“Sharing profits” .. British Petroleum prepares to invest $ 25 billion in Kirkuk
A report by Reuters revealed on Tuesday that the British company BP is preparing to invest up to $25 billion over the life of a project to redevelop four oil and gas fields in Kirkuk, at a time when Baghdad seeks to regain foreign investment.
The report, which was translated by / Al-Maalomah / agency, stated that “if the deal is signed, which an Iraqi official who declined to be identified said could happen in the coming weeks, it would represent a breakthrough for Iraq, where production has been restricted by years of war, corruption and sectarian tensions.”
“BP will invest between $20 billion and $25 billion in a profit-sharing agreement that will last for more than 25 years,” the Iraqi official with direct knowledge of the deal said. The British company did not immediately respond to a request for comment on the size of the deal, which has not been publicly disclosed.
The report continued: “The expected agreement with BP will be the second major agreement between Iraq and an international oil company in two years, following the agreement reached in Basra with France’s TotalEnergies, which was worth about $27 billion.”
The report indicated that “the agreement with BP focuses on rehabilitating facilities at four oil fields and developing natural gas to support Iraq’s domestic energy needs, while the Iraqi official said that technical and economic negotiations are progressing well and final contracts could be signed in the first half of February and possibly by the end of this week.”
The report indicated that “under the terms of the contract, BP will work to boost crude oil production capacity from the four oil fields in Kirkuk by about 150,000 barrels per day to raise total capacity to at least 450,000 barrels per day within two to three years, under the profit-sharing model that was agreed upon.” Discussing it, the senior oil official said BP would be able to recover costs and start making profits once production increases beyond current levels, the official said.
The government, CBI adopt a comprehensive initiative for banking reform
The government, in cooperation with the Central Bank of Iraq – CBI, adopted on Tuesday a comprehensive initiative for banking reform.
“Banking reforms have been a cornerstone of the economic reform agenda outlined in the government program. To advance the critical steps initiated by the government in this area since assuming office – and to achieve key development objectives that require a robust banking sector – the government, in collaboration with the CBI, has launched a comprehensive initiative encompassing a strategic and integrated set of banking reforms,” according to a statement by the PM Media Office – received by the Iraqi News Agency – INA.
The statement included that “this initiative marks a pivotal moment in Iraq’s economic development, aligning with commitments to enhancing banking standards, strengthening financial resilience, and fostering a more competitive financial system.”
“These comprehensive reforms aim to keep pace with developments in the region and globally, facilitate greater partnerships, and expand Iraq’s connectivity with international banking and financial systems. CBI is actively working to implement and refine regulatory and supervisory frameworks in cooperation with international partners to promote sustainable growth and development within the banking sector. At the same time, the government is supporting the CBI’s efforts to enhance the overall banking environment,” added the statement.
These reform efforts are built upon the following key pillars:
1- Enhancing ownership structures and governance frameworks
Strengthening transparency and accountability by implementing measures such as diversifying ownership structures and ensuring independent board oversight of operations and committees.
2- Improving service standards
Expanding access to essential financial services for all Iraqis by increasing efficiency, diversifying financial products, and modernizing the banking sector’s infrastructure.
3- Aligning with international standards
Enforcing adherence to globally recognized frameworks and best practices in anti-money laundering and countering the financing of terrorism, as well as financial transparency, to ensure the seamless operation of banking services and support both business needs and individual financial transactions.
4- Enhancing financial resilience
Strengthening the financial stability of Iraqi banks by implementing robust capital and liquidity requirements, ensuring the protection of customer deposits, and safeguarding the economy against domestic and international challenges.
This initiative is part of a broader strategy aimed at modernizing Iraq’s banking sector. The CBI is currently developing this strategy in partnership with Oliver Wyman, a leading global management consulting firm. The ongoing banking reforms, including those undertaken with state-owned banks, will complement this strategy, marking a transformational shift in Iraq’s financial system.
“Further details on the implementation of these reforms will be announced in due course.”
With this initiative, the government and the CBI reaffirm “their shared commitment to a reform vision that establishes a modern, transparent, and inclusive banking system – one that supports the aspirations of Iraq’s dynamic economy.”
US report: Barzani family spends millions of dollars in Washington from corruption
A report by the American website Insight International confirmed on Tuesday that since the end of January 2024, lawyers for the Kurdistan Victims Fund have filed an extensive lawsuit against Masoud, Masrour, Weysi Barzani and several of their key aides. The case alleges a number of crimes ranging from corruption and forgery to torture and murder, and each charge is extensively documented. The case not only alleges that Masoud and Weysi were directly responsible for the killing of a US intelligence officer, but it also includes photos of his body after he was beaten to death by followers of Masrour and Weysi.
