MAJEED: WHEN BANK CARD BEING DISTRIBUTED, IT MEANS THE NEW RATE IS POPPING UP!! @DINARREVALUATION

 

Halliburton to Develop 2 Oil Fields in Iraq, 22 JAN

Halliburton to Develop 2 Oil Fields in Iraq

The Iraqi Cabinet has approved a Heads of Agreement (HOA) with US-based Halliburtonfor the development of the Nahr Bin Omar [Nahr Bin Umar, Nahr Ben Umar] and Sindbad oil fields in Basra.

According to a statement from the Media Office of the Prime Minister, the project will employ Integrated Field Management Services (IFMS) and the EPCM model, aligning with national efforts and licensing round frameworks.

The South Gas Company (SGC) and Halfaya Gas Company (HGC) signed a contract for the development and processing of gas from the Nahr Bin Umar last year, while China’s United Energy Group (UEG) was awarded the contract for Sindbad in 2018.

(Source: Media Office of the Prime Minister)

https://www.iraq-businessnews.com/?p=229538

TIDBITS FROM MARKZ , 22 JAN

 MarkZ  

 [via PDK] 

 Article: “Leaving the red list is an important step to attract international companies”  this is all about going fully international without restrictions. 

 They are off the red list and no longer considered dangerous. To be fully international they need a currency that is not restrictive.

Article:  “The discovery of the largest oil storage in the center of the country with 2 Billion barrels.” Every time we turn around – we find out Iraq has more resources. Gold, Rare earth minerals and even more oil.  This is $140 billion more in oil to support their currency. 

 Article:  “Government representative in Parliament sends an amendment to an amendment regarding budget law” This one is specifically on rate and they are pushing to have the budget settled…this is also about the oil in the Kurdish region.  We should have had action on this today. 

They are waiting to squeeze in one last number…then we should budget tables and rates. When they adjust budget tables it’s an ideal time to adjust “value”.  There is some pretty exciting stuff coming for Iraq this morning.

MNT GOAT: THE RELATION BETWEEN IRAQ & USA & WHY IS THE DELAY IN THE PROJECT DELETE ZEROS THIS TIME

 

"Al-Eqtisad News" Publishes The Full Decisions Of The Cabinet Session" , 22 JAN

 "Al-Eqtisad News" Publishes The Full Decisions Of The Cabinet Session

Money and business   Economy News – Baghdad  Al-Eqtisad News publishes the full decisions of the third Cabinet session, which was held today, Tuesday, headed by Prime Minister Mohammed Shia Al-Sudani.

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Al-Sudani chaired, today, Tuesday, the third regular cabinet session of the current year, during which the general conditions in the country were discussed, important files and issues and priorities for implementing the government program were discussed, in addition to discussing the topics included on the agenda and taking the necessary decisions regarding them."

The statement added, "The Council of Ministers decided to suspend official work in all state departments and institutions in the capital, Baghdad, on Sunday, January 26, 2025, on the occasion of the commemoration of the martyrdom of Imam Musa bin Jaafar al-Kadhim, peace be upon him."

He explained that "following up on the progress of implementing the government program and the digital data related to the achievements, the Council of Ministers reviewed the fourth semi-annual report of the government program in terms of achievement and implementation of the program and it was approved, as the total achievement rate of the targets during the government's lifetime reached (73%), while the interim achievement rate for all targets reached (86%), and the data on the total achievement of (403) targets of the program was confirmed."

He added, "Regarding the submission of government program implementation reports by ministries and state institutions, the Council of Ministers agreed that all ministries and relevant authorities should express their observations on the fourth semi-annual report to follow up on the implementation of the government program, each according to its specialization, until the official working day of Thursday, January 23, 2025, provided that the Secretariat of the Program Implementation Follow-up Team undertakes to make the necessary amendments in accordance with the rules, and submit the report under discussion in its final form to the Prime Minister for approval and submission to the House of Representatives, based on the provisions of the Council of Ministers' internal regulations for the year 2019."

The Council of Ministers continued the approach of evaluating the performance of officials and general managers, according to the previously approved principles, and voted to confirm (14) general managers after the evaluation, in various government departments.

