Iraq begins building two new tankers to transport oil products, 1 APRIL

Iraq begins building two new tankers to transport oil products

Economy News – Baghdad

The Iraqi Oil Tanker Company (National Carrier) announced today, Thursday, that the percentage of transport of oil products produced in Iraqi refineries has increased to 65% after the two tankers confirmed and Sumer entered work, and while confirmed the imminent announcement of the construction of two new tankers to transport products, it revealed a plan to enter into real partnerships with major companies to acquire giant tankers.

The company’s general manager, Ali Qais, told the official agency and followed by “Economy News”, that “the Iraqi Oil Tanker Company previously owned 29 tankers of different sizes, but as a result of the wars and conflicts that the country went through, this fleet was completely destroyed and Iraq sold oil on the minus and not continued, and that is why the Oil Tanker Company sought to regain its position after 2003.”

Qais added, “The company owns 4 tankers, which are tankers of oil products only (Digla, Euphrates, Shatt Al-Arab, and Baghdad) with a tonnage of 13,000 tons, and in 2019 it signed a contract to build two tankers according to international specifications, namely (Akd and Sumer) to transport oil products. ”

He continued: “We are now in the process of negotiating with international companies to enter into major partnerships for the purpose of expropriating tankers, as well as the re-activity of transporting Iraqi crude oil, as the percentage of transport of oil products produced in refineries reached 65% after the entry of the two tankers (Akd and Sumer),” stressing: “We are now in the process of announcing the construction of two new tankers to transport products and we will try to reach 100% of the transfer of products.”

Regarding the percentage of quantities exporting crude oil, Qais explained that “the quantities exported of crude oil are sold through the oil marketing company, that is, the purchasing companies that transport oil because we sell it on the line and not continuous, but the Minister of Oil stressed that the activity of transporting Iraqi crude oil by Iraqi tankers must be returned.”

He pointed out that “the company’s future plan is to build two tankers of oil products and enter into real partnerships with major companies for the purpose of expropring giant tankers to transport Iraqi crude oil.”

https://economy-news.net/content.php?id=41956

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 Signing an Iraqi-British agreement for joint cooperation in the stock market

 3/26/2024

The Securities Commission announced, on Tuesday, the signing of a joint cooperation agreement with the British Chartered Institute for Securities, which includes the exchange of information related to financial training programs, confirming that the agreement represents a qualitative shift in the work of brokers in the stock market.

Deputy Chairman of the Securities Commission, Nagham Hussein, told Shafaq News Agency, “Today, the Iraqi Securities Commission signed a cooperation agreement with the British Chartered Institute for Securities and Investment, which stipulates the establishment of a framework for cooperation and exchange of information related to financial training programs for securities markets and services to develop and maintain capabilities.” HR". 

She added, "The articles of the agreement include the possibility of organizing training courses for Iraqi cadres to benefit from the experiences of financial markets in countries around the world, and developing the professional framework by imposing the qualifications of the Chartered Institute for Securities and Investment on local Iraqi institutes specialized in the field of securities. "

For his part, Chairman of the Securities Commission, Faisal Al-Haims, told Shafak, “The agreement has been worked on by the Securities Commission for about a year. The signing of an agreement in cooperation between the Securities Commission and the British Royal Institute in licensing the capital markets is a highly professional certificate recognized in all countries of the world.”

He pointed out that "this agreement represents a qualitative shift in the work of brokers in the stock market in terms of stimulating the financial performance of companies and their ability to add new skills, not in the Iraqi stock market, but in other markets, both regional and global." LINK

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The first in the Biden era. Erdogan to visit Washington on May 9, 1 APRIL

The first in the Biden era. Erdogan to visit Washington on May 9

Turkish and U.S. President Joe Biden is scheduled to host his Turkish counterpart Recep Tayyip Erdogan at the White House on May 9, Turkish and U.S. officials said Friday, Turkish and U.S. officials said Friday, in the Turkish leader to Washington since Donald Trump was president of the United States.

Relations, long strained by disagreements over several issues between the two NATO member countries, have improved since Ankara ratified Sweden’s request to join the alliance in January, after a 20-month delay that frustrated Washington.

However, tension remains over issues involving northern Syria, where U.S. forces are allied with Kurdish militants whom Ankara considers terrorists and are waging cross-border military operations.

At the same time, Washington is putting pressure on Ankara to do more to ensure that its sanctions on Russia, which overlooks the Black Sea coast, like Turkey and Ukraine, are not circumvented.Washington sees the meeting as an opportunity for Erdogan to agree on a complete ban on the transit of goods, which could be used civilianly or militarily, from Turkey, which Washington says is being used in Moscow’s war effort in Ukraine, a U.S. official said.

Since Biden’s election in 2020, he and Erdogan have met several times on the sidelines of international summits and spoke by phone. Turkey pressed for a meeting at the White House in which Erdogan previously met with Trump in 2019, where he had good personal ties to him.

A Turkish official, who confirmed the planned visit in May, said the visit comes as an “opportunity” for bilateral relations.

“We hope that the visit will also be an opportunity to strengthen cooperation in various areas and strengthen the spirit of the coalition, including the fight against terrorism,” the official added, requesting anonymity.

