Tuesday, August 27, 2024
DINAR REVALUATION : ANOTHER MOVE OF IRAQ TO DIVERSIFY ITS ECONOMY & TECHNOLOGY , 27 AUGUST
British Company Secures Solar Power Plant Contract in Basra
In a significant development for the energy sector in Iraq, a British company has been awarded a contract to design and supply a solar power plant for the Majnoon oil field in Basra Governorate. This move aligns with Iraq's efforts to diversify its energy mix and reduce dependence on oil while addressing environmental concerns.
The Contract Details
The project is being implemented for the benefit of the Basra Oil Company (BOC) and is part of a broader strategy to incorporate renewable energy sources into Iraq's energy infrastructure. The solar power plant, once operational, will contribute to the country's goal of increasing its renewable energy capacity.
Impact on Local Economy
The contract award is not only a boost for the renewable energy sector but also a positive development for the local economy. It is expected to create jobs and stimulate local employment, particularly in the Basra region. The British company's commitment to investing in local employment and skills development underscores the mutually beneficial nature of the partnership.
Alignment with Global Trends
This contract is indicative of a global trend toward greater investment in renewable energy sources, particularly solar power. Iraq's decision to award this contract to a British company highlights the country's openness to international collaboration in the pursuit of sustainable energy solutions.
"MANY COUNTRIES ESPECIALLY THE USA ARE REPLACING IRAQ'S NEED OF ELECTRICITY FROM IRAN!!!". BY FRANK26, 27 AUGUST
KTFA
FRANK26: "MANY COUNTRIES ESPECIALLY THE USA ARE REPLACING IRAQ'S NEED OF ELECTRICITY FROM IRAN!!!"..........F26
British company wins contract to supply solar power plant for oil field in Basra
8/26/2024
British company Hydro-C has won a contract to design and supply a solar power plant for the Majnoon oil field in Basra Governorate. According to a statement issued by the Iraq-British Business Council (IBBC), a copy of which was received by Al-Eqtisad News, the project will be implemented for the benefit of the Basra Oil Company (BOC), which is operated by Antonoil Services and KBR.
The plant, which will be imported from the United Kingdom and installed in Iraq, is part of the plan of the Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the Minister of Oil, Hayan Abdul-Ghani, to support sustainable energy projects and combat climate change.
After a six-month technical and commercial evaluation process, Hydro-C has officially been awarded the project, which can be developed and replicated in major oil and gas fields in Iraq.
Hassan Hashmat, CEO of Hydro C, said, “This is great news for many people, including our stakeholders, and especially the Iraqi people, as we begin the transition to green energy in the country and provide a much-needed source of electricity,” adding that “this will enable
British companies to develop local skills in Iraq and help the country build sustainable green energy projects.”
“IBBC is delighted to see Hydro-C take control of this important and innovative new energy sector. After many months of work and extensive preparation by Mr Hashmat, this project is a model of what is possible for the future and will benefit all those involved in the green transformation,” commented Christophe Michels, Managing Director of the Iraq-Britain Business Council (IBBC), calling it “a win for the UK, IBBC, Iraq and in particular Hydro-C.”
"THERE'S NO NEED TO PRINT NEW CURRENCY IN IRAQ" BY MILITIAMAN, 27 AUGUST
Militia Man
Article quote: "At this time there is no acute problem regarding cash liquidity"
There's no need to print new currency...They've yet to do anything different.
They spent about $50 million in printing currency and it wasn't triple zero notes. There's no reason for it. You can't spend $50 million while you're burning up money to print new ones, especially if they were perfectly good.
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The United States is going to say we're ready to go.
We're not playing games anymore...we're going to do it our way. Iraq either you're on board or you're not on board...No wonder those guys are barking...because the parallel markets are going to go away and fast.
They know what they need to do. Change the value of their currency and no one's going to want their [black market] USD. They're going to know the Iraqi dinar is going to be powerful just like Sudani said...
Iraq submits updated compensation plan to OPEC, 27 AUGUST
The Association of Oil Sending out Nations (OPEC) said on Thursday that it got refreshed pay plans from Iraq and Kazakhstan for their overproduced volumes for the initial seven months of 2024.
As per appraisals made by free sources, OPEC said that Iraq overproduced 1.44 million barrels each day from January to July, and Kazakhstan overproduced 699,000 barrels each day.
To keep up with the market, OPEC and different makers, outstandingly Russia, together known as OPEC+, have started a progression of result decreases in late 2022, most of which will stay basically for the rest of 2025.
In a statement, the Iraqi Ministry of Oil mentioned that it had sent the OPE Secretariat a revised compensation plan and that it had made concrete efforts to lower production levels to make up for the quantities that had previously exceeded the production limits.
This action demonstrates Iraq’s commitment to enhancing the OPEC+ group’s collaborative efforts to maintain market stability and safeguard oil producers’ and consumers’ interests.
An overview by S&P Worldwide Ware Bits of knowledge’s Platts OPEC+ uncovered that Iraq delivered 4.33 million barrels each day in July, 400,000 barrels each day over its share.
July saw the biggest expansion in OPEC+ oil creation in more than a year as Russia proceeded to fundamentally surpass its quantity while Iraq and Kazakhstan expanded their result despite their obligation to more tight reductions.
The overview showed that the gathering’s complete result was at 41.03 million barrels each day, up 160,000 barrels each day from June.
Member countries subject to quotas produced 437,000 barrels per day more than the target in July, up from 229,000 barrels per day in June.
Two nations that overproduced in the principal half of 2024 uncovered their pay plans in July, when Kazakhstan vowed to diminish 18,000 barrels each day further and Iraq vowed to cut 70,000 extra barrels each day.
The overproducers will intentionally diminish their result by 2.2 million barrels each day for the rest of 2024’s second from last quarter.
Why this meeting is important? BY ARIEL, 27 AUGUST
ARIEL
Why this meeting is important? Firstly, the Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, is in discussions with key financial institutions, including the U.S. Federal Reserve and the U.S. Treasury.
These discussions are centered on resolving issues related to Iraqi banks that have been restricted from dealing in U.S. dollars.
This restriction has caused a strain on Iraq’s banking sector and has contributed to the instability of the Iraqi Dinar's value.
By addressing these issues, Iraq aims to stabilize its financial system and create a more favorable environment for increasing the Dinar’s value. Secondly, Iraq’s economic policies, particularly those aimed at supporting the Dinar, are under review.
The CBI is focusing on strengthening the Dinar against the U.S. dollar by enhancing the banking sector, improving foreign trade mechanisms, and increasing international financial cooperation.
These efforts are seen as foundational steps toward a potential revaluation or reinstatement of the Dinar to a more favorable exchange rate.