DINAR REVALUATION UPDATE
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The Trade Bank of Iraq (TBI) announced today, Saturday, a plan to open a number of new branches.
The media advisor of the Trade Bank of Iraq (TBI), Aqeel Al-Shuwaili, said that “the plan included opening an office for the bank in SOMO Oil Marketing Company in Rusafa and a cash deposit office in Karkh in the Red Crescent Society in Al-Mansour area, as well as opening a branch in Karkh in 14 Ramadan Street, in addition to opening a branch in Karkh in Al-Saydiyah area, in addition to opening a branch in the governorate center in Samawah in Al-Baraka Mall.
The statement indicated that “the plan also included preparing to open other new branches, namely the Ziona branch in Rusafa, the Tikrit branch in Salah al-Din Governorate, a branch in Basra Governorate, and the Diwaniyah branch in Qadisiyah Governorate.” link
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Koger: The budget schedules have not reached us yet, and we will start the sessions as soon as they arrive.
Jamal Kojer, a member of the Parliamentary Finance Committee, explained today, Saturday, that the budget schedules have not reached the Finance Committee yet, and we have not been informed of the date of sending them to the House of Representatives.
Kocher added in his statement to {Euphrates News} Agency, "Once the schedules reach the committee, they will be announced and the sessions for the first reading will begin if they include texts. If the schedules are devoid of texts, the committee will begin reading the schedules only."
He stressed that "the committee will work to prevent tampering with the schedules, as happened previously." link
EXCERPTS FROM MARKZ
PM Al-Sudani orders operation of Karbala Oil Refinery by 2025
Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed Shia Al-Sudani directed the commencement of operations at the Karbala Oil Refinery starting in early 2025.
This directive was issued during a special meeting he chaired to review and discuss the continuation of operations at the refinery, according to a statement from the PM's media office.
“The meeting addressed the handover and operational mechanisms for the Karbala Oil Refinery following the completion of construction by the Korean company JV. Discussions emphasized ensuring the refinery operates at full capacity. The refinery is expected to contribute 17% of Iraq’s domestic production of oil derivatives,” as per the statement.
The Prime Minister also directed the formation of “a committee within the Ministry of Oil to establish an operational framework for the refinery starting next year. He emphasized the strategic importance of the project, noting that it is the first refinery in Iraq to utilize modern technologies. ”
The Karbala Oil Refinery has been undergoing intensive maintenance work, which has rendered it out of service since September 25. The refinery has an estimated production capacity of around 150,000 bpd.
Iraq aims to increase its crude oil production and direct a significant portion of this production to refining facilities, which are currently being upgraded to boost their capacities, aiming to achieve self-sufficiency in gasoline as soon as possible.
Iraq plans to raise its crude oil refining capacity to 1.14 million bpd by adding new units to existing refineries. The country announced the opening of the Karbala Oil Refinery with a production capacity of up to 150,000 bpd in April 2023.
In June 2024, the Iraqi Ministry of Oil confirmed its full commitment to compensating for any surplus in production since the beginning of 2024. This comes after secondary sources estimated that Baghdad exceeded its assigned quota by approximately 203,000 barrels in May.
Iraq’s Al-Sudani discusses "governance" of Development Road with international consulting firm
Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed Shia Al-Sudani met with a delegation from Oliver Wyman, an international consulting firm, to discuss the long-term “governance” of the Development Road Project in line with future advancements.
According to a statement from Al-Sudani’s media office, discussions focused on “the key principles of the economic model for the Development Road Project, including details that provide the project with significant advantages.”
“The discussion also covered ideas related to the project’s governance on both a temporary and long-term basis, ensuring alignment with major advancements in this field and consistent with the government’s vision for administrative reform and the transition to electronic governance systems,” the statement added.
What is the Development Road Project?
Iraq’s Development Road project, officially launched during Turkish President Tayyip Erdogan's visit to Baghdad in April, is set to become a cornerstone of regional trade and economic growth. Iraqi Prime Minister Mohammed Shia Al-Sudani says that the vital Road project "will transform Iraq from a landlocked country to an open one."
The project features a 1,275-kilometer (792-mile) rail and road network designed to streamline the movement of goods between Europe and the Gulf region. It is anticipated to significantly reduce trade costs between China and Europe, with energy playing a crucial role due to Iraq's substantial oil reserves.
The investment budget for the project is estimated at $17 billion, with $6.5 billion allocated for highways and $10.5 billion designated for an electrified railway.
In addition to transforming regional trade dynamics, the Road Project is forecasted to create 100,000 jobs in its first phase and potentially up to one million jobs upon completion.
