Iraqi News Thursday AM 7-28-22
Tlm724 Administrator Bondlady’s Corner
SOMO: 850 Thousand Barrels Per Day Will Be Added To Iraq’s Export Capacity Within 6 Months
The headquarters of the oil marketing company “SOMO” Energy Economy News – Baghdad The Iraqi Oil Marketing Company “SOMO” revealed the intention of the Ministry of Oil to add 850,000 barrels per day to Iraq’s export capacity within 6 months, adding that the Ministry of Oil is currently working on reactivating the Al-Amaya port in Basra in order to export one million barrels per day in the year 2024.
Iraq currently has two oil export outlets, the first from Basra through the ports, which constitutes 97% of the total exports, and the other is the Ceyhan port, which is a joint pipeline between Baghdad and Erbil, in which the region’s oil quantities are exported, amounting to 400,000 barrels per day.
The Director of the Market Research and Strategic Planning Authority at SOMO, Muhammad Saadoun, told the Duty of Frankness program broadcast by Al-Iraqiya channel, and reviewed by “Economy News”, that “the Ministry of Oil is working to increase the export capacity within 6 months by 250 thousand barrels per day by replacing equipment in Floating platforms in the port of Basra.
He stressed that Iraq owns two pipelines for exporting oil with Turkey, but they stopped due to the events of ISIS, and now the pipeline that passes from Kirkuk to Baiji and then Turkey, the projects company in the Ministry of Oil is rehabilitating it and within 3 months it will enter service with a capacity of 600,000 barrels per day.
There are major differences between the federal government and Turkey as a result of Ankara allowing the Kurdistan region to export oil independently from Baghdad, and there is now a lawsuit in one of the international courts between the two countries.
And Iraq exported, during the last month, 3.37 million barrels per day, which brought in more than 11.3 billion dollars, thanks to the high oil prices, which exceeded the monthly average of 112.2 dollars per barrel.
He added that the Japanese loan project, which will contribute to the activation of the Al-Amaya port and the establishment of a floating platform, will enter service during the year 2024, and give us an additional export capacity of one million barrels per day.
He pointed out that in 2026, the rehabilitation of the export platforms at the Basra port will be completed, which will add 750,000 barrels per day.
Views 288 Added 07/28/2022 – 12:31 PM Update 07/28/2022 – 5:54 PM
https://economy-news.net/content.php?id=29056
Al-Nusairi: The Central Bank’s Initiatives To Revitalize The Economy Amounted To 18 Trillion Dinars And Achieved Their Goals
Samir Al-Nusairi Samir Al-Nusairi, a consultant to the Iraqi Private Banks Association, confirmed in a televised speech that the central bank’s lending and financing initiatives have achieved their main objectives in stimulating the economy and revitalizing the economic cycle.
Al-Nusairi indicated, through the Iraq Studio program, which is shown by iNews channel, that the Central Bank allocated an amount of 18 trillion dinars to lend to small, medium, large, housing and renewable energy projects. Allocating 5 trillion dinars for each of them, and the implementation rate was about 70% for the real estate agency and 60% for the Housing Fund.
Al-Nusairi added that the interest rate for housing loans is 2%, decreasing, and the loan amount ranges between 100-150 million dinars, with repayment periods ranging between 15-20 years, and loans for small and medium enterprises reach an interest rate of 3.4%, with a repayment period of up to 5 years.
Al-Nusairi urged borrowers to commit to paying the monthly installments of loans regularly for the purpose of enabling banks to expand the provision of loans to citizens and achieve the developmental, economic and societal goals of the initiatives of the Central Bank.
It is worth noting that the initiatives of the Central Bank’s initiatives have contributed to supporting the private sector by more than 30% of the total cash credit granted, and that the amounts allocated to the initiatives constituted 8% of the gross domestic product.
151 views Added 07/28/2022 – 11:07 AM Update 07/28/2022 – 5:47 PM
https://economy-news.net/content.php?id=29053
Food And Agriculture Organization Of The United Nations: Iraq Will Not Face A Food Crisis This Year
Wheat money and business The representative of the Food and Agriculture Organization of the United Nations (FAO), Salah Al-Hajj, announced that global grain prices rose by 45% compared to last year, adding that Iraq will not face a food crisis this year (2022 ).
Salah Al-Hajj, revealed that the drought led to the displacement of a thousand families in southern Iraq, stressing the need for Iraq to have a strategic plan to deal with climate change .
He added that “Iraq has 3 million tons of wheat, while its need is 5 million tons, and bought sufficient quantities until the end of the year approximately,” noting that “the grains are available in global markets, but there is an increase in prices of up to 45% compared to last year, for many Among the reasons are the crisis between Russia and Ukraine, the Corona pandemic, and the rise in energy prices, which is reflected in a rise in shipping costs, and thus is directly reflected in prices .”
He added that “there is a relative decrease in grain prices between the months of May and June, ranging between 2-4%, but it remains higher compared to last year .”
