Monday Evening Iraq Economic News Highlights 9-12-22
730 Million Dollars.. Iraq’s Industrial And Commercial Imports From Jordan Within 8 Months
2022-09-12 Yes Iraq: Baghdad Today, Monday, the Amman Chamber of Commerce announced that Iraq ranked first for the second month in a row, with the most importing countries from Jordan during 8 months of the current year 2022, with the value of what Iraq imported more than 193 million dollars.
The Chamber said in a statement that “during the past seven months of this year, goods and commodities were exported to Arab and foreign countries, amounting to about 584 million dinars, compared to 477 million dinars for the same period last year.”
She added that “exports were distributed in terms of value during the past 8 months of this year to Iraq with a value of about 138 million Jordanian dinars, Egypt 84 million dinars, Saudi Arabia 72 million dinars, the UAE 52 million dinars, then India with a value of 28 million dinars.”
This means that Iraq imported more than 193 million dollars from the Chamber of Commerce in 8 months.
She pointed out that “the value of exports of foreign products (re-exports) amounted to about 247 million Jordanian dinars, industrial 157 million dinars, agricultural 109 million dinars, then Arab products with a value of 48 million dinars, and the rest for many other different products.”
The Amman Chamber of Commerce indicated that it “issues certificates of origin for agricultural and animal products, raw Jordanian natural resources, foreign goods that are being re-exported and foreign goods purchased from the local market within specific conditions.”
In a recently announced statistic, Iraq had imported industrial products from Jordan with $536 million within 8 months, which exceeds the amount of other commercial imports by 170 percent, while the total industrial and commercial imports from Jordan within 8 months are about $730 million. LINK
Minister: Legislation Of The Oil And Gas Law Is The Only Way To Resolve Differences Between Erbil And Baghdad
Shafaq News/ The Minister of Planning in the Kurdistan Regional Government, Dara Rashid, considered, on Monday, that the legislation of the oil and gas law in Iraq is capable of resolving differences and outstanding issues between Erbil and Baghdad.
Rashid said, in a statement he made to reporters today from Erbil, that dialogues are continuing to resolve differences between the regional government and the federal government, but due to the current political problems in the capital, Baghdad, it has led to a slowdown.
He added, “We hope that with the formation of the new federal government, dialogues between the two sides will resume, and that those differences between Erbil and Baghdad will be addressed in accordance with the constitution.”
Rashid also indicated that the legislation of the oil and gas law in Iraq is the only way to resolve these differences with full adherence to the constitution, and we hope to legislate this law to find a radical solution to this file.
With regard to the general population census process in Iraq, the Kurdistan Minister said that the Federal Minister of Planning has taken a decision regarding this matter, and we are fully convinced that conducting the census in Iraq is very important with our observations and reservations on some details in this regard. LINK
Oil Raises Majnoon Field Production And Export Capacity Is “Fixed”… Raising Surplus Production By 40% And Accumulating It!
2022-09-12 Oil raises Majnoon field production and export capacity is “fixed”… Raising surplus production by Al-Doura_oil_refinery_iraq
Yes Iraq: Baghdad The Ministry of Oil hopes to raise the production of the Majnoon oil field by 60%, which will raise Iraq’s production to about 4.7 million barrels per day, at a time when Iraq’s production capacity is currently only 4.5 million barrels per day, which means the possibility of raising the total production by 5%.
The Majnoon field management in the Basra Oil Company announced that it is hoped to increase the production capacity of the field to 400,000 barrels per day in 2023 after the completion of the “CPF-2” plant that is being built by Petrofac.
The Director of Majnoon Field Development Department at the Basra Oil Company, Diaa Shaker, stated that there is another ministerial plan to escalate the field’s energy to 600,000 barrels during the next four years, indicating that the plan was prepared in coordination with Anton Consulting Company in the field and KBR Company, and the comprehensive development plan was referred for its preparation. by Schlumberger.
The Majnoon field management in the Basra Oil Company said that the plan to develop the field and escalate production to 600,000 barrels per day depends on drilling 130 production wells, water injection, and establishing gas isolation stations with a capacity of 200,000 barrels per day, an acid gas treatment unit, an electric power station and other water injection stations.
Shaker added that the plan to escalate production to 400,000 barrels per day had actually begun three years ago, despite the difficult conditions that surrounded the field such as torrential rain and the repercussions of the Corona pandemic, but this year witnessed the completion of three development projects, including the ISB3 production support project, and drilling Connecting 30 wells, and the River Water project for washing oil, among others.
Majnoon field is currently producing 240,000 barrels per day, and by raising it over the next year by 60% to 400,000 barrels per day, it will mean adding more than 150,000 barrels per day to Iraq’s production.
And while Iraq produces more than 4.5 million barrels per day, 3.3 of which go for export, and one million barrels per day represents Kurdistan’s production as well as domestic consumption, while there is a surplus of 200 thousand barrels per day left. It should not exceed 4.3 million barrels per day, due to its weak export, storage and refining capacity.
Therefore, this increase is considered “useless” at a time when the Ministry of Oil did not raise the export capacity of more than 3.3 million barrels per day, and there is already excess production in Iraq that it cannot export, consume or refine in refineries, amounting to about 200 thousand barrels per day, and by raising production, the surplus production will rise Iraq has “useless” to more than 350 thousand barrels per day, bringing the percentage of surplus in Iraq by more than 40%. LINK
Iraq Confirms Its Commitment To Export Its Full Quota Within The OPEC + Agreement
Shafaq News/ Today, Monday, the Minister of Oil affirmed Iraq’s commitment to exporting its full quota established under the “OPEC” agreement and determinants, and working with the members of the organization and its allies from outside the organization to achieve balance in global markets.
