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Iraq expresses readiness to enter into partnership with America in the oil industry sector

9/26/2024

Prime Minister Mohammed Shia al-Sudani expressed, on Thursday, Iraq's readiness to enter into a partnership with American companies in the oil industry sector, revealing at the same time his government's intention to establish a new Iraqi bank.

This came during his participation in New York, after midnight on Wednesday, in a dialogue session held by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council.

Al-Sudani said during the dialogue session that the government has embarked on a series of rapid projects, including the important agreement with Total, which contributes to increasing oil production and investment in associated gas by about (600) million standard cubic feet, in addition to offering the fifth and sixth rounds’ appendix, and entering into contracts to produce oil and invest in gas.

He pointed out that after 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as the rehabilitation of the Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and its production capacity reaches 150 thousand barrels per day.

He added, "We have finished importing petroleum derivatives, and we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra," adding, "Our vision is to convert 40% of the exported oil into transformation industries, which will give us more benefits than selling crude oil."

Al-Sudani touched on the banking sector in Iraq, pointing out that development cannot be achieved without a solid banking sector that operates according to approved international standards, and 95% of financial transfers in Iraqi trade are conducted through reliable banks.

He stressed that the currency selling window will be closed at the end of this year, and the money laundering office at the Central Bank is working effectively, noting that the government has contracted with Ernst & Young to reform the government banking sector, and we have strengthened citizens’ confidence in banks and expanded financial inclusion.

The Prime Minister continued, saying: The Central Bank has independence and exercises its powers with complete professionalism, and we intend to establish a new bank that adopts the latest technologies.

Al-Sudani called on all companies working in the field of electronic payment to work in Iraq and we will provide them with all facilities, concluding by saying that we have developed a plan to develop the infrastructure, with allocations reaching 83 billion dollars.

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The government announces the suspension of gasoline imports and the closure of the currency auction at the end of the year

9/26/2024

 

Prime Minister Mohammed Shia Al-Sudani participated in New York, after midnight on Wednesday, in a dialogue session held by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council.

 

During the session, Al-Sudani pointed to the new reality of Iraq, which is witnessing an economic and developmental renaissance in all its sectors. It has also taken great steps in the field of energy investment and associated gas, which had been wasted for years and cost the country losses estimated at billions of dollars, due to the import of gas and petroleum derivatives.
Al-Sudani stressed that the government has embarked on a series of rapid projects, including the important agreement with Total, which will contribute to increasing oil production and investment in associated gas by about (600) million standard cubic feet, in addition to offering the fifth and sixth rounds’ annexes, and entering into contracts to produce oil and invest in gas, indicating that after 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as rehabilitating the Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and its production capacity is 150 thousand barrels per day.
The following are the highlights of the Prime Minister's speech during the dialogue session:
 
🔷 When I assumed my duties as Prime Minister, the investment in associated gas was less than 40 percent, and now the percentage has risen to about 70 percent.
 
🔷 We have ended the import of petroleum derivatives, and we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra.
 
🔷 We are ready to enter into a partnership with American companies in the oil industry sector.
 
🔷 Our vision is to convert 40% of exported oil into transformation industries, which will give us more benefits than selling crude oil.
 
🔷 Our policy is based on diversifying the contracting parties that invest in our oil and gas fields without specific conditions.
 
🔷 The licensing round procedures are clear and transparent, and there is no favoritism or preference for one company over another.
 
🔷 Development cannot be achieved without a solid banking sector that operates according to approved international standards, and 95% of financial transfers in Iraqi trade are conducted through reliable banks.
🔷 The currency selling window will be closed at the end of this year, and the money laundering office at the Central Bank is operating effectively. 
🔷 The government contracted with Ernst & Young to reform the government banking sector, and we strengthened citizens’ confidence in banks and expanded financial inclusion.
 🔷 Iraq is going through an unprecedented period of stability and recovery since 2003, which is an opportunity to support the transition from a period of wars and conflicts to a period of development and stability.
 
🔷 A stable Iraq in a sensitive region is beneficial to the world, which is what we have witnessed since October 7, as Iraq has largely maintained balance and calm, and we have kept Iraq away from the arena of conflict.

🔷 Our security forces have reached an advanced stage of capability and efficiency, and we have begun an armament program to enhance their capabilities, and ISIS today does not pose a threat to our security.

🔷 We need American small and medium-sized companies to partner with Iraqi companies.

🔷 We work to create job opportunities for young people by activating the private sector or supporting their private projects, through several programs, including the (Riyada) initiative.

🔷The size of the projects granted for investment will provide a large number of jobs, and it is necessary for companies operating in Iraq to open training centers to develop the capabilities of young people.

🔷 We have confirmed to the companies operating in the electricity sector the establishment of stations maintenance centers in order to speed up completion and reduce costs.

🔷 The government has a clear direction to support the agricultural sector, and farmers and growers are in a transitional phase to use modern irrigation technologies, which we supported by 30%.

🔷 We provided loans to workers in the food industries sector of various types, part of which is covered by sovereign guarantees.

🔷 The Central Bank has independence and exercises its powers with complete professionalism, and we intend to establish a new bank that adopts the latest technologies.

🔷 We invite all companies working in the field of electronic payment to work in Iraq and we will provide them with all facilities.

🔷 We have developed a plan to develop the infrastructure, with allocations amounting to $83 billion.

LINK