Iraq Economic News Highlights Sunday Evening

  In Iraqi News 

“SOMO” expects that the oil export capacity across the Gulf will rise to 3.35 million barrels per day

Shafaq News/ The Iraqi Oil Marketing Company (SOMO) suggested on Saturday that the oil export capacity across the Gulf would rise to 3.35 million barrels per day, by next September.

“What is currently achievable is 3.3 million barrels per day taking into account not only the restrictions on export capacity, but also rehabilitation activities that may cause a halt,” the company’s deputy general manager, Ali Al Shatari, told S&P Global Commodity Insights Standard & Poor’s. Sometimes,” he said, adding that “this quantity may go up, of course, but I am a bit conservative until I see plans to develop export facilities go ahead.”

Iraq, “the second largest oil producer” in (OPEC), is pumping more crude in line with the (OPEC +) decision to cancel production cuts on July 21.

Al-Shatari explained, “SOMO expects Basra Heavy exports to reach about 1.1 million barrels per day in July, and Basra Medium, about 2.2 million barrels per day.”

Iraq exported 1.120 million barrels per day of Basra heavy oil in June and 2.146 million barrels per day of Basra medium, and the total exports of southern oil amounted to 3.266 million barrels per day, according to SOMO figures.

Both grades are exported from Iraq’s southern terminals on the Persian Gulf, which have been under expansion for several months but have faced many delays.   LINK

A Kurdish Parliamentarian Announces An Examination Of The Quality Of Government-Subsidized Gasoline And Announces The Results

Shafaq News/ Kurdistan Parliament Member Ali Hama Saleh announced on Sunday that an examination was conducted on the quality of government-subsidized gasoline and confirmed its quality.

Saleh said on his Facebook account, that he “is in constant contact with the concerned authorities to monitor the quality of government-subsidized gasoline at a price of 690 dinars and 800 dinars.”

He added that “the Directorate of Petroleum Products Distribution in Sulaymaniyah follows up on a daily basis the process of checking the quality and quality of gasoline.”

He pointed out that “the results of some inspections of oil products in Sulaymaniyah confirmed that the quality is good.”    LINK

Cabinet Secretariat: Finance Approves The Appointment Of Those Covered By The Political Separation Law

local news   July 24, 2022  user new   22  The Department of Political Dismissed Affairs in the General Secretariat of the Council of Ministers announced the obtaining of fundamental approvals to create job grades for those against whom correct decisions were issued, who were distributed for the years (2020, 2021, 2022).

The director of the department, Rasoul Abdul Ali Al-Azrajawi, explained that the approval came based on the address conducted by the Diwani Order Committee (25 of 2020) in the Department of Political Dismissed Affairs with the Ministry of Finance.

He added, that the department called on ministries and agencies not associated with the Ministry and all governorates to send the statements and decisions issued to the Ministry of Finance for the purpose of taking the necessary.    https://khabaar.press/archives/90919https://khabaar.press/archives/90919

Saudi Arabia Replaces Iraq As The “Largest” Recipient Of Chinese Investments

Shafaq News/ “The Financial Times” newspaper reported that China is trying to evade Western sanctions by refraining, in light of the continuation of the Ukrainian war, from pumping more investments into Russia within the framework of its new Silk Road project, and diverting its investments towards the Middle East, specifically Saudi Arabia, which took Iraq is at the fore.

The economic newspaper explained in a report translated by Shafak News Agency; China’s investments in the framework of the “Belt and Road” project in the Russian economy fell to zero for the first time, which shows China’s reluctance to violate the sanctions imposed on Russia in light of the Ukrainian war.

On the other hand, the newspaper pointed out that compared to Chinese contracts and pledges worth billions of dollars in the past, China did not conclude any new agreements with Russian entities within the framework of the “Belt and Road” in the first half of 2022.

The newspaper quoted a report issued by a center affiliated with Fudan University of China in Shanghai, which indicated that with the slowdown in Chinese investments in Russia, Beijing has strengthened its engagement with the Middle East.

It also quoted the director of the Center at Fodan University, Christoph Nedobel, as saying that the threat of Western-led sanctions may have deterred China from investing in Russia.

However, Nidopil considered that this decline may be temporary, and there is certainly a great engagement between Russia and China, adding that Chinese purchases of Russian energy sources have increased despite the Ukrainian war.

Chinese President Ji Jinping has made Russia a priority for Chinese investments under the “Belt and Road” framework for years.

The newspaper pointed out that the amount of Chinese money granted as loans to Russia between 2000 and 2017, amounted to 125 billion dollars, including 58 billion dollars from the China Development Bank, and 15 billion dollars from China’s “Exim Bank”, which is one of the largest Chinese banks.

The report indicated that China still depends on Russian supplies of oil by 15%, and by 8% for gas. However, new agreements concluded last February boosted these numbers, days before the start of the Russian invasion of Ukraine.

Despite Chinese criticism of international sanctions against Russia, its companies have so far been careful not to violate them.

According to statistics from China’s Fudan University, the Kingdom of Saudi Arabia has now become one of the largest beneficiaries of the Chinese “Belt and Road” initiative, with Beijing strengthening its relations with Middle Eastern countries in general through various energy deals and contracts.

The report added that Beijing signed new deals worth $5.5 billion with Saudi Arabia in the first half of this year, a number greater than any deals concluded with any other country in this period, at a time when Chinese foreign investments have been widely stable.

The report added that during the year 2021, Iraq was the largest beneficiary of the “Belt and Road”, as it concluded deals with the Chinese worth 10.5 billion dollars.

