Iraq Economic News Highlights Thursday AM

  In Iraqi News 

Thursday AM Iraq Economic News Highlights 8-18-22

Iraq Is The Fourth Arab Country In Oil Consumption

Economie   2022-08-18 | 03:22   302 views   He pointed out that “oil consumption depends on the country’s economic strength and industrial development, as well as the size of its population.”   LINK

12 Years After Laying Its Foundation Stone .. Where Did The “Port Of Faw” Arrive?

Economie    2022-08-17 | 15:00  Source:  Alsumaria news 5,231 views  In April of the year 2010, the Ministry of Transport signed the foundation stone for the Al-Faw Great Port project to be added to the other Basra Governorate ports.

The reluctance to complete the project sparked widespread controversy, and parliamentarians accused successive governments of making deals with neighboring countries that neglected the construction of the port in favor of those countries’ ports.

The project also witnessed some reluctance after the “suicide” of the technical director of the South Korean company, Daewoo, executing the project; For mysterious reasons.

Prime Minister Mustafa Al-Kazemi inaugurated, in April 2021, the Al-Faw Great Port project, stressing at the same time that it will provide great opportunities for Iraq and enhance its geopolitical position in the region and the world.

Observers wonder what this important project has achieved 12 years after laying the foundation stone for its construction, in light of Iraq’s need for a port of this size.

In this regard, the representative of Basra Governorate, Zahra Al-Bajari, revealed the latest developments in the Faw port file, while confirming that the progress of the project is progressing at a slow pace.

Related Articles

Ports respond to “skeptics” about the level of implementation of the Al-Faw port project

12:49 | 2021-09-17  In the video, the “mercy bullet” was fired at the great port of Faw

02:41 | 2021-12-30   Al-Kazemi: The project to build a thousand model schools will include all governorates

03:26 | 2022-06-18   Al-Bajari said in an interview with Alsumaria News, “The Al-Faw port is considered one of the very important projects, with great economic feasibility, but progress in this file is progressing at a slow pace, due to the Ministry of Transport’s reliance on budgets, taking into account that there have been years without a budget, which caused delayed projects.

And she indicated, “With regard to the five berths that were referred to the Korean company Daewoo, this issue is not based on budgets and does not depend on the budgets of the Ministry of Transport, but rather an investment project.”

Al-Bajari expected, “Amid the current circumstances and the lack of approval of the 2022 budget, the project will be delayed.”

Upon completion, the port will make Iraq the main station in the international land and sea road project Silk Road” linking the continents of Asia and Europe, and it is expected that the implementation of the Silk Road” will provide

In 2019, Daewoo Engineering and Construction won a contract worth $86 million to construct a yard equipped for a tunnel project in Iraq. Under the contract, the company will build a yard equipped for a tunnel under the waters of Khor Al-Zubair by October 2021.

The port’s designs indicate that it contains a container berth with a length of 39,000 meters, and another berth with a length of 2,000 meters, as well as a container yard with an area of more than one million square meters, and another multi-purpose yard with an area of 600,000 square meters.

The new port, if completed, will accommodate 70 million tons of containers and 44 million tons of miscellaneous goods, which will meet Iraq’s needs for export and import until 2038, according to specialists.   LINK

A New Decline” .. The Exchange Rates Of The Dollar In Iraq

Economie   2022-08-18 | 02:07  6,375 views   Alsumaria News – Economy The dollar exchange rates witnessed a decline on the Iraqi Stock Exchange, today, Thursday.

Today, the selling prices of the dollar were 148,000 dinars per 100 dollars, while the purchase prices of the dollar were 147.900 dinars per 100 dollars. LINK

Gold Prices In The Iraqi Markets

Economie   2022-08-18 | 02:16   408 views   Alsumaria News – Economy   Alsumaria News publishes, today, Thursday, gold prices in the Iraqi local markets, according to the monitoring of specialists.   LINK

Iraq Takes 3 Measures To Protect The Marshes From The Danger Of Drought

Iraq   15:41 – 08-17-2022   Today, Wednesday, the Ministry of Water Resources confirmed that measures were taken to protect the marshes from the danger of drought and to preserve the settlement of their inhabitants.

