Thursday, March 21, 2024

Iraq reduces gasoline imports by half, 21 MARCH

 Iraq reduces gasoline imports by half

The ministry’s intention to stop importing gasoline is moving forward within the allotted time frame, as the Petroleum Products Distribution Company stated on Wednesday that the quantity of gasoline imports had dropped by half after the Karbala refinery was put into operation.

“The Ministry of Oil has drawn up a plan within a time limit to end the process of importing petroleum derivatives, especially gasoline,” stated Hussein Talib, general manager of the company. He also mentioned that “after operating the Karbala refinery, the amount of gasoline imported decreased to 7 million liters after Iraq was importing 14 million liters.”

Taleb went on, “Once the North Refinery is operational, gasoline imports will drop to 4 million liters,” adding that “national refineries’ increased production capacity will make up for the remaining gasoline imports.”

Talib made the observation that “after local production reached self-sufficiency, Iraq has ended the issue of importing other products of gas and white oil.”


BANK INTEL BY FIREFLY, 21 MARCH

 Frank26   

[Iraq boots-on-the-ground report]

  FIREFLY:  

Bank friend says...Al-Sudani is making an announcement during Ramadan remember  He'll go to Washington DC but after he comes back I believe that this rate [1.32 dinar to $1.00} with the deletion of the zeros will coincide with the WTO.  We are basically in a countdown. 

  FRANK:   ...The final countdown.  Let's roll!  I think when they finish with Washington DC and they come back, we may see what we're looking for.  I am crazy excited your prime minister Al-Sudani and the governor of the CBI Alaq and the board of directors are constantly telling you they're going to give you 1.32 dinars to $1 and a new exchange rate to match it with lower notes...It looks like the next two weeks will be very loud on the monetary reform education. 

 Be ready to move quick.  

Iraqi Dinar Latest Exchange Rate Update Today-Iraqi Dinar News Today 202...

Iraq signs with Siemens to convert burned gas into fuel for electricity within 6 months, 21 MARCH

 Iraq signs with Siemens to convert burned gas into fuel for electricity within 6 months

In the German capital, Berlin, the Pastor of Power, Ziad Ali Fadel, consented to a significant arrangement with Siemens Energy Organization, to put resources into related gas and convert it into electrical energy, determined to address the issues of residents in a practical and safe way.

Fadel said in an explanation by the service, a duplicate of which {Al-Furat News} got, that “the understanding comes as a feature of the endeavors of the Iraqi government, headed by Muhammad Shiaa al-Sudani, to end the peculiarity of gas consuming and put it successfully in producing electrical energy, as well as inside the structure of its obligation to the choices of the Paris environment gathering in Safeguarding the climate and giving sustainable power sources.

He made sense of that “the understanding is portrayed by quick execution, as it incorporates effective financial planning around 120 million standard cubic feet (meaqf) of gas inside a brief time of a half year, and an extra 120 (meaqf) inside a time of one year, and the gas delivered will be utilized to lay out An electrical station with a limit of 2000 megawatts, to upgrade the capacities of the electrical organization and guarantee the strength of supply hours.

As far as concerns him, President of Siemens Energy, Christian Bruch, commended the endeavors made by the Iraqi government to defeat the difficulties and obstructions that have confronted the energy area over numerous years, focusing on that Iraq has prevailed during the beyond couple of years in laying out numerous framework projects that will contribute In building genuine abilities for the country’s energy area. ‏

""IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 21 MARCH

 Frank26  

 [Iraq boots-on-the-ground report] 

  FIREFLY:  It's going to float once it gets to 1.32

  FRANK:   I disagree because it's already at 1.32.  It will float IMO a little higher.  The RI will take it to $3.22 IMO.  But because it's been 20 years I strongly believe IMO they may cap it around $4.25...The other currencies around the Middle East will not complain if the Iraqi dinar is higher than their rate...

FIREFLY:   The funding for all of 2024, last Wednesday was suspended...and it was changed...They must be using the new exchange rate.   They said they changed it and then sent it to the Council of Ministers for the review.  Then it is to be sent to the House for a vote...It should be going for a vote any time.  We think it's going to move to 1.32 making it $0.76 which is not more than the dollar like Sudani promised, until they add the new exchange rate to it.  That's what we're expecting.

Iraqi Dinar-Finally Iraq’s Join Urpion Bank EBRD-Iraqi Dinar News Today ...

To Generalize The "Iraqi Truce"... American-Iranian Talks To Prevent The Escalation Of The Conflict, 21 MARCH

 To Generalize The "Iraqi Truce"... American-Iranian Talks To Prevent The Escalation Of The Conflict

2024-03-20 Shafaq News/ The English newspaper “The National” reported that the ongoing indirect talks between the United States and Iran seek to build on the undeclared truce understanding in Iraq with the Iraqi armed factions, by expanding it to become effective on other fronts in the region.

The newspaper indicated, in a report translated by Shafaq News Agency, that the Iranian media confirmed the occurrence of the recent rounds of indirect talks with the United States, but said that it focused on the issue of lifting the sanctions imposed on Iran, which is believed to be the main incentive for Tehran’s increasing initiative to reduce the conflict. Regional.

