Wednesday AM Iraq Economic News Highlights 10-5-22
Bloomberg: OPEC Plus Will Discuss Reducing Oil Production By Two Million Barrels Per Day
Economie| 10:59 – 05/10/2022 Follow-up – Mawazine News, “Bloomberg” reported, quoting sources, that the OPEC Plus group will discuss, at its meeting today, reducing oil production by two million barrels per day.
The energy ministers of the OPEC Plus grouping of oil-exporting countries will hold their regular meeting today, Wednesday, to discuss the production strategy of the grouping countries during next November.
And OPEC Plus, which brings together OPEC countries with allies such as Russia, is meeting against the backdrop of falling prices and sharp market fluctuations.
https://www.mawazin.net/Details.aspx?jimare=207377
The Head Of The Kurdistan Regional Representation In Baghdad Celebrates The Payment Of The Dues Of The Farmers Of The Kurdistan Region
Posted On2022-10-05 By Sotaliraq Mr. Faris Issa, head of the Kurdistan Regional Representation in Baghdad, announced on his page on the social networking site Facebook, Bushra, the payment of the entitlements of the farmers of the Kurdistan Region by the federal government.
Issa wrote on his Facebook page, “Praise be to God, after intense and colossal efforts and continuous follow-up by the Kurdistan Regional Representative in Baghdad, the Federal Council of Ministers decided in its weekly meeting today, Tuesday 4/10/2022, to pay all the dues of the farmers of the Kurdistan Region for the years 2014-2015 – 2016 amounting to 309 billion dinars
Iraq Within The Next Week.
And the head of the Kurdistan Regional Representative in Baghdad added, “This resulted from our meeting with the Federal Ministers of Finance, Acting Dr. Ihsan Abdul-Jabbar and Dr. Alaa Hassan Al-Jubouri, the Federal Minister of Trade, in which we decided that a decision would be taken at this week’s Federal Council of Ministers meeting.”
Issa affirmed, during the meeting of the Federal Council of Ministers today, it was decided that the decision would be circulated within the next two days to the concerned authorities for the purpose of completing and implementing the procedures.
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With The Aim Of Supporting Energy .. The International Islamic Bank Opens The Door To Buy The Solar System
Banks Economy News-Baghdad The International Islamic Bank announced the sale of equipment for solar energy systems to all citizens and private sector companies for the first time in Iraq.
The delegated director of the International Islamic Bank, Suha Al-Kafaei, said in a statement that “to achieve the goals of the Iraqi government in providing financing for the purchase of solar energy systems with Islamic Murabaha contracts to serve all citizens, the private sector of all kinds, and housing projects through the Central Bank’s initiative of one trillion dinars, which is allocated to financing solar energy systems.” .
Al-Kafaei added: By using its own electronic platform that works in accordance with international standards for information technology, in order to simplify procedures and avoid routine, and to implement the conditions and instructions of the Central Bank.
Al Kafai pointed out that, “With this, the International Islamic Bank entered the stage of providing distinguished and innovative quality services that achieve the advancement of the energy sector and improvement in the agricultural and industrial business environment and all other professions, and it launched a revolution in the field of employing engineers and unemployed young people looking for work in order to achieve the implementation of financial inclusion and green finance. Real rates of economic growth and the absorption of unemployment.
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https://economy-news.net/content.php?id=30060
Abu Dhabi Ports Signs An Agreement With Iraq To Store Oil And Transport It To The Gulf Waters
Energy Economy News-Baghdad Safeen Group, a subsidiary of Abu Dhabi Ports Group, signed an agreement with the Iraqi “Aman Baghdad” company to support a new project to transport and store fuel oil from the Khor Al Zubair and Umm Qasr stations in Iraq.
The project is a remarkable step within the efforts of the Safeen Group to expand its scope of specialized services to the oil and gas sector, and comes in the context of its expansion strategy in the Iraqi market.
Under the agreement, Sven Feders, a subsidiary of Sven Group, will manage the entire project, as it will provide three large crude oil tankers, and a fourth medium-range tanker for the purposes of implementing the agreement.
