Friday, October 18, 2024
MP: The birth of Diyala Oil Company is imminent.. 3 economic benefits, 18 OCT
On Thursday, MP Mudhar Al-Karwi confirmed that the Diyala Oil Company will soon be established.
“The idea of establishing the Diyala Oil Company was proposed four years ago, in light of the presence of nine to ten oil and gas fields in the province, the majority of which are not invested, with the exception of the Khana oil field and the Mansouriya gas field,” Al-Karwi stated in an interview with However, as a result of the ministry’s referral of other fields, including the Khashm Al-Ahmar field, in the previous licensing round, all conditions are now favorable for laying the initial foundations for its establishment.”
He added, “The record of laying out Diyala Oil Organization was introduced to the State leader during his visit to Baquba yesterday, and he vowed to put it on the plan of gatherings with the Service of Oil to continue with it, focusing on that laying out the organization has three advantages, the most noticeable of which is modifying the improvement of the leftover fields, making the ways for additional positions, and making a monetary recuperation, particularly in the prompt area of the fields.”
He said, “Diyala is an oil and gas province at the same time, and a large portion of its lands have not been subject to exploration, despite all indications that it contains good reserves of oil and gas,” and he was referring to Diyala.
It is imperative that the Service of Oil alluded, in its last cycle, 3 oil and gas fields for advancement in Diyala, the most noticeable of which is Al-Khashm Al-Ahmar gas field, which contains gigantic stores.
DINAR REVALUATION UPDATE : IMF RESERVE OF IRAQ INCREASED & IRAQ WTO MEMBERSHIP, 18 OCT
DINAR REVALUATION UPDATE
Summary
Exciting updates on the potential revaluation of the Iraqi Dinar, with critical economic developments signaling imminent changes in the currency landscape.
Highlights
- 🔔 Currency Revaluation: Discussions on a possible deadline for the Dinar’s revaluation are intensifying.
- 🏦 Cash Deposit Centers: Iraq is setting up cash centers to collect and deposit stashed Dinars.
- 📈 IMF Reserves: Iraq increased its reserves at the IMF by 50%, boosting its influence.
- 🗣️ Banking Reforms: The Central Bank is activating banking reforms, indicating upcoming changes in currency exchange.
- 🌍 WTO Membership: Iraq is close to joining the World Trade Organization, which may impact its economy significantly.
- 💰 HCL Completion: The completion of the Hydrocarbon Law is linked to the new exchange rate.
Key Insights
🔍 Market Anticipation: The agreement among sources about a deadline for the Dinar’s revaluation heightens market anticipation and speculation. This collective insight suggests a convergence of expectations within the financial community.
🔧 Banking Infrastructure: The establishment of cash deposit centers marks a pivotal step in Iraq’s economic reform, aimed at integrating more currency into the formal banking system, which is vital for future monetary stability.
📊 Strengthened Position: Iraq’s increase in IMF reserves enhances its leverage in international finance, positioning it as a more influential player in the Arab region and improving its economic prospects.
🔑 Monetary Reform: The activation of banking reforms by the Central Bank signifies a shift towards modernizing Iraq’s financial system, which is essential for establishing a stronger currency.
🌐 WTO Membership Benefits: Joining the WTO is a strategic move that could lead to increased foreign investment and economic diversification, critical for the Dinar’s stability and growth.
📉 Oil Price Concerns: While Iraq’s economy has improved, reliance on oil revenues poses risks, especially with projected decreases in oil prices, which could impact government finances.
⚖️ Effective Exchange Rate: The expectation of a reinstated or revised exchange rate reflects the broader economic reforms, suggesting a profound change in how the Dinar will be valued globally.
Iraq plans to import gas from Kazakhstan, 18 OCT
On Wednesday, it was made public by the Oil, Gas, and Natural Resources Parliamentary Committee that the Iraqi Ministry of Electricity intends to import gas from Kazakhstan.
Ali Shaddad, the Oil, Gas, and Natural Resources Parliamentary Committee’s spokesperson, explained to the that Ziyad Ali Fadel, the Minister of Electricity, discussed the shortage of kerosene and gas oil during a meeting with the committee members.
The Ministry of Electricity and Ministry of Oil’s upcoming depletion of strategic reserves was the topic of discussion at the meeting.
Shaddad said that, as a result of Iran’s inconsistent supply of gas, the majority of power plants in Iraq use gas oil.
Shaddad says that alternative fuel had to be used because Iran didn’t promise to keep supplying gas to fuel Iraqi power plants, which hurt the country’s population.
The Iraqi authority additionally said that the Power Service will before long go into a concurrence with Kazakhstan to supply Iraq with up to 20 million cubic meters of gas.
Fuad Hussein, the Iraqi foreign minister, and Rashid Meredov, the Turkmenistan foreign minister, discussed ways to boost commercial and economic ties, particularly in the gas sector, at the end of September.
According to the Ministry of Electricity, Iraq and Turkmenistan signed a memorandum of understanding last year to import the gas it needs to run its power plants. The Ministry of Electricity said that this step requires additional negotiations about how gas is transported through Iran.
Power plants in Iraq rely upon gas imports from Iran, which cover 33% of the country’s energy needs.
Fadel said before that Iraq will get gas from Turkmenistan through the pipeline network in Iran connected to Iraq to at last arrive at power plants in Iraq.
Within a period of five years, the agreement will enable Turkmen gas to be delivered via Iran to Iraq. According to reports, all of the steps required for Iraq to begin importing gas from Turkmenistan in January 2024 were completed.
The requirement to negotiate a comprehensive arrangement with Iran, the country of transit, is the primary reason for the planned deferral of the delivery.
RV UPDATE BY MILITIAMAN, 18 OCT
Militia Man
What will have a profound impact on the global financial system?
...IMO...is them at least reinstating their currency to what it was before. Going 1 to 1 isn't going to cut it. Going to a full-blown reinstatement would do that.
Also having a Real Effective Exchange Rate applied would do that.
That's the type of profound impact I'm expecting...
Sudani mentioned a couple of times that the dinar is stronger than the dollar. Keep all that in mind.
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