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Minister of Oil: The government has succeeded in implementing gas investment contracts , 7 DEC

 Minister of Oil: The government has succeeded in implementing gas investment contracts

12/6/2023

The Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdul Ghani, confirmed today, Wednesday, that the government has succeeded in implementing gas investment contracts.

Abdul Ghani said in his speech during the opening of the Iraq Oil and Gas Conference, which was followed by the Iraqi News Agency (INA): “Government support and the follow-up of Prime Minister Muhammad Shiaa Al-Sudani have contributed to accelerating and expediting the implementation of associated gas investment projects,” indicating that “the government and the ministry have succeeded.”

In implementing gas investment contracts with Total International with a capacity of 600 mqmq, Al-Halfaya in Maysan with a capacity of 300 mqmq, and Dhi Qar 200 mqmq, in addition to gas investment in the Bin Omar field in Basra with a capacity of 150 mqmq.

He added, "The Basra Gas Company is implementing its promising plans to invest gas from three oil fields, and has achieved approximately 1,000 megaqqm, and 200 megaqqm have been added after the opening of the gas investment station in the Rumaila field, and it is hoped that the amount of 200 megaqqm will be added at the end of the first quarter of next year." “After operating the second station within the project.”

He stated that "the Basra Gas Company contributes to stopping the burning of thousands of tons of pollutants annually, and Iraq is committed to the Paris Agreement, and achieved its commitment within the required commitment ceiling," pointing out that "the project to offer carbon bonds in the Central Oil Company is a promising and unique experience in the region." .
He continued, "Licensing rounds are promising projects to enhance national production of oil and gas."    LINK

"RV UPDATE" BY WALKINGSTICK, 7 DEC

 Walkingstick  

What is occurring now is all about the numbers.  It's not about some politician.  It's not about some soldier.  It's all about the numbers.  It's not about parliament.  It's not about the cabinet.  It's not even about the prime minister.  It's all about the numbers that the board of directors and the CBI are dealing with right now.

  [Iraqi Bank Friend Aki update]  There is a meeting going on in Dubai...What they're doing is finalizing the exchange rate.  They got the currency in position and what they need to do is...get the exchange rate in position too...

Al-Sudani: The challenges facing Iraqi society are mostly economically rooted, 7 DEC

  Al-Sudani: The challenges facing Iraqi society are mostly economically rooted

12/6/2023  Baghdad

On Wednesday, Prime Minister Muhammad Shiaa Al-Sudani considered that most of the challenges and problems facing Iraqi society have economic roots, stressing the necessity of adhering to the duties and taxes imposed and not circumventing them to support local products.

This came in a speech he delivered during the launch of the conference on reforming the tax system in Iraq.

Al-Sudani said in his speech, “Within a year of the life of the current Iraqi government, we identified one of the five priorities, which is economic reform. We did not set this word as a slogan or a temporary goal, but rather it came from a realistic reading and inevitable result of the problems and challenges facing Iraqi society, most of which have economic roots.” ". LINK

Investors confirm that the Iraqi market has an excellent investment environment, 6 DEC

 Investors confirm that the Iraqi market has an excellent investment environment

The partnership agreement signed between Iraq and Saudi Arabia in private-sector industrial investments is a significant initiative that will improve the level of services in the Iraqi market.

Salman Daoud Salman, the Director Commissioner of Iraqi Diyar Company, stated in an official statement that the private sector of Iraq and Saudi Arabia participated together for the first time under the patronage of the Iraqi Fund for Development.

Al-Diyar Company has acquired 49% of the investments of Saudi Northern Factory in Iraq. The company is considered necessary in the industrial field.

He stated, “The industrial city is considered one of the strategic projects that covers an area of 6,000 dunams and is located in the Al-Najaf Governorate.” He further added that “there are currently six factories under construction in the industrial city, and work is progressing at a continuous pace.”

The director of the Northern Cement Company in Saudi Arabia, Saud Al-Arifi, expressed his happiness about signing a partnership agreement for industrial investments in the private sector. This marks the first investment partnership in the sector at this level. Al-Arifi made this statement to the official agency.

Al-Arifi expressed his hope that the new initiative would inspire other investors to adopt the same approach and collaborate on mutually beneficial investments. He emphasized that the investment environment in Iraq is excellent, opportunities are plentiful, and the market holds promise in all aspects.

“The government is making efforts to support and streamline procedures,” he said. He also urged all investors in the Gulf region to step forward and take advantage of the unique opportunities that will enhance the quality of services and construction in the Iraqi market.”

He said, “Numerous projects will be completed soon.”

FRANK26….12-6-23…..THE EVIDENCE

The oil law has not reached the government, and the Baiji refinery will operate within 6 months – Parliamentary Committee, 6 DEC

 The oil law has not reached the government, and the Baiji refinery will operate within 6 months – Parliamentary Committee

The Parliamentary Oil and Gas Committee has confirmed that the proposed oil and gas law is still with the Ministry of Oil and has yet to be presented to the Parliament. This is due to political differences between the center and the region. On another note, the Baiji refinery is expected to function fully for the next 6 months.

In an interview with the official newspaper followed by the 964 network, committee member Bassem Ngheimesh stated that OPEC countries are determined to decrease oil production to stabilize oil prices, which is in the common interest of all member states. He also noted that the Ministry of Oil has significant projects planned that can compensate for the reduction in production.

During the next six months, the Karbala and Al-Samoud refineries will operate at full capacity, which will reduce the need for importing petroleum products from abroad.

Naghmish highlighted that the activation of the fifth licensing rounds, along with the fifth and sixth annexes, will contribute significantly towards achieving self-sufficiency in petroleum products and reducing the amount of gas imported from Iran. It’s important to note that any decision to reduce production will have an impact on the budget revenues.

He emphasized that the proposed law regarding oil and gas is still with the Ministry of Oil because of the differences in political views between the central government and the regional authorities. Although joint committees have been established, they have not resumed their work in the recent past.