Al-Sudani: International companies are interested in establishing projects in Iraq.
Prime Minister Mohammed Shia al-Sudani confirmed on Thursday that international companies are interested in establishing tourism and hotel projects in Iraq.
Al-Sudani’s media office said in a statement that he received today the head of the Rixos International Hotel Group, Fattah Tamince.
The statement quoted the Prime Minister as saying, “The development and reconstruction Iraq is witnessing in various fields has contributed to the creation of numerous investment opportunities,” stressing “the government’s interest and commitment to developing the tourism sector, in light of an attractive and secure investment environment supported by important reforms in this direction.”
He added, “The government’s interest in developing infrastructure in Baghdad and the provinces is to prepare them to welcome international tourism companies seeking to establish their tourism and hotel projects in Iraq.”
He pointed to “Iraq’s vast tourism heritage, including archaeological sites and religious and cultural centers, positioning it to achieve significant strides and become a leading tourism destination, attracting companies specializing in tourism.”
For his part, Tamins, according to the statement, reviewed “the Rixos Group’s activities in Iraq, providing details of the latest developments related to its projects in the country, and a detailed overview of its projects in 22 countries.”
Ministry of Oil: New marine pipeline connects 3 strategic export ports
The Ministry of Oil announced on Wednesday details of the third marine pipeline project, confirming that the project will enhance the export capacity of crude oil from the southern region, with a design capacity of 2 million and 400 thousand barrels per day, by linking three strategic outlets. The Director General of the Basra Oil Company, Basem Abdul Karim, told the official agency that “the third marine pipeline project for exporting oil is one of the strategic projects to which the government has attached great importance,” indicating that “the project will enhance export capacity from the south and contribute to increasing it significantly.”
He added, “The project consists of a 48-knot diameter offshore pipeline, extending 61 kilometers offshore and 9 kilometers onshore.” He noted that “the pipeline connects three offshore platforms: the first for valves near the Basra oil port, the second near the Khor al-Amaya port, in addition to an SPM-4 export platform.”
Abdul Karim also explained that “the project also includes vital support projects, including the marine terminal, which includes communications systems, electricity, and electrical control and communications systems.”
He explained that “a coalition of the Italian company Mycoperi and the Turkish company Ista was chosen to implement the project after a technical, commercial and financial evaluation of four companies applying, and under the supervision of the Japanese consultant accredited for the project.”
He pointed out that “the two companies submitted a comprehensive technical and commercial proposal for the construction of the pipeline and all its systems. The project was referred by the subcommittees of the Basra Oil Company, then through the central committee at the Ministry of Oil and the Ministerial Energy Committee, and finally to the Council of Ministers, which officially approved its transfer to the Italian-Turkish coalition.”
He also stressed that “the project connects three main ports: Basra Oil Port, Khor Al-Amaya Port, and the SPM-4 export platform, with a design capacity of approximately 2.4 million barrels per day.”
He concluded by saying, “The project will be implemented over a two-year period, while initial operations of the Basra section will begin within 8 to 9 months, a period included within the project’s full timeframe.”
Oman expresses its readiness to cooperate with Iraq in the fields of ports and airports.
Iraqi Prime Minister Mohammed Shia al-Sudani discussed on Thursday with the Omani Minister of Transport, Communications and Information Technology, Said bin Hamoud al-Maawali, developing cooperation in various fields. The latter expressed his country’s readiness to do so, especially in the ports and airports sectors.
This came during Prime Minister Mohammed Shia al-Sudani’s reception of the Omani minister in Baghdad. Al-Sudani welcomed al-Maawali and extended his greetings to the Sultan of Oman.
Al-Sudani pointed out, according to a statement from his media office received by Shafaq News Agency, the progress and advancement of the development, labor, and investment sectors in Iraq, including the telecommunications sector, thanks to the political, security, and social stability and the economic renaissance witnessed by the country. He stressed that the many commonalities between Iraq and the Sultanate of Oman represent an opportunity to develop economic and investment cooperation between the two countries.
For his part, Al-Maawali commended Iraq’s achievements on various fronts and reviewed the results of his discussions in Baghdad, affirming the readiness of his country’s public and private sectors to cooperate with Iraq in the field of the digital economy and digital government. He also expressed his country’s willingness to cooperate in the ports and airports sectors by investing in projects related to various Iraqi airports.
Al-Sudani talks about Baghdad and the governorates’ readiness to receive international tourism companies.
Iraqi Prime Minister Mohammed Shia al-Sudani affirmed on Thursday that developing infrastructure in Baghdad and the governorates is necessary to prepare them to receive international tourism companies.
Al-Sudani’s media office said in a statement received by Shafaq News Agency, “Al-Sudani received the head of the Rixos International Hotel Group, Fattah Tamince, and stressed that the development and reconstruction witnessed by Iraq in various fields has contributed to the creation of many investment opportunities. He stressed the government’s interest and keenness to develop the tourism sector, in light of an attractive and safe environment for investments supported by important reforms in this direction.”
Al-Sudani added, according to the statement, that “the government’s interest in developing infrastructure in Baghdad and the provinces is to prepare them to receive international tourism companies that wish to establish their tourism and hotel projects in Iraq.”
Al-Sudani pointed to “Iraq’s vast tourism heritage, including archaeological sites and religious and cultural centers, which qualifies it to achieve significant leaps and become a leading tourism destination, attracting companies specializing in tourism to operate there.”
For his part, Tamins reviewed the Rixos Group’s activities in Iraq, and according to the statement, “He provided details of the latest developments related to its projects in the country, as well as its projects in 22 countries. He emphasized that the heads of major international tourism and hotel companies praise the distinguished investment landscape in Iraq in light of the investment facilities provided by the government, and they express their desire to work in Iraq.”
What are the consequences of basing the budget on an oil price of $55?
Economic analyst Abdul Rahman al-Mashhadani warned on Thursday of the repercussions of basing the oil price at $55 per barrel on the general budget law. He noted that this measure will lead to a financial deficit exceeding 80 trillion dinars, threatening a stifling economic crisis in the country.
Al-Mashhadani told Al-Maalouma, “Adopting a price of $55 per barrel in the budget is unrealistic in light of the ongoing fluctuations in global markets, and could result in a huge financial deficit that would exacerbate Iraq’s economic and financial crises.”
He added, “Some experts believe that reducing the price of oil to $55 per barrel could increase the fiscal deficit, reflecting the inaccuracy of this budgeting mechanism.” He emphasized that “continuing this approach could lead Iraq to a real economic catastrophe.”
Al-Mashhadani pointed out that “the only solution lies in the government’s deliberate reduction of operating and investment expenditures and its efforts to diversify sources of income instead of relying entirely on oil revenues.” He called for “the development of a comprehensive economic reform plan that relies on the private sector, agriculture, industry, and tourism as alternative and sustainable sources.”
A number of experts suggested that calculating the price of a barrel of oil at $55 is the most appropriate option to address the current financial crisis, given the realism it provides in the estimates and the avoidance of falling into a larger budget deficit.
