Iraq opens doors to US oil partnerships, aiming for gas self-sufficiency by 2028, 27 SEPT

 Shafaq News/ On Thursday, Iraqi Prime Minister Mohammed Shia Al-Sudani expressed the country's readiness to partner with American companies in the oil industry.

This declaration was made during a dialogue session in New York, hosted by the American Chamber of Commerce and Al-Monitor, attended by investors, business leaders, representatives from American companies, and the Iraq-US Business Council.

During the session, Al-Sudani highlighted the government's initiation of several rapid projects, including a significant agreement with Total aimed at increasing oil production and utilizing associated gas at approximately 600 million standard cubic feet. He noted, “We have launched supplements for the fifth and sixth licensing rounds, which have resulted in contracts for oil production and gas investment.”

Al-Sudani projected that Iraq would achieve self-sufficiency in gas by 2028, alongside the activation of oil derivative projects, such as the strategic Karbala refinery, which has a production capacity of 140,000 barrels per day. He also mentioned the rehabilitation of the Baiji refinery, which was completely destroyed during the battles to liberate the area, stating, “This refinery has a production capacity of 150,000 barrels per day.” 

Furthermore, the Prime Minister announced, “We have ended petroleum derivatives imports and will stop importing gasoline at the beginning of next year after completing the FCC project in Basra.” He emphasized Iraq's vision to transform 40% of exported oil into downstream industries, which he believes will provide greater benefits than selling crude oil.

Turning to the banking sector, Al-Sudani remarked that development cannot be achieved without “a solid banking system” adhering to international standards. He noted that “95% of financial transfers in Iraqi trade are conducted through trusted banks.” He confirmed the currency sale window will close at the end of 2024 and highlighted that “the Anti-Money Laundering Office at the Central Bank is functioning effectively.”

Al-Sudani stated, “The government has contracted Ernst & Young to reform the state banking sector, boosting citizens' trust in banks and expanding financial inclusion.”

He affirmed the independence of the Central Bank, asserting, “It enjoys full independence and exercises its authority with complete professionalism,” and expressed plans to establish a new bank using the latest technologies.

Finally, Al-Sudani extended an invitation to all companies engaged in electronic payments to operate in Iraq, assuring them of all necessary facilitation. 

“We have developed a plan to improve infrastructure with allocations of up to $83 billion,” he concluded.

RV UPDATE: " THE CBI /IRAQ ARE NO LONGER UNDER THE UMBRELLA OF THE US TREASURY", BY WALKINGSTICK, 27 SEPT

  Walkingstick  

 They [Iraq/CBI] are no longer under the umbrella for the US Treasury nor are they under any sanctions.  

That's nice! 

--

Walkingstick 

  I strongly believe we need Alaq to finish what he's doing [In New York and Washington], come back...to Baghdad and bring the REER - Real Effective Exchange Rate to Iraq. 

 We believe this is the next step because of what Sudani told the Iraqi citizens. 

 IMO the commercials are the next thing that they're going to show them.  IMO the commercials are already produced...They will be released to the public. When Sudani said the monetary reform is coming to an end...that's a big hint...That's what we in intel call a big clue. 

Walkingstick 

 All the executive levels of the banks in Iraq are going to sit down with the governor of the CBI Alaq and receive instructions on the new currency next week.  

Walkingstick  

  They got stability and security. Sudani has been bragging about it...Lift the three zeros has to do with the value, then not with the value, back and forth, back and forth, it has to do with the value and then, no it doesn't have to do with the value.  The articles are contradicting. 

 They are lies.  They are misleading with a purpose.  

 Walkingstick  

Article: "Two conditions to achieve it .. Al-Sudani's advisor rules out removing 3 zeros from the currency"

  These articles, this misleading, is intentional right now...Contradicting statements are found throughout all of these statements, all of these articles...The 25 note has to become a 25k note? 

 There isn't even a 25 note...When did Iraq last have a 25 note?  Never.

--

 Walkingstick  

[Iraqi bank friend Aki update] 

Question:  You're asking us why we are not talking to you about these [lower note] commercials.  Can you tell us more about them? 

 AKI:  Yes, they are coming out.  This is the media campaign we told you about.  It's getting faster and faster and louder and louder.  

The purpose is to show the citizens the new lower notes and more information. 

 These commercials are coming out at any time now...Nothing is in the way to block this next step.  It is a massive media campaign.  

[[Iraqi bank friend Aki update]

New York is to remove the red tape that the United Nations is still holding on the banks of Iraq that are not participating in the monetary reform.  

