Monday, August 26, 2024

Iraq to share profits generated from Kirkuk oil fields with BP, 26 AUGUST

 Two officials disclosed on Tuesday that Iraq will increase the development of oil and gas reserves in the northern Iraqi governorate of Kirkuk and split earnings with British Petroleum (BP), a multinational oil and gas company with its headquarters in London.

With an end goal to draw in back unfamiliar oil organizations and speed up creation development, Iraq is moving to limit edge advancement contracts, as per Reuters.

The Iraqi government marked a Notice of Grasping (MoU) with BP toward the beginning of August to restore and foster four oil fields worked by the North Oil Organization (NOC) in Kirkuk.

The MoU was endorsed by the Iraqi Clergyman of Oil, Hayan Abdul-Ghani, and BP CEO, Murray Auchincloss, as per an assertion delivered by the Top state leader’s Office (PMO).

The Memorandum of Understanding is a component of the Iraqi government’s strategy to maximize energy sector investments to enhance and expand oil production, solar energy, and gas utilization in the region.

BP also suggests looking into potential investments in power generation and solar power facilities in the region as part of the MoU.

In mid-August, sources let Reuters know that Iraq is changing its way to deal with working with worldwide oil organizations without precedent for a long time with an end goal to bring more capital into the country’s hydrocarbon industry.

As a feature of the valuable fifth and 6th permitting adjusts started by the Iraqi government to expand the nation’s oil and gas creation, the Iraqi Service of Oil marked for this present month 13 primer arrangements to foster oil and gas investigation blocks and fields.

The Iraqi Oil Service offered oil companies benefit imparting agreements to preferable circumstances over specialized help contracts.

Iraq endeavors to draw in extra speculation by embracing benefit sharing agreements for the strengthening fifth and 6th permitting adjusts as opposed to putting together the concurrences with respect to specialized help conditions.

Creation sharing circumstances are expected to be more beneficial for unfamiliar organizations than conventional specialized help contracts, which pay a decent charge for each barrel of oil delivered in the wake of taking care of expenses.

LATEST FROM BREITLING, 26 AUGUST

 Breitling 

 Inflation is the money supply versus how the market is reacting. 

 That's all it is...It's the money supply and how is it working with the people that are spending it. 

 Do they have access to it? 

 Is it not moving?  Is there not enough money?  Is there too much money? 

 It's always going to be the money supply.

Breitling 

 We [The United States] are circling the wagons. If we circle the wagons we're going to cut the economy off of Iraq and we're going to make them hurt.  That's not good for the Iraqi dinar.

BREITLING 

Question: “I feel the RV will happen perhaps in a few months rather than years.  Do you  anticipate the exchange rate will be close to the same no matter which bank or exchange entity?”  

Answer: The rate is the rate.  If a bank charges a percentage to exchange that’s on the bank.  You’re going to have to shop.  No body knows...There’s no way to know what  banks will charge to exchange but I’m pretty sure they’ll be competitive.


Breitling  

August 17, 2024

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Breitling 

 What would happen if they did what Turkey did, they shifted their currency, they re-denominated, added value to it and tried to recreate the markets to get more customers and it doesn't work?  There's no place to  go.  It would be too tough.  Then they would really be dependent on the US dollar and then they would have no power over their own  economy.  That's what's at stake for Iraq.  They are in trouble.  They are in deep trouble...

Breitling 

 The key for Iraq - For them not to be dependent on the dollar.  If the economy is 100% energy then they're going to be 100% dependent on the US dollar. 

How do they get their currency outside of that

 They have to open up to doing business in completely different sectors... Then they can attach that part of the economy to the Iraqi dinar.  And they can add value to the dinar as they see fit.  That's always been the underlying goal of what we want Iraq to do...  

Breitling 

 I've gotten the weirdest hate mail with a capital H.  You people need to just suck it up.  I don't care if it's not what you want to hear...I'm just reporting what the policy in Iraq is and whether it's pushing our speculation forward or not.  That's all it is.  Nothing more than that.

Breitling

   I beg you.  Do not turn this investment into a religion and do not hide from facts...People that do that always have financial problems...You have to watch policy. 

Breitling  

 [Iraq's] policy has changed for the very first time since we've been in this...speculation together.  The policy is going to change on either side of the aisle...Iraq is going to be punished if they keep moving forward here [moving more and more pro-Iranian].  That's not good.  That's not positive for us.  

 The Untied States is trying to influence [Iraq] to do the right thing.  Hopefully they will do it and everything will be hunky-dory.  Well the reality is IMO if the CBI had that influence it would have been done already.  That's the problem.  That's why I'm in the neutral zone.  It sucks because I put my heart and soul into this.  Don't think for a minute I don't feel it because I do...This could mess up the timeline and push it back, maybe even permanently if Iraq can't handle these financial problems.

https://dinarevaluation.blogspot.com/2024/08/rv-update-by-breitling-8-august.html

IRAQ'S BANKING REFORMS: A NEW DAWN?

LATEST FROM CLARE, 26 AUGUST

 Clare  

Article:  "Iraq and America to resume negotiations on the banking sector next Monday"  Quote:  "An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America."

Clare  

Article:  ”Is Iraq heading towards printing new paper currency?"  Quote "The Parliamentary Finance Committee confirmed, on Thursday, that there is no intention to print new paper currency."

Clare 

  Article Quote "The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh...pointed out that Iraqi oil sales are in dollars, and are deposited with the US Federal Reserve through an open account in the name of the Central Bank, which is managed by the bank on behalf of the Iraqi government."

Article "Is it time to remove the zeros?" Quote:  "with the use of electronic payment operations, the environment will be mature and acceptable for the idea of ​​implementing the decision to delete zeros, and the process will be automatic without the citizen feeling it. But is it time to issue the decision?"

