Sunday Afternoon Iraq Economic News Highlights 7-2-23
Al-Aqili: The Oil And Gas Law Is The Country’s Safety Valve
Information/exclusive.. Sabah al-Ugaili, a political analyst, considered, on Sunday, that approving the oil and gas law will be Iraq’s safety valve in the next stage, while stressing that passing the law will work to end all crises that occur regarding the export of Kurdistan’s oil.
Al-Aqili said in an interview with the information agency, “The approval of the law will redraw the road map for the distribution of wealth among all components,” noting that “there is a preliminary agreement between the political blocs on the need to pass the oil and gas law in conjunction with the approval of the general budget law.”
And he went on: “Parliament will work to create an atmosphere that precedes the agreement of the political forces to approve the oil and gas law,” noting that “passing the law will work to end all crises that occur regarding the export of oil. ”
Regarding the importance of passing the law under the dome of parliament, Al-Aqili explains: “Voting on the oil and gas law will be the country’s safety valve during the next stage,” pointing out that “it will lead to work on removing many Obstacles facing the work of governments or the movement of their formation.
A member of the Parliamentary Oil and Gas Committee, Intisar Al-Jazaery, confirmed in an interview with Al-Maalouma Agency, that “the Parliamentary Oil and Gas Committee is determined to approve the region’s oil law immediately after the legislative recess of Parliament, adding that the Kurdish parties, after passing many paragraphs, have surrendered to the fait accompli.” On the extraction and export of oil. LINK
Oil And Gas Committee Of The Iraqi Parliament: We Are Waiting For The Government’s Draft
A meeting of the Iraqi Parliament’s Oil, Gas and Natural Resources Committee in May
Rudaw Digital A member of the Iraqi parliament’s oil and gas committee says the government has not yet completed the draft law on oil and gas, is expected to complete the draft soon and send it to parliament for approval; “We expect this to be done within the next two months. The law will have an impact on the regulation of the sector, the national wealth and increased revenue.
“The Iraqi government is currently preparing the draft oil and gas law through several committees,” Ali Jorani, a member of the Iraqi parliament’s oil and gas committee, told Rudaw on Sunday In coordination with the Kurdistan Regional Government, they want to have a law that defines the powers and duties of the provinces and regions and protect the national wealth in a way that will increase revenue.”
“The Iraqi government has not yet set a date for sending the draft, but after sending it will be one of the drafts that must be voted on as soon as possible, because it concerns the entire Iraqi people “Gas should be managed, especially now that investors are coming into Iraq.
The oil and gas bill has been sent to parliament three times since 2007, but disagreements between political parties have prevented its passage. In addition to the 2007 draft, two oil and gas bills were prepared by the Iraqi Council of Ministers in 2008 and and the Kurdistan Regional Government on them, were not approved by the parliament.
“The work of the committees of the Iraqi government and the Kurdistan Region continues to find a common structure; the important thing is to protect this wealth and make it a source of happiness for all Iraqi people,” Zainab Mousavi, a member of the committee, told Rudaw.
“According to our information, some of the draft has been completed, but those that have been completed are the main points; there is more left and we are waiting for it to be completed,” Mousavi said.
The Kurdistan Region has problems with Iraq over the oil and gas issue, but through negotiations, the establishment of subcommittees and several meetings between the two sides, there is now a more favorable environment between the Iraqi federal government and the Kurdistan Regional Government to draft the draft.
On February 15, 2022, the Iraqi Federal Supreme Court ruled that the Kurdistan Region’s oil and gas law, passed in 2007 by the Kurdistan Regional Government (KRG) parliament, was “unconstitutional”, in addition to forcing the Kurdistan Region to hand over oil production.
https://www.rudaw.net/sorani/business/020720231
The Kurdistan Democratic Party Clarifies Its Position Approving The Oil And Gas Law
Information/Baghdad.. The leader of the Kurdistan Democratic Party, Representative Mahma Khalil, confirmed, on Saturday, that there is a political will to pass the oil and gas law during the current parliamentary session.
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Khalil said in a statement to Al-Maalouma, that “the multiple meetings between the federal government and the leaders of the Kurdish parties at the highest levels, in addition to the technical delegations that were held dozens of times, led to the existence of a political will to solve the issue of legislation of the oil and gas law.”
He added, “All the forces of the state coalition are unanimous in approving the oil and gas law and speeding up its legislation during the current parliamentary session, with the aim of ending the problems between the central government and the regional government.”
He pointed out that “the issue of oil and gas will be in the next stage on the agenda of the House of Representatives, and everyone is excited to end this file in the next stage.”
Despite the economic importance of the Iraqi Oil and Gas Law, which has been awaiting legislation in Parliament since 2005, which stipulates that the responsibility for managing the country’s oil fields should be entrusted to a national oil company, supervised by Baghdad, the dispute over the issue of managing the fields of the Kurdistan region Iraq’s oil industry prevented voting on it for many years. LINK
Oil And Gas Parliament Confirms Its Support For Increasing Iraqi Crude Production
On Sunday, the Parliamentary Oil and Gas Committee affirmed its support for the government’s efforts to increase oil production to more than 5 million barrels per day.
Member of the committee, Representative Zainab Jumaa Al-Moussawi, said in a statement to the official agency, “The committee supports the government’s directions to increase oil and gas reserves and increase national production of crude oil and gas, as well as treating gas associated with oil operations and converting it into useful productive wealth and energy that covers local needs, especially electric power stations and industry.”
