FRANK26: "IQD FLOWS WITHOUT RESTRICTIONS... SO DOES IRAQI'S OIL", 26 JAN

 KTFA

FRANK26: "IQD FLOWS WITHOUT RESTRICTIONS... SO DOES IRAQI'S OIL".......F26

 

Kirkuk oil on the cusp of a major boom with British BP

1/25/2025

 

The administrative and financial assistant to the governor of Kirkuk, Jaafar Abbas Karim, revealed on Saturday new details regarding the contract between the Iraqi Ministry of Oil and the British company BP , while stressing that the cooperation will contribute to developing the North Oil Company and increasing its oil production .

Karim said in an interview with Shafaq News Agency, "The agreement with BP is an important step to develop the Iraqi economy, especially the economy in Kirkuk," indicating that "this matter will be reflected in developing the reality of the North Oil Company by increasing its oil production, in addition to exploiting the associated gas resulting from oil extraction."

Karim added that "the exploitation of associated gas will be through operating and implementing new power stations in Kirkuk within the contract," noting that "Kirkuk Governorate is in dire need of revitalizing its economic reality, especially the oil and gas file, which will be reflected in improving services and sectors, most notably electricity."

Karim pointed out that "the government agencies in the governorate are waiting for the company to start implementing the contract during the coming period."

On August 1, 2024, Prime Minister Mohammed Shia al-Sudani sponsored the signing ceremony of a comprehensive oil memorandum of understanding between the Ministry of Oil and BP to develop the Kirkuk fields .

On the Iraqi side, the agreement was signed by Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, while on the BP side, it was signed by CEO Murray Auchincloss .

The memorandum includes the rehabilitation and development of four oil fields in Kirkuk, namely: Kirkuk field with its two domes (Baba and Avana), Bai Hassan field, Jambur field, and Khabbaz field, with the possibility of agreeing on other fields .

According to this memorandum, the government also aims to invest optimally in the energy sector to increase and enhance oil and gas production, including solar energy .

 

One month to start work

In the same context, oil expert Ali Khalil told Shafaq News Agency, "The agreement between the North Oil Company and the British company (BP) will enter into force within about a month for the purpose of starting to develop the oil fields in Kirkuk," indicating that "BP has submitted its initial plan, which includes conducting surveys and preparing the oil wells whose overall production has decreased and working to raise the level of production in them."

Khalil pointed out that "the current production of the oil fields in the North Oil Company ranges between 300,000 and 340,000 barrels, while the North Oil Company, about 15 years ago, was producing 750,000 barrels and was exporting about 500,000 barrels per day," stressing that "BP will contribute to increasing production according to accurate data."

On Wednesday, November 27, 2024, Kirkuk Governor Ribwar Taha revealed that the British company BP will begin work on developing the North Oil Company and its fields early next year, indicating that this will contribute to developing the oil and gas industry in the province .

Taha said in a statement to the agency at the time, "The presence of the British oil and gas company BP in Kirkuk is very important and they will invest in the gas sector, which is an important matter, and it will have a financial return and job opportunities for young people, as 96% of the workers in the Rumaila field in Basra within the work of the British company are Iraqis."

It is noteworthy that a responsible source in the North Oil Company had previously informed Shafaq News Agency (Wednesday, November 27, 2024) that a delegation from the British company "BP" had arrived in Kirkuk Governorate to hold intensive meetings with the company's management with the aim of reaching a final formula to begin developing the oil fields in the region

LINK

NEWSROOM UPDATES WITH CHELLA, 26 JAN

 NEWSROOM UPDATES WITH CHELLA

Highlights

Summary

In this week’s Newsroom episode, host CH Smith provides a comprehensive overview of the latest developments in Iraq’s economy, politics, and tourism sectors. The episode highlights key meetings between Iraq’s President Abdul Latif Rasheed and global leaders, particularly Klaus Schwab of the World Economic Forum. They discuss Iraq’s ongoing economic reforms and the importance of international cooperation. Additionally, the segment addresses tensions between the Kurdistan Regional Government (KRG) and Baghdad regarding oil exports, advancements in Iraq’s financial infrastructure, and the country’s growing appeal for foreign investments, particularly in tourism. The Central Bank of Iraq is actively working on enhancing financial accessibility and security through new banknote features and electronic payment systems. The episode also touches upon recent legislative progress and the implications of the United States’ political landscape on Iraq’s future economic partnerships.

