DINAR REVALUATION UPDATE: Al Sudani’s Ambitious Energy Plans for Iraq in 2024: A New Era Dawns, 26 AUGUST

Al Sudani’s Ambitious Energy Plans for Iraq in 2024: A New Era Dawns

Iraq's Prime Minister, Mohammed Shia Al Sudani, has embarked on a transformative journey to reshape the country's energy sector, aiming to reduce its dependency on Iran and enhance its energy independence by 2030. 1 His ambitious plans, which have garnered attention and support from US companies and the government, could signal the beginning of a new era for Iraq's energy landscape. 3

Strategic Initiatives and Collaborations

During a pivotal visit to the United States, Prime Minister Al Sudani met with President Joe Biden and several American companies to discuss and finalize strategic initiatives aimed at strengthening Iraq's power sector.  2 Key among these was an announcement by GE Vernova, which outlined plans to boost power generation and enhance the availability of power supply across Iraq by injecting an additional 3 gigawatts (GW) of energy into the grid through highly efficient combined cycle power plants. 2

The Role of US Companies

American companies, including KBR, Transatlantic Petroleum, Honeywell/UOP, Baker Hughes, Emerson, Arc Energy, and GE, are working closely with RASEP, a Baghdad-based energy infrastructure developer, to develop one of the world's largest oil and gas fields—Nahr Bin Umar in southern Iraq.  3 This project includes the development of an associated liquefied natural gas (LNG) export facility near Basra, which could become operational within the decade. 3

Economic Impact and Job Creation

The Iraqi government has approved the construction of the country's first LNG regasification import terminal in the southern port of Al-Faw, which could potentially be converted into an export terminal. 3 This move, alongside other energy sector developments, is expected to create thousands of local direct and indirect jobs, stabilize Iraq's economy, and expand the country's treasury. 3

Addressing Emissions and Climate Change

Iraq is a promising market for American energy and technology companies, with investments in the energy sector also aimed at addressing emission reduction goals. 3 These efforts reinforce US governmental initiatives towards climate change, highlighting the mutual benefits of economic development and environmental sustainability. 3

A Comprehensive Relationship

Prime Minister Al Sudani's visit to the US also underscored the desire for a 360-degree, comprehensive relationship between the two nations. 4 This includes a focus on economic, educational, and people-to-people domains, beyond the traditional security and military ties. 4

Security and Cooperation

Despite domestic and Iranian pressure to reduce the US military presence, Al Sudani is keen on managing this pressure in a way that does not detract from his broader political and economic agenda. 4 The establishment of the Higher Military Commission (HMC) by Iraq and the United States in August 2023 is aimed at transitioning from the anti-ISIS coalition mission to bilateral security relations. 4

A New Chapter for Iraq

Al Sudani's ambitious energy plans, coupled with strategic collaborations with US companies and the government, could indeed signal a new era for Iraq, marked by enhanced energy independence, economic stability, and a more comprehensive partnership with the United States. 1

Al Sudani’s ambitious energy plans could signal a new era for Iraq, 26 AUGUST

 In a major push to secure Iraq’s energy independence and strengthen its ties with the international community, Iraqi Prime Minister Mohammed Shia Al Sudani has announced new plans to add 10 gigawatts of electricity to the power grid. This ambitious initiative aims not only to address Iraq’s ongoing power shortages but also to position it as a critical player in the global energy market. By aligning Iraq’s energy strategy with global interests, the Al Sudani government seeks to foster deeper regional co-operation and attract international investment.

“Our focus is not just on ensuring reliable electricity for the people of Iraq,” Mr Al Sudani emphasised. “It’s also about contributing to global energy stability and fostering partnerships that will benefit both Iraq and the international community.” These remarks underscore Iraq’s intention to leverage its domestic energy development to forge stronger connections with the international community.

A cornerstone of Iraq’s new energy strategy is collaboration with global energy companies such as GE Vernova and Siemens, among others. For example, the partnership with GE Vernova is vital in modernising Iraq’s aging power infrastructure. The company plans to inject up to 3 gigawatts of electricity into Iraq’s grid through advanced combined cycle power plants, significantly enhancing the country’s energy capacity.

Additionally, the plan includes upgrading over 70 turbines and generators at 18 power plants across Iraq, ensuring that the country can meet growing electricity demand more efficiently. These upgrades will bolster Iraq’s energy infrastructure, making it more resilient and capable of providing reliable electricity to both urban and rural areas.