These sanctioned banks may stay sanctioned or be shut down completely. 

 It really doesn't matter to the monetary reform process but this is something that is needed to be done.

https://dinarevaluation.blogspot.com/2024/08/lower-notes-yes-they-are-coming-out-by.html

Iraq's Central Bank Tightens Dollar Supervision!

Al-Sudani on Iraq’s role in the region: It has an importance in the security and stability of the region and exerting an exceptional effort to calm down, 27 SEPT

Baghdad – Mil

Prime Minister Mohammed Shia Al-Sudani stressed on Wednesday that Iraq has an important role in the security and stability of the region, and exerted an exceptional effort to calm down and work to not expand the arena of the conflict.

The Sudanese Information Office said in a statement, which replied to “Mil”, that “the Sudanese participated in the dialogue session held on Wednesday within the 14th Concordia Summit, which began in New York, on the sidelines of the meetings of the United Nations General Assembly at its 79th session.”

The statement added that “the summit dealt with a number of discussion axes that included cultural diplomacy and youth support, democracy, security, geopolitical risks, environmental sustainability and natural resources, global trade, industrialization and supply chains, health opportunities and challenges, as well as human rights and social progress.”

Al-Sudani pointed out, according to the statement, “to the difficult stage that the Middle East is going through, and Iraq’s repeated warnings after the events of October 7, with the importance of stopping this war that targeted innocent citizens in Gaza and the occupied territories, which left large numbers of martyrs, wounded and starvation, and the expansion of the conflict arena in the Red Sea, Syria and finally in Lebanon, as well as the tense situations between the Zionist entity and Iran, which may lead to a comprehensive war, indicating the importance of the Middle East region, which represents a third of the world’s oil needs, in the face of the intransigence of the Prime Minister of the occupation government and his lack of respect for international institutions, laws and agreements, and the failure of the international system.”

Al-Sudani stressed that “Iraq has an important role in the security and stability of the region, and made an exceptional effort in calming down and working to dean the arena of the conflict not widen, and supported all solution initiatives, including the recent proposal by President Biden.”

He added: “We have put pressure on all regional parties on the issue of restraint, and not to be dragged into attempts to expand the conflict arena to the Middle East.”

He added that “we called for a summit on Lebanon, and we have contacts with various leaders of the region, to urge an end to this war.”

He pointed out that “the relationship between Iraq and the United States is strategic, based on stops of helping Iraq overthrow the dictatorial regime, and extended to years of support for Iraq in the face of terrorism.”

He explained that “in 2014, the Iraqi government asked the United States for international support to confront ISIS, and on this basis the international coalition was formed to fight ISIS,” pointing out that “we fought fierce battles and won them and provided a model of cooperation with the United States, and with regional countries to confront the threat of ISIS.”

Al-Sudani continued, “It is important to re-evaluate the existence of this alliance, which is limited today’s existence to advisers and not combat forces as it is raised,” referring to conducting dialogues to arrange the end of the coalition mission, in which we thanked on behalf of Iraq’s people and government to all the countries that helped Iraq in its war against ISIS.

He stressed that “Iraq will remain an original member of this alliance to confront the threat of extremist terrorist thought, and at the same time we open the door to bilateral relations in the security field.”

He added that “we want our relationship with the United States to expand in the fields of economy, technology and other important sectors, and in line with the 2008 Strategic Framework Agreement.”

Al-Sudani spoke about the tripartite budget, that “the size of the investment plan in it reached 83 billion dollars in 3 years,” but saying: “We cannot launch to real economic development without having extensive infrastructure and effective services that meet the need of the citizen.”

He pointed out that “we have achieved an implementation rate of more than 33%, and up to $25 billion in the field of services over two years of the government’s life.”

“Optimism exists in popular circles about the seriousness of the government’s implementation in the service sector,” he added.

Al-Sudani stressed: “We have lifted 12 million people from the brink of poverty, through cash subsidies and a food basket that cost approximately 9 billion dollars, to reduce the poverty rate, due to displacement, war and the cessation of development over the past years.”

https://miliq.news/political/36194–.html

CBI INTEL CONTACT BY MNT GOAT, 27 SEPT

CBI INTEL CONTACT 

Now we hear first hand what my CBI contact told us was taking place to clean up and enforce the banking laws.

THE CENTRAL BANK OF IRAQ DECIDES TO CLOSE THE BABYLON BANK 

The Central Bank of Iraq decided to close the Babylon Bank.

