Minister Of Oil: Economic Motives Are Behind The Withdrawal Of Some Companies, And We Will Stop Importing Gasoline This Year , 25 FEB

 Minister Of Oil: Economic Motives Are Behind The Withdrawal Of Some Companies, And We Will Stop Importing Gasoline This Year 

Economy    Baghdad – IA  Today, Saturday, Oil Minister Hayan Abdul Ghani revealed a plan to increase oil production in the southern fields, while stressing that the withdrawal of some investment companies has economic motives. 

Abdul-Ghani said in his speech during the (Sixth Baghdad Dialogue Conference / Regional Communication), which was attended by the Iraqi News Agency (INA): 

“The Ministry of Oil has developed an ambitious plan to increase production, but  Iraq is a major part of OPEC, and is committed to the organization’s production ceilings, and 

Iraq’s share reached Four million and (600,000) barrels per day, and there was a reduction two years ago and production became four million and (400,000) barrels per day.

 There are two voluntary reductions, and Iraq implemented them, and production reached (4) million barrels per day,” pointing out that “the goal of that is to maintain stability.” Prices and achieving a balance between supply and demand.  

 "Most oil fields are managed by international companies, and there are ambitious plans to increase production in the Rumaila field in Basra Governorate, which is the largest field, where production currently reaches one million and 300 thousand barrels per day, and production will reach one million and 800 thousand barrels, in addition to developing the Zubair and Western fields."

 Qurna and West Qurna 2,” noting that “development plans and increased production will be consistent with global requirements for crude oil and without flooding the market with surplus oil.”

 The Minister of Oil continued, "OPEC has a plan to increase crude oil production to 16 percent in the coming years," explaining that "the organization's production currently amounts to about 100 million barrels, and production will reach 116 million barrels per day, according to the market's need."

 He stressed that "Iraq has made plans to use clean energy, especially in the field of gas, and plans have been drawn up to invest in gas, and contracts have been signed in this regard and to stop burning gas," noting that "Iraq has launched two licensing rounds in the field of gas, targeting more than 33 fields in order to increase gas and transform Iraq." 

From an importing country to a producing country, Iraq is likely to be a gas exporter.” He stated that "gas investment will be in exploratory patches in Nineveh, Anbar, Diwaniyah and Muthanna because they contain large quantities of gas." 

Regarding oil refineries, the Minister of Oil indicated that “the oil products produced by the Karbala refinery are all environmentally friendly,” noting that “the ministry opened a refining unit in the Basra refineries, as well as the opening of the Baiji refinery,” stressing that  “the ministry proposed investment refineries in many From the governorates, there are companies that have expressed a desire to invest in these refineries, and the offers will be discussed by the ministry.” 

He stressed that  "the Ministry of Oil is keen to transform Iraq from an importer to an exporter in the field of petroleum products, especially gas oil and kerosene. 

The Ministry was able to stop many petroleum products, and the import of gasoline was reduced from 16 thousand cubic meters per day to 6 or 7 thousand cubic meters and within In the coming months, these quantities will be reduced and imports will be stopped in the second half of this year.” 

Abdul-Ghani explained,   “Foreign companies are still operating freely in Iraq and are expanding and growing, whether in oil or gas investment. 

As for the companies that withdrew, they withdrew of their own volition and for purely economic motives, especially ExxonMobil. 

This company was informed not to agree to the withdrawal, but it insisted.” To withdraw due to the creation of investment opportunities in Africa.” He continued, 

"These companies aim to achieve profits and are looking for profitable opportunities wherever they are. 

As for foreign companies, especially European ones, they have a desire to invest in gas fields in Iraq."

 https://www.ina.iq/203752--.html

"ANALYSIS OF IRAQ NEWS: "BECAUSE IT WAS STARTED WITH THE MONETARY REFORM FIRST IN ORDER FOR THE ECONOMIC REFORM TO SUCCEED"" BY FRANK26, 25 FEB

 Frank26:  "BECAUSE IT WAS STARTED WITH THE MONETARY REFORM FIRST IN ORDER FOR THE ECONOMIC REFORM TO SUCCEED"..............F26 

Multiple advantages and an important turning point... How did electronic payment methods affect the Iraqi economy?

2/22/2024   Baghdad

The process of gradual transformation towards the use of electronic payment methods has constituted an important economic turning point in Iraq, especially with government support that stresses the necessity of adopting this type of dealings in all governmental and private departments, which specialists describe as “important”, stressing that the transformation towards...

