Saturday, September 28, 2024
Iraq opens doors to US oil partnerships, aiming for gas self-sufficiency by 2028, 28 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.
LATEST POSTS OF SANDY INGRAM, 28 SEPT
Sandy Ingram
This is concerning, why do Iranian backed militias keep targeting Israel? ...This information comes from 9 different sources...There are real missiles, this is is a real news story...
The Israeli Air Force successfully intercepted multiple aerial threats from Iraq. These included two cruise missiles...rockets...drones...Israel Defense Forces confirmed the interceptions with no targets breached Israeli airspace...The Islamic Resistance in Iraq tied to Iran claimed responsibility...
My concern is Israel will respond to Iraq in a harsh way. It does not matter who is launching the deadly missiles, the threat is coming out of Iraq.
https://dinarevaluation.blogspot.com/2024/09/rv-update-by-sandy-ingram-24-sept.html
Sandy Ingram
If the IQD were revalued to $0.25 to 1 Iraq dinar, based on 1 million IQD you would profit $250,000. Your tax liability just on the $250,000 would place you at a 35% tax rate... Your tax would be $83,188 [Single/No Dependents]...You would only receive $166,812...
Let's say the IQD readjusts to $0.80 to 1...That would be a profit of $800,000 minus the fees to exchange...You would be taxed at 37%...
This would be $284,901 owed in taxes.
You would only receive $515,000. This does not include your state taxes...This is not a game...No one said it was fair.
[I] do not want to hear about what a new president will do because if this happens within the next year a new president cannot help you. Congress has to vote on new tax laws
https://dinarevaluation.blogspot.com/2024/09/latest-from-sandy-ingram-22-sept.html
Al-Atwani: Agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally, 28 SEPT
Al-Atwani: Agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally
9/26/2024
The head of the Parliamentary Finance Committee, Atwan Al Atwani, announced today, Thursday, an agreement with the Kurdistan Regional Government to review its oil contracts and adapt them constitutionally.
A statement from his office, a copy of which was received by {Atlfrat News}, stated that "the parliamentary finance committee delegation, currently visiting Erbil, headed by Al-Atwani, held an expanded technical meeting with representatives of the Kurdistan Regional Government, in the regional council of ministers building, to discuss resolving the outstanding issues between Baghdad and Erbil."
Al-Atwani said, "The meeting reviewed the oil files, financial revenues, automation of border crossings, unification of customs tariffs, and localization of employees' salaries," announcing "the development of a roadmap to resolve the points of contention between the central government and the regional government regarding the oil export file."
He stressed that "the attendees reached an initial agreement with the regional government to conduct a comprehensive review of the oil contracts to adapt them to the Iraqi constitution, in preparation for solving the problem of the halt in the region's oil exports," explaining that "the agreement stipulates that the central government and the regional government enter as a unified party in negotiations with international oil companies operating in the region with the aim of amending their contracts from production partnership to profit-sharing, in addition to reviewing the economic and commercial terms."
Al-Atwani pointed out that "the parliamentary finance committee is working to establish a sound basis for negotiations on resolving the pending issues, in order to resolve the oil export file during this year and eliminate the differences with the region," stressing that "the committee will meet, upon its return to Baghdad, with the federal oil ministry, in order to discuss the controversial issues and push towards resolving them under the umbrella of the constitution."
He said, "The meeting reviewed, in numbers, the steps for implementing the file of localizing the salaries of the region's employees, where the necessity of adhering to the decisions of the Federal Court was emphasized."
The meeting also discussed, according to Al-Atwani, the file of border crossings, customs, and taxes, and ways to include their revenues in the country's general budget, and the extent of the regional government's commitment to sending these funds to the federal government. LINK
"IT LOOKS LIKE. THE SANCTIONS WILL BE ALL OFF" BY FIREFLY, 28 SEPT
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Successful meeting today with the United States Treasury with Sudani.
It looks like the sanctions will be all off.
FRANK: They're reporting to the Iraqi citizens what they're accomplishing at the United Nations with the US Treasury, but this stuff is old. It's ancient history...
What you are seeing is nothing more but formalities.
I am excited to see Sudani return back and talk to you Iraqi citizens.
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...