Sven Feders will work with the “Aman Baghdad” company to transport fuel oil from the stations located in each of Khor Al-Zubair and Umm Qasr port in southern Iraq to the Iraqi territorial waters using a medium-range tanker, after which it will be transferred to the huge tankers that will be used as floating fuel tanks. A monthly transportation capacity of 750,000 tons of fuel oil.
This agreement provides competitive prices for the Iraqi partners and enhances the flexibility of their business. It also guarantees appropriate rates of return on investment for the Sven Group, which will not incur any capital expenditures under this deal. The completion of this agreement supports a major project to transport and store fuel oil in Iraq.
Captain Ammar Al Shaiba, Acting Chief Executive Officer – Maritime Sector and Safeen Group – Abu Dhabi Ports Group, said: “The energy sector is one of the important growth markets for the Safeen Group, and the signed agreement, through which we contribute to this project, reflects our great capabilities and reliable expertise in this field. It also confirms the importance of our fleet and the advanced capabilities that it can provide to these operations.”
He added: “Saveen Group continues to make efforts, in line with the vision of our wise leadership, to expand its global presence and consolidate its position as a provider of major marine services to all companies around the world. This agreement also confirms our great ability to provide tailored solutions to meet the diverse needs of companies in the field of oil and gas and represents an important step to strengthen our presence in the Iraqi market.”
In turn, Fadi Fouad, CEO of Aman Baghdad, said: “We have chosen the Safeen Group to cooperate together on this project, based on the comprehensive range of marine services provided by the company in accordance with the highest international standards, in addition to the extensive experience of its cadres, which will handle Work on managing this project. After the fluctuations in the fuel oil market during 2022, we believe that the additional storage capabilities provided by this project will play a prominent role in supporting the competitive offers offered by Iraq.”
It should be noted that in addition to this new agreement, Sven Feders operates a weekly container shipping service that ensures that Iraq is connected to global markets. The company continues to work to explore more opportunities to support the growth and diversification of maritime trade in Iraq.”
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https://economy-news.net/content.php?id=30058
The Civil Aviation Sector In Iraq Wastes More Than One Billion Dollars Annually, And Demands To Open An Investigation
Money and business Economy News-Baghdad The FAO gathering revealed an estimated financial waste of more than one billion dollars annually through the civil aviation sector in Iraq due to mismanagement.
“The civil aviation sector in Iraq wastes more than one billion dollars annually due to mismanagement,” the assembly’s Secretary-General, Amer Abdul-Jabbar, said in a tweet on Twitter.
Abdul-Jabbar called, “to open an investigation and activate non-oil revenues by adopting a work methodology to reform this vital sector and raise its revenues to more than two billion dollars annually within four years, and raise the efficiency of its performance to match the advanced countries of the region in the world of civil aviation, while lifting the ban on the airline company.” Iraqi airspace in European airspace. 70 . views Added 10/05/2022 – 11:08 AM Update 10/05/2022 – 1:03 PM
https://economy-news.net/content.php?id=30055
Iraq Imported Goods From Russia Worth $282 Million In 2021
Money and business Economy News-Baghdad Fuel and wood materials were among the “most important” Iraq’s imports from Russia during the year 2021, according to the trademap website, which provides a map of countries’ trade for exports, imports, international demand, alternative markets and competitive markets.
The website stated in a statistic that “Iraq imported from Russia during the past year 24 major commodities, with a financial value of 282.681 million dollars,” noting that “the growth of imports from Russia decreased by 39% between 2017 to 2021.”
He added, “Mineral fuel came first in Iraq’s imports from Russia, with a value of 130 million dollars, followed by wood and its products, with a financial value of 54.5 million dollars, followed by iron and steel, with a value of 23 million dollars, and then grains with a value of 16 million dollars.”
The website also indicated that “Iraq’s exports to Russia amounted to 49 thousand dollars, indicating that “these exports increased by 23% between 2017 to 2021.”