The use of “electronic money” represented by payment cards, and abandoning cash dealing, carries several advantages, including eliminating many cases of corruption, absorbing citizens’ hoarded cash, as well as the possibility of reducing the rise in inflation after using small amounts in buying and selling operations through points. Electronic sales, according to the official newspaper.

This electronic transformation of the use of money in daily transactions represents the utmost importance in the government’s directions, which is making great efforts to complete this direction, especially after “the Council of Ministers had previously obligated private educational institutions, universities, private colleges, fuel processing stations, centers and shops of all kinds.” Restaurants, pharmacies, private medical clinics, stores, all wholesale and retail marketing outlets, professionals, and others that require payment for their interests within the boundaries of the Baghdad Municipality and the governorate centers and districts throughout Iraq, with a minimum amount of their cash receipts through the electronic point-of-sale (POS) system. .

Despite the short period of time in which it was officially decided to actually start using electronic payment methods (POS) in the country, “the World Bank believes that the infrastructure for electronic payment systems in Iraq is the best in the region,” praising during a meeting with the Governor of the Central Bank, Ali Mohsen Al-Alaq, Director of the World Bank Office in Iraq, Richard Abdel Nour, explained, “The Central Bank’s procedures for facilitating financial transfers to different segments in Iraq.”

Al-Alaq had confirmed that “the Central Bank and the government give great priority to the issue of electronic payment because of its important economic repercussions and raising the level of transactions away from excessive use of cash,” indicating that “the Iraqi economy is a cash economy par excellence and the electronic payment process aims to reduce the economic degree of cash in a way.” big ".

The Central Governor added, "The Prime Minister is very supportive of the process of transitioning to electronic payment and holds successive and continuous meetings in order to strengthen the procedures related to this issue. We have made important progress in arranging electronic payment at the level of collection and payment in state institutions."

The "gradual" dispensing with paper money is, according to a member of the Iraqi Economists Association, economic researcher Muqadam Al-Shaibani, of great importance capable of achieving packages of positive results, especially since the dissemination of electronic payment tools in all stores will contribute to gradually abandoning the use of cash, and this will be It has significant consequences for the national economy.

Al-Shaibani also pointed out that the government granted privileges to all store owners by exempting them from tax if they use electronic payment methods, and this constitutes an important incentive, pointing at the same time to what he described as the “fundamental point” that the electronic payment process can achieve.

He explained the possibility of absorbing approximately 92% of the cash mass saved in homes after the complete shift towards electronic currency dealing, as the banking system will be able to invest it in supporting productive projects that contribute to the continuation of the money cycle and reduce inflation rates and also contribute to a high degree in eliminating red tape and corruption in institutions. The state, stressing the need to issue punitive decisions on public and private institutions and agencies that are reluctant to implement and publish electronic payment tools.

It is noteworthy that the Association of Private Banks, in a statement to the official agency, counted the number of electronic payment devices and payment cards during the year 2023, confirming that this issue is witnessing a major transformation.

The Executive Director of the Association of Banks, Ali Tariq, said: “The electronic payment file is making continuous progress thanks to the support and directives of Prime Minister Muhammad Shiaa Al-Sudani, and the government’s insistence on achieving this goal has stimulated all institutions, whether governmental, private or financial institutions, to cooperate in the field of providing electronic payment tools to the citizen.” Across the public and private sectors.”

He pointed out that "after the issuance of the Council of Ministers' decision to generalize electronic payment last year, a very significant progress and leap was achieved with regard to the number of points of sale, whether in the private or government sector, as it rose in just half a year from about 7,000 devices to 24,000 devices at the end of the same year." 2023, expecting that “the number of electronic payment devices will increase further during the year 2024.”

He pointed out that "nearly two and a half million cards were issued in 2023, whether prepaid cards or cards linked to an account to activate them in this field."   LINK

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Mazhar Saleh: Iraq Is Searching For A Globally Advanced Position In Gas Production , 25 FEB

 Mazhar Saleh: Iraq Is Searching For A Globally Advanced Position In Gas Production 

The first 

02/25/2024  Baghdad: Hoda Al-Azzawi  Iraq is focusing on seizing an advanced position in the list of the ten largest gas producing and exporting countries in the world, while possessing huge reserves that place it in 12th place in the world, but it produces less than 9 billion during an entire year, in addition to the urgent need to enter the gas sector.

Sustainable energy.

 Adviser to the Prime Minister for Economic and Financial Affairs, Mazhar Muhammad Salih, said in an interview with “Al-Sabah”:

 “Iraq is one of the countries most likely to engage in the use of renewable energies, especially solar energy, as it is one of the rare countries with increased sunrise hours.”  Saleh added,

 "Iraq needs to enter the era of renewable energy, in addition to respecting carbon zero agreements for the optimal use of natural gas," noting that"it is necessary to     diversify the sources of energy production and     use and enter into the clean energy sector and     economic development.