• 🌍 International Collaboration: President Rasheed’s meeting with Klaus Schwab emphasizes Iraq’s desire for economic integration and collaboration with global leaders.
• ⛽ Oil Export Tensions: Disputes between the KRG and Baghdad over oil export regulations highlight ongoing economic challenges.
• 💳 Financial Accessibility: The Central Bank of Iraq’s measures to enhance financial services reflect a commitment to improving economic inclusion.
• 📈 Unified Accounting Standards: Iraq’s adoption of international accounting practices signals a move towards greater transparency and foreign investment attraction.
• 🚀 Tourism Growth: The UK’s downgrade of Iraq’s security risk level indicates increasing confidence in the country’s stability, boosting tourism prospects.
• 💼 Legislative Progress: Recent votes in Iraq’s House of Representatives mark a significant step in addressing legislative gridlocks and facilitating economic reforms.
• 🤝 US-Iraq Relations: The inauguration of President Trump and his administration’s focus on Middle East peace could foster stronger economic ties with Iraq.

Key Insights

• 🌐 International Economic Integration: President Rasheed’s discussions with Klaus Schwab underline the importance of global partnerships for Iraq’s economic prosperity. By advocating for international investment and collaboration, Iraq aims to stabilize its economy and improve living conditions for its citizens. This strategic move may open doors for foreign businesses and assist in Iraq’s long-term recovery and development.

• 🛢️ Ongoing Oil Export Disputes: The tensions between the Kurdistan Regional Government and Baghdad regarding oil exports reveal deep-seated political issues that impact economic stability. The KRG’s rejection of unilateral changes to oil export laws indicates a need for a more cooperative approach to resource management. Resolving these disputes is critical for ensuring that both regions benefit from Iraq’s natural resources and for fostering national unity.

• 💵 Strengthening Financial Infrastructure: The Central Bank’s initiatives, including the introduction of new banknote features and the expansion of cash delivery services, reflect a commitment to enhancing the financial environment in Iraq. By promoting financial accessibility and trust in banking systems, these efforts not only combat counterfeiting but also support economic growth, potentially attracting foreign investments.

• 📊 Adoption of International Standards: The Federal Supreme Audit Bureau’s introduction of a unified accounting system aligns with international norms, promoting greater transparency in Iraq’s financial practices. This initiative is crucial for building investor confidence, as it allows for clearer comparisons between Iraq’s financial health and that of other nations, thus enhancing its appeal to foreign investors.

• 🌟 Tourism Sector Potential: Iraq’s recognition as a stable country by the UK and its hosting of significant events like the Arab Summit in 2025 reflect a growing confidence in its tourism sector. The government’s focus on improving security and infrastructure will likely attract international tourists and business investments, contributing to economic diversification and resilience.

• 🏛️ Legislative Developments: Recent legislative votes in Iraq’s parliament signify a breakthrough in addressing longstanding political disputes. The passage of controversial laws could lead to significant reforms in personal status and property rights, promoting a more conducive environment for economic activity and investment, while also addressing the needs of the population.

• 🇺🇸 Impact of US Politics on Iraq: The inauguration of President Trump and his administration’s focus on Middle Eastern relations could lead to enhanced economic collaboration between the US and Iraq. The potential for increased US investments in the region, particularly in the Kurdistan area, may provide Iraq with much-needed financial support and stability, allowing for further development and growth.

In conclusion, the developments covered in this week’s episode reflect a dynamic landscape in Iraq, marked by efforts to improve economic stability, enhance international cooperation, and address internal disputes. The interplay between domestic reforms and international partnerships will be critical in shaping Iraq’s future economic trajectory. As these stories evolve, they will have significant implications for the region and its role on the global stage.