Hussain Ali, Director General of the Marsh and Wetlands Revitalization Center at the Ministry of Water Resources, said that “the marsh areas have been exposed to problems as a result of declining rains, rising temperatures and reducing their water share.”

Ali added, “The Center for the Revitalization of the Marshes took several measures, including: carrying out purification, cleaning and expanding the ports of the marshes. We started work in them at the beginning of this year in anticipation of any emergency, to concentrate the quantities of available water inside the outlets and rivers feeding the marshes, which were implemented within Dhi Qar Governorate.” .

He continued: “Now, it will be implemented in Maysan Governorate by expanding and expanding the rivers and outlets that feed the marshes to concentrate the quantities of water in the Euphrates River column,” noting that “the goal of all this is to preserve the settlement of the marsh dwellers represented by buffalo herders and fishermen.”

He pointed out that “the marshes were exposed to a real and major problem that threatens the situation of the existing population, but the measures taken by the ministry reduced the impact of this,” stressing that “our goal is to preserve the settlement of the marsh residents through the expansion and deepening of the outlets by the General Authority for the Operation of Irrigation and Drainage Projects and the Department of River Cree”.

He added, “The plan developed by the Marsh Revitalization Center is to clear the columns on the right and left of the Euphrates River, where there are many and large streams, which enabled the population to shift from the deep areas to the banks,” noting that ”

He pointed out, “The most important problems that impede work are the abuses by some individuals and institutions, who exceed the established quota between governorates, as well as between a single governorate, which affects the quota access to beneficiaries, whether it is liquefaction stations, marsh areas or agricultural lands.”

He continued by saying, “The Minister of Water Resources, following the recurrence of these abuses, obtained support from the Supreme Judicial Council by instructing the president of the Council to the competent courts to look into the issue of abuses and sabotage of water facilities, as crimes against public money punishable by law.”

Iraq And Japan Discuss Strengthening Bilateral Cooperation In 3 Sectors

Economie| 08:10 – 17/08/2022   Baghdad – Mawazine News   The Ministry of Oil announced, on Wednesday, that Iraq and Japan are looking to enhance bilateral cooperation in 3 sectors.

A statement by the ministry, which Mawazine News received a copy of, said that Oil Minister Ihsan Abdul-Jabbar Ismail received the Japanese ambassador in Baghdad, Kotaro Suzuki, and during the meeting, they discussed strengthening bilateral cooperation between the two countries in the oil, gas and energy sectors.

The minister stressed the importance of developing the oil industry and the optimal investment of gas through the implementation of investment projects in cooperation with sober international companies.

For his part, the Japanese ambassador expressed his country’s desire to strengthen the frameworks of joint cooperation with Iraq in the fields of oil, gas and energy. Ended 29/R77

Iran: The Value Of Our Exports Through The Mehran Port To Iraq Increased By 69%

Economie| 03:14 – 17/08/2022   Baghdad – Mawazine News, the Director-General of the Customs Department in the Iranian province of Ilam, bordering Iraq, announced that the value of goods and merchandise exported to Iraq through the Mehran border port increased by 69 percent during the first four months of the current Iranian year (started on March 21 last).

Rohullah Gholami said that in the first four months of this year, 1,105 thousand tons of goods were exported from the Mahran crossing, with a value of $493 million, an increase of 86 percent in weight and 69 percent in value.

Gholami added that there are 12 land border crossings between Iran and Iraq, and that the Mehran port ranked first in the exchange of goods and merchandise during the first four months of the current Iranian year. Ended 29 / h

Low Dollar Exchange Rates

Economie| 09:10 – 18/08/2022     Baghdad – Mawazine News   The dollar exchange rates are witnessing, today, Thursday, a decline in the Iraqi Stock Exchange.