Iraq’s energy strategy also reflects a shift towards sustainability, aligning with global efforts to reduce carbon emissions. Historically, Iraq has been a major contributor to gas flaring, a process where natural gas produced during oil extraction is burnt, leading to significant environmental harm. The new energy initiatives aim to capture this flared gas and convert it into electricity, reducing pollution while increasing power generation.

The Prime Minister’s vision for Iraq’s energy future is closely tied to international co-operation

In addition, the Prime Minister laid the foundation for a 300 MW solar project in Karbala, which is the first of several contracts as part of a larger 2,250 MW solar project.

This move towards more sustainable energy practices is crucial for Iraq’s future. It not only addresses environmental concerns but also aligns Iraq with global energy trends that prioritise sustainability and the efficient use of natural resources. These efforts signal Iraq’s commitment to becoming a more responsible energy producer on the international stage.

Beyond domestic energy improvements, Iraq is also focusing on regional energy co-operation. The country is actively engaging with neighbouring Gulf states, including Saudi Arabia and the rest of the Gulf Co-operation Council, to diversify its energy sources. A key project in this strategy is the planned electricity interconnection with Saudi Arabia, which will deliver one gigawatt of electricity to Iraq. For the first time, Al Rutba in Iraq's Al Anbar governorate is receiving electricity from Jordan, and Iraq’s grid is now connected to Turkey’s grid, allowing it to link with Europe.

These regional partnerships are part of Iraq’s broader strategy to promote economic integration and stability in the Middle East. By enhancing co-operation with its neighbours, Iraq is positioning itself as a central player in the region’s energy dynamics. Mr Al Sudani’s government views these initiatives as essential for transforming Iraq from a country dependent on external energy sources into a hub of energy production and regional co-operation.

In addition to electricity generation, Iraq is making significant strides in managing its vast oil and gas resources. The recent signing of contracts for the fifth and sixth oil and gas licensing rounds is a crucial step in this direction. These contracts, which open up new oil and gas fields for international investment, are expected to attract billions of dollars in foreign capital and bring in the expertise needed to develop Iraq’s energy sector.

These licensing rounds are not only about increasing production but also about boosting Iraq’s role in the global energy market. The inclusion of gas fields in these rounds is particularly significant, as it aligns with Iraq’s broader strategy of capturing flared gas and using it to meet domestic energy needs.

Earlier, Iraq also allocated funds to build a new gas import facility in Al Fao, located in the southern part of the country. This project aligns with Iraq’s broader strategy to improve its energy infrastructure and secure reliable sources of energy to meet growing domestic demand. The facility will allow Iraq to import liquefied natural gas, providing a more stable and diversified energy supply for electricity generation and industrial use.

Additionally, this facility could position Iraq as a regional energy hub, allowing it to potentially re-export gas to neighbouring countries in the future.

The Prime Minister’s vision for Iraq’s energy future is closely tied to international co-operation. The success of Iraq’s energy projects will depend not only on domestic implementation but also on continued collaboration with global and regional partners. Iraq’s partnerships with international energy companies and neighbouring Gulf states are key to ensuring that the country can meet its energy goals while contributing to global energy stability.

By connecting its national development objectives with global energy trends, Iraq is positioning itself as a critical player in the Middle East and beyond. Mr Al Sudani’s ambitious plans signal a new era for Iraq, one where the country is not only meeting its own energy needs but also helping to shape the future of global energy co-operation.

While challenges remain, including the need for political stability and efficient project implementation, Iraq’s energy initiatives have the potential to transform the country’s economy and its standing in the global community. With continued focus on sustainability, regional co-operation and international investment, Iraq is poised to become a leading energy producer and a vital partner in the global energy landscape.

DINAR REVALUATION UPDATE: IRAQ DEMANDS RESPECT FOR ITS SOVEREIGNTY FROM THE UK AMBASSADOR , 26 AUGUST

Iraq Summons UK Charge d'Affaires Over Ambassador's Remarks

On August 18, 2024, the Iraqi Foreign Ministry summoned Britain's chargé d'affaires in Baghdad to protest comments made by the British Ambassador to Iraq, Stephen Hitchen. 2 According to a statement issued by the ministry, Hitchen's remarks portrayed a bleak image of Iraq's security and political situation, reflecting negatively on the country's government and its diverse communities.  1

