“Black gold mafias” in Iraq...holes that generate billions of dollars in the pockets of influential parties , 11 SEPT

  “Black gold mafias” in Iraq...holes that generate billions of dollars in the pockets of influential parties - Urgent 

Today, Sunday (September 10, 2023), oil affairs specialist Ghanem Hassan revealed the truth about the existence of crude oil “mafias” in Iraq.

Hassan told "Baghdad Today", "Crude oil mafias exist in the country, especially the southern governorates, and they are basically arms of powerful parties that steal oil by bypassing the main pipelines, but they are not able to drill any well and steal crude oil because the well-drilling mechanism is complex and requires huge resources." It can only be provided through the Ministry of Oil and international investment companies.”

He added, "The theft of oil takes place in the remote areas through which crude oil pipelines pass and is monitored from time to time," pointing out that "the Ministry of Interior dismantled, months ago, the largest network in the history of Iraq for stealing and smuggling oil in which senior officers were involved," noting that “The network revealed many secrets.”

He continued: "There are wells in northern Iraq being drilled by specialized companies, and oil is being smuggled away from the Iraqi Marketing Company (SOMO), and there are important parties involved in this act and they are monitored and known by those concerned." 

He pointed out that "Iraq's problem is smuggling, which represents a huge waste of the country's wealth, as it is sold for up to 40% less than its real price, and the money goes into the pockets of corrupt people, mafias, and the economic arms of certain parties."  

Black gold mafia

Observers indicate that due to the weakness of government oversight and the difference in fuel prices between the provinces of the region compared to other provinces and neighboring countries, oil smuggling operations are carried out by creating holes in the main transport pipelines by connecting high-pressure pipes to withdraw and smuggle the oil .

Prime Minister Muhammad Shiaa Al-Sudani announced on November 2, 2022, “the dismantling of the largest oil smuggling network in Basra Governorate, at a time when the National Security Service revealed the involvement of senior officers and employees, directors in the Energy Police and a number of associates in Basra Governorate, and the confiscation of 49 tanks.” With wheels prepared for smuggling, 93 dens and 496 tanks violating controls were found, in addition to the closure of 11 stations violating controls as well, while the smuggled quantities were estimated at 75 million barrels per month. 

By calculating the minimum return on sales from the smuggling network. If the value of one barrel is estimated at $50, the revenues generated from selling 75 million barrels would be approximately four billion dollars per month.

The revelation of the dismantling of a number of oil derivatives smuggling networks opens the door to the file of the “black gold mafia,” which has spread in the country under the auspices of a number of senior officials and police commanders, causing severe damage to the Iraqi economy and negatively impacting the livelihood of citizens  link

 To end the dispute between the region and Baghdad. Parliament intends to legislate the oil and gas law in its current session, 11 SEPT

 Time : 2023/09/10 13:09:44

 {Political: Euphrates News} Member of the House of Representatives Zainab Al-Khazraji confirmed the determination of the House of Representatives to approve the oil and gas law during the current session to end all differences between Baghdad and the region.

Al-Khazraji said in a statement drawn by {Euphrates News}, that "the adoption of the oil and gas law will end all the differences that exist between Baghdad and the region, which have been pending for years."

He added, "Among the important laws that the House of Representatives intends to approve is the oil and gas law, which has been suspended since 2005," indicating that "its approval will contribute to preserving the fair distribution of wealth throughout Iraq.   LINK

IQD exchange rate black market BY NADER FROM MID EAST

Iraqi Dinar Currency New Rate / Iraqi Dinar Latest Exchange Rate Today /...

"RV UPDATE" BY MNT GOAT, 11 SEPT

 Mnt Goat 

 Article:  "IRAQ IS ADVANCING GLOBALLY AND SETTLING IN THE ARAB WORLD WITH THE LARGEST ECONOMY IN THE WORLD IN 2023"  Quote:  "

...Iraq ranked 49th in the world’s largest economies for the year 2023, after it was ranked 52nd last year, within a list of 190 countries, according to a report by the International Monetary Fund."

 ...they now have a VERY high level of Security and Stability, something that we have heard over the last 20 years they needed. Well…now its here…

...I have to tell you the currency rate of 1/6 of a penny (IQD 1320 = USD 1) absolutely does not reflect the currency rate of the dinar. It is being “artificially suppressed”!   But most importantly...

many other financial wizards, much more knowledgeable than I, also feel this way. To make a very good comparison one only needs to compare Iraq to Kuwait to see the imbalance and inequity happening  (KWD 1 = USD 3.45).