Regarding the possibility of increasing wheat production in Iraq, Al-Hajj pointed out that “there is a possibility to increase wheat production locally to reach self-sufficiency, and the numbers of the previous year and the one that preceded it are an example of that,” adding that “Iraq produced more than 5.5 million tons of wheat if we go back to two years ago.” 2019 and 2020, which is more than the country’s annual consumption needs .
The representative of the FAO confirmed that the increase in production is related to climatic changes and the quantities of water available, noting that “most of Iraq’s production of wheat relied on irrigation because of the lack of sufficient rainfall and at the required times .”
” Unfortunately, Iraq has been classified as one of the five countries most affected by climate change,” according to Al-Hajj, who pointed out, for example, to the water shortage and deterioration in living conditions in the marshes .
Al-Hajj noted that “climate change is no longer a theory but a reality, and it must be dealt with from the standpoint of direct intervention and the preparation of medium and long-term plans,” revealing that “FAO, in cooperation with the Ministry of Agriculture and with the support of the European Union, provided assistance to between 5 and 6 thousand people Buffalo breeders in the marshlands, through emergency support of feed and other materials that help withstand and endurance during this difficult period .”
He pointed out that the organization “is raising awareness about food waste, as large quantities of food are wasted on a daily basis, affecting prices, and therefore there is a responsibility that must be paid attention to . ”
The organization had revealed earlier, that there are about 4.7 million tons of food wasted annually in Iraq, and that it amounts to about 120 kilograms per person.
Views 90 Added 07/28/2022 – 2:42 PM Update 07/28/2022 – 5:51 PM
https://economy-news.net/content.php?id=29057
The Minister Of Planning Calls For A Review Of The Mechanisms Of Inclusion In The Protection Network And The Ration Card System
Money and business Economy News – Baghdad The Minister of Planning, Khaled Battal Al-Najm, called on Thursday to reconsider the comprehensive mechanisms of the protection network and the ration card system.
According to a statement by the Ministry of Planning, Al-Najm chaired “the preliminary workshop for preparing the third poverty alleviation strategy for the next five years, which was held by the ministry in cooperation with the World Bank, and will last for two days.”
Al-Najm stressed that “Iraq has been subjected to severe social and economic setbacks during the past decades, which have led to radicalization and high rates of poverty.”
And he demanded, “the need to reconsider the mechanisms of inclusion for the social protection network and the ration card system, in a way that contributes to the inclusion of the poorest segments,” adding that “the poverty that Iraq is facing is a multi-dimensional poverty linked to health, education, income and housing, and therefore we should take into consideration such as These requirements are in light of the great challenges resulting from the growing population, climatic changes, the repercussions of the Corona pandemic, and global crises in the field of food security.
The Minister of Planning stressed, “The need for the third poverty reduction strategy to be responsive to reality and feasible, and linked to the rest of the other strategies and plans, especially the five-year development plan and the national document for population policies, and to benefit from the results and lessons of the previous two strategies.” 1 . views Added 07/28/2022 – 5:50 PM Update 07/28/2022 – 5:50 PM https://economy-news.net/content.php?id=29061
The Dollar Is Rising In The Iraqi Market
Economie| 09:58 – 07/28/2022 Baghdad – Mawazine News, the dollar exchange rates rose slightly on the Iraqi Stock Exchange, today, Thursday.
And the selling prices of the dollar were recorded at 148,500 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 148,400 dinars per 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=200720
Oil Continues To Gain, The Price Of A Barrel Of Brent Approaches 108 Dollars
Economie| 08:28 – 07/28/2022 Follow-up – Mawazine News: Oil prices rose by more than a dollar a barrel, Thursday, to continue its gains from the previous session, supported by the improvement in risk appetite among investors, while prices received support from the decline in US crude stocks and the recovery in demand for gasoline in the United States.
Brent crude futures for September delivery rose $1.20, or 1.1 percent, to $107.82 a barrel, while crude rose $2.22 a barrel on Wednesday.
West Texas Intermediate crude rose $1.44, or 1.5 percent, to $98.70 a barrel, after increasing $2.28 a barrel in the previous session. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=200712
The Iraqi Market Announces The Circulation Of 7 Billion Shares This Week
Economie| 02:46 – 07/28/2022 Baghdad – Mawazine News, Thursday, the Iraqi Stock Exchange announced the trading indicators during the fourth week of July 2022.
A statement to the stock market stated, “The Iraq Stock Exchange organized during the fourth week of July 2022 five trading sessions from Sunday, 24 07/2022 to Thursday 28/07/2022, the following indicators were achieved during this week:
- The number of traded shares during this week reached more than (7) billion shares
- The value of traded shares this week reached more than ( 4) One billion dinars
- The market trading index closed for the first session of the week at (570.09) points, while the index closed at (572.12) points at the end of the week, achieving an increase of (0.35%) from its closing at the beginning of the session
- Executed during More than (2900) contracts of buying and selling on the shares of companies listed in the market. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=200739
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