Iraq prepares to establish third offshore oil export pipeline, 11 MARCH

Iraq prepares to establish third offshore oil export pipeline

 Economy News _ Baghdad

The Oil Ministry plans to spend more than $416 million to implement the third offshore export pipeline project with a total capacity of 2 million barrels per day, at a time when the average export of crude through the Faw port has reached the range of three million and 400 thousand barrels per day.
The Director General of Basra Oil Company in the name of Abdul Karim Al-Shamkhani, said in an interview with Al-Sabah, followed by “Economy News”, that the Ministry of Oil intends to spend $416.9 million during the year 2024 – 2025 for the project of establishing the third offshore export pipeline, which has an operating capacity of two million barrels per day to export oil from FAO warehouses to the Faw oil port.

He explained that the company is in the process of contracting with the Dutch company Royal Boscales after finalizing the contract for the construction of the oil line, whose importance is to strengthen the export infrastructure, as it is able to increase the capacity of the crude oil pipeline between the Faw depots to the oil platforms and the Basra oil port at the end of 2025 to 5 million standard daily barrels.

 Al-Shamkhani pointed out that the company’s production capacity is three million and 250 thousand barrels per day, as the Rumaila field stands at the forefront of the fields currently produced with a capacity of one million and 400 thousand barrels per day.

He pointed out that the maximum level of production capacity is determined by the state, noting that the current rate of export capacity through the (Faw) oil port of international markets is about three million and 400 thousand barrels, and this amount represents the production of the companies of Basra, Maysan and Dhi Qar.

He pointed out that the oil companies of Basra, Maysan and Dhi Qar have reserve production capacities for crude, which represent the rate of difference between the maximum energy and their current production, explaining that reserve production has a greater role by covering expected increases in energy consumption in the country. Al-Shamkhani stressed that the company is committed to the voluntary oil reduction decided by the OPEC+ alliance as part of the precautionary efforts to support the stability and balance of oil markets.
 https://economy-news.net/content.php?id=41312

"THE ECONOMIC BOOM OF IRAQ". BY FRANK26, 11 MARCH

 Frank26:  "THE ECONOMIC BOOM OF IRAQ"............F26

Distribution of approximately 6,600 plots of land among employees of the Basra Oil Company

3/8/3034    Baghdad

 Today, Friday, Oil Minister Hayyan Abdul-Ghani announced the distribution of 6,598 plots of land among employees of the Basra Oil Company.

A statement from the ministry received by “Al-Iqtisad News” stated that “Abdul Ghani stressed, during the ceremony of distributing land plot bonds to a number of employees of the Basra Oil Company, the keenness of the government and the ministry to provide a free and dignified life for employees of the oil sector who continue day and night in order to sustain and increase oil production and investment.” Optimum for this wealth, in support of the national economy.”

The Minister of Oil added: “Today we have reaped the fruits of sincere efforts over the past period to obtain this large area of land in cooperation with the governorate administration and the concerned authorities to transform it into residential plots of land, and to transform the dream into reality, and ink on paper into reality on the ground, and here we are today.

” We are with you to fulfill what we promised you, and we will not stop there. Rather, we are moving forward to achieve our goal for all workers in oil companies to obtain their entitlement to secure a decent life for them.”

He pointed out that “the total number of residential plots of (Al-Biban) lands that were sorted in the Shatt al-Arab district reached (6598) plots, with (120) plots that conflict with the prohibitions of electricity towers - high voltage (132) V.K. A committee is working to follow up on land ownership.” (Al-Biban) decided to resolve this by approaching the concerned authorities by asking the Electricity Department to remove the encroaching towers.

The committee also approached the Shatt al-Arab Municipality to appropriate the canceled railways that pass through (Al-Biban) District, which is affiliated with the Basra Oil Company. If approval is obtained, it will be added. Approximately (420) residential plots, in addition to the completion of all real estate bonds issued in the name of the Basra Oil Company, and the First Real Estate Registration Department in Basra has expressed its readiness to receive the transactions of the beneficiaries of the Basra Oil Company.”