This came while he chaired the monthly pricing meeting for crude oil, according to a statement received by Shafak News Agency,
The statement quoted Minister Ihsan Abdul-Jabbar Ismail as saying that Iraq aims to increase its production and export capabilities in the coming years, by promoting investments in the oil and energy sector, noting the importance of investments in sustaining and strengthening Iraq’s position among the producing countries, and maintaining its influential position in energy market.
The Minister of Oil stressed Iraq’s commitment to support global investments in the oil and energy sector, stressing the fulfillment of its financial and contractual obligations.
He explained that the ministry is intensifying its efforts to expand the volume of global investments in free and associated gas, pointing out that the ministry’s plans aim to achieve this in cooperation with reputable international companies.
The statement of the Ministry of Oil indicated that the Iraqi oil pricing meeting is held on a monthly basis under the chairmanship of the Minister of Oil and in the presence of the undersecretaries of the ministry, the Director General of the Oil Marketing Company “SOMO”, and the directors of each of the Financial Supervision, the Economic Department, the Studies Department, the Technical Department, contracts and licenses, and the concerned bodies and departments in Oil Marketing Company. LINK
Direct Installation Of The Five Berths Pillars Of The Great Port Of Faw
Economy News – Baghdad The General Company for Ports of Iraq announced, on Monday, the commencement of the installation of the five berths of the port of Faw.
The company’s spokesman, Anmar Al-Safi, told the official news agency, “The erection of the five berths of the Grand Port of Faw was initiated by a mechanism brought by the Korean company, with the aim of completing the work in the port.”
He added, “The pillars were erected inside the sea, in the place of the five berths,” noting that “this mechanism is distributing and erecting the piers on a regular basis based on the directions and planning of the Italian consultant.”
He added, “This is a high-level achievement for the berths’ works, to be the beginning of the completion of these berths and the completion of all port projects during the allotted period.”
Al-Safi said that “the installation of these pillars is a great achievement in the Al-Faw port project.”[/size]
Views 85 Added 09/12/2022 – 7:48 PM Update 09/12/2022 – 10:50 PM
The Cost Per Square Meter Is 3,000 Dinars.. Baghdad Governorate Unveils Four New Industrial Zones
Reconstruction and building Economy News – Baghdad Baghdad Governorate revealed, on Monday, four new industrial zones in the capital, Baghdad, including the industrial zone in Sab’ al-Bour, while indicating that the annual cost of one meter reaches 3,000 dinars.
The Director of the Municipalities Division in the Baghdad Governorate, Yasser Amjad, said, “The governorate continues with the Ministry of Industry to give industrial workshops within the Sabaa Al-Bour area that include blacksmithing, carpentry and other professions,” noting that “the area of the applicant for this industrial zone is given according to the size of the project and may reach 500 meters or 1000”.
Amjad added, “This area includes medium industries, not heavy ones, such as canning plants or oils, in addition to that it will be divided according to the type of laboratories,” noting that “the steps through which the land is granted to the applicant is to submit an application to the Industrial Development Department in the Ministry of Industry with his project.” Approval is granted according to the conditions and mechanism followed.
And Amjad said in an interview with the official news agency, “After obtaining the approval, he took a recommendation addressed to the Municipalities Division in the province of Baghdad that includes the text of approval and a study of the economic feasibility of the project.”
He pointed out that “the governorate owns other new industrial areas in Abu Ghraib, Al-Hussainiya, Al-Nasr and Al-Salam, with an area of one dunam,” noting that “the aim of these areas is to eliminate slums and put these factories in one and organized place.”
And he added, “The land wages that will be obtained from the citizens are symbolic in support of the industry, and if the area is active, 3,000 Iraqi dinars per meter is taken annually.”[
Views 191 Added 09/12/2022 – 6:00 PM Update 09/12/2022 – 10:44 PM
https://economy-news.net/content.php?id=29672
The World Bank confirms its readiness to provide support to the Iraqi government in achieving economic reforms
Economie| 05:59 – 11/09/2022 Baghdad – Mawazine News, today, Sunday, the World Bank confirmed its readiness to provide more support to the efforts of the Ministry of Planning and the Iraqi government in the field of supporting development and achieving economic reforms.
The Ministry of Planning stated in a statement that Mawazine News received a copy of it, that “its Minister Khaled Batal Al-Najm received, today, Sunday, the new Special Representative of the World Bank in Iraq, Richard Abdel Nour and his accompanying delegation, and during the meeting, they discussed aspects of joint cooperation between the two sides in various economic issues.” The Minister stressed, according to the statement, “Iraq’s keenness
and strong desire to strengthen relations with the World Bank to serve development in the country,” noting that “all projects that are being implemented Within the two funds, they should be among the priorities identified by Iraq, according to the development gaps.
For his part, Abdel Nour expressed “the World Bank’s readiness to provide more support for the efforts of the Ministry of Planning and the Iraqi government, in the field of supporting development and achieving economic reforms, which Iraq needs, after the crises it has faced in recent years.” Ended 29 / h
