IRaQ - World Trade Organization Update

Iraq partners with British company to develop Kirkuk oil fields, 2 JULY

 Iraqi Prime Minister Mohammed Shia al-Sudani oversaw the signing of the comprehensive oil memorandum, which involves the Ministry of Oil and British Petroleum (BP).

The signing ceremony of the memorandum of understanding (MOU) between Iraq and British Petroleum Company. (Photo: Kurdistan24)

ERBIL (Kurdistan24) – Iraq has signed a memorandum of understanding with British Petroleum (BP) to enhance the development of oil fields in Kirkuk. The agreement, signed on Thursday, August 1, 2024, aims to boost investment and production in the region.

Iraqi Prime Minister Mohammed Shia al-Sudani oversaw the signing of the comprehensive oil memorandum, which involves the Ministry of Oil and British Petroleum (BP).

The Iraqi Minister of Oil, Hayyan Abdul Ghani, represented the Iraqi side, while BP CEO Murray Auchincloss signed on behalf of the British company.

The memorandum outlines plans for the rehabilitation and development of major oil fields in northern Kirkuk: Baba, Avana, Bay Hassan, Jambur, and Khabaz.

This collaboration is expected to enhance oil and gas production, further strengthening Iraq’s energy sector and fostering investment in the region.

kurdistan24.net 

IRAQI BANK FRIEND UPDATE : " SUDANI IS CALLING HIS PEOPLE BACK " BY WALKINGSTICK, 2 JULY

 Walkingstick 

  [Iraqi bank friend Aki update] 

 AKI:  I got a phone call...Monday and the phone call is telling me to do something...Sudani and his staff/administration along with the CBI, they are reaching out to ex-patriots of Iraq...that left Iraq back in 2003.  

We're dealing with teachers, scientists, bankers, economists, doctors...In 2003 when Saddam ...caused these brilliant people...of Iraq to leave...This was called the brain drain.  The brain drain effect will now be replaced because of what Sudani is doing with these ex-patriots.  

He is painting a bright picture to all that left Iraq to come back.  He is explaining to them you will be receiving new lower notes, new currency...a new value that will give you purchasing power...

Your businesses, investments in our country are now well protected.  Sudani tells the ex-patriots around the world you can now make a living in Iraq...Sudani is calling them home. He's reaching out to them through the internet...He's really doing it by word-of-mouth.  

News travels at a faster pace from person to person...

 WALKINGSTICK:  Sudani is calling his people back and then he doesn't do the monetary reform?  No.  Not likely! 

Iraq to Join WTO (DELAY)

Iraq Signs Mou With British Company To Develop Kirkuk Fields, 2 JULY

Money  and business  Economy News – Baghdad  Prime Minister Mohammed Shia al-Sudani sponsored, today, Thursday, the signing ceremony of a comprehensive petroleum memorandum of understanding between the Ministry of Oil and the British Petroleum Company (BP) to develop Kirkuk fields for oil and gas production.

According to a statement, the Iraqi side was signed by Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, while the BP CEO Murray Auchincloss signed on behalf of the company.

The statement added, “The memorandum includes the rehabilitation and development of the four fields of the North Oil Company in Kirkuk, which are the Kirkuk field with its two domes (Baba and Avana), the Bai Hassan field, the Jambur field and the Khabbaz field,

as well as the possibility of agreeing on other fields or exploration areas by agreement of the two parties, in light of the government’s efforts to optimally invest in promising opportunities in the energy sector, with the aim of increasing and enhancing oil production and gas and solar energy investments in this region.”

118 views   08/01/2024 - https://economy-news.net/content.php?id=45818

RV UPDATE BY SANDY INGRAM, 2 AUGUST

 Sandy Ingram 

 The news from the Middle East has gone haywire.  There appears to be consistent and organized misinformation coming out of the Middle East.  [I] will do everything in [my] power to report correct and confirmed news reports...

 Sandy Ingram  

 Iraq did not follow Kuwait's revalue path.  The Untied States pulled back on financial support for Iraq's revalue shortly after the invasion was over when they made the decision that were not in alignment with economic growth for Iraq.  It's been 20 years and the currency still has not been revalued...

We are learning more about why including issues like the IMF will not support a currency adjustment until the county has more income streams outside the oil industry, implementing banking reform that ties into international banking standards and providing housing for the hundred of thousands of people who have been misplaced due to decades of war, not to mention...corruption.

Sandy Ingram  

 Question: "How is Iraq going to do business in the international market with such a low currency rate?"  

This is why Iraq will need to increase the value of its currency.  Currency values... act as a silent force influencing a country's global competitiveness.  When a country's currency value is low it can impact it's ability to compete...Iraq's top trading partners are China, India, South Korea and on the sidelines Iran.  However things are about to change and fast.  The development road project places Iraq right in the middle of the global financial markets.  [We] have little doubt the Iraqi dinar will increase in value but we don't know when or how much.

A major financial change in Vietnam...Decree 52 regulates non-cash payment in Vietnam and will significantly alter Vietnam's financial landscape...Decree 52 marks a significant milestone in Vietnam's journey towards a cashless economy.  If you have VND bank notes you will need to find out how you can comply with Decree 52 as a foreigner.  [We] will research the topic and report back as soon as we understand the procedure.  According to the news report the banks have 24 months to comply...

https://dinarevaluation.blogspot.com/2024/07/rv-update-by-sandy-ingram-20-july.html

GOLDILOCKS: BREAKING NEWS!! IRAQ and the WTO accession, They Have Met All Requirements