Butterfly French Oil Consultancy Wins Iraq Contract 20th January 2022 French-based petroleum consultancy Beicip Franlab has signed a deal to provide consultancy services to the Iraqi Oil Ministry’s Reservoirs & Fields Development Directorate.
The Minister of Oil and President of Iraqi National Oil Company (INOC), Ihsan Abdul-Jabbar Ismail, said that Franlab will give advice that can be used to develop the oil sector, stating that the contract will help the Ministry of Oil and the oil companies to make the right decisions to develop the oil reservoirs in the interest of the national economy and the development of the oil and gas industry in the country.
The French ambassador to Baghdad, Eric Chevalier, said the signing marks a new stage in the development of relations with Iraq in the field of oil, gas and energy.
The Representative of Beicip Franlab, Thierry Le Maux, said the deal will help extend the life of the oil and gas fields. (Source: Ministry of Oil)
butterfly New Glass Factory for Baghdad 20th January 2022 he Sulaimanyah-based Royal Can Making Company is reportedly planning to set up a container glass factory in the south of Baghdad.
According to Glass International, the new Al Malakeya Glass Company will have a capacity of 1150 tons per day when completed in August 2024.
Engineering Procurement and Construction (EPC) management will be provided by German firm cm.project.ing GmbH. More here. https://www.glass-international.com/news/iraqi-glass-container-plant-plan-unveiled
(Source: Glass International)
butterfly Relying On Solar Energy To Reduce Emissions And Generate Electricity
ECONOMIC 01/20/2022 | 10:30 AM The Department of Renewable Energy in the Ministry of Higher Education called, on Thursday, for the preparation of a corrective national strategic plan for the solar energy sectors instead of the one developed in 2012, stressing that solar electricity reduces CO2 emissions.
The Director-General of the Department, Kamal Hussein Latif, said in a statement that “the use of solar energy in generating electric power will contribute to reducing a large percentage of carbon dioxide emissions,” explaining that “the contracts made by the government with some international companies to generate 12,000 A megawatt of solar energy will reduce emissions by up to 7 million tons.
Latif revealed that his department had prepared a study that proved that “it is also possible to rely on wind energy or go to nuclear reactors to produce electricity,” stressing that “this approach will drastically reduce emissions and increase the process of exporting oil instead of burning it.
He stressed, “the need to prepare a corrective national strategic plan for the energy sectors instead of the one that was established in 2012, because it achieved only 20 percent of its goals, due to the steady and unexpected growth in energy demand.”
Latif explained, “In the Paris Agreement, Iraq committed itself to reducing emissions, like other countries, by 1-2 percent until 2030 and may reach the year 2035, by an additional 13 percent as a conditional reduction, offset by support from industrialized countries to implement reduction projects of 100 billion dollars for years. The next ten years, noting that annual emissions from electricity production are estimated at 40 million tons.
butterfly He added, “The Paris Agreement is not binding in the general sense, but it will cast a shadow over many countries in the world in 2030, because emissions have increased greatly during the last 20 years from 350 to 450 parts per million of carbon dioxide, which is a not insignificant number,” expecting that “the ten years will witness In the coming years, a rise in emissions may reach 550 parts per million, and this will lead to the sinking of many cities, especially coastal ones, and other severe climatic problems in the world that will be reflected on the Earth’s climate as a whole.”
For the purpose of controlling the pace of these emissions at the level of Iraq, Latif called for “adopting a new formulation of an energy strategy that includes in its steps the calculation and estimation of emissions with the annual growth occurring in all sectors, which will ensure from now on gradually reaching the required mandatory reduction.”
Latif pointed out that “emissions in Iraq are few compared to many countries, as they represent 0.6 percent compared to China, for example, which has an emission rate of 30 percent of the world’s total emissions, in addition to India, some European countries and America,” noting that “Iraq It is one of the fragile states most affected by local and regional emissions.” https://almaalomah.me/2022/01/20/577602/
butterfly CBI sales inched up today 2022-01-20 06:02
Shafaq News/ The Central Bank of Iraq’s (CBI) sales climbed today, Thursday.
Shafaq News Agency correspondent said that the CBI sales of foreign currency in today’s auction amounted to 217,830,263. The transactions were made at a weighted average of 1460 dinars to every dollar.
Our correspondent explained that 6 banks and 97 exchange companies cashed out $23,790 million, while the remaining $194,040,263 went to boost funds abroad in the form of credit and non-cash transactions, with 30 banks meeting those demands. https://www.shafaq.com/en/Economy/CBI-sales-inched-up-today-5
butterfly Iraq signs a contract with Sinopec to develop al-Mansuriya gas field 2022-01-20 05:21
Shafaq News/ The Iraqi Ministry of Oil has signed a deal with China’s Sinopec to develop Iraq’s Mansuriya gas field near the borders with Iran.
In a statement to the press on the sidelines of the signing ceremony on Thursday, Minister of Oil Ihsan Abdul-Jabbar Ismail said that the state-owned Basra Oil Company will hold 51% stake and the Sinopec will bold 49%.
