Wednesday AM Iraq Economic News Highlights 11-9-22
Parliamentary Finance Talks About The Amount Of The Budget And The Price Of A Barrel Of Oil In It
1,304 Today, Tuesday, a member of the Parliamentary Finance Committee, Jamal Cougar, expected that the amount of the general budget would be between 120 to 130 billion dollars, adding that the price of a barrel of oil would be 75 dollars.
Joker said in a press interview seen by “Progress”, that “the amount of the general budget is expected to be from 120 to 130 billion dollars,” stressing that “Iraq’s resources range between 150 and 170 trillion Iraqi dinars.”
He continued, “It is expected, according to the numbers and statistics of the new government and the Ministry of Finance, that the price of a barrel of oil will be $75.”
He added, “We hope that the government and concerned authorities will complete the paragraphs of the general budget this month in order to vote on them in the parliament.”
المالية النيابية تتحدث عن مبلغ الموازنة وسعر برميل النفط فيها
Al-Sudani And Zidane Are Discussing The Recovery Of The Money From The Tax Deposits
November 8, 2022 Baghdad / Obelisk: The Prime Minister, Muhammad Shia Al-Sudani, discussed with the President of the Supreme Judicial Council, Judge Faiq Zaidan, on Tuesday 11/08/2022, joint efforts in following up the recovery of state funds in the case of tax trusts.
A statement of the Supreme Judicial Council received by Al-Masala stated that the President of the Supreme Judicial Council, Judge Faiq Zeidan, received Prime Minister Muhammad Shiaa Al-Sudani and discussed with him the joint efforts between the judiciary and the government in following up the recovery of state funds in the case of tax trusts and the arrest of the fugitives.
Al-Sudani Reveals That A Large Proportion Of The “Stealing Of The Century” Money Has Gone Out Of Iraq
Shafaq News/ The Iraqi Prime Minister, Muhammad Al-Sudani, revealed on Tuesday that a large proportion of the money that was embezzled in the case of tax trusts and what has become called “theft of the century” went out of the country, calling on countries to cooperate to recover them.
Al-Sudani said in a press conference held today, after the end of the cabinet session, which was attended by Shafak News Agency, that “Iraq is a member of the United Nations Convention against Corruption,” stressing that “countries must abide by the agreement and cooperation with Iraq.”
And Al-Sudani said, “Initial information indicates that a large proportion of the theft of 3 trillion was sent outside Iraq,” calling on countries to “cooperate with Iraq and return the money.”
Earlier, Al-Sudani decided to transfer the Director General of Investigations in the Integrity Commission out of it due to the failure to perform his duties, and to refer the investigation report in this case to the competent courts.
And the regulatory authorities had previously revealed the embezzlement of tax trust funds in the amount of 3.7 trillion Iraqi dinars, which has become known as “the theft of the century”, and the Iraqi judiciary issued arrest warrants against a number of accused of “the theft of the century” and confiscation of movable and immovable funds and the seizure of real estate belonging to them and their families. . LINK
With Revenues Of $161 Million Since The Beginning Of The Year… “Dana Gas” Announces An Increase In Its Production In Kurdistan
Shafaq News/ The Emirati company, Dana Gas, which operates in the Kurdistan Region, announced today, Wednesday, that it recorded revenues of 161 million dollars in the first nine months of 2022, while gas production in the region increased to 500 million cubic feet per day.
The company said in a report, seen by Shafak News Agency, that the revenues of Dana Gas for the first nine months of this year amounted to 161 million dollars, an increase of 24% over the same period last year, and the total revenues before interest, taxes and other expenses amounted to 240 million dollars.
The report added that the company has increased gas production in the Kurdistan Region by 11%, so that it is currently producing 500 million cubic feet of gas per day from the Kormore field.
Dr. Patrick Ward, CEO of Dana Gas, said that the company has played an active role in the energy sector in the Middle East, especially in increasing gas production in the Kurdistan Region despite the challenges it has faced.