The report, translated by the / Information / agency, stated that “the Kurdish leadership spends millions of dollars in Washington, but because its representatives are limited to the Kurdistan Democratic Party and not to broader Kurdish interests, they have operated blindly. Even Masrour seemed unaware that some close associates who are noticeably absent from the list of defendants appear to have spoken to investigators and negotiated immunity for themselves at his expense.”
“There are four reasons why the Barzanis are foolish to believe that the U.S. District Court for the District of Columbia will dismiss the case on the grounds of sovereign immunity,” he added. “While Masrour may argue that he has sovereign immunity, his permanent residency in the United States undermines this, so he cannot claim to be a U.S. resident, as he has been for years, and say he is a foreign official who is immune under U.S. law. His permanent residency raises tax and transparency questions that Masrour will no longer be able to evade.”
He continued: “While Masoud is not a U.S. citizen, that does not give him immunity. Within the U.S. judiciary, there are three levels of federal courts: the U.S. District Court where the Barzani lawsuit is now, the U.S. Court of Appeals, and the U.S. Supreme Court.”
He explained: “A large part of the Kurdistan Victims Fund lawsuit also involves financial crimes, corruption, and fraud by foreign businessmen. Unfortunately for the Barzani family, the Foreign Sovereign Immunities Act does not protect them from liability under U.S. law for corruption and fraud as well.”
The report noted that “in the meantime, official Washington realizes that even if the Barzanis can set aside parts of the lawsuit, they will not be able to erase documentation of their crimes, and indeed, congressional hearings are brewing. Even traditional Barzani friends are now wondering whether the ruling family is more trouble than it is worth.”
Including Iraq.. Ten countries around the world ban dealing in cryptocurrencies
The American magazine, CEOWorld, announced that Iraq is among ten countries in the world that prohibit dealing in cryptocurrencies.
Despite the global rise of cryptocurrencies, many countries continue to impose strict regulations or outright bans, the magazine said in a report seen by Shafaq News Agency. While some governments cite financial stability and fraud prevention, others raise concerns about money laundering and economic control.
Here are ten countries where cryptocurrencies will remain restricted or banned in 2025:
Iraq
The Central Bank of Iraq issued a ban on cryptocurrencies in 2017, citing risks such as financial crime, volatility and consumer protection concerns. Banks, financial institutions and payment service providers are still prohibited from dealing with digital assets, making crypto transactions unavailable through official channels.
In 2018, the Kurdistan Regional Government’s Supreme Fatwa Council issued a ruling against OneCoin, reinforcing the country’s cautious stance toward digital assets. However, despite the restrictions, informal cryptocurrency trading continues, with enforcement against individuals still unclear.
China
China has imposed strict restrictions on cryptocurrencies since 2017, initially banning exchanges before expanding the ban to include mining and financial institutions that handle cryptocurrency transactions.
Despite the crackdown, black market crypto trading remains active, with China ranked 20th in Chainalysis’ 2024 Global Crypto Adoption Index. Meanwhile, the Chinese government continues to push ahead with its central bank digital currency (CBDC), expanding its digital yuan pilot programs.
Egypt
Although cryptocurrency regulation in Egypt remains very restrictive, it is not completely prohibited. The Central Bank of Egypt has strengthened its warnings against cryptocurrency transactions, although some exchanges still operate within a complex legal framework.
Algeria
Algeria has a strict ban on cryptocurrencies, citing threats to financial security and economic stability. The government bans ownership and transactions, warning of risks such as money laundering and terrorist financing. Despite these restrictions, informal cryptocurrency trading continues.
Bangladesh
Bangladesh has a similarly strict stance against cryptocurrencies, with the Bangladesh Bank banning digital assets in 2017 over concerns about financial stability and illicit activities. Authorities later strengthened the ban, making violations punishable by fines and imprisonment.
Nepal
Nepal has taken an aggressive approach to cryptocurrencies, declaring them illegal and citing risks to financial stability.
Afghanistan
Afghanistan reimposed a ban on cryptocurrencies in 2022 under Taliban rule, citing financial instability and fraud concerns. Authorities shut down exchanges in Herat and arrested several operators, making cryptocurrency-related activities extremely risky.
Morocco
Morocco has officially banned cryptocurrency transactions since 2017, citing concerns over financial crime and economic stability. However, despite this restriction, the country has seen significant adoption of cryptocurrencies, consistently ranking among the top African countries for peer-to-peer Bitcoin trading.
Bolivia
Since 2014, Bolivia’s central bank has banned the use of cryptocurrencies, citing risks to monetary stability and cybercrime.
Russia
In 2022, the Central Bank of Russia proposed a complete ban on cryptocurrency transactions and mining, though the government ultimately opted for regulation instead. While cryptocurrency mining has since been legalized, restrictions remain on domestic cryptocurrency payments.