The Northern Refineries Company announced on Wednesday that production quantities have reached record levels during the year 2024.
The company’s general manager, Adnan Muhammad, said in a televised statement followed by “Al-Eqtisad News”, that “production quantities in the Northern Refineries Company have reached quantities that they did not reach even before the year 2014, that is, when the refineries were operating at full production capacity, as they were producing 7 million liters of gasoline per day.”
Mohammed added, “The company’s production has now reached 9 million liters of gasoline per day.”
[via PDK] Question: ...should we be on stand by for Notification today? MarkZ: It’s absolutely possible. I would not rule it out.
...I very much think they [Iraq] have done everything they needed to do…I am still hearing July is very much still in play.
What we know for a fact from folks on both the US side and the Iraqi side…is that there are very “top secret” meetings occurring right now in Wash D.C. with Iraqi folks about the removal of US troops and security units in Iraq. This is one of the key things we were told to watch and it is occurring right now in D.C.
I am...hearing the only reason the RV did not go over the weekend was fights over the value of some old German bonds. But things are now “unstuck” and seems to be moving much quicker now that the current administration is no longer delaying things . They are too preoccupied to keep slowing and stopping things right now.
Economy , 07/24/2024 10:23 , Number of readings: 162 Baghdad - Iraq Today: The Iraqi Council of Ministers approved a package of decisions in various economic and service sectors, most notably the construction of dozens of schools in a number of governorates.
The Prime Minister's Media Office stated in a statement that the Council held its thirtieth regular session chaired by Muhammad Shiaa Al-Sudani, during which the general situation in the country was discussed, and the implementation of the government program priorities was followed up. The session reviewed the most important files related to development and economic aspects, as well as considering the topics on the agenda, and making decisions about it.
Al-Sudani stressed that the ministries and security agencies must rely on what is available at the Military Industrialization Authority, especially since the equipment and products it produces conform to standards and at an appropriate cost, which represents an essential factor in achieving autonomy.
He stressed that these industries could be a base for developing multiple civil industries, because part of the factories serve civil ministries, including the electrical transformer rehabilitation factory.
1- Increasing the total cost of the project (acquisition of the plot of land numbered (5686/1) m 43, Yaramjah al-Sharqiya/Mosul, Nineveh Governorate)/Ministry of Justice.
2- Approval of the amount of the increase due on undisbursed dues, within Cabinet Resolution 301 of 2021, in (Contract 1 Direct Invitation/2012), a project to build (251) school buildings, using the prefabricated concrete construction method, in the governorates except Baghdad.
In the project contract (4/assignment/2012), which includes the construction of (73) schools using the prefabricated concrete construction method in the governorates of Baghdad and Babylon, with (60) schools in Baghdad and (13) in Babylon. In the draft contract (1/assignment/2012), the construction of (65) schools in place of those in danger of collapse, of various capacities, using the prefabricated concrete construction method, with (20) in Babylon, (41) in Muthanna, and (4) in Diwaniyah.
3- Approving the amount of the increase in the total costs and the reserve percentage for the projects recorded in the letter of the Ministry of Planning, dated July 8, 2024, which includes the previously executed spare orders, which are required to be implemented ( the second phase), and the spare orders resulting from the amount of uncompleted works in accordance with the decision of the Council of Ministers (301 For the year 2021).
4- Increasing the amount of reserve for the contract (construction of the North Tikrit Bridge) and its approaches (first phase) within the project (construction of the Tikrit Concrete Bridge (North Tikrit Bridge) and its approaches).
8- Increasing the amount of reserve and the total cost of the main project (paving streets in the center of Basra Governorate with sidewalks, number 7).
In the course of treatments for the electric power sector, the Council of Ministers approved the recommendation of the Central Committee for Review and Approval of Referral in the Ministry of Electricity, regarding the signing of a contract addendum with BFT Company within the investment plan, which Includes the design, equipping and implementation of electric power transmission lines by the concerned company, according to the following: 1-
Adopting the prevailing standard costs that serve the interest of the Ministry of Electricity.