He added that despite many local and global economic challenges, the company was able to increase its revenues and partners’ revenues by reducing costs and increasing production levels, in this field, and the rise in oil and gas prices was a major contributor to further growth. LINK
The Latest Survey: OPEC Boosted Its Production, Led By Three Countries, Including Iraq
Shafaq News/ Last October, OPEC and its allies led by Russia raised crude oil production by 220,000 barrels per day, led by 3 countries, including Iraq.
According to a survey by S&P Global Commodity Insights, the 13-member Organization of the Petroleum Exporting Countries and its allies led by Russia, which pledged to cut production by 100,000 barrels per day last October, instead raised production by 220,000 barrels. On the day many members got back some barrels they had lost due to outages and maintenance.
According to the survey, “sharp gains in production came from Iraq, Kazakhstan and Russia in exchange for losses in Saudi Arabia and Angola, where the coalition of 22 countries witnessed a rise in production to 43.23 million barrels per day, the highest level in two and a half years, indicating that” only five countries Of the 22 countries participating in the alliance, they already reduced production last month.
The 13-nation Organization of the Petroleum Exporting Countries produced 29.72 million bpd, down 30,000 bpd from September, while Russia and eight other allies pumped 13.51 million bpd, up 250,000 bpd.
On October 5, OPEC+ agreed to cut production quotas by 2 million barrels per day from November, saying it was a “technical decision” aimed at avoiding the impact of a potential global recession, even as the European Union prepared to start a ban on crude imports. Russian on the fifth of December.
But the move angered the US administration, accusing the alliance of endangering the global economy and helping fund the Russian war in Ukraine.
According to the survey, Iraq managed to increase 80,000 barrels per day to reach 4.58 million barrels per day, as exports rose to their highest levels in several years, indicating that Iraq’s exports of crude oil are dangerously close to their full capacity in its southern ports, with limited space. In storage facilities, which limits further production.
Non-OPEC Kazakhstan posted the biggest increase in the month, as production rebounded by 180,000 bpd to 1.40 million bpd.
Russian crude production recovered to a seven-month high last month, pumping 9.85 million barrels per day in October, an increase of 80,000 barrels per day, supported by higher crude exports and refining operations. LINK
By More Than Half, Iraq’s Oil Exports To Independent Chinese Refineries Declined
Shafaq News/ The Chinese Customs Administration announced on Wednesday that Iraq’s oil exports to 32 independent Chinese refineries have fallen by more than half during the month of October 2022.
And the administration showed in its statistics, seen by Shafak News Agency, that “Iraq’s oil exports to independent Chinese refineries decreased in October by 50.6% to reach 685 million metric tons, or the equivalent (5 million barrels), compared to September 2022, which amounted to 1.388 thousand metric tons. or the equivalent of (10.132 million barrels), but it rose by 28.8% compared to the same month of last year 2021, in which oil exports to China amounted to 532,000 tons, or the equivalent of (3.883 million barrels).
And she added, “Iraq’s exports to independent Chinese refineries during 10 months, starting from January to the end of October 2022, amounted to 9.233 thousand metric tons, or the equivalent of (67.400 million barrels), an increase from the same period in 2021, in which exports to independent Chinese refineries amounted to 7.158 thousand. metric tons, or the equivalent (8.453 million barrels).
She pointed out that “Iraq ranked seventh among the ten major oil-exporting countries to independent Chinese refineries, after it was ranked fifth in the month of September,” noting that “Iraq came after Malaysia, Russia, Saudi Arabia, UAE, Oman and Kuwait.”
Despite the decline in imports of crude oil by Chinese oil companies for the month of October, Chinese oil sources indicated that inflows from the UAE, Saudi Arabia, Iraq, Oman and Kuwait are likely to increase further in the coming months as Sheng Hong Company looks forward to start its operations. LINK
Expert: Kurdistan Will Keep Its Oil And Will Get 200 Billion Dinars Per Month In The 2023 Budget
Money and business Economy News / Baghdad Economist Nabil Al-Marsoumi revealed, on Tuesday, that Kurdistan has guaranteed its share in the 2023 budget.
Al-Marsoumi said in a Facebook post that “the information received from Kurdish sources indicates that the region’s share in the 2023 budget will be the same as its share in the 2021 budget, meaning that it will receive 200 billion dinars per month while its oil remains for it.”