MARKZ: They are on the fully international forex!! ‪@DINARREVALUATION‬ #iraqidinarinvestor #iraqidinar

 

FRANK26: "LOL... YOU FUNNY!!!", 26 JAN

 KTFA

FRANK26: "LOL... YOU FUNNY!!!".......F26

Parliamentary Finance: The government must expedite sending the 2025 budget tables

1/25/2025

Information / Baghdad..
 
Today, Saturday, the Parliamentary Finance Committee called on the government to expedite sending the 2025 budget schedule, warning against delaying sending the schedules to Parliament. 
Committee member Moeen Al-Kazemi said in a statement to Al-Maalouma Agency, "The 2025 budget schedules do not take a long time, considering that the Ministry of Planning has all the indicators, priorities and numbers regarding the investment aspect and what it needs for ongoing projects during the current year in addition to new projects." 

He added, "The Ministry of Finance has a vision of the operational aspect in terms of salaries and other governing and political expenses, and the government can complete the schedules within a week unless it wants to delay the schedules, as happened during the year 2024."

He pointed out that "Parliament approved the mechanism for disbursing the three-year budget, which ensures the continuation of operational spending according to the "1/12" system, while work will continue on investment projects."

He pointed out that "the delay is attributed to the government and thus negatively affects the performance of the ministries," stressing "the need to expedite sending the 2025 budget schedule to Parliament." 

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LINK

 

AJ: The Parliamentary Energy Committee disclosed that the U.S. is exerting pressure to expedite the amendment of Iraq's budget law. , 26 JAN

 AJ 

The Parliamentary Energy Committee disclosed that the U.S. is exerting pressure to expedite the amendment of Iraq's budget law. 

Deputy Chairman Adnan Al-Jaberi mentioned during an interview on the "Al-Mudawala" program on "Al-Ahd" channel that most companies operating in the Kurdistan Region are American, which explains the U.S. interest.  

The primary goal of this budget amendment is to resolve the ongoing oil dispute between Baghdad and Erbil. Specifically, amending Article 14 would allow for the appointment of approximately 12,000 contract-based employees. Additionally, the amendment would lead to Baghdad recognizing the oil contracts made by the Kurdistan Region.

Al-Jaberi also proposed the establishment of a national oil company under the federal Ministry of Oil. Furthermore, there is a push to strictly amend Article 12 to ensure compliance from both the region and the central government in implementing the changes.

MIKE BARA : FRIDAY MORNING UPDATE!! ‪@DINARREVALUATION‬ #iraqidinar #iraqidinarinvestor

 

President of the Republic reviews Iraq's long-term economic development plan in Davos, 26 JAN

  President of the Republic reviews Iraq's long-term economic development plan in Davos

President Abdul Latif Jamal Rashid reviewed, on Friday, the main points of Iraq's plan for a long-term economic development strategy at the Davos Conference Center.

A statement by the Presidency of the Republic received by "Mawazine News" stated that "President Abdul Latif Jamal Rashid participated in a dialogue session entitled (Towards a more stable land through land reclamation) at the Davos Conference Center."

The statement added that "during the session, which was attended by the Under-Secretary-General of the United Nations and Executive Secretary of the United Nations Convention to Combat Desertification Ibrahim Thiaw, the South African Minister of Agriculture Gwen Steenhuizen, the Executive Director of the Consultative Group on International Agricultural Research Asmahan Al-Wafi, the Executive Director and CEO of New Aero Farms Molly Montgomery, and the Deputy Prime Minister of Mongolia Togmeddin Dorjkhand, 

The President delivered a speech in which he emphasized his experience as an engineer specializing in water management with decades of experience, and he has devoted a large part of his career to addressing water scarcity issues and developing sustainable land use methods."