Pessimistic expectations.. What is the secret behind the 2023 budget not being released yet?, 11 SEPT

 Pessimistic expectations.. What is the secret behind the 2023 budget not being released yet?

9-10-2023

Pessimistic expectations.. What is the secret behind the 2023 budget not being released yetToday, Sunday, the economic expert, Dr. Abdul Rahman Al-Mashhadani, revealed the main reasons behind not launching the 2023 budget yet, anticipating a global economic crisis next year, and despite the rise in oil prices, the year 2024 will be difficult.

Al-Mashhadani said in a statement exclusively to Jarida , “Not releasing the budget is not for fear of it being exploited electorally, because the political blocs do not need a budget, as they have food security law money, and they also have supporters from merchants and businessmen, so the basic political blocs have power.” And money and support from local, international and commercial parties.”

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He added, “The government’s vision announced by the Prime Minister is that the disbursement is based on the revenues generated, but the revenues generated cover operational expenses only, and in official statements it was stated that the Kurdistan region’s share is greater than its entitlement, because the disbursement is based on the revenues generated, and not on Basis of budget allocations.

He continued: “Also, the Prime Minister wants to spend the year 2023 with the minimum disbursement as long as the budget is delayed. Therefore, the life of the government will be short, which is two years. He does not want to borrow from the Central Bank and waste the surplus resources, which are 23 trillion from last year, but rather He wants to put it as savings or as an initial entry for 2024.”

He explained, “Because the year 2024 will not be as easy as expected, even though oil prices have begun to rise to record levels, but all expectations still point to a global economic crisis in 2024, so this hedging and austerity that they are following by delaying the approval of the budget may be the main reason for saving.” Funds and resources available until next year.

jaredaiq.net

Iran Continues To “Dry Up” Iraqi Dollars.. The Dollar Is On The Way To Flying Towards 160 Thousand (Details), 11 SEPT

 Iran Continues To “Dry Up” Iraqi Dollars.. The Dollar Is On The Way To Flying Towards 160 Thousand (Details)

Baghdad today - Baghdad   Today, Sunday (September 10, 2023), the expert in economic affairs, Nabil Al-Marsoumi, detailed the reasons for the continued rise in the exchange rate of the dollar against the Iraqi dinar, despite the many decisions taken by the Central Bank.

Al-Marsoumi said in an interview with “Baghdad Today” that “the reason for the large gap between the dollar in the official market and the parallel market is due to the large trade with Iran, as the latter exports goods to Iraq worth 10 billion dollars annually, and this trade is covered through bank transfers that go to banks.” UAE and then to Iran.”

He added, “After implementing the electronic platform system, bank transfers were stopped, and trade with Iran is now being covered through the parallel market, so there is pressure on the dollar,” noting, “There are parties that monopolize the dollar in order to pump it back to Iran for the purpose of commercial settlement with "Tehran."

Although Al-Marsoumi does not hide that Iraq faces many economic problems in this aspect, he confirms that the demand for investment and consumer goods will increase after the release of budget allocations.

“Due to the limited national production base, the demand for the dollar will increase again and cause it to rise to high levels,” the economist says.

Al-Marsoumi was not satisfied with this, but rather warned that the price of the dollar was on its way to jumping above the barrier of 160 thousand dinars, in the coming weeks due to a number of reasons mentioned, and “the failure to take decisions that would reduce the difference.”

According to US sanctions, any deal between Iran and Iraq must be based on the dinar, and the use of the US dollar in these transactions is prohibited.

14 private Iraqi banks were prevented from purchasing US dollars from the Central Bank of Iraq as part of a campaign by the US Treasury Department to smuggle dollars to Iran through the Iraqi financial system .

Banks were prohibited from purchasing US dollars through the "foreign exchange auction window", known as dollar and conversion auctions .

It is an officially approved mechanism to cover the foreign currency needs of banks and public and private commercial institutions, and ensures the ability of these institutions to finance their financial activities and foreign trade .

The American step taken by Washington on July 19, 2023 is part of a broader effort to prevent Iran from depleting Iraq’s dollar reserves through false or fictitious import transactions carried out with “inflated” invoices or “fraudulent” money transfers.

The Central Bank of Iraq works with the US Department of the Treasury to implement anti-money laundering and counter-terrorism financing initiatives .

The Central Bank explained that within the framework of this partnership, an “electronic platform” was developed to ensure the safety and accuracy of money transfer transactions in all aspects, in accordance with international standards and practices.   LINK

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