He pointed out that “the disbursement will start from the current month of November, according to the sources, who also say that this is part of the political spending under which the government was formed.”
Al-Marsoumi warned that “it is not possible to verify the accuracy of this information until the completion of the draft budget law 2023.” Views 182 Added 11/08/2022 – 4:47 PM Update 11/09/2022 – 1:02 PM https://economy-news.net/content.php?id=30675
Oil: Explorations Will Take Place In Joint Fields With 4 Neighboring Countries
Energy Economy News / Baghdad Today, Tuesday, the Ministry of Oil revealed a strategic project that contributes to increasing oil and gas reserves, while it announced a five-year plan that includes dozens of projects.
The director of the Oil Exploration Company, Ali Jassim Hammoud, told the Iraqi News Agency that “the company has a strategic project, which is exploratory drilling, which will contribute to increasing oil reserves, compensating the depleted and confirming the presence of hydrocarbons in various oil fields.”
Hammoud added that “exploratory drilling operations will contribute significantly to increasing oil reserves, whether in the field of oil or gas, and will include various border fields with Iran, Kuwait, Syria and Saudi Arabia.”
He pointed out that “the exploratory drilling project collides with sufficient financial allocations for its implementation, especially in the joint border fields,” noting that “the annual allocations and budgets allocated to the company do not differ from those of the extractive companies that constitute an obstacle to the implementation of their projects.”
Regarding future projects, Hammoud pointed out that “there is a project under discussion with the French company Total to develop the Artawi field, and it is in the process of preliminary discussions, in addition to the existence of cooperation with the Chinese company Cinonic after signing an agreement with it during the last period, to conduct surveys from the onshore part in area of the Arabian Gulf.
He continued, “We are serious about implementing these agreements with the Basra Oil Company and the relevant departments represented by the Regional Center and Environment in Basra Governorate.”
He explained, “The company has annual plans according to programs carried out with the approval of extractive companies, as it has a five-year plan that includes dozens of projects, but the implementation depends on financial allocations, in addition to exploratory drilling, which is the mainstay for increasing oil reserves and confirming the presence of hydrocarbons in various oil fields.” .
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https://economy-news.net/content.php?id=30677
Oil Announces The Continuation Of The Project To Adopt Gas As A Fuel For Vehicles
Energy Economy News-Baghdad The Undersecretary of the Ministry of Oil, Hamid Younis, confirmed, on Wednesday, the progress in implementing the steps of the national project to convert the use of liquid gas fuel for vehicles instead of gasoline and kerosene fuel, indicating that the ministry is keen to increase the number of “workshops” in Baghdad and the governorates and to involve the private sector in establishing “workshops” according to Quality and safety standards.
Younis said in a statement that “the ministry is moving forward with implementing the steps of the national project to expand the area of using liquid gas fuel for vehicles instead of gasoline and kerosene fuel, by increasing the number of specialized workshops in Baghdad and the provinces, and working on involving the private sector in establishing specialized “workshops” to install the liquid gas system. vehicles according to quality and safety standards.
He added, during a field tour of the new workshop site, that “the adoption of the mechanism for preparing liquid gas fuel for citizens’ vehicles by the ministry is an important step that brings economic and environmental benefits to the citizen,” explaining that “the economic feasibility comes through the price of gas processing for vehicles compared to the prices of processing gasoline fuel,
which reduces As for the technical benefit, the octane number of gas fuel is higher than the octane number of improved gasoline, thus it does not affect the engines of vehicles, extend their life and reduce engine holidays. With regard to the environmental benefit, the use of gas as a fuel for cars reduces emissions and environmental pollution caused by gasoline combustion in Motors”
For his part, the Director General of the Gas Filling and Services Company, Anmar Ali Hussein, said, “The ministry is working on expanding this great national project by increasing the number of workshops to install the gas system in order to accommodate the large numbers of vehicles whose owners want to install the system, after it was widely accepted by the public. before the citizens.
He pointed out that “the ministry is studying the possibility of involving the private sector in establishing specialized workshops with advanced technical specifications, under the supervision of the ministry and the company, and under strict conditions aimed at ensuring safe operation and the safety of users.”
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