Today, Thursday, the selling prices of the dollar were 148,000 dinars per 100 dollars, while the purchase prices of the dollar were 147.900 dinars per 100 dollars.

Increasing Iraqi Oil Production… Ambitious Numbers Clash With “Corruption And Failure”

Posted On2022-08-18 By Sotaliraq   An economic analysis concluded that two obstacles are “corruption and failure” to the increase of Iraqi oil to the millions, which the country’s oil officials are seeking.

An economic report published on the “Yahoo” website pointed out that “Iraq plans to increase its oil production to achieve a transitional goal of between 5 to 8 million barrels per day over time.”

]In this context, he recalled recent statements by the First Vice President of the Iraqi National Oil Company, Hamid Younis, and the Director General of the Iraqi Oil Exploration Company, Ali Jassem, about this planned increase and the significant activity expected in the next phase in the exploration sector, including in the Western Desert and Nineveh Governorate. .

The report considered that “given the current delicate balance between supply and demand in the global oil pricing equations, these large supplies may lead to alleviating the economic damage that has affected many countries due to the exorbitant oil and gas prices.”

However, the report, after questioning the extent of the realism of these statements about high oil prices, added that “these statements are “completely realistic”, considering that Iraq possesses about 145 billion barrels of proven crude oil reserves (about 18% of the total Middle East, and about 9%). of global reserves, and it has the fifth largest reserves in the world).

Despite this, the report quoted data from the International Energy Agency from 2012 on Iraq, which considers that the volume of Iraq’s recoverable oil resources is subject to a great degree of uncertainty,” noting that “the number of 145 billion barrels is sourced from the United States Geological Survey (USGS) from year 2000.

He explained that “through the use of these data, the International Energy Agency’s 2012 analysis concluded that the volume of recoverable crude oil and natural gas liquids resources in Iraq is estimated at 232 billion barrels. However, at the end of 2011, only 35 billion barrels were produced out of this figure of 232 billion barrels.

And the report continued, “Also in 2012, and based on the figures of the US Geological Survey, Iraq produced only 15% of its recoverable resources, compared to 23% in the Middle East as a whole, according to data from the International Energy Agency.”

The report explained his idea, saying that “it is important to distinguish that having huge levels of reserves and recoverable resources is one thing, but drilling and exporting them is another matter entirely.”

The report pointed out that “during the period in which the International Energy Agency’s report was issued in 2012 until now, crude oil production in Iraq rose from more than 3 million barrels per day to just over 4 million barrels per day.”

Although this percentage is exciting and is equivalent to 25% as an increase, the report considered that “in terms of its absolute value, it constitutes a weak return on the oil revenues owned by Iraq, especially if it takes into account how easy it is to recover its oil, as it is clear that Iraq has the lowest extraction cost in The world is worth between 1-2 dollars per barrel, as oil from Saudi Arabia and Iran.”

The report mentioned that “Iraq launched in 2013 the “Integrated National Energy Strategy”, which lays out three scenarios about oil production, the best of which is to increase production capacity to 13 million barrels per day (at that stage by the year 2017), with a peak until the year 2023. , while the medium scenario set reaching 9 million barrels per day (at that stage by the year 2020), while the worst scenario was reaching production of 6 million barrels per day (at that stage by 2020).”

However, the report asked, “Why was Iraq not able to achieve this despite the fact that the basis on which these expectations were based is very solid.” The report identified two main reasons, the first being the rampant corruption that afflicted the oil sector, especially since the fall of Saddam Hussein in 2003, and the second reason, which is partly related to the first, which is the failure to build the “Joint Sea Water Supply Project (CSSP).”

The report pointed to the “culture of corruption in Iraq,” recalling the independent Transparency International’s data on the “Corruption Perceptions Index”, in which Iraq appears among the worst in the world out of 180 countries due to the extent and scope of corruption.