 Today, we need to produce twice the current energy."". In the face of the increasing need for energy, Saleh pointed out that “the economic reform plan is moving towards diversifying the Iraqi economy.

Economic diversification   begins with the oil sector by   shifting from absolute rentierism to relative rentierism.

Instead of importing oil derivatives worth more than $5 billion, it can be compensated by switching from importing “To a source of petroleum products, which allows Iraq to  maximize the value of national income and  create diversity important for sustainable development.” https://alsabaah.iq/92366-.html

"ANALYSIS OF IRAQ NEWS: ""LIKE A GEIGER COUNTER THE CBI ROAMS" BY FRANK26, 25 FEB

 KTFA:

Frank26:  "LIKE A GEIGER COUNTER THE CBI ROAMS".............F26

The outlets seized money in Iraqi dinars and dollars whose owners tried to smuggle them out of the country

 - Baghdad

On Thursday, the Border Ports Authority announced the seizure of funds in Iraqi dinars and dollars whose owners attempted to smuggle them out of the country.

A statement by the authority, seen by Al-Iqtisad News, said: “The Trebil border port was able to arrest an Iraqi traveler in possession of (7) MasterCard cards at the departures checkpoint without declaring them, and after examining them with the POS machine at the Civil Customs Center, it was found that the total amounts amounted to (52,829,000) fifty-two million eight hundred and twenty-nine thousand Iraqi dinars.”

The statement added, "The Shalamcheh border port was able to arrest an Iraqi traveler in the departure hall who did not have official documents in possession of (62) thousand US dollars. He tried to smuggle it by concealing it in a professional manner."

He pointed out, "Their statements were duly recorded and they were referred, along with the seized items, to the competent judicial authorities to take legal measures against them." LINK

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Treasury Penalties And The Bitterness Of The Lesson , 25 FEB

Treasury Penalties And The Bitterness Of The Lesson

Economical 02/25/2024   Yasser Al-Metwally, I completely disagree with those who portray the Treasury’s action against banks as a measure to prevent dealing in the dollar.

Rather, it is an actual punishment.

So why improve the image?

Let us examine the negative effects of the treasury’s decisions on the banking sector. The first effect is harming the banks’ reputation, and everyone knows the effects of reputational risks in disrupting banking work and the reluctance of customers to deposit or withdraw their money simply because of specific fears resulting from the chaos caused by sanctions, rumors, and some lurking speculators.

At a time when strenuous efforts were made by the banks, their associations, and even the Central Bank during the past short period to restore confidence, and banking activity began to recover and provide some banking services to the fullest extent, until the US Treasury’s decisions came against more than a third of private banks, without a doubt, causing reputational risks from new.

But it seems that confidence still remains among some of the customers in the strength, sobriety, steadfastness, and conviction in the face of these decisions that appear to be violations and are hidden for political purposes, and even

the violations highlighted were for previous periods before the instructions issued by the Treasury.

Here, the banks that were subjected to these sanctions must work steadfastly and not let these decisions weaken their role in providing banking services that contribute to enhancing confidence and deepening their bridges with customers in order to continue banking activity.

Perhaps what some banks offer is a source of admiration and unparalleled steadfastness.

I mention, for example, Al-Tafif Islamic Bank, the International Islamic Bank, and other banking activities and products that do not care about sanctions, which is the ideal response to these absurd sanctions in some of them.

The issue of canceling the currency window was decided a while ago, and we have warned in several articles not to rely on the window’s activity as it is temporary and under specific circumstances.

The process of mitigating the impact of Treasury sanctions requires the relevant authorities (the Central Bank, the Ministry of Finance) to find means of support to protect banks and support them in practicing their credit and other banking activities.

Perhaps the Deposit Insurance Company and its activation are one of the most important of these means, despite my observations on the weakness of its media and marketing role, as it

It needs to clearly show its activities.  In parallel, the Central Bank and the Association of Banks must work in all available ways to find means to cancel most of these unfair decisions against some banks due to their commitment to the required international standards.

Banks should benefit from the decision to allow dealing in currencies alternative to the dollar in foreign transfer activities, especially since BRICS is a strong competitor that is inevitably coming, and it is an opportunity that will provide Iraq and help it be accepted into the group in the future.

There is no way to get rid of the burden of the dollar except with the next alternative, and the Treasury, with its measures, is pushing to search for an alternative.   https://alsabaah.iq/92336-.html