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Tishwash: Iraq announces exit from list of “high-risk” countries and increases oil exports 9/24

The State Department said it had successfully reactivated 169 Iraqi companies and institutions out of 230 entities banned by unsecurity council resolution 1518, which designated Iraq as a “high-risk” country, while seeking to lift the embargo on other entities.

“After meeting with a number of european counterparts, european union policy and security officials and other high-ranking figures, the foreign minister succeeded in winning their votes and supporting the lifting of Iraq from the list altogether very soon,” ministry spokesman Ahmed al-Sahaf told the semi-official al-Sabah newspaper.

He added that the entities and institutions covered by the ban extend their work to various sectors such as investment, economy, industry and other sectors, stressing that lifting the embargo will add support to the domestic economy and facilitate their cooperation with the government.

Foreign Minister Fouad Hussein sent a letter to his counterparts in EU countries, in which he was surprised that Iraq was included in the list of high-risk countries in the field of money laundering and terrorist financing.

Oil Minister Ihsan Abdul Jabbar also revealed an agreement with opec and OPEC to increase Iraqi oil exports, noting that the opec reduction agreement will continue until the end of 2021.

Abdul Jabbar said that the rise in crude oil prices and the repercussions of the Corona pandemic on the world, will cast a shadow on the future of future decisions by the members of the organization, pointing out that negotiations are continuing, and there is openness with everyone to the maturation of decisions that contribute to the recovery of oil prices globally.

With regard to the fields shared with Iran and Kuwait, Abdul Jabbar revealed the existence of a consulting firm working on plans and factors for the joint operation of fields between Iraq and Kuwait, while the fields shared with Iran, there are dialogues with the Iranian side to agree on final and fixed formulas for the operation of those fields, and the Ministry is working to develop the capabilities of its companies in Basra and Maysan with the aim of accelerating the investment process in the joint fields.

Abdul Jabbar said his ministry is working to complete these projects until 2025, and we will increase gas production to large quantities of 2,500 to 3,000 million cubic feet of gas, pointing out that all gas projects are either currently under way or in the process of being referred or under preparation for the project tinder.   link