He stated that “Iraq’s exports to Russia were concentrated in only three items, including fruits and edible nuts, with a financial value of 40 thousand dollars, followed by photography and visual products with a financial value of 6 thousand dollars, and then iron and steel products with a value of 3000 dollars.” 46 . views Added 10/05/2022 – 9:45 AM Update 10/05/2022 – 1:05 PM
https://economy-news.net/content.php?id=30049
Equivalent To 3 Times The City Of Paris .. The Chinese Energy Giant Talks About The “Halfaya Field” In Maysan
Energy Economy News-Baghdad In what was once a wasteland in southern Iraq’s Maysan province, a giant oil field, along with a vibrant town, was built from scratch by PetroChina, one of the first Chinese companies to take part in Iraq’s post-war reconstruction.
According to the report of the Chinese Xinhua News Agency, “The Halfaya field is a huge complex covering an area of 288 square kilometers, about three times the size of the city of Paris, containing more than 300 oil wells, three central processing facilities for crude oil, two power plants, and a water treatment plant, A civilian airport, an office and living camp, and a natural gas processing plant are under construction.”
The oil field is PetroChina’s largest overseas project as an operator, according to He Yanhui, acting general manager of exploration and production at the field.
“So far, after three phases of construction, we have built here a large and modern oil field, with an annual production of 20 million tons,” he said, adding that “Iraqi officials praised PetroChina’s important role in boosting the country’s oil industry and economy.”
“The Chinese energy giant, in cooperation with many international and domestic companies, won the Halfaya project tender in 2009,” Fang Jiazhong, head of the Halfaya oil field in PetroChina, explained.
Over the years, the project has become an important oil production site for Iraq, a country that relies heavily on oil and gas production to get out of the shadow of war.
“PetroChina has not only created huge economic wealth for Iraq over the past 10 years, but also actively participated in local social and industrial welfare projects, building kindergartens, providing water, electricity, roads and other infrastructure and training,” Fang said.
“China’s largest oil and gas producer and supplier has turned the Halfaya project into a convincing display of the true value of the Belt and Road Initiative, which promotes equal, comprehensive and win-win cooperation,” he said, adding that the project “layed a good foundation for the friendly cooperation in energy production between China and Iraq.”
Fang pointed out that the Halfaya project “has provided many job opportunities for Iraqis and encouraged more Chinese companies to enter the Iraqi market.”
Aws Haitham, a local worker in charge of the company’s training department, told Xinhua that there are more than 1,600 Iraqis currently working with the company.
Muhammad Sadiq Jaafar joined PetroChina in 2012 and is now responsible for the depots in the oil field. He advanced in his position by benefiting from the company’s training and incentives.
“I gained a lot of experience working in PetroChina and from its many training courses, which gave me more knowledge about safety and modern and advanced warehouse systems,” said Jafar, who now oversees 11 petroleum and drilling materials depots, and four chemical warehouses. And four yards for drill pipes.
O Yangwen, director of quality and health department of PetroChina Halfaya, said the Chinese company is building a natural gas processing plant in the Halfaya oil field, which will help make better use of the natural gas produced besides crude oil, known as associated gas, for safety and environmental protection.
Ou said the project is expected to be completed by the end of 2023 and “the associated gas extracted from the field will be converted into energy products, which will not only improve people’s livelihood, but also protect the environment.”
He added that PetroChina has invested more than one billion US dollars to build a gas processing plant that converts associated gas into liquefied natural gas, sulfur and other products.
He noted that the Chinese energy giant also has a effluent recycling system and a mechanism to regularly monitor the environment around the oil field.
In addition, PetroChina has set up a waste recycling center to process scrap metal and waste batteries, planted thousands of trees and excavated several artificial lakes, he said.
“I can say that from 2010 until now, we have built a small town on this barren land, including oil, gas, power, water, telecommunications and roads,” said Du Bo, deputy director of engineering and construction at PetroChina Halfaya.
Views 77 Added 10/05/2022 – 10:55 AM Update 10/05/2022 – 12:58 PM
https://economy-news.net/content.php?id=30054