2- Determine the lines that will be implemented within the contract, after obtaining the necessary approvals, provided that they do not exceed the contractual financial ceiling specified in the contract annex, and only mention the total lengths of the lines.
3- BFT Company shall bear the previous bank commissions, while the General Company for Electricity Transmission/Central Region shall bear the integrity and accuracy of contractual procedures, in accordance with laws, regulations and instructions.
Within the framework of developing and supporting the national industry, the Council approved the recommendations of the minutes of the meeting of the Dry Gas Committee for Investment Projects, regarding (Khor Al-Zubair Fertilizer Factory/ Southern Fertilizers General Company, Abu Al-Khaseeb Fertilizer Project/ Under Referral Procedures, and New Projects), taking into account the comments of the Minister of Industry and Minerals at the minutes, including:
1- Determining the price of dry gas supplied to the Southern Fertilizers Factory: 50 dinars/mqm, for the General Company line, and the partnership line with the private sector, and the price of gas for the attached projects shall be 75 dinars/mqm, and the new projects that are announced shall be according to a price equation agreed upon between the Ministries of Oil and Industry, and with the approval of the Ministerial Council for the Economy.
2- The Ministry of Oil is committed to allocating and equipping new industrial projects planned to be established in partnership with the private sector, by public companies in the Ministry of Industry and Minerals, with quantities of dry gas, according to the need of those projects for quantities, and according to a timetable for equipping, and at prices that achieve the economic feasibility of establishing those projects, and the quantities and prices are regulated through an agreement between the Ministries of Oil and Industry, and with the approval of the Ministerial Council for the Economy.
3- The Ministry of Industry and Minerals shall restore the economic balance of the partnership contracts that have been concluded, or that are under contract to establish new industrial projects, by renegotiating with the companies participating with it, to reach an economically feasible formula that ensures the continuation and continuation of implementation, in a manner that does not harm the interests of both parties.
The Council of Ministers approved the recommendations of the competent authority in the Ministry of Industry and Minerals (Industrial Development and Organization Department), based on the Iraqi Products Protection Law (11 of 2010) amended, as follows:
1- Extending the imposition of an additional customs duty of 65% of the unit of measurement of the product (plastic ampoules), imported to Iraq from all countries of origin, for a period of 4 years and without reduction.
2- Imposing an additional customs duty of 30% of the unit of measurement of a product (aluminum cans for soft drinks, juices and energy drinks).
3- The Ministry of Finance/General Authority of Customs shall apply the customs duty on the aforementioned products and notify the Ministry of Industry and Minerals/Department of Industrial Development and Organization, with a periodic notification about the imported quantities, the value of the additional duties on the imported foreign product, the exporting countries and the importing entities.
In the oil sector file, the Council of Ministers approved the recommendation of the Ministerial Council for Energy (24062 T) for the year 2024 regarding the authority to purchase and implement, which includes raising the authority to purchase and implement the Oil Projects Company for the project (the connecting pipeline network for the unit/FCC, in the Basra refinery), from 100 million dinars to 500 million dinars, based on the instructions to facilitate the implementation of the Federal General Budget Law of the Republic of Iraq (1 of 2023 ).
The Council approved the recommendation of the Ministerial Council for the Economy (24225 Q), regarding the approval of the report of the committee formed in accordance with the Diwani Order (24573 of 2024), issued by the Office of the Prime Minister, regarding studying the economics of the oil and gas sector in Iraq, leading to approving and showing the real costs along the way. The value chain, according to economic principles.
In the process of developing the infrastructure of border crossings to receive visitors and expatriates, the Council of Ministers approved the Ministry of Finance allocating an amount of (5) billion dinars to Wasit Governorate from the emergency reserve, based on the provisions of the Federal General Budget Law (13 of 2023), for the rehabilitation and establishment of a “transport square.”