The statement indicated that, "Within the energy sector projects, the Council approved the principles of cooperation between the Ministry of Electricity and Stellar Energy, and proceeded with implementing the terms of the agreement, and authorizing the Ministry of Electricity with the necessary authority to contract with the aforementioned company, as an exception to the contracting methods in implementing government contracts, in a manner that ensures speedy completion and achieving the desired goal, and that the contract enters into force when financial allocations are available."

It was decided that the Ministries of Finance and Planning would include the principles of energy cooperation within the budget allocations for the year 2025, in the amount of two billion dollars, for the first phase, so that the second phase of the loan would be completed within the budget allocations for the year 2026, and the Minister of Electricity would be authorized to issue subsequent approvals regarding the signing of the principles of cooperation between the Ministry of Electricity and Stellar Energy Company, as an exception to the instructions for implementing government contracts.

He pointed out that "within the file of developing oil sector projects, the Council followed up on the Nasiriyah field expansion project, with a capacity of (100,000 b/d - Dhi Qar Oil Company), where it was approved to amend Cabinet Resolution (30 of 2021) to include adopting the implementation method (EPC), instead of (EPCF), with an amendment to the total cost of the project, and deleting the paragraphs from the aforementioned resolution, related to the sources of funding, as the project is included in the investment budget for the year 2024. It was also decided that the Ministries of Planning and Finance would send a letter to release the financing to open the documentary credit, according to the dues due for the project within the fiscal year 2025 and subsequent years, and the commitment of the Ministry of Finance to finance the aforementioned documentary credit."

Regarding the development of the Bin Omar and Sinbad oil fields in Basra Governorate, the Council of Ministers approved the signing of the Principles Agreement (HOA) with Halliburton to develop the two fields, using the Integrated Management System (IFMS) and Engineering, Construction and Procurement (EPCM) method with national effort, and it is treated as a licensing round, according to a statement from the Prime Minister’s Media Office.

He added, "In the field of settling the financial and administrative matters of the Anbar Combined Power Plant Project, the Council of Ministers approved the cancellation of the amount of debt owed to the Ministry of Transport/General Company for Iraqi Ports by the Ministry of Electricity, amounting to (12,448,608) billion dinars, regarding fines and grounds for equipment for the Anbar Combined Power Plant Project for two shipments; because they contained specialized equipment with high weights and large standard sizes; based on the provisions of the Federal Financial Management Law (6 of 2019) amended."

He explained that the Council approved the recommendation of the Ministerial Council for the Economy regarding the purchase of specialized equipment for ground services for the Ministry of Transport, in accordance with what was stated in the Ministry’s letter on January 19, 2025.

He pointed out that "in order to follow up on the environmental issue and activate the work of the General Company for Carbon Economics, the Council of Ministers decided to include the Ministry of Finance with an amount of (10) billion dinars, to the Ministry of Environment / General Company for Carbon Economics, within the estimates of the budget tables for the year 2025, in order to cover the founding operating expenses, and to achieve the company's goals stated in the founding statement, published in the Iraqi Gazette in issue (4764) on March 11, 2024."

The statement added, "The Council of Ministers followed up on the project to establish an integrated medical city in Dhi Qar Governorate, and approved the recommendation related to referring the medical city project/turnkey delivery from the relevant committee in the Dhi Qar Governorate Reconstruction Fund to the China State Construction Engineering Corporation, Limited Liability Company, based on the provisions of the Dhi Qar Governorate Reconstruction Fund Instructions (2 of 2021)."

He explained that "for the purpose of ending the financial matters related to Covid-19 vaccines, the Council of Ministers approved the authorization of the Minister of Health, or his representative, to contract with UNICEF to provide the Ministry of Health with its needs of medicines, medical and laboratory equipment and supplies, and other needs, according to the Ministry's need from the reserve of vaccines related to (Covid-19), and other vaccines for previous years combined with UNICEF, amounting to (28,154,000) million dollars, as an exception to the contracting methods for implementing government contracts."

He added that "in order to manage and organize the affairs of expatriates, the Council approved the adoption of the Iraqi National Insurance Platform for the categories (expatriates and foreign visitors), and obligated the Ministries of (Foreign Affairs, Labor and Social Affairs, Culture, Tourism and Antiquities), the National Investment Commission, and the Kurdistan Region of Iraq Representation, not to grant any visa or entry visa, except after obtaining an insurance document from the aforementioned platform, based on the provisions of the Health Insurance Law (22 of 2020).

