership in 2005, UGB and the Iraqi Holding Company purchased shares in the bank. After a while, Burgan Bank bought the ownership of United Gulf Bank to become the largest shareholder in the company. According to IraqiNews
The Bank of Baghdad achieved the highest return on average equity (ROAE) among the banks listed on the Iraq Stock Exchange, at 12.5% on an annual basis for the previous six months.
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https://economy-news.net/content.php?id=29997
Industry Announces The Size Of Sulfur Reserves In Iraq
Money and business Economy News _ Baghdad Today, Sunday, the Geological Survey of the Ministry of Industry and Minerals clarified the details of its work regarding granting an industrial establishment license and referring mineral revolution projects, announcing the size of sulfur reserves.
The Director of the Mineral Investment Department in the Authority, Ahmed Tariq Shehab, said, in an interview with the Iraqi News Agency, and followed by “Al-Iqtisad News”, that “the authority oversees the regulation of investment work in mineral wealth through its association with two parties, namely, the Directorate of Industrial Development in the Ministry in accordance with Law 20 of 1998 and granting it licenses Establishing industrial projects, and the other side is the National Investment Authority and its branches in the governorates.
He added, “Most of the clays and ores are invested by a decision of the Ministry of Industry,” explaining that “since the end of 2012, the Mineral Extraction Department was affiliated with the Geological Survey and our commission became centrally funded by the Ministry of Finance, and the department was separated, with its affiliated sites, including the silica sand site. Al-Atyan and Husayniyat iron, and became affiliated with the Extraction Department of the General Company for Mining Industries.
He pointed out, that “when an investor arrives, the authority is required to specify the raw material, its depth, quantities, extension, and the mining conditions for the material to be invested.”
He continued, “Our commission is supervising this issue, in addition to implementing the amended Mineral Investment Law No. 91 of 1988, which is currently in force, and then to put investors in front of their capabilities to invest accordingly.”
He stressed that “the authority alone cannot implement the investment itself, because we will need owners, excavators and financial funding, which the government has not monitored, to activate investment in mineral wealth.”
He pointed out, “The sulfur reserve of 320 million tons contains sulfur rocks and needs special treatments, so raw sulfur accompanies the rocks.”
97 . views Added 02/10/2022 – 2:28 PM Update 02/10/2022 – 5:20 PM
https://economy-news.net/content.php?id=29998
Iraq’s Oil Exports To America Rise Within A Week
Economie| 10:51 – 02/10/2022 Baghdad – Mawazine News The US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to America increased by more than 200,000 barrels per day during the past week.
The administration said in a report, “The average US imports of crude oil during the past week from eight countries amounted to 5.610 million barrels per day, down by 455,000 barrels per day from the previous week, which amounted to 6.065 million barrels per day.”
She added that Iraq’s oil exports to America amounted to an average of 202 thousand barrels per day last week, higher than the previous week, when oil exports to America reached an average of 120 thousand barrels per day.
She pointed out that “most of America’s oil revenues during the past week came from Canada, at a rate of 3.755 million barrels per day, followed by Mexico at a rate of 598,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 422,000 barrels per day, and then Brazil at a rate of 299 thousand barrels per day.”
According to the administration, “the amount of US imports of crude oil from Ecuador amounted to an average of 191 thousand barrels per day, and from Colombia at a rate of 72,000 barrels per day, and from Trinidad and Tobago at a rate of 51 thousand barrels per day, while no amount was imported from Russia and Nigeria.” Ended 29 / M 99 https://www.mawazin.net/Details.aspx?jimare=207090
Saleh Receives Plasschaert To Discuss The Security And Political Situation In The Country
Political | 12:10 – 02/10/2022 Baghdad – Mawazine News, President of the Republic, Barham Salih, received today, Sunday, the representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, to discuss the security and political situation in the country.
A statement from the Office of the President of the Republic, a copy of which was received by Mawazine News, stated that “the President of the Republic, Barham Salih, received today at the Peace Palace in Baghdad, the representative of the Secretary-General of the United Nations in Iraq, Jenin Hennis-Plasschaert, to discuss the general situation, especially the recent security and political situation in the country.”
The statement added, “During the meeting, the general conditions in the country were discussed, especially the security and political ones, where the importance of getting out of the political crisis through dialogue and taking into account the serious challenges facing the country was emphasized,” noting “meeting national benefits and reaching results.” Positive guarantees security, stability and the safety of citizens and the realization of its aspirations. Ended 29 / AD 99
https://www.mawazin.net/Details.aspx?jimare=207097
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