Visitors at the Zurbatiyah border crossing with its annexes, in a regular, geometric manner befitting the status of Iraq and the reception of visitors.
The Council also approved the Ministry of Finance allocating an amount of (7) billion dinars to Maysan Governorate from the emergency reserve, in accordance with the provisions of the General Budget Law, for the purpose of urgent rehabilitation of the Al-Shayb border crossing, Including the establishment of 3 squares, in preparation for the influx of visitors to the holy shrines on the fortieth anniversary of Imam Hussein. ‘
Maysan Governorate should follow the direct invitation method, as an exception to the instructions for implementing government contracts (2 of 2014) for the purpose of implementation, and assigning Maysan Governorate to implement the project (establishing the new Al-Shayb border crossing) in a turnkey format, as an exception to the controls attached to the instructions for implementing government contracts.
The Council also approved the Ministry of Finance allocating an amount of (3.5) billion dinars to Diyala Governorate from the emergency reserve, based on the Federal General Budget Law, for the purpose of rehabilitating the Al-Mundhiriya border crossing, in preparation for receiving visitors , and authorizing Diyala Governorate to have direct implementation authority for the purpose of implementing the project, and it includes (Project Establishment of the new Al-Mundhiriya border crossing) within Diyala Governorate's allocations from the Liberated Governorates Reconstruction Fund.
In this regard, and in order to benefit from the experience of the Supreme Authority for Hajj and Umrah in the processes of delegation and reverse delegation; The Council approved the following:
1. Authorizing the Authority to contract with private transport companies for the purpose of renting (2000) buses, as an exception to the Government Contracts Implementation Instructions No. (2) of 2014, and the controls attached there for the purpose of transporting visitors to Imam Hussein (peace be upon him) during the fortieth visit. The Ministry of Finance allocates the required amount from the budget of the Prime Minister's Office.
2. Reducing the percentage of tax withheld from contracted transport companies on contracts concluded from (3%) to (1%), according to the authority vested in the Ministry of Finance.
3. Approval of the guarantees submitted to the Supreme Authority for Hajj and Umrah by the companies to be contracted with, in accordance with the fundamental mechanisms and procedures followed by the Authority for contracting purposes.
4. Approval of subscription receipts for companies to be contracted with in the Department of Labor and Social Security.
5. The Supreme Authority for Hajj and Umrah is responsible for the validity and safety of contractual procedures, and the Prime Minister’s Office forms committees to follow up and monitor the work mechanism.
In order to develop the work of the Iraqi air system and raise its level of efficiency, the Council agreed to exempt the General Company for Airport and Air Navigation Management from contracting methods and instructions for implementing government contracts (2 of 2014), in implementing projects related to developing the infrastructure for special devices and equipment for air traffic management systems.
Navigation, radars, air guidance and automated landing systems, communications for air navigation and cybersecurity systems, as well as what is related to restructuring Iraqi air routes,
linking them to the global network of neighboring countries, transforming the navigation system in Iraq, and reducing the longitudinal separation between aircraft, which contributes to increasing the density of aircraft movement. In the Iraqi airspace, it maximizes the company's resources.
It was approved to authorize the Ministry of Education to contract, in a direct referral manner, with the Iraqi Media Network and the House of Cultural Affairs in the Ministry of Culture, to complete the printing of school curricula.
The Council authorized the Ministry of Construction, Housing, Municipalities and Public Works to choose the appropriate agreement method, as an exception to Government Contracts Implementation Instructions No. (2 of 2014) for the purpose of repairing the minaret of the Al-Khalifa Mosque.
It was also approved to exempt the Central Agency for Standardization and Quality Control from the provisions of Article Seven of Instructions No. (1 of 2023), the provisions to facilitate the implementation of the Federal General Budget Law, with regard to purchasing and equipping laboratories with the devices, equipment, and laboratory supplies necessary for the work of the device, based on the aforementioned instructions. LINK
There's absolutely nothing getting in the way of this monetary reform. Announcement to the Iraqi citizens as promised by Sudani and Alaq.
