Tuesday, December 31, 2024
Iraq’s cabinet approves major oil sector projects, 31 DEC
Iraq’s cabinet approves major oil sector projects
Shafaq News/ Iraq’s Prime Minister Mohammed Shia al-Sudani chaired the 53rd regular session of the Council of Ministers on Monday, approving several initiatives in the oil sector.
Basra-Haditha Oil Pipeline Project
The Council approved the recommendation of the Ministerial Energy Council to proceed with the construction of the Basra-Haditha oil pipeline, a 685-kilometer pipeline with a capacity of 2.25 million barrels. Key decisions included:
1. Contract Approval: A contract worth 5.97225 trillion dinars between Basra Oil Company and the Oil Projects Company, funded under the Iraq-China agreement.
2.Reduced Cost Procurement: Approval of a procurement order for the pipeline at 1.6205 trillion dinars, 5.5% below estimated costs. The pipeline will be constructed using high-quality materials and completed within 720 days.
3. Contract Exemptions: The project was exempted from Government Contract Execution Instructions (No. 2 of 2014) to facilitate streamlined execution.
Karbala Refinery Operations
The Council also addressed the operational file of the Karbala Refinery, approving the following measures:
1. Operational Contracting: The Midland Refineries Company was exempted from standard contracting regulations to engage Rowwad-Elqemma Company for refinery operations at $180 million annually, renewable for an additional year. This contract includes operational, laboratory, maintenance, and safety responsibilities, alongside training and local staff transfer, at a lower cost than the previous contractor.
2. Management Team Formation: A dedicated management team, led by the general director of the Midland Refineries Company, was formed to oversee refinery operations. This team was granted financial and contractual authority, with a spending cap of $15 million for operational needs.
MARKZ: My IMF contact is saying the 2nd, 31 DEC
MarkZ
[via PDK]
Today in Iraq - Monday December 30th…the auction was $279 million 695 thousand 336 dollars. So there was an auction today.
Comment: Sudani and Soliel say it will be on Jan 2…
MarkZ: that is pretty close to what we are being told right now. …there is so much coming together...
Comment: My IMF contact is saying the 2nd. MarkZ: They are not the only ones looking at that date.
CBI to facilitate US dollar access for New Year travelers, 31 DEC
CBI to facilitate US dollar access for New Year travelers
Shafaq News/ On Monday, the Central Bank of Iraq (CBI) announced that it would accept requests from banks to provide US dollars for travelers during the New Year holiday.
According to an official document obtained by the bank, CBI will offer cash liquidity of US dollars to travelers on January 1st and bank holiday on January 2nd, by accepting requests from banks and currency exchange companies through the cash sales window.
The document further stated that sales would be exclusively conducted on December 30th and 31st, following the sale and registration of at least 50% of the last received quota via the fltr platform, instead of the previous 80%.
CBI had previously announced its intention to halt the electronic platform for dollar sales at the end of this year. Consequently, transactions will be conducted directly between banks and correspondent banks for dollar sales and foreign trade financing.
AJ : 🔥CBI is putting out instruction on how to handle 🔥 currency !!, 31 DEC
AJ
CBI is putting out instruction on how to handle
currency
Republic of Iraq Central Bank of Iraq
Subject: Extension of the validity period of the Iraqi dinar for a period of five years from the date of issuance.
Republic of Iraq Central Bank of Iraq
Number: 1 Date: 1/11/2023
To all banks, exchange companies, and financial institutions,
Subject: Procedures for the extension of the validity period of the Iraqi dinar for a period of five years from the date of issuance.
In reference to the decision of the Central Bank of Iraq No. 1/11/2023 regarding the extension of the validity period of the Iraqi dinar for a period of five years from the date of issuance, and in accordance with the provisions of Article (1) of the aforementioned decision, the following instructions and procedures are necessary for banks, exchange companies, and financial institutions:
The Iraqi dinar: The validity period of the Iraqi dinar will be extended for five years from the date of issuance, provided that the currency is in good condition and not forged or counterfeited.
Conditions:
Banks, exchange companies, and financial institutions must ensure that the currency is in good condition and not forged or counterfeited.
The extension of the validity period is for five years from the date of issuance.
Banks, exchange companies, and financial institutions must issue the currency in accordance with the legal requirements and regulations in force.
Procedures:
Banks, exchange companies, and financial institutions must comply with the instructions and procedures outlined in this document.
The currency must be stored in a secure manner to prevent any damage or forgery.
Banks, exchange companies, and financial institutions must report any cases of forgery or damage to the Central Bank of Iraq immediately.
Responsibilities:
Banks, exchange companies, and financial institutions are responsible for ensuring that the currency is handled and issued correctly.
Any violation of these instructions and procedures will result in legal consequences.
Monitoring and Compliance:
The Central Bank of Iraq will monitor the compliance of banks, exchange companies, and financial institutions with these instructions.
Regular inspections will be conducted to ensure adherence to these procedures.
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