Iran invests $1 billion in joint oil field with Iraq, 6 JAN

  Iran invests $1 billion in joint oil field with Iraq

 The executive director of the joint Azar oil field development project with Iraq, in the city of Ilam in western Iran, stated that the Economic Council’s approval for developing the second phase of the Azar oil field is in the form of new oil contracts with an investment of more than one billion dollars, expecting this contract to enter into force before the end of this year (the Iranian year ends on March 20).

In a statement to the official Iranian news agency IRNA on Saturday, Keyvan Yar Ahmadi said: By holding several specialized meetings with representatives of the Planning and Budget Organization and submitting an explanatory report with supporting documents related to the technical work description and financial estimate for the implementation of the project

And explaining the objectives of developing the Azar oil field, the approval of the Economic Council was finally obtained for developing the second phase of this oil field in the form of new oil contracts with an expected investment of more than one billion dollars, and it is expected that this will be done with the fulfillment of the basic conditions in the contract by the contractor and the relevant procedures by the employer, and this contract will be implemented and become effective before the end of this year.

Yar Ahmadi pointed to the launch of the Dehloran Gas and LNG Plant (NGL-3100) in the near future, and said: The compression and sweetening facilities of the associated gas in the Azar field, which were completed a long time ago, have been launched and are ready to send gas to this plant.

Accordingly, all the activities of the first phase of the development of this field will be determined and the main milestone (the turning point and main point of the project's progress) will be delivered. The first phase of the development of this complex plant will reach its goal by achieving all the contractual targets and sharing the Iranian share of more than 70%, which has led to the production of 83 million barrels of oil and revenues of nearly $6 billion.

It is noteworthy that the Azar oil field is located in the city of Mehran in Ilam province, western Iran.

The reserves of this field amount to 2 billion and 500 million barrels of crude oil, and the amount of oil that can be extracted from it is estimated at 400 million barrels.  link

NADER FROM MID EAST CC HIGHLIGHTS : STRONGER ECONOMY, 6 JAN

 NADER FROM MID EAST CC HIGHLIGHTS : STRONGER ECONOMY

Highlights

Summary

In a recent address, Prime Minister Masar Muhammad Salah emphasized the significance of strengthening Iraq’s external ties to foster a sustainable and diversified economy.

 He outlined three primary outcomes expected from these international connections: the diversification of the national economy, the enhancement of public-private partnerships, and the investment in human resources through vocational education.

 Salah highlighted the need for Iraq to reduce its dependency on oil by bolstering sectors like advanced agriculture, industry, tourism, and services. 

He also urged the promotion of small and medium-sized enterprises as crucial elements for a resilient economy. Furthermore, he called for a focus on innovation, particularly among youth, by leveraging artificial intelligence and technology. 

The Prime Minister noted Iraq’s geographical advantage as a bridge between Asia and Europe and stressed the need for robust economic relationships with countries like China, Turkey, and Iran. 

He concluded by stating that stability is essential for achieving these ambitious economic goals. Concurrently, Mr. Amar al-Hakim, head of the Alliance of National State Forces, reiterated the importance of fighting corruption and building a balanced economy to create a strong state, advocating for long-term economic ties that benefit the Iraqi people and their regional counterparts.

• 🌍 Common External Ties: Prime Minister Salah stresses that international relationships are crucial for Iraq’s economic development.
• 💼 Economic Diversification: Emphasizing the need to reduce oil dependency by boosting agriculture, industry, tourism, and services.
• 🤝 Public-Private Partnerships: Salah calls for facilitating collaborations between the government and private sector for major projects.
• 🎓 Investment in Human Resources: Focus on vocational education and training to meet labor market needs effectively.
• 🚀 Innovation and Entrepreneurship: A push for youth engagement in technology and innovation, particularly in artificial intelligence.
• 🌐 Strategic Geographical Position: Iraq’s location as a connector between Asia and Europe can enhance its role as a commercial hub.
• 📈 Stability as a Prerequisite: Salah emphasizes that national stability is essential for implementing economic development strategies.

Key Insights

• 🔄 Diversification of the Economy: The Prime Minister’s call for diversification indicates a strategic pivot away from oil dependency. Historically, Iraq’s economy has been heavily reliant on oil revenues, which are volatile and susceptible to global market fluctuations. By promoting sectors such as agriculture and tourism, Iraq can create a more resilient economic structure that is less vulnerable to external shocks.

• ⚙️ Public-Private Partnerships (PPPs): Salah’s emphasis on PPPs suggests a recognition of the necessity for private sector involvement in public projects. This approach can lead to improved efficiency and innovation. By providing incentives for private investment in non-oil sectors, Iraq can stimulate economic growth, create jobs, and build infrastructure that benefits the broader economy.

• 🧑‍🎓 Human Resource Development: The focus on vocational education and training acknowledges the current gap between labor market needs and available skills. Implementing comprehensive vocational programs can enhance employability among youth, reduce unemployment rates, and strengthen the overall workforce. This investment in human capital is crucial for sustainable economic development.

• 💡 Fostering Innovation: Salah’s call for promoting innovation, particularly among the youth, indicates a forward-thinking approach to economic development. By leveraging technology and entrepreneurship, Iraq can cultivate a more dynamic economy. This focus on innovation also aligns with global trends where technology drives growth and competitiveness.

