Weekend News with MarkZ 09/30/2023

Iraq pushes to enforce arbitration award against Turkey: Iraqi oil report, 30 SEPT

 Iraq pushes to enforce arbitration award against Turkey: Iraqi oil report, 30 SEPT

Shafaq News/ In a U.S. legal filing, Iraq contested Turkey's effort to flip the award in its own favor, as the two sides still appear deadlocked over the resumption of Iraqi Kurdistan's oil exports, Iraqi Oil Report revealed on Saturday. 

Iraq is pressing forward with its attempt to enforce a major arbitration award against Turkey, arguing for a U.S. court to enter a judgment of $601.9 million in Iraq's favor.

The Sept. 28 legal filing is a sign that Baghdad and Ankara do not appear to be close to the kind of diplomatic agreement needed to reopen Iraq's northern oil export pipeline via Turkey, despite a flurry of technical talks in mid-September that seemed to be laying the preliminary groundwork for a restart.

"RV UPDATE" BY SANDY INGRAM & FRANK26, 30 SEPT

Sandy Ingram 

 More than a few people are saying we are unwise to expect that the IQD will revalue to $1 or $2.  What people outside the IQD investment do not yet understand is this -

 Even if the IQD only increases in value to $0.20 to 1 Iraqi dinar, in the beginning, many people would experience a profit of $200,000 [$0.20 X 1,000,000] or more. This is when visitors stop talking down to IQD investors and start asking where can I purchase the currency...

Iraq is on the verge of satisfying the IMF (International Monetary Fund) recommendation that they have a solid income stream outside the oil industry.  The Development Road Project will not only provide 4 billion US dollars in revenue each year, it will also increase the GDP of Iraqi citizens.

Frank26 

 What about the HCL?  It's ready.  Why isn't it out?  It's waiting for the new exchange rate.

What do you think the rate will be when it comes out? 

 I don't care!  What I care about is for them to announce in 72 hours their sanction free and their currency is restriction free...international.  If it's international hello Forex...

What will it turn into, that's what you need to be paying attention to and at what speed...It ain't going to be no 6 months to a year before it reaches the potential of the Middle Eastern exchange rates of 3 to 1.  No.  Shoot, you're going to sleep, the next morning, boom!

Security and stability.  Mission accomplished...That's what it boils down to.  That's what we need for the monetary reform to come out...

CSC is the Central Security Custody system.  

Somewhere between the 28th and the 1st and these next 72 hours this CSC will go into effect because it was a mandate from the BIS to make sure Iraq was ready on the 28th to do international transfers...The auctions we believe you will see a change in them on the 28th...This is an important step.  There are many steps that are occurring right now at the end of this monetary reform that are important. 

An economic expert explains the importance of Iraq’s gold reserves, 30 SEPT

 An economic expert explains the importance of Iraq’s gold reserves

An economic expert explained the importance of gold in the reserves of the Central Bank of Iraq.

Salah Nouri told {Al-Furat News} agency, “The gold reserve is a cover for the national currency in addition to the dollar and the euro, and the Central Bank of Iraq, like the rest of the central banks in the world, invests in gold, with the aim of diversifying the reserve and obtaining returns, by buying and selling in global markets, The first of which is the London market.

He referred to “measuring the central bank’s reserve, that is, the assets it owns, which are gold, the dollar and euro currency, and US Treasury bonds as investments.”

Nouri continued, “As for international transaction settlements, they are mainly made in the dollar currency, and then in the euro currency to a lesser and limited extent.”

The World Gold Council showed in its report this September that gold reserves in Arab countries amounted to 1,515.1 tons, and Iraq ranked fourth with 132 tons after Saudi Arabia, Lebanon, and Algeria.

Iraqi Dinar Reform Announcement | The Gazette's Role | Forex Alert | Pat...