According to a document issued by the Central Bank of Iraq, addressed to the Babylon Bank, and received by “Al-Eqtisad News”, it decided to “refer the bank to forced liquidation based on the provisions of Article No. 69 of Banking Law No. 94 of 2004.

He added: “Appointing Ahmed Abdul Mahdi Nehme as liquidator of your bank.”

(This is the US Treasury inside Iraq as the strong arm to enforce Iraqi banking laws, something that was difficult for the CBI to do without repercussions from political members who used the banks to steal. So, now we hear first hand what my CBI contact told us was taking place to clean up and enforce the banking laws.)

US Treasury Backs Al-Sudani’s Bold Reforms in Iraq! WOW @DINARREVALUATION

Highlights of the dialogue session attended by Al-Sudani in New York, 27 SEPT

 Mawazine News – Baghdad

Prime Minister Mohammed Shia al-Sudani participated in a dialogue session held in New York after midnight on Wednesday, by the American Chamber of Commerce and Al-Monitor, in the presence of an elite group of investors, businessmen, representatives of American companies, and the Iraqi-American Business Council.

During the session, His Excellency pointed to the new reality of Iraq, which is witnessing an economic and developmental renaissance in all its sectors, and has also taken great strides in the field of energy investment and associated gas, which had been wasted for years and cost the country losses estimated at billions of dollars, due to the import of gas and oil derivatives.

Mr. Al-Sudani stressed that the government has embarked on a series of rapid projects, including the important agreement with Total, which will contribute to increasing oil production and investment in associated gas by about (600) million standard cubic feet, in addition to offering the fifth and sixth rounds appendix, and entering into contracts for oil production and gas investment, indicating that after 2028, Iraq will achieve self-sufficiency in gas, in addition to activating oil derivatives projects, including the strategic Karbala refinery, whose production capacity reaches 140 thousand barrels per day, as well as rehabilitating the Baiji refinery, which was completely destroyed during the battles to liberate Baiji, and its production capacity is 150 thousand barrels per day.

The following are the most prominent points made by the Prime Minister during the dialogue session:

– When I assumed my duties as head of the government, the investment in associated gas was less than 40 percent, and now the percentage has risen to about 70 percent.

– We have finished importing oil derivatives, and we will stop importing gasoline at the beginning of next year, after completing the FCC project in Basra.

– We are ready to enter into a partnership with American companies in the oil industry sector.

– Our vision is to convert 40% of exported oil into transformation industries, which will give us more benefits than selling crude oil.

– Our policy is based on diversifying the contracting parties that invest in our oil and gas fields without specific conditions.

– The licensing round procedures are clear and transparent and do not favor or favor one company over another.

– Development cannot be achieved without a solid banking sector that operates according to approved international standards, and 95% of financial transfers in Iraqi trade are conducted through reliable banks.

– The currency sales window will be closed at the end of this year, and the money laundering office at the Central Bank is operating effectively.

– The government has contracted with Ernst & Young to reform the government banking sector, and we have strengthened citizens’ confidence in banks and expanded financial inclusion.

 – Iraq is currently going through an unprecedented stage of stability and recovery since 2003, which is an opportunity to support the transition from a stage of wars and conflicts to a stage of development and stability.

– A stable Iraq in a sensitive region is beneficial to the world, which is what we have witnessed since October 7, as Iraq has maintained a great balance and calm, and we have kept Iraq away from the arena of conflict.

/ Our security forces have reached an advanced stage of capability and efficiency, and we have started an armament program to enhance their capabilities, and ISIS today does not represent a threat to our security.

– We need American small and medium-sized companies to form partnerships with Iraqi companies.

– We are working to create job opportunities for young people by activating the private sector or supporting their private projects, through several programs, including the (Riyada) initiative.

– The size of the projects granted for investment will provide a large number of jobs, and it is necessary for companies operating in Iraq to open training centers to develop the capabilities of young people.

– We stressed to companies operating in the electricity sector the establishment of stations maintenance centers in order to speed up completion and reduce costs.

– The government has a clear direction to support the agricultural sector, and farmers and farmers are in a transitional phase to use modern irrigation technologies that we supported by 30%.

– We provided loans to workers in the food industries sector of various types, part of which is covered by sovereign guarantees.

– The Central Bank has independence and exercises its powers with complete professionalism, and we intend to establish a new bank that adopts the latest technologies.

– We invite all companies operating in the field of electronic payment to work in Iraq and we will provide them with all facilities.

– We have developed a plan to develop the infrastructure, with allocations of up to 83 billion dollars.

https://mawazin.net/Details.aspx?jimare=255432