• 🌎 Geopolitical Positioning: Iraq’s geographical location as a nexus between Asia and Europe presents unique opportunities for trade and commerce. By enhancing its role as a global commercial center, Iraq can attract foreign investment and establish itself as a vital player in regional and international markets. This positioning can also facilitate better access to diverse markets and resources.

• 🤝 Strengthening International Relations: Salah’s emphasis on building strong economic relations with countries such as China, Turkey, and Iran points to a strategic approach in foreign policy that prioritizes mutual economic benefits. Strengthened international ties can lead to increased trade, investment opportunities, and shared resources, which are essential for economic growth.

• ⚖️ Stability as a Foundation: The insistence on stability as a prerequisite for economic development highlights the intertwined nature of governance and economic progress. A stable political environment breeds confidence among investors and the business community. Without stability, the efforts to diversify the economy and foster partnerships may falter, making it imperative for the government to address corruption and ensure security.

In conclusion, Prime Minister Masar Muhammad Salah’s vision for Iraq’s economic future is rooted in a comprehensive strategy that prioritizes diversification, innovation, and international cooperation. By focusing on these key areas, Iraq can work towards building a more resilient and sustainable economy that benefits its citizens and secures its position on the global stage.

BROTHERS TECHNOLOGY & MAJEED : " External Value In the Iraqi Dinar is the key" ,$13.20 IQD= $1 USD

 

Iraq surpasses Saudi Arabia in oil exports to America , 6 JAN

   Iraq surpasses Saudi Arabia in oil exports to America

1/4/2025

The US Energy Information Administration announced on Saturday that Iraq surpassed Saudi Arabia in oil exports to the United States during the past week.

The administration stated in a table seen by Shafaq News Agency, that "the average US imports of crude oil during the past week from 9 major countries amounted to 5.765 million barrels per day, down by 79 thousand barrels per day from the previous week, which amounted to 5.844 million barrels per day."

She added that "Iraq's oil exports to America reached 212 thousand barrels per day last week, down by 17 thousand barrels per day from the previous week, which reached 229 thousand barrels per day, thus exceeding Saudi Arabia, whose exports to America reached only 87 thousand barrels."

The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 3.733 million barrels per day, followed by Mexico at an average of 551 thousand barrels per day, then Venezuela at an average of 353 thousand barrels per day, and Colombia at an average of 289 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Brazil amounted to 280 thousand barrels per day, from Libya it was at a rate of 189 thousand barrels per day, and from Nigeria at a rate of 71 thousand barrels per day.   LINK

MAJEED: Ring the damn Bill …you’re about to witness History, 6 JAN

 MAJEED

Ring the damn Bill …you’re about to witness History 

They cut the salary of retirees  

Without an explanation 

Trying to make them believe there is liquidity shortage

But there isn’t 

Because they’re about to go to Forex 

So people will be substituting small amount to the new notes … since there was cut in their salary

Meaning they did not receive the same amount they usually receive

An example ;

If a teacher in Iraq gets paid 1M dinar per month  and Today they gave him 10,000 dinar 

When it goes to Forex

He will substitute the 10,000 dinar to the new note

Without the three zeros  

FIREFLY: New Money Exchange Centers! WE WILL MUST RETURN THE 3 ZEROS NOTES! #iqd #iraqidinar

 

"Oil and Gas Law" resolves pending issues between Baghdad and Erbil 5 JAN

 "Oil and Gas Law" resolves pending issues between Baghdad and Erbil

1/4/2025

Oil and Gas Committee in the Iraqi Parliament considered, on Saturday, that the agreement on the draft "Oil and Gas Law" and sending it from the government to the parliament will contribute to resolving many of the pending issues between Baghdad and Erbil.

Committee member Bassem Al-Gharibawi told Shafak News Agency, "Agreeing on the draft oil and gas law and approving it in the Council of Ministers and then sending it to Parliament will contribute to resolving many of the outstanding problems between the federal and regional governments."

According to Al-Gharibawi, the government had previously formed a committee headed by the Deputy Prime Minister for Energy Affairs, the Deputy Prime Minister for Economic Affairs, and the Iraqi SOMO Company to negotiate with the regional government regarding amending the disputed articles and preparing a final version of the oil and gas law.

He added, "The Parliamentary Oil Committee hosted a number of officials from the Ministry of Oil during the previous legislative session, and discussed the formulas and articles that require amendment to the Oil and Gas Law."

Last week, Iraqi economic expert, Nabil Al-Marsoumi, revealed that 9 foreign companies were demanding compensation amounting to 24 billion dollars resulting from the halt in oil exports after the Iraqi judiciary rejected the appeal of the Iraqi Ministry of Oil to cancel these companies’ contracts with the Kurdistan Region.

The Karkh Court of Appeal rejected an appeal submitted by the Iraqi Ministry of Oil and overturned previous rulings that declared the contracts of foreign companies with the Kurdistan Region invalid .

According to the court, contracts are considered “valid,” enforceable, and binding on both parties, and no party outside the contract has the right to object to them, even if they are based on a legal basis that the Federal Supreme Court in Iraq deemed unconstitutional in February 2022 .

The court explained in the reasons on which it relied that the decision of the Federal Supreme Court issued in February 2022 cannot be applied to contracts concluded before its issuance, in accordance with a general principle in Iraqi civil law.  LINK