Sinopec will help Iraq capture and process natural gas from the field and boost output to 300 million cubic feet of gas per day (mcf/d) as a targeted production level.
“The field will provide enough gas to generate 1000 Megawatts of electricity,” he said, “the company will secure the financial, technical, and technological support to the Chinese company. The Governorate of Diyala will secure a safe environment for the field’s investment.”
“In the past five years, Iraq lost 15 billion dollars from importing gas to generate electricity from Iran. It also lost 190 thousand oil barrels to run the [production] plants,” he added.
The head of the Contracts and Licensing Department at the Ministry said that the Basra Oil Company has 51% of the contract and will have the same share of revenues. The payments will range between 30 to 70%. This way, If the oil prices drop, the Iraqi state would not be in a difficult situation, and it can still secure 70% of the revenues.”
Sinopec’s representative in Iraq said that Chinese companies invested 20 billion dollars in Iraq in 2021.
He added that the company will deploy top qualification technologies and start providing the product as soon as possible.
In 2020, Iraq canceled a contract signed with a group led by Turkish Petroleum Corp (TPAO) to develop the field and invited international energy companies to compete to develop it.
Sinopec won the contract in a bidding round held at the oil ministry headquarters in Baghdad in April 2021. https://www.shafaq.com/en/Economy/Iraq-signs-a-co
butterfly Oil prices are falling as they remain near the 8-year peak
Crude oil prices fell in early trading, Thursday, while remaining near an 8-year peak, amid calming international fears over the Omicron pivot, and the resumption of utilities opening in major economies such as the United Kingdom.
The world oil markets began talking about the reasons for the rise in the price of Brent barrel to an average of $100 per barrel during the first half of 2022, which is the highest level since 2014.
At 07:52 GMT, Brent crude futures prices for March delivery fell 0.68%, or 59 cents, to $87.85 a barrel.
The prices of US West Texas Intermediate crude futures for March delivery also fell 0.57%, or 49 cents, to $85.34 a barrel.
The global demand for crude is still increasing, especially in Europe and the United States, with the persistence of cold weather there, which means more demand for heating sources.
And oil is closing near its highest level in 7 years, with increasing fears of a supply shortage. Concern is growing about the already-existing outlook for short-term supply tightness.
butterfly Supply concerns increased this week after the Houthi group in Yemen launched an attack on the United Arab Emirates, the third largest producer in OPEC, while Russia, the world’s largest oil producer, intensified its military presence near the border with Ukraine, stoking fears of an invasion.
OPEC officials and analysts say that the rise of oil may continue in the next few months, and prices may exceed the threshold of $ 100 a barrel, due to the recovery of demand despite the spread of the Omicron mutant of the Corona virus and the limited excess production capacity in the OPEC Plus group.
And OPEC Plus, which brings together OPEC, Russia and other producers, is finding it difficult to achieve its goal of increasing monthly production by 400,000 barrels per day. But the International Energy Agency said on Wednesday that the market is expected to turn into a surplus in the first quarter of this year, and that some producers are expected to pump crude at or above all-time highs.
However, the agency warned that commercial oil and fuel stocks in OECD countries are at their lowest levels in 7 years, and that lower supplies could cause the oil market to fluctuate in 2022.
Source: Al Jazeera + agencies
butterfly WHERE O WHERE IS DAVE???????? HE WILL ENJOY THIS ONE.
butterfly Demonstrations condemning the leaders of the Shiite framework in Baghdad, calling for the trial of al-Maliki “publicly”
2022-01-20 06:54 Demonstrations condemning the leaders of the Shiite framework in Baghdad calling for the trial of al-Maliki publiclyShafaq News/ Dozens of people took part in demonstrations today, Thursday, in Al-Nusour Square in the center of the capital, Baghdad, against the Shiite coordination framework and its leaders.
The coordinating framework includes Shiite political forces opposed to the results of the legislative elections that took place in October of the year 2021, to become a pole in opposition to the Sadrist bloc led by Muqtada al-Sadr, which topped the highest percentage of seats in the elections and insisted on forming a political majority government in the country.
The demonstrators carried banners accusing the leaders of the framework of financial corruption, while also calling for the trial of the head of the State of Law coalition, Nuri al-Maliki, “publicly”.
Political parties and the popularity of al-Maliki, who held the position of Prime Minister of Iraq for two terms, are responsible for the fall of two-thirds of Iraq to the hands of ISIS in mid-2014, as well as the organization’s perpetration of the massacre at the Speicher military base in the city of Tikrit in 2016, in which 1,700 soldiers were shot dead.
The protesters expressed their displeasure with the attempts to grant the President of the Republic, Barham Salih, and Prime Minister Mustafa Al-Kazemi, the second term, calling for Muhammad Al-Halbousi, the leader of the “Progress” coalition, to remain in the position of Speaker of the Iraqi Parliament.
butterfly The demonstrators renewed their demands to eliminate financial and administrative corruption, stressing the need to remove the dissolved Baath Party from taking power again in the country.
A group calling itself “Iraqi Protesters” had earlier called for a demonstration in Baghdad under the title “Khamis – the tried – not to be tried.” shafaq.com
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