Abdul-Ghani noted “coordination with the Basra Governorate administration to allocate (40) thousand plots of land for distribution to workers in oil companies in the governorate,” stressing: “Since we assumed the responsibility of the ministry, we have been keen to pay attention to the segment of employees and provide them with the requirements of a decent life, especially the distribution of plots of land.” And residential complexes, and we stressed the inclusion of all workers in the oil sector in accordance with the applicable controls and contexts.”

The Minister of Oil instructed "the administrations of oil companies to expedite the resolution of the issue of lands for affiliates in coordination with the governorate administrations," indicating that he is "personally following up on this issue, which falls within the priorities of the government and the ministry."

For his part, the Director General of the Basra Oil Company, Bassem Abdul Karim, extended his “thanks and appreciation to the Deputy Prime Minister for Energy Affairs and the Minister of Oil for his efforts, endeavors and follow-up in obtaining these lands for the company’s employees,” stressing that “this represents an incentive to provide more work and giving in service of the public interest.” .LINK

"OUR NEW DIGITAL ASSET-BASED TRADING SYSTEM: "ALL WILL BE TOKENIZED" BY GOLDILOCKS, 11 MARCH

 GOLDILOCKS

I really hope you understand that cryptocurrency is soon to be the foundation for the infrastructure of our new digital asset-based trading system. 

As Bitcoin grows, the rest of the crypto space grows. This is the first RV. The second one that many are looking for in paper currency will become possible because of the first one taking place right now. 

Our new global economy is currently being re-indexed. Everything will be tokenized. Yes, even the foreign currency you hold. It is a process that will give new value to all of our currencies around the world. 

© Goldilocks

A CONVERSATION WITH WALTER ON DIGITAL WALLETS BY SIMPLY LINN

"THE DIFFERENCE BETWEEN KUWAITI RV & THE IQD RV" BY BREITLING, 11 MARCH

 Breitling 

  Question:  "The difference between Kuwaiti revaluation and the Iraqi dinar - what's the difference?"

  It's a completely different model...Kuwaiti got invaded. Saddam Hussain stole the printing press, the Kuwaiti version of the Treasury.  Stole everything...Iraqi dinar was completely different.  It was planned. 

 They knew the old Iraqi currency was going to collapse.  We injected their economy with dollars and euros.  That's when they took the old dinars off the streets and introduced the new dinar you and I have.  It's a completely different model.  There's no way to compare.

I think the dinar is going to revalue.  I think it's great.  It's a great opportunity.  A lot of it has to do with its foreign currency reserves which is in the US dollar.  It [Iraq's] is one of the biggest in the world.

"What is Iraq waiting for at this point [to RV]? "  

No body knows...When [Senator] McCain was around those were the heavy hitters.  Those were the guys I would listen to.  This was nothing 'official' but these guys knew what was going on, 'you want to be in the dinar.'  I have some very good friends who didn't buy it and they talked to McCain and he said you better buy this currency. 

 According to them, it should have happened by now.  I still hang out with the same group and to this day nobody knows why Iraq has not pulled the trigger yet.  What's strange is back in the day Iraq didn't talk about it that much, now they talk about it all the time.  Whatever the CBI is looking at, it's starting to look like they need to be there. 

Question: "Why do the [Iraqi] citizens want to keep using the dinar when the value is so low?"  

 Not everybody has access to the US dollar for one thing.   #2 It's artificially low.  A lot of Iraqi's know this.  They know what's  going on.

  There's nothing they can do about it.  That's one of the things, if you watch the parliamentary elections of Iraq one of  the number one campaign promises all these guys make is we're going to add value to the dinar.  They know it's artificially low.    [They look around and think] we're selling more energy, the price per barrel is more, we have more customers and yet the dinar is  [worthless] and we're all running around in poverty.  

Question:  "When it does revalue, when do we get out?  How long do we wait?" 

 That depends on your own needs.  Are you trying to get a house?  Are you trying to pay off a loan?  What is it because once you hit that number get out.  Or if it doesn't go up to that number - Let's say you're trying to make...$250,000 and you realize the investment is only going to get you about $180,000, then get out!   Diversify.  Get into something else.  Don't just stick around.