Ankara has for years expressed deep alarm at U.S. support for the Syrian Kurdish People’s Protection Units (YPG), which it is a terrorist organization linked to Kurdish militants who have been waging decades of insurgency against the Turkish state. But Washington says the YPG is a key ally against the Islamic State in Syria.

Despite the dispute over the US military presence in Syria and US support for Israel in its war on Hamas, Washington and Ankara recently struck a long-awaited deal by agreeing Turkey to buy US F-16 fighter jets.

During the visit, the Biden administration will look to see if Ankara can commit to a ban on “dual-use” goods, such as chemicals and fine chips, to Russia, the U.S. official said.

Washington is already imposing sanctions on a number of individuals and businesses in Turkey, including the shipping sector, for violating sanctions. Turkey supports Ukraine but opposes Western sanctions on Russia, with which it also has good relations. Despite a good relationship with Moscow, Ankara says sanctions on Turkish soil will not be circumvented.

The second Turkish source, a security official, said the head of Turkey’s intelligence service, Ibrahim Kalin, will meet with members of the US House of Representatives, on Friday, to discuss Erdogan’s planned visit and other bilateral issues.

Turkish Foreign Minister Haqqan Fidan and Defense Minister Yasher Güler met with the US delegation on Thursday and Friday.

https://alforatnews.iq/news/الأولى-في-عهد-بايدن-أردوغان-يزور-واشنطن-في-9-آيار

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Submitting recommendations to the Economic Ministerial Council regarding sanctioned banks

3/29/2024   Baghdad - INA - Wissam Al-Mulla, V

Chairman of the Securities Commission and Chairman of the Committee in charge of the Sanctioned Banks, Faisal Al-Haimas, confirmed today, Friday, the submission of recommendations to the Economic Ministerial Council regarding those banks.

 Al-Haimas said in a statement to the Iraqi News Agency (INA): “Prime Minister Muhammad Shiaa Al-Sudani assigned him to head a committee to look into the sanctioned banks,” noting that “the recommendations were submitted to the Ministerial Economic Council more than three weeks ago.”

He added, "The committee is awaiting the approval of the recommendations by the Ministerial Economic Council," noting that "the committee stressed the necessity of launching development initiatives through government and private private banks to strengthen the Iraqi economy."

He pointed out that "the reasons for the delay in announcing the recommendations by the Council of Ministers are the existence of procedures and discussions between the Ministerial Economic Council and the Central Bank and other procedures."  LINK

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Iraq signs memorandum of understanding with two international companies to stop the burning of natural gas, 1 APRIL

Iraq signs memorandum of understanding with two international companies to stop the burning of natural gas

Shafaq News / The Iraqi Oil Ministry signed, on Sunday, a memorandum of understanding with Siemens Energy and Schlumberger to invest, process and stop the burning of gas in the fields.

Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani confirmed, in a press conference, that the signing of the memorandum of understanding with the two companies comes within the ministry’s accelerated plan to convert gas into productive and useful energy to supply electric power plants and the national network.

The conference followed the signing ceremony of a memorandum of understanding between the Ministry of Oil and Siemens Energy and Schlumberger to invest and process associated gas and transfer it to electric power plants.

Abdul Ghani said during the conference that the ministry aims through this memorandum and the contracts attached to it to implement the accelerated plan to invest and process the quantities of gas from the oil fields, thanks to the technology possessed by these companies, pointing to the signing of another memorandum by Siemens with the Ministry of Electricity, in support of the energy sector.

For his part, the Chargé d’affaires at the German embassy, Maximilian Rush, praised the joint cooperation between the two countries, stressing his country’s support for Iraq to improve the energy reality and reduce emissions, expressing his hope to sign more contracts in other fields.

While the director of Siemens Energy Iraq, Mohannad Al-Saffar, said that this memorandum is the beginning of joint cooperation with the ministry to stop the burning and processing of gas, and employ it for the electric power generation sector, which contributes to achieving energy security in addition to reducing imports and maintaining the cleanliness of the environment.

The Undersecretary of the Ministry for Gas Affairs, Ezzat Saber, stressed that the memorandum comes as part of the ministry’s efforts to conclude more contracts to accelerate the investment and treatment of all quantities of gas associated with oil fields in cooperation with specialized international companies, to contribute to supporting the electric power sector, saving financial expenses and preserving the environment.

The General Manager of Schlmanger Iraq, Wissam Al-Azm, said that Siemens and Shalmanger will work to develop appropriate solutions and studies to improve the reality of sustainable energy using the latest technologies.

For his part, the spokesman for the Ministry of Oil, Asim Jihad, stressed that the memorandum comes in line with the government program and the Ministry of Oil in accelerating gas investment and increasing national production, within a pivotal plan towards enhancing energy security, reducing operational expenses and utilizing gas resources, to supply electric power plants and all industries associated with it, pointing out that these projects constitute decisive progress in Iraq’s journey towards sustainable energy.

https://www.shafaq.com/ar/اقتصـاد/االعراق-يوقع-مذكرة-تفاهم-مع-شركتين-عالميتين-ل-يقاف-حرق-الغاز-الطبيعي