It's no secret. The world knows about the monetary reform of the Iraqi dinar. The international world knows about a new exchange rate that is about to come out of this. It's no secret, everybody knows the Iraqi dinar is about to go up in value.
[Response to the recent video below and articles coming out about Iraq's monetary reform] That's how it's supposed to work. The monetary reform education to the citizens. There's going to be a slew of articles that are still coming. This is just the beginning.
Notice how everything is lining up for the monetary reform? That's how you know it's not BS.
Economy Information / Baghdad .. Member of the Parliamentary Economic and Investment Committee, MP Mohammed Al-Ziyadi, confirmed today, Tuesday, that the approval of the arbitration law will protect foreign capital from international financial sanctions.
Al-Ziyadi said in a statement to / Al-Maalouma / agency, "Tomorrow's session will witness the first reading of the arbitration law, which is a step towards activating commercial investment in Iraq."
He pointed out that "Iraq is in dire need of approving this law because it will open up horizons for commercial cooperation and investment of funds, in addition to thinking about ways that help attract investors and capital."
Al-Ziyadi stressed the "necessity of not touching the foundations of the state and the integration of government institutions."
It is noteworthy that the Presidency of the Iraqi Council of Representatives included the first reading paragraph of the draft arbitration law in its session that will be held tomorrow, Wednesday. LINK
A friend of mine who lives in Germany (German Bonds). is very close to what's happening in Zurich! She told me two weeks ago that everything was being processed and settled,
and I asked her how far along they were, how long it would take and she sent me pictures of a boat party which took place on a big lake, so apparently she's not allowed to talk about it, that was answer enough for me
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BREAKING NEWS
AFRICAN NATIONS TURN TO GOLD TO PROTECT AGAINST CURRENCY LOSSES
SOUTH SUDAN IS THE LATEST COUNTRY TO PLAN TO EXPAND ITS RESERVE BASE BY ADDING OTHER RESOURCES, SUCH AS GOLD.
President of the Republic: Iraq is politically, security-wise and economically stable and supports h Screenshot-gallery-97
{Politics: Al Furat News} President of the Republic Abdul Latif Jamal Rashid confirmed today, Tuesday, that Iraq seeks to develop its relations positively with various countries of the world, based on the stability it is witnessing on the security, political and economic levels.
The President of the Republic pointed out that "the Iraqi government is working on developing comprehensive plans to rehabilitate and operate factories and plants, and attract investors due to the existence of equal and promising opportunities for companies to invest in Iraq through vital and developmental projects, especially since Iraq today enjoys political, security and economic stability."
He stressed, "Iraq's efforts in combating violence against women and children, finding solutions to the issues of displaced persons, supporting human rights in general, and the means to activate joint international cooperation in this field,"
noting that "Iraq cares about and supports human rights in a distinctive way, and supports its principles and adopts them as a basis for legislating its laws and organizing community work, as all complaints in this regard receive attention and follow-up from the Presidency of the Republic and the relevant authorities."
In turn, representatives of diplomatic missions expressed their happiness with the "development taking place in Iraq," stressing "their countries' keenness to support Iraq's stability and expand the horizons of cooperation with it in various fields." LINK
So Sudani/Abadi have now demanded a timeline for the US troops to start leaving, giving them until the end of next year. This was the edict Israel was waiting for in order to strike.
Notice in the articles Iraq says they are a part of the new international development bank. That means BRICS, which means they’re part of it now and they just haven’t admitted it yet.
And they’re telling you in the comms that the timeline for completion is September. Don’t shoot the messenger. We’re just letting you know their true plans so you can prepare accordingly for your new lives.
@JonDowling
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JON DOWLING
Now that Iraq is meeting in Washington and Netanyahu is wanting to go to DC, you have to figure that Israel is involved behind the scenes in these meetings planning their attack on the Iranian proxies.
