International
weekly Shipping Services Coming to Iraq Nov 15
New Weekly Shipping Service between UAE and Iraq
By John Lee.
Singapore-based Pacific International Lines (PIL) is launching a new weekly feeder service between Jebel Ali in UAE and Umm Qasr in Iraq, with the aim of strengthening its coverage and connectivity in the Middle East.
Known as the Iraq Feeder Service (IQF), the company says the new route will complement PIL's flagship Middle East service -- Gulf China Service (GCS).
The IQF service will commence on 15th November 2024 from Jebel Ali with PIL's vessel, Kota Handal.
Service Features:
The ports of call for the IQF service are: Jebel Ali - Umm Qasr - Jebel Ali
Will Iraq be the savior of the countries of the region if oil prices fall?
Economic expert Safwan Qusay spoke about Iraq’s ability to confront the decline in global oil prices, pointing out that leaving the single economy and focusing on non-oil imports has become a necessity to restore the Iraqi economy.
Qusay said, "If oil prices rise by a hundred dollars, it is possible that the quantities that were voluntarily reduced by OPEC will be re-pumped, noting that "there are no less than two million two hundred thousand barrels that have been voluntarily reduced."
He added, "It is not in the interest of oil producers to raise oil prices above $100 because that will support investments in shale oil, indicating that the producing countries are trying to control the price between $70 and $100."
Qusay explained that "Iraq is able to confront the decline in oil prices, knowing that there is no decline in prices below seventy dollars because OPEC is the one that determines the quantities of production and is determined to remain within the region of 70-100 dollars per barrel."
He added, "The surplus that accumulated during the previous period of this year, in which Iraq sold at no less than $80 per barrel, enables Iraq to confront price changes."
He pointed out that "Iraq has begun to diversify its economy by investing in oil derivatives and stopping the burning of associated gas, in addition to stopping the import of materials that could be included in the ration card, noting that "the government has opportunities in the matter of sustainable financing through the reserves of the Central Bank or through the sale of oil shares if revenues fail to reach their goals." link
Spain confirms cooperation with Iraq to establish Basra-Sharm El-Sheikh railway line
11/14/2024 Baghdad
Spain confirmed, on Thursday, its strong support for Iraq's strong return to the World Trade Organization and its efforts to do so, while indicating that cooperation with Iraq is not limited to railways, but rather in other fields and there are joint projects.
The Director General of International Trade and Investment in the Kingdom of Spain, Elisa Varela, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "there are very good companies in the field of railways, and we are cooperating with Iraq to extend the railway from Basra to Sharm El-Sheikh", noting that "we have a company working on connecting the railway between Najaf and Karbala, and we also have a company working in China that will carry out railway projects in other areas of Iraq in the near future".
She explained that "some of these projects are proposals, and there are signed agreements and cooperation in other areas, including facilitating transportation operations within Iraqi cities and facilitating the traffic situation in a good way so that it runs very smoothly".
She explained that "there are agreements to train Iraqis and sign other agreements that facilitate this aspect", noting that "we strongly support and promote Iraq's return to the World Trade Organization and we seek to do so". LINK
Nov 15