The report considered that China strengthened its position in the Middle East after the United States officially ended its combat mission in Iraq and the complete withdrawal of its forces from Afghanistan, recalling that US President Joe Biden visited Riyadh a few days ago, pledging that he would not move away and leave the void to be filled by China, Russia or Iran. .   Translation: Shafak News Agency    LINK

Al-Ghazi announces the completion of designs for the construction of (14) bridges and tunnels in Baghdad[/size]

Political | 03:18 – 07/24/2022   Baghdad – Mawazine News, Secretary-General of the Council of Ministers, Hamid Al-Ghazi, announced today, Sunday, the completion of designs for the construction of (14) bridges and tunnels in Baghdad.

And the General Secretariat of the Council of Ministers said in a statement, “The Secretary-General of the Council of Ministers, Hamid Al-Ghazi, chaired the meeting of the Higher Committee to address traffic jams in Baghdad.”

Al-Ghazi confirmed – according to the statement – that “Prime Minister Mustafa Al-Kazemi directed the necessity of giving this file the utmost importance, because of its positive repercussions to address the traffic jam crisis in the capital, Baghdad, and to work seriously to complete the projects included in this file.”

He added, “The committee stood on addressing the causes and developing appropriate solutions, through the number of projects initiated by the sectoral authorities, and the completion of the design preparation phase for other projects,” noting that “the completion of the designs for the construction of 14 bridges and tunnels in separate areas of the capital.” .

Al-Ghazi directed “to present it to a sober consulting company to make final observations, and add technical and civilized touches to it, before starting the referral and implementation process, in addition to reaching advanced stages in ending conflicts within the itinerary of the suspended train project, in coordination between the Ministries of Transport and Electricity and the Baghdad Municipality.”

Al-Ghazi pointed out that “the completion rate of the (Al-Dora – Al-Youssoufia) road project has reached (80%) and will be opened within a period of two months, in addition to progress in the work stages within the project to develop the five entrances to the capital,” explaining that “all these projects will contribute to dismantling Traffic jams.     https://www.mawazin.net/Details.aspx?jimare=200305

About 8% Of America’s Oil Imports Were From Iraq

2022-07-24   Yes Iraq: Baghdad   Iraqi oil accounted for about 8% of America’s total oil revenues, according to the US Energy Information Administration, surpassing Iraq in its oil exports from Saudi Arabia last week and becoming its third largest source.

The administration said in a report that “the average US imports of crude oil during the past week from eight countries amounted to 5.722 million barrels per day, an increase of 439 thousand barrels per day compared to the previous week, which amounted to 5.283 million barrels per day.”

She added that “the rate of Iraq’s oil exports to America amounted to 456,000 barrels per day last week, thus exceeding Saudi Arabia, whose exports to America reached an average of 242,000 barrels per day, and thus Iraq became its third exporter after Canada and Mexico.”

She pointed out that “the most oil revenues for America during the past week came from Canada, at a rate of 3.481 million barrels per day, followed by Mexico at a rate of 877,000 barrels per day, and oil revenues from Colombia at a rate of 405,000 barrels per day, and then Saudi Arabia at a rate of 242,000 barrels per day.”

According to the administration, “the amount of US imports of crude oil from Nigeria reached an average of 136,000 barrels per day, from Brazil at a rate of 70,000 barrels per day, and from Ecuador at a rate of 57,000 barrels per day, while no quantity was imported from Trinidad and Tobago or Russia.”   LINK

The Stock Market Is Trading Its Shares With A Financial Value Of Two Billion Dinars In A Week

Shafaq News/ The Iraq Stock Exchange announced today, Sunday, the trading of shares with a financial value of more than two billion dinars during the past week.

The market said in a report seen by Shafak News Agency, “The number of companies whose shares were traded during the past week amounted to 50 joint stock companies, while the shares of 41 companies were not traded due to the lack of convergence of purchase orders prices with sales orders, while 9 companies continued to be suspended for not providing disclosure out of 103 companies.” listed on the market.

He added that “the number of traded shares amounted to two billion and 418 million and 29 thousand shares, with a financial value of two billion and 966 million and 135 thousand dinars, through the implementation of 2184 transactions,” noting that “the ISX60 traded price index closed at 569.44 points, recording a decrease of 0.07% from its closing in previous session.

He pointed out that “the number of shares purchased from non-Iraqi investors for the past week amounted to 116 million shares, with a financial value of 392 million dinars, through the implementation of 79 deals, while the number of shares sold from non-Iraqi investors reached 308 million shares, with a financial value of one billion and 362 million dinars through Executing 123 deals.

It is noteworthy that the Iraqi Stock Exchange organizes five trading sessions per week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels.  LINK

By Contracting With 3 Companies, Anticipation For A Rise In Internet Speed In Iraq By More Than 450%

2022-07-24   Yes Iraq: Baghdad   Today, Sunday, the Ministry of Communications announced that 1800 gigabytes of Internet capacities will enter the service soon, up from 380 gigabytes at the present time, an increase of more than 450%.

The Director General of Relations and Information in the Ministry, Adel Al-Araji, said that “the General Company for Communications and Informatics, one of the formations of the Ministry of Communications, has contracted with three international companies to increase the capacity of the Internet.”

He added, “Contracting with these companies will increase the capacity of the Internet to 1800 GB,” explaining that the current capacities used by Iraq are only 380 GB.

Al-Araji indicated that “each company will provide Iraq with 600 gigabytes of Internet capacity.”

He continued, “These capacities will come into effect for the period between 6 months to a year, and now they are in the process of manufacturing and implementation, stressing that the citizen will witness a high speed in Internet service and data transmission.”   LINK