Iraqi Electricity presents its plans to raise energy production rates to international companies
The ninth Iraq International Energy Exhibition and Conference opened today, Monday, on the grounds of the Baghdad International Fair, with the participation of international companies and a high level of official presence. The Iraqi Minister of Electricity gave a presentation on the ministry’s plans to increase the rate of energy production.
Over 180 domestic and foreign businesses with a focus on energy matters are taking part in the expo, which runs from February 12–14, 2024.
BANK INQUIRER: I called North Rim Bank, they didn't want to talk to me at all because they said I don't have an account. They said I would have to wait 90 days after opening an account before I could even exchange. We scratched that bank off the list. Then I called The Credit Union One and Alaska USA Credit Union. They told me neither one do exchanges.
FRANK: I suggest you need to go to a major bank ...Go to the state bank...
BANK INQUIRER: I called USAA Bank...they do not do foreign cash exchanges. Then I went to Key Bank...They do foreign cash exchanges in the bank. She looked up the currency and nothing shows yet...They do not have a De La Ru Machine they said they'd have to send it out.
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Iraq is dedicated to adhering to the Organization of the Petroleum Exporting Countries’ (OPEC) decisions about production levels, according to remarks made on Monday by the country’s oil minister, Hayan Abdul-Ghani.
Abdul-Ghani stressed that Iraq is also committed to keeping its output to a maximum of four million barrels per day, having announced its second voluntary cut in December.
According to the oil minister of Iraq, the country currently exports 3.35 to 3.4 million barrels of oil per day.
Abdul-Ghani said that talks with international oil companies operating in Iraqi Kurdistan to resolve a dispute that has halted the country’s oil exports had progressed.
The Iraqi official went on to say that talks with businesses that operate in northern Iraq are getting near to a resolution shortly and that the revival of oil production from fields in the Kurdistan area of Iraq is connected to the commencement of oil exports from Iraq.
Following a ruling by the International Chamber of Commerce (ICC) in an arbitration case, Turkey ceased exporting 450,000 barrels of oil per day from northern Iraq in March 2023. Ankara was ordered to compensate Baghdad for the harm caused by unauthorized exports between 2014 and 2018.
A Goldilocks Economy represents an idea whose time has come. We are currently adjusting Payment Systems and Global Economies seeking out price patterns that will allow us to move into the future with systematic digital protocols that will align our Global Economy with numbers we can grow from going forward.
Just like the story of Goldilocks and the Three Bears, we are looking for value adjustments that are "just right." Our entire Financial System around the Globe is just simply looking for a home. As we journey through this transition, the place we live will be determined by real values and real numbers paved with streets of gold.
Kuwait’s Agility gets new opportunity to arbitrate against Iraq
Regarding its operations in Iraq, the Kuwaiti logistics business was given another chance to present its case before an arbitration panel under the International Center for Settlement of Investment Disputes (ICSID).
Agility filed a case in 2021 at the ICSID of the World Bank Group, claiming it lost more than $380 million in Iraq. However, the arbitration tribunal denied the claim.
In addition, Agility, one of the biggest logistics firms in the Gulf, was mandated by the arbitration tribunal to reimburse Iraq for almost $5 million in case-related expenses.
Agility said in a statement issued on Sunday that an ICSID committee had accepted its appeal and that, as a result, the earlier arbitration panel’s ruling had been partially revoked.
The Kuwaiti company also stated that the committee declared the 2021 ruling to be partially revoked. Agility will now be entitled to present its arguments to the arbitration tribunal once more thanks to this ruling.
The case began in 2017 when the company filed a request with the ICSID, claiming that Iraq had breached a bilateral agreement reached in 2015 between Kuwait and Iraq about the flow of investment and capital between the two nations and had indirectly confiscated its investments, which were worth over $380 million.
At the time, Agility stated that Iraq had denied it and its affiliates the right to appeal a 2014 ruling by the Communications and Media Commission (CMC) of Iraq that had terminated Agility’s ownership of Korek Telecom, an Erbil-based Kurdish mobile phone operator.