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Clare 

  Article: "Government advisor explains the possibility of using the dinar instead of the dollar in oil sales"  Quote: "Will it be a fixed exchange system supported by foreign reserves or will it be a flexible exchange system in which the (petrodinar) changes with the change in oil prices? These are paths that have no answers on the ground and are really very ambiguous"

Clare 

 Article: "Trade discusses the mechanism for Iraq's accession to the World Trade Points Federation"  

Quote: "The Private Sector Development Department discussed with the Departments of Foreign Economic Relations and Administrative and Financial Affairs at the Ministry of Trade, the mechanism for Iraq's accession to the Federal Union of World

Trade Points, the legal procedures for joining, and the benefits that the Iraqi sectors will obtain."


  Clare  

Article: "Is “floating the currency” a solution to the crisis of the high dollar in Iraq? A representative explains"

  Quote: "There are calls to float the exchange rate in Iraq...Floating the currency is a procedure based on liberalizing the exchange rate, leaving it to market factors (supply and demand), to determine its value without any form of intervention by the economic authority...There are two types of floating: the first is absolute floating, and the second type is managed floating, i.e. the type in which the central bank intervenes to direct the exchange rate up or down, as it sees fit to achieve the interests of the national economy."

Clare  

 Article: "US Treasury places Khamis Al-Khanjar on sanctions list"  

Quote:  "The US Treasury Department, through the Office of Foreign Assets Control (OFAC), has placed the head of the Sovereignty Party, Khamis Al-Khanjar, on the sanctions list of known individuals and entities with whom dealings are prohibited."


 Article:  "Central Bank Governor Participates in a Workshop Specialized in Electronic Payment"   Quote: "His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, participated in a specialized workshop on accelerating the transition to electronic payment, sponsored by the Prime Minister, and organized by the Osool Foundation for Economic Development and Sustainable Development."

RECENT REPORTS OF CLARE: 

"RV UPDATE" BY CLARE, 9 AUGUST


LATEST FROM CLARE, 6 AUGUST


RV UPDATE BY CLARE, 4 AUGUST


UAE exports to Iraq surge over 40% amid record trade growth, 26 AUGUST

 Shafaq News/ On Sunday, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, announced that the country's foreign trade reached 1.4 trillion dirhams in the first half of 2024, marking a significant increase from pre-pandemic levels.

In a statement posted on X, Sheikh Mohammed revealed that the “UAE’s exports over the past six months equaled the annual total of 2019,” noting, “While global foreign trade grew by approximately 1.5%, the UAE’s trade increased by 11.2% year-on-year.”


“Non-oil exports saw a substantial rise of 25%, with the UAE aiming for 3 trillion dirhams in non-oil foreign trade by year-end.”


Moreover, Sheikh Mohammed highlighted a notable increase in trade with various countries, “10% with India, 15% with Turkiye, and 41% with Iraq, now the top destination for UAE exports, followed by India and Turkiye.”


The Vice President reiterated the UAE's long-term economic goals, stating that “the country aimed to reach 4 trillion dirhams in annual foreign trade by 2031.”

1 USD is equal to 3.67295 AED

🔥 Iraqi Dinar 🔥 Finally RV News 🔥 Today IQD Value to Dollar RV News Guru...

LATEST FROM RAYREN98, 26 AUGUST

 RayRen98  

 [via Twitter/X]  

Community Comment: Just informed that lower denoms are being released to the streets right now. ...It’s on the way.

 RayRen98 

  THE WORLD COURT RECEIVES DISPUTES (AND SEEKS RESOLUTION) BETWEEN NATIONS. THE DETAILS ARE INSIGNIFICANT, THE RV IS SLATED TO MOVE FORWARD NOW.

 I'M BEING TOLD THE WORLD COURT "CLEARED" A FORMAL COMPLAINT TODAY AND TOMORROW IS A DEFINITE POSSIBILITY.

RayRen98

   [via Babysmom] 

  I'M HEARING THAT A TECHNICAL ISSUE PREVENTED LIVE RATES ON YESTERDAY. THAT ISSUE
IS EXPECTED TO BE RESOLVED TODAY
...IF WHAT THEY ARE TELLING ME IS TRUE...SOME OF YOU ARE GONNA GO TO SLEEP WEALTHY $$$$$$..
.

RayRen98
  ...SOURCES ARE SAYING THAT THE RV WAS SUPPOSED TO HIT THE BANKS ON SATURDAY...THE CURRENT STATUS IS "HIGH ALERT" AND SOME HAVE REPORTED TO WORK EARLY THIS EVENING. TIME WILL TELL

RayRen98 

  3 LETTERS ARE "TALKIN" BUT I AIN'T "LISNIN" UNTIL I SEE SOME RESULTS! LOL THEY ARE LOOKING AT TONIGHT.

 RayRen98  

 [via Babysmom]   "SOME BANKS ARE SEEING A HIGH SELL RATE ON THE DINAR BUT SAY THEY CAN'T SELL IT YET...WAITING ON APPROVAL/CLEARANCE"

RayRen98 

  WAS JUST INFORMED BY A 3 LETTER... IF NOTHING CHANGES, BANKS WILL SEE LIVE RATES IN THE MORNING. TIME WILL TELL.

RayRen98

  IT IS BEING REPORTED THAT AN "ATTEMPT TO RELEASE" WAS UNSUCCESSFUL EARLIER TODAY ... STANDBY...WHEN WE HEAR MORE, SO SHALL YOU.

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NOTICE: ALL SYSTEMS ARE "GO" FOR TODAY...LET'S SEE WHAT HAPP...FOR READ MORE: https://dinarevaluation.blogspot.com/2024/08/rv-update-by-rayren98-3-august.html