Monday Afternoon Iraq Economic News Highlights 8-29-22
“Shameful”… Iraq’s Total Exports Increased By 112.7% For The Year 2021
Shafaq News/ The Iraqi Ministry of Planning announced, on Monday, an increase in the country’s total exports by 112.7% for the year 2021, while a financial expert described those non-oil exports as “shameful.”
The Ministry’s Central Statistics Agency said in a report seen by Shafak News Agency, “The total exports of crude oil, petroleum products and commodity materials amounted to 121.6 trillion dinars for the year 2021, equivalent to 83.8 billion US dollars, an increase of 112.7% over the year 2020, when it amounted to 57.1 trillion dinars. The equivalent of 47.9 billion US dollars.
He added that “the value of crude oil exports amounted to 109.7 trillion dinars for the year 2021, equivalent to 75.7 billion dollars, an increase of 120.8 percent over the year 2020, which amounted to 49.7 trillion dinars, equivalent to 41.8 billion dollars.”
He pointed out that “the value of exports of oil products amounted to 5.8 trillion dinars for the year 2021, equivalent to 4 billion dollars, recording an increase of 105.5% from the year 2020, where the value of exports of oil products reached 2.8 trillion dinars, equivalent to 2.4 billion.”
She explained that “the value of merchandise exports amounted to 6.1 trillion dinars for the year 2021, equivalent to 4.2 billion dollars, recording an increase of 31% over the year 2020, which amounted to 4.6 trillion dinars, or the equivalent of 3.8 billion dollars.”
For his part, the financial expert, Muhammad Al-Hasani, confirmed to Shafaq News Agency, “The rise in Iraqi exports for the past year came as a result of the rise in global oil prices to exceed $100, in addition to the increase in Iraq’s production of crude oil.”
He added that “Iraq’s non-oil exports are very few, which means that the country’s economy is rentier,” describing it as “shameful”, given the lack of these exports, which amounted to only 4 billion dollars.
He pointed out that “any of the neighboring countries that lack natural resources, its exports amount to several times what Iraq exports,” noting that “Iraq has an opportunity now to restore the infrastructure of its suspended factories and factories, taking advantage of the financial abundance resulting from the high oil prices that may not be available to us.” This abundance in the coming period, given that oil prices are subject to global economic fluctuations.” LINK
Iraqi Electricity Announces Its Need For 60 Million Cubic Meters Per Day Of Imported Gas
Shafaq News/ The Iraqi Ministry of Electricity confirmed, on Sunday, its need for 60 million cubic meters per day of gas to meet Iraq’s need for electrical energy.
The Ministry’s spokesman, Ahmed Moussa, told Shafaq News Agency, “The ministry was able to pay the dues of the Iranian side through internal borrowing from the Iraqi TBI Bank, before the Food Security Law allocates the dues of the Iranian side for the year 2020 and until the financial liquidity is available, so gas releases from the Iraqi side increased to 45 million cubic meters per day.
He added, “This rise helped support the stations with fuel and provide good hours,” noting that “Iraq needs between 55 to 60 million cubic meters of gas per day for self-sufficiency for our operating generating stations, which is what we are communicating about with the Iranian side.”
Iraq relies on Iranian gas to operate electric power plants. Earlier, Minister of Electricity Adel Karim announced that Iraq needs Iranian gas between 5-10 years.
Iran recently reduced gas exports to Iraq after Iraq delayed paying its dues, before Iraq announced in June that it had paid $1.6 billion to Iran for gas imported from it. LINK
Oil Expert: Iraq’s Purchase Of Exxon Mobil’s Share Will Achieve A Financial Return Of $ 526 Million
West Qurna field energy Economy News – Baghdad The oil expert, Ahmed Musa Jiyad, confirmed that Iraq will achieve a financial return of 526 million dollars after purchasing ExxonMobil’s share in the West Qurna 1 field.
Jiyad said, in a study seen by “Economy News”, that “purchasing Exxon Mobil’s stake in the amount of $300 million will generate a total cash return accumulated at the beginning of 2035 estimated at about $826 million over 13 years, meaning that it gives a net return of $526 million, which is The equivalent of depositing $300 million at an annual interest rate of 8.1%.”
He added that the net cash return does not mean much in economic terms, because it overlooks the time factor, explaining that the production rate of West Qurna 1 field reached 520 thousand barrels per day during the month of June.
He pointed out that ExxonMobil’s share amounts to 158,000 dollars per day from the Ghorba Al Qurna 1 field.
It is noteworthy that the Council of Ministers agreed to authorize the Ministry of Oil to buy Exxon Mobil’s share, worth 300 million dollars.
To read the study text , click here. https://economy-news.net/vrsfls/cntnt/file/3647.pdf
100 . views Added 08/29/2022 – 11:04 AM Update 08/29/2022 – 1:07 PM
https://economy-news.net/content.php?id=29504
The Iraqi Minister Of Communications Promises “Two Light Hairs For Each House”
Shafaq News/ The Iraqi Minister of Communications, Arkan Al-Shaibani, confirmed the ministry’s efforts to improve communications services in all cities of the country, especially Anbar Governorate, which occupies a third of the area of Iraq.
This came during a visit by the Minister of Communications to the city of Fallujah, 60 km west of the capital, Baghdad.
In his interview with Shafaq News Agency, Al-Shaibani said, “Fallujah is flourishing, especially after it returned after ISIS’ aggression, and we are looking forward to moving forward in the reconstruction of the city.”
On projects to enhance communications services in Anbar, Al-Shaibani said, “There is a Fiber to home project that was launched more than two months ago, where two light hairs reach each house, and a choice is made between two companies, Earthlink and Al-Rahma, both of which have been referred to the project and it will be a leap in the world of communications. In Iraq, and Anbar in particular. LINK
Anbar Investment Commission: The Majority Of Investors Are From The People Of The Kurdistan Region And Are On The Verge Of A Leap
Shafaq News/ The head of the Anbar Investment Commission, Muayyad al-Dulaimi, said on Sunday that “the investment file in Anbar Governorate is taking place very quickly, as a result of the security stability witnessed by the province, which is the most important factor for attracting investors.”
Al-Dulaimi said, during his speech to Shafaq News Agency, that “the authority is determined to move forward with the investment wheel, by providing a safe environment as well as facilitating all matters for investors, whether from the people of the province or foreign investors, and there will be a qualitative leap in the investment file throughout Anbar.”
He pointed out, “There is great cooperation in the investment file in particular between the local government in Anbar Governorate and the Kurdistan Regional Government, as the majority of investors in the province are from the region, and there will be wide doors and a greater horizon for investment between the region and Anbar Governorate.”
On the possibility of reducing the monthly installments imposed on buyers in investment housing complexes in Anbar, Al-Dulaimi said, “A committee was formed in the past few days, specialized in setting the prices of housing units and finding an appropriate mechanism for communication between the investor and the citizen.” LINK
Oil Prices Are Rising Again
Economie 2022-08-29 | 03:06 934 views Oil prices rose, during Monday’s trading, by more than 1%, and the international crude contracts, “Brent” mix, approached the level of 101 dollars a barrel.
By 08:07 local timeMoscowBrent futures contracts for the month of November rose by 1.08% to $100.09 a barrel.
Meanwhile, US West Texas Intermediate crude futures rose 1.08% to the level of $94.15 a barrel, according to trading.
The expert commented James Whistler MD, managing director of Vanir Global Markets Pte in Singapore, commented on rising oil prices saying, “Despite the hawkish central banks’ incentive to raise interest rates and the weak economic outlook, the price of oil continues to rise as supply constraints support the upside.” LINK
