Iraq Economic News 6-18-2024
The Sudanese Advisor Reassures: Iraq Is Safe From Any Financial Risks
Economy | 07:23 – 06/17/2024 Baghdad – Mawazine News Advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that Iraq ranked distinguished among international groups that follow the best banking compliance systems, which makes it safe from any international financial risks, noting that the international community also praised the solidity of the financial and banking system.
Saleh said, “Cash issuance mechanisms are one of the exclusive powers of the Central Bank of Iraq as it is the issuing bank based on its Law No. 56 of 2004,” indicating that “what is published here and there about problems in cash liquidity is far from the solid institutional basis of the monetary authority in Iraq, which It is considered one of the most important authorities concerned with the issues of the availability of cash liquidity and the stability of the payments system, which contributes to the sustainability of the stability of transactions in the national economy.”
He added, “Managing cash liquidity, building the monetary foundation, and controlling liquidity levels in the country are subject to the principle of a long-term plan that is consistent with achieving the operational objectives of monetary policy in order to achieve the intermediate goals of stability and sustainable economic growth and determine the stability of long-term cash flows.”
He stated that “Iraq occupies a distinguished rank among the international financial groups that follow the best international banking compliance systems, which makes our country safe from any international financial risks,” pointing out that “Iraq is a cornerstone of regional and international financial cooperation institutions in the scope of combating money laundering and money laundering crimes.” Crime and terrorism.”
He stated that “Iraq recently received clear, positive praise for its strong anti-money laundering policies at the Financial Action Organization conference for the Middle East and North Africa region, which was held in the Kingdom of Bahrain, and it is a testimony from the international financial community that confirms the solidity of the financial and banking system in Iraq with the principles of compliance and the integrity of financial and banking operations.” https://www.mawazin.net/Details.aspx?jimare=249866
Oil Clarifies The Details Of The Memorandum Of Understanding Signed With The American Honeywell
Posted On06-18-2024 By Sotaliraq The Ministry of Oil explained the details of the memorandum of understanding signed with the American company Honeywell to develop refineries, and while it indicated the Prime Minister’s directive to prepare a study to establish a pipeline network adjacent to the development road, it revealed projects that will enter service soon related to raising refining capacity.
Deputy Minister of Oil for Refining Affairs, Hamid Al-Zobaie, said, “There is a memorandum of understanding signed by the Minister of Oil under the auspices of the Prime Minister with Honeywell, which is one of the large specialized companies with extensive work in all activities,” noting that “a workshop was held with the company.” Concerning refinery activity.”
Al-Zobaie explained, “The memorandum that was signed aims to develop projects for developing refineries and to meet what was directed by the Prime Minister regarding the refinery capacity reaching 40 percent of the crude oil production capacity,” noting that “raising the refinery capacity to 40 percent will add value to the crude oil produced and lead to To raise financial returns and thus support the national economy.”
He pointed out that “7 projects were discussed regarding refineries, with a capacity of 70 thousand barrels for each project, in the governorates of Maysan, Dhi Qar, Muthanna, and Najaf Al-Ashraf, in addition to the third unit in the Doura, Haditha, and Qayyarah refineries.”
He pointed out that “the ministry’s plan was presented and discussed extensively with Honeywell during the workshop held, and it is hoped that a complete vision will be presented by the company regarding the process of developing the refineries with the proposed capabilities during the next two weeks.”
He added, “Honeywell is known for its technical and technological expertise and capabilities, which is important for gaining and transferring expertise to national cadres and developing facilities,” stressing that “after completing the preparation of the projects, the implementation mechanism and time periods for their completion will be determined.”
He noted that “the Prime Minister paid great attention to the refinery sector through development and raising the capabilities of refineries due to its great economic importance,” indicating that “great achievements have occurred in the refinery sector during the past short period, represented by the completion of the fourth unit in the South Refinery, which added 70,000 barrels of refining capacity,
in addition to About the Al-Azmra unit in the same southern refineries, which will be opened very soon, as it added about 1,200 cubic meters of high-octane gasoline, as well as the completion of the Al-Azmra unit in the Doura refinery and the rehabilitation of the North refinery in record time, which added refining capacity of up to 150,000 barrels.