The only way you can answer those questions is you have to put a piece of paper down and realistically what is it that you want.  You have to be realistic about it.  

You can't say the first thing is I'm going to start off with a $50 million dollar mansion.  Don't be stupid...Let's be a little more practical.  A home over your head, debt free, for you and your family...then you can go for the big stuff.  Your investments are based on that...what it is you want.

https://dinarevaluation.blogspot.com/2023/12/rv-update-by-breitling-16-dec.html

Foundation: Iraq's Internal Debt Surpasses 70 Trillion Dinars, 10 MARCH

Foundation: Iraq's Internal Debt Surpasses 70 Trillion Dinars

Shafaq News/ The Iraq Future Foundation (IFF) for Economic Studies reported that Iraq's internal debt surpassed 70 trillion dinar mark, reaching its highest point since 2003. 

The IFF report indicates that Iraq's overall internal debt "increased by 1.5% in 2023 compared to the 2022 figure. The most notable surge occurred in 2020 when the debt surged from 38 trillion dinars in 2019 to 64 trillion dinars, representing a 67% increase. Despite a slight decrease in 2022, the debt resumed its upward trajectory in 2023, surpassing the 70 trillion dinar mark." 

Approximately 37% of Iraq's internal debt arises from loans granted by commercial and government banks, with the remaining 62% owed by government institutions to the Central Bank of Iraq. The Foundation reported. 

"Iraq's public debt represents 19% of its gross domestic product (GDP). When factoring in external debt totaling 40 trillion dinars, the overall debt amounts to approximately 110 trillion dinars or 29% of the GDP." 

Despite these figures, the report indicates that Iraq's debt level is relatively manageable compared to global standards. 

However, a critical concern highlighted in the report is that most of these debts are operational expenses rather than investments. Consequently, there are no means to recover these debts through revenue-generating projects. This situation results in additional costs for the state budget in the form of interest payments imposed by internal and external creditors. 

The report recommends two options for the Iraqi government: either extinguish the non-recoverable internal debts or devise a clear plan to transform them into productive debts by paying off previous debts and leveraging new debt for investment and development projects. 

"Such projects could increase domestic production across various sectors and generate revenue to cover debts and interest payments."

https://shafaq.com/en/Economy/Foundation-Iraq-s-Internal-Debt-Surpasses-70-Trillion-Dinars

"BOTH THE MONETARY REFORM EDUCATION & ITS SECURITY WILL CONTINUE POST RI FOR THE STABILITY OF THE MONETARY REFORM" BY FRANK26,, 11 MARCH

KTFA:

Frank26:  "BOTH THE MONETARY REFORM EDUCATION & ITS SECURITY WILL CONTINUE POST RI FOR THE STABILITY OF THE MONETARY REFORM.".........F26

Integrity announces the recovery of $1.5 million, one billion dinars, and gold coins

3/9/2024

Today, Saturday, the head of the Federal Integrity Commission, Haider Hanoun, announced the recovery of more than 1.5 million dollars and about one billion Iraqi dinars and gold coins, while revealing a draft agreement to coordinate work with the Integrity Commission in the Kurdistan region.

Hanoun said, in a statement followed by Al-Iqtisad News, that “the authority recovered some amounts in cash, some of them were prevented from being wasted, and others are in the process of being recovered,” pointing out that “some amounts are in Iraqi currency, and others are in dollars.”

He added, "During our annual conference tomorrow, Sunday, we will display a recovered amount of more than one and a half million US dollars, as well as amounts in Iraqi currency of up to one billion dinars, and other amounts, in addition to gold coins."

He pointed out that "the Integrity Commission coordinates work with the Kurdistan Region Integrity Commission, and there is a draft agreement to coordinate joint work, and Integrity as a federal body supervises all governorates," stressing that "the financial disclosure of officials includes all Iraqi officials and employees."

Hanoun called on the Integrity Commission in the Kurdistan Region to “assist with arrest warrants and financial disclosures for officials, so that the Federal Authority can audit them like all officials,” stressing that “everyone is subject to the law.”   LINK