@JonDowling
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Funny how America and Iraq copy each other. Dems and Rino’s going nuts because President Trump is safe and will lead to their exposure and demise. Similarly, Maliki in Iraq is going nuts trying to stop the reforms and ascension into the WTO, because he and his bastard goons know this is the end of them and their corrupt ways forever.
All Sudani needs to do is go to the border and talk to our military and tell them what’s up and let them go into parliament and pull out all the corrupt goons and this all ends. He is smart and most likely this will be his next course of action.
@JonDowling
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The US is giving Iraq one week to pick a new speaker of the house. Next week they’ll finally have one.
That coupled with the talks to join the WTO brings us another step closer to the RI. Ultimately it’s all a stall tactic until Israel does their part. See you in September.
Next year, the Ministry of Transport will open three new international airports within the southern and northern regions of the country.
Director of the Ministry's Media Office, Maytham Al-Safi, explained to Al-Sabah that the ongoing work through local and international companies within the international airports of Holy Karbala, Nasiriyah and Mosul is continuing at an increasing pace and according to the prepared and predetermined timetable for completion.
He revealed coordination with the Imam Hussein Shrine to implement and complete the Karbala International Airport project, which is considered one of the vital projects important to strengthen the aviation infrastructure in the country, as a British company is responsible for its construction at a total cost of $500 million.
The airport is expected to receive six million visitors annually, making it the largest. in the country.
Al-Safi stated that work is underway at Nasiriyah Airport in Dhi Qar Governorate, by two companies, the
first of which is Chinese and is carrying out its construction according to international standards, and the
second of Turkey is supervising the implementation, while the designs of Mosul Airport are being completed by a consulting party, in addition to the continuation of contracting, manufacturing and factory inspections. And training for navigational systems, devices and specialized equipment Consecutively.
He stressed that the three airports will be opened next year, which is expected to contribute significantly to
improving the air transport infrastructure in Iraq, in addition to
strengthening economic and tourism ties with various countries of the world and
Episode 2 focuses on the BRICS currency model, particularly the gold-backed UNT system. The discussion aims to go deeper into this model, as previously discussed in Episode 1.
Episode 2 of the podcast centers on the idea of exchanging or redeeming GCR currencies and bonds for a higher exchange rate within the new gold-backed system. This system, referred to as the BRICS UNT or UNIT currency system, is designed to operate using gold backing.
Several assumptions are made for calculating currency rates within this system. These include using the price of gold per gram and considering the gold holdings of each BRICS country.
Variables such as the amount of gold each country possesses are factored in, despite some uncertainties. For instance, China’s gold purchases have continued in private channels despite official reports of cessation.
The UNT formula is composed of 40% gold and 60% currency basket. There are assumptions regarding the number and composition of the currencies in this basket. The global currency reset (GCR) aims to be gold-backed, seeking to achieve increased transparency and valuation based on each participating nation’s gold holdings.
The composition of the currency basket was also based on limited information from the UNT currency system white paper. Additionally, assumptions were made about the capabilities of digital platforms for exchanging UNT-based currencies.
The results from the calculations were impressive, even with the assumptions. The numbers and formulations were derived from the available data from BRICS and Russian government sources, resulting in fascinating insights.
In this segment, the discussion highlights the current members of the BRICS Plus alliance, which now includes ten countries: China, Russia, Brazil, India, South Africa, Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia. Argentina, initially invited, rescinded its invitation.
Additionally, Iraq and Vietnam were mentioned but not included in the main analysis. Further detail on the IQD and VND exchange rates against a pure fiat currency (such as the USD, EUR, etc.) will be presented in a future episode of the Endgame GCR Podcast.
We present the latest gold reserves per country based on data from the International Gold Council and other sources. They acknowledge that China and Russia likely possess more gold than officially reported, as they are the largest gold producers globally.