The report quotes Transparency International, speaking in this context about “massive embezzlement, fraud in the field of procurement, money laundering, oil smuggling and widespread bureaucratic bribery that led the country to the lowest international corruption ratings, provoked political violence and impeded the building of an effective state and the provision of services.”

As for the “Joint Sea Water Supply Project (CSSP)”, the report considered that the extent of rampant corruption may be a main reason for not moving forward with its implementation, but it indicated that if Iraq manages to cordon off the project as much as possible to keep the corrupt elements away from it,

It may be able to start achieving the envisaged huge increases in oil production, noting that the project includes plans to withdraw water from the Gulf and then treat it before transporting it through pipelines to the oil fields to be used to strengthen pressure and increase oil absorption, which is estimated to cost about 10 billion dollars, and aims to secure About 6 million barrels per day of water flow to at least five oil fields in the southern Basra region and another field in the Maysan region.   LINK

Masrour Barzani: Investors Should Take Into Account Green Spaces When Implementing Real Estate Projects

Posted On2022-08-17 By Sotaliraq   Today, Tuesday, August 16, 2022, Kurdistan Regional Government Prime Minister Masrour Barzani inaugurated the third Erbil International Real Estate and Investment Exhibition (Invest Expo 2022), with the participation of 180 companies from 12 countries.

In his speech during the opening ceremony, the Prime Minister expressed his happiness with the exhibition, especially since the engineering skills in implementing real estate and investment projects have become more local, which is very encouraging.

The Prime Minister said that the previous ministerial formations paid great attention to investing and building real estate and buildings in Kurdistan, which made it significantly progress compared to the rest of Iraq, although real estate projects were not without flaws.

He explained that the real estate progress in Kurdistan encouraged many people to move to live in the cities of the Kurdistan Region, where there is security, prosperity and stability.

The Prime Minister stressed the need to take into account the comprehensive plans of cities and most projects in accordance with international standards, and to address defects in projects implemented in Kurdistan during the previous years.

The Prime Minister indicated that with the global progress in engineering and architecture, new methods of real estate construction can be introduced in the region.

He said, “We have a special case, for example, Erbil as the oldest inhabited city in the world where life continues and we can consider this as a definition of Erbil, but at the same time we are moving towards the most advanced architectural style in the world.”

The Prime Minister stressed that Erbil can become the first city in the world in which the oldest and most modern architectural styles are implemented.

He added that without a doubt, the rest of the cities of Kurdistan have their own peculiarities, and we pay more attention to housing and reconstruction in all the cities and towns of the Kurdistan Region.[/size]

The Prime Minister stressed the importance of taking into account health services, green spaces, quality of work, and materials used in investment and real estate projects in line with international standards.

And he indicated that the Kurdistan Regional Government continued to support the public and private sectors, which has made progress in the Kurdistan Region.

He regretted the increase in desertification, drought and water shortage due to climate change, as the Kurdistan Region is not immune to climate change.

He continued, “We must adapt to the climate changes that are taking place in the world. It should be taken into account in terms of investment.”

Unfortunately, I have often seen that green spaces in projects have been sacrificed for more housing units, and this should not continue,” he said.

The Prime Minister called on investors to take into account green spaces and services, and not to think about increasing housing units at the expense of services and schools.

The Prime Minister said that green spaces are very low and this had a negative impact on climate change, which requires increasing green spaces in all projects, and this must be considered a condition for granting licenses and licenses.

He also urged consideration of landslides and floods, and the need to create a healthy environment for citizens who are the main priority for the government.

The Prime Minister touched on the decision to build 20,000 housing units for low-income and poor people at reasonable prices and in easy installments.

He said: “In order to continue serving our people, it is not enough to build houses and units, but rather we must invest in the agricultural sector, and we must continue developing the industrial sector to support investors in the real estate sector.”

The prime minister added, “We must try to use the wealth that Kurdistan possesses and its rich natural resources for construction and reconstruction.”

The Prime Minister said that the citizen is the main focus of the ninth ministerial formation. LINK


Tags: , , , , , , /