Petrochemicals, fertilizers and others by inviting discreet foreign companies in addition to exporting the surplus to global markets to achieve financial revenues that provide the state treasury in support of the national economy, sustainable development and the provision of new job opportunities.
She added, “The Parliamentary Oil, Gas and Natural Resources Committee stresses the need to provide a suitable environment for investment by providing protection and facilities for investment companies and providing geographical areas for investment,” stressing the necessity of “not neglecting the fields managed by national companies to create competition with international companies, and increase the net profits achieved from national companies.
She pointed out that “Iraqi oil is one of the most important oils imported by foreign countries, headed by India, China and South Korea, where the total of these countries have acquired about 54% of Iraqi oil since the beginning of this year, in addition to the countries of Singapore, the Netherlands, Turkey, Greece, Egypt, the United States, Italy and France.” “, Indicating that “Iraq achieves billions of dollars from the sale of oil, which contributes to building the country’s general budget, in both its investment and operational parts.”
And she stressed, “Parliament supports government efforts to increase oil production rates to more than 5 million barrels per day.” https://www.dijlah.tv/index.php?page=article&id=330953
Disclosure Of The Date Of Approval Of The Oil And Gas Law
Information/Exclusive.. Member of the Parliamentary Oil and Gas Committee, Intisar Al-Jazaery revealed, on Sunday, the date for approving the oil and gas law that regulates the export of natural resources, while confirming that the Kurdish parties, after passing many paragraphs, have surrendered to the fait accompli regarding the extraction and export of oil.
Al-Jazaery said in an interview with Al-Maalouma agency, “The Parliamentary Oil and Gas Committee is determined to approve the region’s oil law immediately after the parliament’s legislative recess,” noting that “Iraq is exposed to great losses as a result of the continued disruption of Kurdistan’s oil exports.”
And she continued, “The adoption of the law will regulate the mechanism for exporting Kurdistan’s oil through the National Oil Company (SOMO),” pointing out that “the Kurdish parties, after passing many paragraphs, have surrendered to the fait accompli regarding the extraction and export of oil.”
And she added, “The government and the relevant authorities have not yet determined the port through which oil exports will resume, is it the Ceyhan port, or the change to one of the other outlets.”
Member of the House of Representatives, Zahra Al-Bajari, had revealed, in an interview with Al-Maaloumah Agency, that the Kurdistan region continued to smuggle oil abroad in several alternative ways than it was in previous years, while confirming that wherever the money is was found, there were files of corruption in the departments that supported oil smuggling. LINK
After The Oil Agreement, An Expert Details A “Conditional” Mechanism To Unify The Fuel Price Between The Center And The Region
Economy |Baghdad today – Baghdad An expert in the oil field, Bahjat Ahmed, stressed the need for fuel prices in the Kurdistan region to be identical to their counterparts in other Iraqi provinces. A proposal to send a Kurdish delegation to the capital after the tripartite annual budget was approved.
In his interview with (Baghdad Today), the oil expert confirms that Baghdad is obligated to send oil derivatives to the region after the recent agreement on Kurdistan’s share and the commitment of the regional government to hand over its oil.
According to Ahmed, after “reaching an agreement between the two parties, fuel prices in the region should be similar to what they are in Baghdad and other provinces, with the price of one liter of gasoline being 450 dinars.”
He notes that “the federal government has stopped sending oil products to Kurdistan since 2015, after budget disputes between the two parties.”
More than a year ago, the region witnessed a qualitative boom, with fuel prices doubling, which led to a rise in internal transportation fares, as the price of one liter of regular gasoline reached 850 dinars, and the improved one to 1,000 Iraqi dinars.
As a result, waves of anger formed, calling on the Kurdistan government to reduce prices, but the latter has not responded yet. LINK
Parliamentary Committee: Government Plans To Increase Oil Production To More Than 5 Million Barrels Per Day
Baghdad – Conscious – Nassar Al-Hajj Today, Sunday, the Parliamentary Oil and Gas Committee identified the countries that import the most Iraqi oil, while indicating that the government has drawn up plans to increase oil production to more than 5 million barrels per day.
Member of the committee, Representative Zainab Juma Al-Moussawi, told the Iraqi News Agency (INA): “The committee supports the government’s directions to increase oil and gas reserves and increase national production of crude oil and gas, as well as treating gas associated with oil operations and converting it into useful productive wealth and energy that covers the local need, especially power stations.”
Electricity, petrochemical industry, fertilizers and others by inviting discreet foreign companies in addition to exporting the surplus to global markets to achieve financial revenues that provide the state treasury in support of the national economy, sustainable development and the provision of new job opportunities.
She added, “The Parliamentary Oil, Gas and Natural Resources Committee stresses the need to provide a suitable environment for investment by providing protection and facilities for investment companies and providing geographical areas for investment,” stressing the necessity of “not neglecting the fields managed by national companies to create competition with international companies, and increase the net profits generated from national companies.
She pointed out, “Iraqi oil is one of the most important oils imported by foreign countries, headed by India, China and South Korea, where the total of these countries have acquired about 54% of Iraqi oil since the beginning of this year, in addition to the countries of Singapore, the Netherlands, Turkey, Greece, Egypt, the United States, Italy and France.”
Indicating that “Iraq achieves billions of dollars from the sale of oil, which contributes to building the country’s general budget, in both its investment and operational parts.”
And she stressed, “Parliament supports government efforts to increase oil production rates to more than 5 million barrels per day.” https://www.ina.iq/188582–5-.html