During a talk show broadcast by the Kurdish media outlet Rudaw, Hitchen spoke about Iraq's political and security challenges, stating that it would be difficult to encourage tourism to Iraq amid security chaos and uncontrolled weapons. He emphasized that the challenge for the Iraqi government is how to deal with the militias.  2 Hitchen also mentioned that he had received threats personally, attributing them to certain militias that "do not like us". 1

UK Embassy Response

The British embassy in Iraq responded to the situation, stating that the ambassador's comments had been misunderstood out of context. An embassy official told The National, "Our relationship with the Iraqi state is a deep and longstanding one, built today on a modern, forward-looking partnership". 2

Iraq's Accusations

Iraq considered Hitchen's remarks as interference in Iraq's internal affairs and a departure from the diplomatic duties assigned to the ambassador. The ministry did not provide specifics about which comments it was referring to, but local media reports indicated that Hitchen discussed problems arising from incorporating militias into the Iraqi government's military institutions. 1

Impact on Relations

The incident has raised tensions between Iraq and the UK, with the Iraqi government expressing its disapproval of the comments and calling for respect for its sovereignty. The UK embassy's clarification has attempted to smooth over the situation, emphasizing the importance of the bilateral relationship. 2

Baghdad summons UK diplomat after ambassador paints 'bleak image' of Iraq, 26 AUGUST

 The Foreign Ministry in Baghdad summoned Britain's chargé d'affaires on Sunday over remarks made by Stephen Hitchen, the UK ambassador to Iraq, about the country's security and political situation.

The ambassador's remarks reflected "a bleak image of Iraq, its government and components", the ministry said in a statement to the country's state-run news agency.

The comments were "an interference in internal affairs and a departure from the diplomatic duties assigned to the ambassador”, it added.

Mr Hitchen recently appeared on the Bestoon Talk show run by Kurdish media outlet Rudaw, answering questions on Iraq's political situation and the role of Iran-backed Shiite militias in the country.

“The challenge for the Iraqi government is how to deal with the militias,” he said. “The decision to bring the militias into the government is logical but if a PMF [Popular Mobilisation Forces] member receives salaries they must also accept commands.

“A soldier does not have the right to say ‘I will follow this order, but not this one.’ This is not natural. It is not logical."

When ISIS swept through large parts in northern and western Iraq, US-trained security forces collapsed in a humiliating defeat. To face the advancing extremists, thousands of Shiite volunteers answered a call to arms by Iraq’s influential Shiite cleric Ali Al Sistani. At the time, the government of former prime minister Nouri Al Maliki had already formed the PMF to organise and supervise the volunteers as parallel forces.

Shortly after its formation, several powerful Iran-backed Shiite militias joined the PMF. By then, some of them were fighting alongside President Bashar Al Assad's forces in Syria’s civil war. Since then, they have grown more powerful and their influence has increased since October 2022 when Iraqi Prime Minister Mohammed Shia Al Sudani took office.

Mr Hitchen also said the presence of “uncontrolled weapons” and Iran-backed militias have kept British companies away from Iraq.

“There are some companies from other countries that may flourish in chaotic environments: bribes, threats, militias,” he said. "That is not our natural environment. So, if Iraq wants investment from western countries, it highly depends on protecting the investment."

LATEST FROM BRUCE, 26 AUGUST

  Bruce  

 [via WiserNow]  ...it looks like our start for notification and exchanges could start over the weekend...It could defer to Monday, with exchanges starting either Monday or Tuesday. That's very possible.

 Bruce  

 [via WiserNow]  ...If it all pans out, we'll get our emails [Wednesday] – set our appointments...start as early as [Wednesday] or Thursday...Rate wise...we saw what...the dinar and dong were a few days ago...and...the redemption center screens are going to be much higher than the bank screens. Just so you know, redemption center screens are significantly higher. 

Not to mention the fact that, if you're a dinar holder... and are a US citizen, you will be offered a contract rate.

What is the contract rate? 

Contract rate is what a barrel of oil in Iraq is selling for, in USN dollars, whatever the per barrel price of oil is that Iraq is selling...to...other countries...That's what we are being offered. That's the contract rate, and it's pretty high.  

----

 Bruce   

[via WiserNow]  

 When do we get notified? 

The latest information has been all over the place...but I can tell you the latest information that I believe is reliable is saying we will receive notifications sometime Tuesday...That would be the 20th...

And that would be great. Then we probably will be setting our appointments, more than likely, for Wednesday, with some possibility of Tuesday afternoon...