The report quoted an informed source as saying, commenting on the talks, that “there are clear American efforts for the Iranians to maintain the relative restraint they are exercising on their part, especially on the Iraqi front, where an unofficial truce has been ongoing for more than a month.”

The report stated that Washington recently renewed the exemption from sanctions that gives Iran access to $10 billion in frozen funds, an exemption that allows Tehran to use electricity revenues from Iraq to support the budget and pay off debts, and comes 4 months after a similar exemption.

The report quoted a source close to the Hezbollah group in Lebanon as saying that this exemption appears to be one of the indicators that the administration of President Joe Biden “is showing the extent of its willingness to win over the Iranians in this sensitive period of the war in Gaza, and with the drums of electoral war beginning to beat in The United States,” adding, “It does not seem that Biden is ready for a major adventure that might consume more of his political capital.”

After the report pointed out that Washington and Tehran had for years engaged in talks through mediators in Amman, Geneva and other cities related to Tehran’s nuclear ambitions, ballistic missile program and regional spheres of influence, it said that the recent talks in the Sultanate of Oman turned towards maintaining regional security and finding ways to prevent the outbreak of war. Widespread attacks in the Middle East after the Hamas attack on October 7, which sparked Israel's war in Gaza and led to the mobilization of armed factions allied with Iran throughout the region.

The report stated that armed factions in Iraq and Syria launched attacks on American forces in the context of a coordinated front since the outbreak of the war in Gaza to pressure for an immediate ceasefire in the Palestinian territories.

The report continued, citing sources in Baghdad and Beirut, saying that the last strike carried out by these factions was on February 4, adding that the cessation of attacks against American forces was part of an “undeclared truce” that included Tehran and the Iraqi government, after the attack that killed 3 Americans were killed on the Jordanian-Syrian border, and Washington attributed them to the "Islamic resistance in Iraq" supported by Iran, which includes the "Hezbollah Brigades."

The report noted that Quds Force Commander Ismail Qaani then traveled to Baghdad and met with faction leaders in order to push for a quick breakthrough. Shortly thereafter, Kataib Hezbollah announced the suspension of its military operations against American forces in Syria and Iraq to prevent “any embarrassment” to the government in Baghdad, while a source in Beirut close to the anti-Israel front said, "It is difficult not to imagine that the Americans are part of that."

The report continued that Hezbollah in Lebanon is waging a controlled war of attrition against Israel, while the United States has devoted great efforts to achieving a truce and preventing the escalation of the conflict, as such a war could have devastating consequences for Lebanon and Israel, and may ignite a broader regional confrontation.

The report added that while Hezbollah rejects attempts mediated by the United States to call for a truce before reaching a ceasefire in Gaza, the party has also not shown much interest in involving itself in a major war with Israel, while Israel carried out deeper attacks inside Lebanon in In recent weeks, with the aim of removing the party from the south using a tactic that Israeli officials described as either diplomacy or force.

The report quoted sources in Beirut close to the ongoing diplomatic efforts, saying that arrangements to begin negotiations to end the border conflict between Lebanon and Israel are progressing despite fears of a large-scale war with Hezbollah, as the deal is brokered by the American envoy Amos Hockstein and the Speaker of the Lebanese Parliament, Nabih Berri. He is the head of the Amal Movement, which is close to Hezbollah, as there is no direct American communication with Hezbollah.

According to two political sources close to Hezbollah, Ismail Qaani traveled to Lebanon several times in recent months in order to meet with Hezbollah leader Hassan Nasrallah and discuss ways to continue pressure on Israel without entering into a wide-scale war. But one of the sources said, “The Iranians did not go to tell Nasrallah: We do not want to get involved in the war with Israel.” Instead, they went to coordinate the work of the Quds Force (with Hezbollah).”

The report stated that American and Iranian officials told the Financial Times last week that the United States held secret talks with Iran last January in the Sultanate of Oman in order to try to persuade Tehran to use its influence over the Houthi “Ansar Allah” movement in Yemen in order to Ending attacks on ships in the Red Sea.

However, the report said that a high-ranking Western diplomat, who recently toured the front lines between Israel and Lebanon, questioned Washington’s ability to limit the regional impact of the conflict in Gaza, especially in Lebanon, saying that “the regional war is already continuing,” referring to the front. Between Hezbollah and Israel, adding that the Gaza war revealed Israel's weakness in the face of any multi-faceted attacks by factions allied with Iran, as Hezbollah has more military spending and missile capabilities than Hamas.

The report continued that the existential threat posed by Hezbollah's attacks after last October 7, which appeared in the inability of tens of thousands of Israeli residents to return to their northern border towns, highlights Israel's motives for pushing its enemy to retreat.

The report quoted the informed source as saying, “The only way to deal with this threat is to significantly remove Hezbollah from the border, and it does not matter whether the Americans agree to that, because the Israelis do not listen to them anyway.”  Translated by: Shafaq News  LINK

DINAR REVALUATION INSIGHTS: Key Highlights – Iraq’s Digital Transformation & Potential IQD Rate Adjustment (2026)

 DINAR REVALUATION INSIGHTS:  Key Highlights – Iraq’s Digital Transformation & Potential IQD Rate Adjustment (2026) 💻  Digital control ...