For calculations, gold reserves are converted into grams. For instance, China has 2.262 billion grams of gold in reserves. The gold price per gram is also provided, with one gram of gold priced at 561 yuan in China and 6,765 rubles in Russia.
critical aspect discussed is the weighted average of each country’s share of gold. The total gold reserves for the BRICS countries amount to approximately 7.5 billion grams. Due to lack of data, Ethiopia’s gold reserves are not included.
China contributes 30% to the total gold reserves, while Russia contributes 31%, making them the largest contributors as seen in the chart below.
We then explain the formula for calculating the new gold-backed currency value, or purchasing power, based on the UNT system. The formula involves a 40% gold component and a 60% currency component.
Using China as an example, with a 30% share of the total gold reserves and the gold price of 561 yuan per gram, the calculation proceeds as follows:
Calculate 40% of the gold component: 40% of 561 equals 224.4.
Multiply the 30% share by the gold price: 30% of 561 equals 168.3.
Take 40% of this value: 40% of 168.3 equals 67.32.
For the currency component, calculate 60% of the gold price:
60% of 561 equals 336.6.
these components gives the value of one UNT in yuan:
67.32 plus 336.6 equals 403.92, approximately 404 yuan per UNT.
Additionally, this translates to the gold value, where one UNT-based Yuan equals the equivalent value of 0.72 grams of gold.
These calculations are applied to other BRICS countries, providing a comparative understanding of how the UNT system will function. This detailed explanation aims to ensure transparency and accuracy, utilizing tangible data to the best of the our abilities.
In the final part of the discussion, we address the practical implications of the new gold-backed UNT system for international trade among BRICS Plus countries. They focus on how these countries will engage in trade without relying on fiat currencies or converting into U.S. dollars.
The BRICS Plus alliance includes China, Russia, Brazil, India, South Africa, Saudi Arabia, the UAE, Iran, Egypt, and Ethiopia. As these countries transition to the gold-backed UNT system, they will no longer use fiat currencies for transactions.
For example, if China buys oil from Russia, they will use the UNT system rather than converting currencies to U.S. dollars.
The new currency exchange rates under the UNT system are explained using specific examples. One UNT equals 404 yuan, and one UNT equals 4,900 rubles.
This establishes a new currency pairing system for trade. The exchange rate between the yuan and ruble under the gold-backed system indicates that one gold-backed yuan is slightly less than one gold-backed ruble because Russia’s gold holdings are slightly larger than China’s.
The chart shows various currency pairings, highlighting near-parity among them. For instance, the ruble to yuan exchange rate is 1.005, while the yuan to Indian rupee exchange rate is 1.19.
This near-parity across all participating currencies is significant, as it means that countries can trade almost one-to-one using the UNT system, which contrasts sharply with current disparities in fiat currency values.
A striking comparison is made between the IQD (Iraqi dinar) and the yuan. Currently, the IQD is valued at 1,310 to one U.S. dollar, and the yuan at 7.2 to one U.S. dollar.
Under the UNT system, these currencies achieve near-parity, with the IQD and yuan exchange rate around 0.84 to 1.16.
This parity provides a more balanced and equitable cross-border trading environment.
The discussion also touches on the potential implications for global trade if BRICS countries engage with fiat currency-based economies like the U.S. or Europe.
The cost of using U.S. dollars for trade would be significantly higher compared to using the UNT system. This highlights the competitive advantage and cost-effectiveness of the gold-backed system for international transactions.
We emphasize that the UNT system will create purchasing power parity (PPP) between countries, leading to a more level playing field. This system could potentially reduce the wage disparity between workers in different countries by establishing more equal currency values.
In the conclusion of this podcast episode, we reflect on the broader implications of the UNT system for global finance. We discuss the potential for increased purchasing power and liquidity within the system, driven by the inherent arbitrage opportunities.
The transition to a decentralized, blockchain-based financial system is anticipated to enhance the efficiency and fairness of international trade, aligning with the goals of the global currency reset (GCR).
The podcast underscores the profoundly transformative potential of the gold-backed UNT system, highlighting its ability to establish a more equitable and balanced global economic landscape.