 INTEL ONLY

***WHERE ARE WE NOW???***

Gem Finch, [16/08/2024 12:29 PM]

First R&R  - new information today the money from BC and Divorce Decree or Death Certificate parent’s spouse there were four areas traded as bonds.  The other thing is interest we paid on mortgages and bank loans for cars or whatever?  And for some of the older folks so older people will get a pretty big chunk – now for those in the currencies and Zim and those with Zim  - we will get our R&R put into our QFS accounts.  They should tell us that and how much it’s going to be before the total from the exchanges are added.   When it comes to the QFS  - so the Quantum Card thicker than a CC and has three chips  but we never carry that around with us and we only use it to move funds into your primary and secondary accounts, from the QFS account.    You can move to three different banks.   You don’t use it for anything else  - it’s not a CC /Debit card and you don’t ever want to lose it.

Access to the QFS we will get the R&R into that account and know what that is before the other funds are added.  Now here is the other thing to access the QFS they’ll use a biometric finger or thumb print and username and password all of which have to be written down and all other passwords at that exchange.   And a five digit  ID number and a new email address all you have to add to access your QFS accounts.   So this is backed by the New UST  - Bruce is saying gmail is a safe email.

We know when the R&R is happening for us  - but for non-exchanges because this goes to anyone 28 years and older and the green card holders you need to have had your card for 18 month minimum.  Say you're 55 or younger – but this will be deposited directly into your bank account.   They know what your bank account is because of the Ssecurity you had to use  and this all starts on Monday 19th August and could take up to 7 days to show up and you’ll know when you have a deposit  - email/phone call or online notification.  And for the older folks its substantial – but for the younger ones under 35 that says you won’...FOR READ MORE: https://dinarevaluation.blogspot.com/2024/08/where-are-we-now-intel-only-by-gem.html

IRAQ'S BOLD MOVES AGAINST CURRENCY COUNTERFEITING IN 2024

DINAR REVALUATION UPDATE: IRAQ IS TAKING PROACTIVE MEASURE AGAINST COUNTERFEITING, 26 AUGUST

Parliamentary Security Committee: 7 Strikes Against Currency Counterfeiting Networks in 2024

The Parliamentary Security Committee has confirmed a series of successful operations against currency counterfeiting networks in 2024 [4]. These operations, totaling seven strikes, have significantly disrupted criminal activities targeting the Iraqi economy. Counterfeiting poses a serious economic threat, and the actions taken by specialized Iraqi security teams demonstrate a growing intelligence capability in monitoring and preventing crimes that could undermine national financial stability.

International Networks and Internal Threats

The committee member, Yasser Iskandar, highlighted the involvement of international networks in currency counterfeiting [4]. These networks, operating both inside and outside of Iraq, aim to drain resources and destabilize the economy by flooding the market with fake currency. The successful strikes against these networks have led to numerous arrests and the seizure of large sums of counterfeit money across various governorates, including Baghdad.

Technological Advancements and Counterfeiting

Globally, the resurgence of counterfeit currency has been attributed to advancements in technology, making it easier to duplicate banknotes to a degree that is difficult to detect [3]. Sophisticated scanning and printing devices have enabled criminals to create convincing counterfeits that can be mixed with legitimate currency. This trend has been observed in several countries, reflecting a common challenge for law enforcement and financial authorities.

EU and U.S. Counterfeit Rates

Comparatively, the European Union (EU) has seen an increase in the use of fake notes and coins, up by 16% and 22% in 2023 compared to 2022 [3]. The United States, however, still grapples with a significant counterfeit currency issue, with the Secret Service reporting the seizure of $22 million in fake banknotes in 2023, resulting in 197 arrests [3].

Prevention and Enforcement Measures

In the EU, the European Commission's anti-counterfeiting strategy is based on four pillars: prevention, repression, training, and cooperation [6]. Measures include a system for information collection, designated national authorities for analysis, national central offices for investigation coordination, and authentication measures applied by credit institutions and other cash handlers. The European Technical and Scientific Centre supports national authorities with technical assistance, training, and classification of new types of counterfeit coins.

Ongoing Challenges

Despite the success of the Parliamentary Security Committee's operations in Iraq, the global nature of currency counterfeiting requires continued vigilance and international cooperation. The sophistication of printing and editing tools continues to challenge enforcement efforts worldwide.

In conclusion, the efforts of the Parliamentary Security Committee in Iraq highlight the importance of proactive measures against currency counterfeiting. The operations conducted in 2024 have underscored the critical role of intelligence and law enforcement in safeguarding economic stability against the threat of counterfeit currency.