Al-Sudani puts the dots on the letters in America’s backyard: With draw and do not interfere in Iraqi affairs, 30 SEPT

 Al-Sudani puts the dots on the letters in America’s backyard: With draw and do not interfere in Iraqi affairs

Information/Baghdad…

Prime Minister Mohammed Shia al-Sudani invested his presence in New York perfectly to highlight Iraq’s lack of need for the presence of foreign forces, as well as the categorical refusal in America’s backyard to interfere in Iraqi affairs, in a move that confirms the government’s determination to implement the most important items of its government programs, which is to end the foreign presence from the country.

In several successful speeches and meetings, the Prime Minister pointed to the need to differentiate between the positive relationship with neighboring countries and the negative relationship that reaches the stage of intervention.

Al-Sudani continued, “All countries, including America, if they want to establish relations with Iraq, must respect the country’s sovereignty and the will of its people,” explaining, “The need for a foreign presence in the country has disappeared since Iraq is capable of protecting its country, and a new agreement will be concluded to regulate military relations.” With America.

While he renewed Iraq’s position of rejecting the presence of any foreign combat forces on its territory, indicating the existence of joint efforts to organize the work of foreign advisors.

In addition, member of the Parliamentary Security and Defense Committee, Ahmed Al-Moussawi, describes the statements of Prime Minister Muhammad Shia Al-Sudani regarding withdrawing foreign forces from Iraq and not allowing Washington to interfere in Iraqi affairs as courageous.

Al-Moussawi said in a statement to Al-Maalouma: “Sudani’s speech and his confirmation that Iraq does not need foreign forces opens the doors to reviewing its agreements with Washington, and they will be supported through Parliament.”

He added, “Al-Sudani’s statements regarding withdrawing foreign forces from Iraq and not allowing Washington to interfere in Iraqi affairs were courageous and frank about the country’s sovereignty.”

He pointed out that “the government will not allow the launch of aggression against neighboring countries, and will not allow any party to undermine the country’s national security through foreign presence.”

Record condensate exports by Basra Gas Company bolster Iraq's economy and environment, 30 SEPT

 Record condensate exports by Basra Gas Company bolster Iraq's economy and environment, 29 SEPT

Shafaq News / The Iraqi Ministry of Oil announced on Thursday that Basra Gas Company achieved its highest export rate of 25,000 tons of condensates (C5) as part of its efforts to boost export volumes through the Umm Qasr Port in Basra, thus supporting the country's economy.

In a statement attributed to Andrew Wyber, the Commissioner of Basra Gas Company, it was highlighted that the export of 25,000 tons of condensates represents a significant achievement that will increase export rates and bolster Iraq's financial revenues. He also noted that this export operation marks a new record for Basra Gas Company and will enable the company to expand into new markets.

Furthermore, he emphasized, "Iraq has the potential to become a global player in the liquefied petroleum gas and condensates sector, and we aspire to be among the advanced nations in terms of exports."

In a related statement, Sultan Al-Maliki, the Director of the Commercial Department at Basra Gas Company, remarked, "This achievement is the result of cooperative efforts among various departments and teams within the company, and it is a source of pride for us."

He also pointed out that the ability to load larger shipments will allow importing companies to transport these shipments to more distant destinations and markets in the East, where there is a higher and more efficient utilization of condensates in the chemical industry.

It is noteworthy that Basra Gas Company had previously loaded 16,300 tons of condensates. With the increased production, the company safely and efficiently raised the shipment volume to 25,000 tons using the vessel "Marlin". This signifies the loading of larger shipments, enhancing the company's current and future export capabilities.

In addition, Basra Gas Company has significantly increased its associated gas production, more than tripling its output from when it was established in 2013. So far, it has prevented over 160 million tons of carbon dioxide from entering the atmosphere.

With the full operation of the Basra Gas Liquids Plant, an additional 10 million tons of carbon dioxide will be prevented from polluting the air, increasing the company's capacity to eliminate around 30 million tons of carbon dioxide annually, according to the Ministry of Oil.

https://shafaq.com/en/Economy/Record-condensate-exports-by-Basra-Gas-Company-bolster-Iraq-s-economy-and-environment