Iraq News Highlights 6-11-2024
Parliamentarian: The Basra-Aqaba Oil Pipeline Does Not Achieve Economic Feasibility For Iraq
Economy Information/Baghdad.. On Tuesday, the representative of Basra Governorate, Rafiq Al-Salhi, considered the agreement to extend the oil pipeline from Basra to the Jordanian port of Aqaba as a failed project that does not achieve any economic benefit for Iraq, and the only beneficiary from it is the Jordanian side.
Al-Salhi said in a statement to the Al-Ma’louma Agency, “The project to extend an oil pipeline from Basra to Aqaba is a failed project and will cost the country large sums of money because it has no economic benefit for Iraq and the only beneficiary is the Jordanian side.”
He added, “The shipping and pumping costs operations will drain large amounts of money and costs compared to exporting it from the ports of Basra, as the cost of exporting one barrel from the ports of Basra is estimated at 6 cents, while the cost of a barrel from the port of Aqaba exceeds four dollars. This is a waste of money, in addition to its security risks related to protecting… Pipeline from terrorism or international targeting.”
Al-Salhi pointed out that “the project faces widespread criticism from oil specialists, so we categorically refuse to initiate the project now or in the future.”
It is noteworthy that the Basra-Aqaba oil pipeline project is a proposed project to transport crude oil from the Rumaila field, in southern Iraq, to Aqaba, in southern Jordan. Its length is 1,700 km. LINK
After Returning It For The Purpose Of Auditing…The Iraqi Facts Address Parliament To Send The Budget Schedules
Shafaq News/ Ministry of Justice spokesman, Ahmed Laibi, said on Tuesday that the Iraqi Facts Department addressed the House of Representatives with an official letter in order to send the schedules of the Federal Financial Budget Law for the year 2024 in order to publish them in the Official Gazette.
Laibi explained in a statement to Shafaq News Agency, that there are communications between the Facts Department and the House of Representatives to complete the procedures and publish the budget tables in the Iraqi Facts newspaper.
For his part, a parliamentary source told the agency that this measure comes after the Real Estate Department returned the budget law schedules to the House of Representatives for the purpose of scrutinizing some articles and paragraphs of the law, but the House was late in sending them again.
The source added that the Council must return the budget law schedules before the end of this week and the Eid al-Adha holiday to avoid further delays.
At the beginning of last May, the Iraqi Council of Representatives voted on the budget schedules for the current year, 2024.
The budget included securing scholarships for university and school students, and increasing employee allocations by 4 trillion to secure the salaries of employees, new appointees, and retirees, and implementing the terms of contracts, appointments, and those whose contracts were terminated.
It also included allocating an amount of one trillion and 250 billion dinars to secure the increase in retirees’ salaries, and allocations for disbursing end-of-service rewards to civilian and military retirees.
As well as increasing social welfare allocations to include more than 650,000 new families, increasing the capital of the Real Estate Bank by 500 billion dinars to cover citizens’ lending requests for housing, and allocating an amount of 5 trillion dinars to secure farmers’ entitlements to purchase wheat and barley crops.
At the beginning of this June, a member of the Parliamentary Finance Committee, Jamal Cougar, revealed an important step towards approving Iraq’s budget for the current year.
Koçer told Shafaq News Agency at the time that the House of Representatives voted on the budget law schedules and sent them in an official letter to the Ministry of Justice for the purpose of publishing them in the Iraqi newspaper Al-Waqe’i.
He stated that the budget schedules do not need to be approved by the Presidency of the Republic, given that Parliament voted last year on the three-year budget law.
He added that after publishing the budget tables in the Official Gazette, the Ministry of Finance and the Ministry of Planning will disburse operational and investment expenses, allocations and financial dues to ministries, institutions, bodies and government agencies, in addition to disbursing the governorates’ dues as specified in the budget tables. LINK
Al-Muttalabi: The 2024 Budget Was Fair To The Ministries At The Expense Of The Provinces
Policy Information / Baghdad… The former member of the Baghdad Provincial Council, Saad Al-Muttalabi, confirmed on Tuesday that there was an imbalance in directing budgets towards ministries instead of directing them towards local governments as they are concerned with service projects in their areas.
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Al-Muttalabi told Al-Maalouma Agency, “The ministries’ projects differ from the governorate’s projects, which is considered a local administrative unit that has its direct needs from the municipal directorates spread throughout the regions.”
He added, “Each municipality affiliated with the governorate has its own projects, needs, and plan, and they are presented to the advisory and engineering body in the governorate to be studied and drawn up. Its plan is sent to the Ministries of Planning and Finance, where the sent plan includes realistic solutions for the area in question, while the ministry does not look at such matters, but rather works.” According to a federal strategic plan.
He stated, “It is a mistake for the budget to be directed to the ministries and the governorates and their projects and service plans are ignored. In addition, it is considered a constitutional flaw, as the projects must be primarily local, with the exception of security.” LINK
After OPEC’s Decision To Reduce Cuts… Iraq Increases Its Production By 40 Thousand Barrels Per Day
Energy Economy News _ Baghdad Iraq increased its production by 40,000 barrels per day during the month of May, after OPEC’s decision to reduce cuts, according to a survey conducted by S&P Global Commodity Insights on June 10.
The nine OPEC members subject to quotas boosted crude oil production by 100,000 bpd in May, led by Nigeria and Iraq, pushing the group 320,000 bpd above their collective targets, while the bloc’s allies led by Russia cut production.
Iraq increased its production by 40,000 barrels per day to reach 4.28 million barrels per day, which is 280,000 barrels per day more than its current target, despite its agreement in May to compensate for the surplus production. The Platts survey estimates current oil production in the Kurdistan Region of Iraq at 210,000 barrels per day.
Iraq’s production reached 4.28 million barrels per day, up from the previous month, which reached 4.24 million barrels per day. https://economy-news.net/content.php?id=44222
Provoking Thoughts and Points To Ponder On Adversity:
Every failure made me more confident. Because I wanted even more to achieve things, as revenge. To show that I could. – Roman Polanski
Adversity is, to me at least, a tonic and a bracer. – Sir Walter Scott
Difficulties should act as a tonic. They should spur us to greater exertion. – B. C. Forbes
There are times in everyone’s life when something constructive is born out of adversity … when things seem so bad that you’ve got to grab your fate by the shoulders and shake it. – Anonymous
Brave men rejoice in adversity, just as brave soldiers triumph in war. – Marcus Annaeus Seneca
http://famousquotesandauthors.com/topics/adversity_quotes.html