The Council of Ministers approved the draft law on the ratification of the Republic of Iraq of the Mecca Agreement of the Member States of the Organization of Islamic Cooperation for Cooperation in the Field of Enforcing Anti-Corruption Laws signed in the State of Qatar (November 2024), and referred it to the House of Representatives, based on the provisions of the Constitution.

The Council followed up on infrastructure projects, and the completion of stalled projects, and approved the following:

1- Increasing the reserve amount and the total cost of the project (establishing two internal department complexes for boys and girls at Tikrit University).

2- Reducing the cost of the component (rehabilitation of Al-Badri Irrigation Project), including a new component for the remaining works, and increasing the cost of the main project (Al-Badri Irrigation Project) in Al-Muthanna Governorate.

3- Reducing the cost of the component (lining the Abu Alamah River in the Al-Bu Khadir area), including a new component for the remaining works, and increasing the cost of the main project (the river lining project) in Al-Muthanna Governorate.   https://economy-news.net/content.php?id=52174

In-depth overview of the latest developments in Iraq’s political and economic landscape, 22 JAN

 In-depth overview of the latest developments in Iraq’s political and economic landscape

Highlights

• 📈 Significant Increase in Electronic Payments: Iraq’s electronic payments have surpassed 10 trillion dinars, enhancing economic transparency.
• 💼 Controversial Laws Passed: The personal status law and general amnesty law faced protests as they were passed without a proper vote.
• 📊 Amendments to Budget Law: The Iraqi government is proposing new amendments to the budget, including a reimbursement plan for oil extraction costs in Kurdistan.
• 🚨 Parliamentary Chaos: Protests from MPs led to a broken quorum during a session discussing highly controversial laws.
• 🇬🇧 UK Security Rating Downgrade: The UK has downgraded Iraq’s security rating, a move welcomed by Iraq’s Ministry of Foreign Affairs.
• 🤝 Strategic Partnerships: Prime Minister Sudani emphasized the importance of Iraq’s strategic partnerships, particularly with the United States.
• 📅 Potential National Holiday: Discussions around a potential national holiday raise questions about its impact on the currency rate change.

Key Insights

• 🔍 Economic Transition to Digital: The rapid increase in electronic payment systems in Iraq signifies a shift toward a more digital economy, which can reduce costs associated with physical currency while improving transparency. This transition could potentially attract foreign investment and enhance trust in the financial system.

• ⚖️ Legitimacy of Parliamentary Actions: The passing of controversial laws without a proper voting mechanism raises serious questions about the legitimacy of the Iraqi Parliament’s operations. The chaos in parliament not only undermines public trust but also sets a precedent for future governance issues, potentially leading to political instability.

• 📉 Budgetary Amendments and Legal Concerns: The amendments made by the Parliamentary Finance Committee may be unconstitutional, as they lack proper authority to enact such changes. This situation could lead to further legal challenges and may stall crucial fiscal policies needed for national stabilization.

• 💡 Impact of Political Protests: The protests by MPs indicate deep divisions within the political landscape, reflecting broader societal tensions. Such divisions can hinder legislative progress and exacerbate existing issues within the government, potentially affecting the implementation of key laws and reforms.

• 🌐 International Relations and Security: The downgrade of Iraq’s security rating by the UK highlights ongoing concerns regarding stability in the region. Such perceptions can impact Iraq’s ability to engage with international partners, affecting security cooperation and economic support.

• 📊 Oil Revenue Disputes: The proposed budget amendments concerning oil revenues are critical for Iraq’s economy, particularly in Kurdistan. The plan for the federal government to manage oil revenues directly could lead to greater accountability, but it also raises concerns about regional autonomy and resource allocation.

• 🔄 Currency Rate Mechanisms: The discussion around the potential for a national holiday affecting currency auctions raises important questions about Iraq’s monetary policy. Understanding the mechanisms behind currency rate changes is essential for investors and citizens alike, as it can impact economic stability and investment opportunities.

FIREFLY: Everybody waits for the new exchange rate! WE ARE CLOSE!! @DINARREVALUATION #iraqidinar