He continued: “During the next few days, the CCR unit in the North Refinery will enter service and will add approximately 3,000,000 liters of high-octane gasoline. The Izmora unit in the North Refinery has also been operated,” stressing that “all of these projects were completed in very short periods.”
He continued, “The upcoming projects, which will enter service soon, will be a contributing factor in raising refining capacities and filling the local consumer need for some products, including the FCC unit in the southern refineries, as it is hoped to be completed in the first half of next year, as it will add gasoline production.”
High octane by 4,000 cubic meters to 4,000,000 cubic liters, and we also have projects for refining capacity additions in the Haditha refinery, during the current quarter of the current year, adding 20,000 barrels.”
He pointed out, “The Prime Minister directed the Ministry of Oil to prepare a study that includes establishing a pipeline network adjacent to the development road that meets all the future strategic plans of the Ministry of Oil, from the fields to the transportation process, in order to facilitate the process of transporting crude oil and gas between the north and the south, as well as export ports.” LINK
Iraq Is The First Arab Country In Developing Oil Pipelines
Energy Economy News _ Baghdad Iraq ranked first as the most developed Arab country for oil pipelines, according to data issued by the specialized Global Energy Monitor platform, until May 2024.
The Arabian Gulf is among the most important regions witnessing oil pipeline construction projects globally, in light of the leadership role it plays in the global market and its possession of huge crude reserves.
Iraq topped the list of the most developed Arab countries for oil pipelines, and the oil pipeline projects – proposed and under construction – reach 3.83 thousand kilometers, divided between 75 kilometers under construction and 3.756 thousand kilometers proposed.
The marine export pipeline project, with an investment cost of $416.9 million, is scheduled to be implemented during the years 2024 and 2025, and will be implemented by the Dutch company Royal Boskalis.
This comes as the country implements plans to increase its oil production to 8 million barrels per day by 2027, contributing to Iraq topping the list of the most developed Arab countries for oil pipelines.
It is noteworthy that Iraq has about 15 lines for transporting oil, with a length of 2.09 thousand miles, and 10 lines with a length of 1.53 thousand miles for transporting petroleum derivatives, according to data issued by the Organization of Arab Petroleum Exporting Countries (OAPEC).- https://economy-news.net/content.php?id=44389
Basra Oil Prices Fall
Economy | 06/18/2024 Baghdad – Mawazine News The prices of Basra heavy and medium crude oil decreased today, Tuesday, in conjunction with the decline in global oil prices.
Basra Heavy crude prices fell by 14 cents, reaching $79.48, while Basra Medium crude prices fell by 14 cents, reaching $82.69.
It is noteworthy that global oil prices declined today, after recording gains in the previous session, as markets remained cautious about the prospects for global demand growth amid expectations of increased supplies. https://www.mawazin.net/Details.aspx?jimare=249875
Provoking Thoughts and Points To Ponder On Adversity:
True knowledge comes only through suffering. – Elizabeth Barrett Browning
Suffering raises up those souls that are truly great; it is only small souls that are made mean-spirited by it. – Alexandra David-Neel
He disposes Doom who hath suffered him. – Emily Dickinson
uffering has always been with us, does it really matter in what form it comes? All that matters is how we bear it and how we fit it into our lives. – Etty Hillesum
We are healed of a suffering only by experiencing it to the full. – Marcel Proust
Those who have suffered understand suffering and therefore extend their hand. – Patti Smith
The saints rejoiced at injuries and persecutions, because in forgiving them they had something to present to God when they prayed to Him. – Teresa of Avila
The difficulties and struggles of today are but the price we must pay for the accomplishments and victories of tomorrow. – William J. H. Boetcker
Experience may be hard but we claim its gifts because they are real, even though our feet bleed on its stones. – Mary Parker Follett
And I think that’s important, to know how the water’s gone over the dam before you start to describe it. It helps to have been over the dam yourself. – E. Annie Proulx
http://famousquotesandauthors.com/topics/adversity_quotes.html