In his speech, the President explained the pressures that Iraq is facing due to climate change, water scarcity and desertification, stressing that "Iraq does not stand idly by in the face of these challenges, but has taken decisive and tangible steps to confront them through effective policies aimed at achieving sustainable development."

The statement continued, "The President reviewed the main points of Iraq's plan for a long-term economic development strategy, especially in the areas of agriculture, energy and water security," noting that "Iraq is currently participating in ongoing negotiations with neighboring countries such as Turkey and Iran, with the aim of concluding fair agreements to share the waters of the Tigris and Euphrates rivers," indicating that "these negotiations represent a strategic priority for the future of our region, in addition to its work at the international level with specialized international organizations to adopt agricultural practices that are resistant to climate change and ensure access to the necessary funding and expertise to achieve success."

The statement continued, "The session was attended by Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein, Chairman of the Advisory and Experts Authority in the Presidency of the Republic Ali Al-Shukri, and the Iraqi Ambassador to the Swiss Confederation Mohammed Al-Dabbagh."

Here is the text of the speech:
“I am pleased to be with you today at this important meeting. As a water management engineer with decades of experience, I have devoted a large part of my career to addressing water scarcity issues and developing sustainable land use methods.

These challenges are not new to me, nor are they merely theoretical issues; they are urgent realities that require us to act quickly. I am pleased to share with you today Iraq’s strategies to address these issues effectively and directly.

Today’s session, entitled “ Towards a more stable land through land reclamation,” focuses on a critical global challenge: land degradation.

40% of the world’s land has lost its fertility, threatening the stability of our economic and social environments. This phenomenon has caused a decline in agricultural productivity, pollution of waterways, and increasing and accelerating drought, putting economies and livelihoods around the world at risk.

Iraq is no exception to these challenges. About 39% of our land is exposed to desertification, at a time when our water resources, which are the basis of agriculture and livelihoods, are under increasing pressure.

The situation is exacerbated by climate change, rising temperatures, and declining water flows from rivers coming from neighboring countries.

However, Iraq is not standing idly by in the face of these challenges. We are taking decisive and tangible steps to confront them, through effective policies aimed at achieving sustainable development.
Let me review with you some of the main initiatives that we have begun to implement:
* The first and most important step is to improve the management of our existing water resources, by enhancing water use efficiency, developing modern irrigation systems, and collecting rainwater to use it for irrigating land.
* A ten-year federal national program to combat desertification: This program focuses on reforestation, soil conservation, and adopting sustainable agricultural methods.

* Expanding green belt projects: We are in the process of establishing buffer zones around our cities, to reduce the risk of desert encroachment by using local plants that are drought tolerant.
These efforts are an integral part of Iraq’s long-term economic development strategy, particularly in the areas of agriculture, energy and water security.

Sustainable development is the real guarantee of balanced growth that preserves the health of our environment for future generations.

As part of our quest for sustainable development, we are shifting towards renewable energy. We are also working to promote climate-smart agriculture, diversify crops, encourage organic and regenerative agriculture, and tighten legal regulations for sustainable land use practices.

Addressing our water challenges requires cross-border cooperation.
Iraq is currently engaged in ongoing negotiations with neighboring countries such as Turkey and Iran to conclude fair agreements for sharing the waters of the Tigris and Euphrates rivers. These negotiations represent a strategic priority for the future of our region.

 Iraq is working internationally, alongside global organizations such as the United Nations Convention to Combat Desertification, the Food and Agriculture Organization (FAO), the World Food Programme (WFP), and the World Bank, to adopt climate-resilient agricultural practices and ensure access to the financing and expertise necessary for success.
In conclusion, we know that sustainable solutions can only be achieved through effective local action and community engagement, which is the foundation of our strategy to address challenges.

Ladies and gentlemen,
land reclamation is not just an environmental imperative, it is a moral responsibility towards future generations.
It is about protecting livelihoods, preserving ecosystems and ensuring a sustainable future for us and our children.
Iraq is committed to this mission and I look forward to working with all of you to achieve these common goals. Thank you." link