Friday, September 20, 2024
Iraq to start exporting gas by 2030, 20 SEPT
The Agent Oil Pastor for Extraction Issues, Basim Khudair, uncovered on Wednesday that Iraq will have an adequate number of gas to address its issues and will begin trading gas by 2030.
Khudair let the state know that the public authority has accomplished, through the Service of Oil, a significant change in the gas area as many tasks meaning to use erupted gas are in progress.
The Iraqi official stated in May that a consortium consisting of Petro Iraq and Jereh Group, a Chinese oil field services company and manufacturer of oilfield equipment, had signed a contract with the state-owned Midland Oil Company to develop the Mansouriya gas field.
The agreement is essential for the Oil Service’s endeavors to use Iraq’s gas assets following an agreement endorsed to foster the Akkas gas field, a flammable gas field in western Iraq.
Mohammed Yassin Al-Obaidi, the chief general of the Midland Oil Organization, affirmed that the creation of the Mansouriya gas field in the northeastern governorate of Diyala will arrive at 100 million cubic feet in 18 months or less.
Al-Obaidi made sense of that the most elevated creation will be 300 million cubic feet inside four to five years.
Prior in September, during a gathering with US authorities and delegates of oil firms in Houston, the US, the Iraqi Pastor of Oil, Hayan Abdul-Ghani, expressed that gas erupting in Iraq will totally come by the finish of 2028.
Abdul-Ghani made sense of that Iraq will be one of the nations that contribute significantly to diminishing gas emanations and using this energy to produce power.
The level of related gas used in Iraq was 51% in 2022 and rose to in excess of 65% in 2024, as per Abdul-Ghani.
The expanded level of related gas usage in Iraq followed a few undertakings completed by nearby and worldwide organizations.
The World Bank delivered its Worldwide Gas Erupting Tracker report in mid-June, naming Iraq, Russia, Iran, the US, Venezuela, Algeria, Libya, Nigeria, and Mexico as the nations with the most gas flares in 2023.
The report made sense of that these nine nations represent 75% of gas erupting universally and just 46% of worldwide oil yield.
The examination likewise uncovered that Iraq’s erupting force has developed, with around 17 billion cubic meters of gas consumed.
Raw natural gas that is associated with the oil also rises to the surface when crude oil is produced from oil wells. When there are no pipelines or other gas transportation infrastructure, large quantities of this related gas are frequently flared as waste or useless gas.
The gaseous petrol not combusted by a flare is delivered into the air as methane. Methane’s an unnatural weather change potential is projected to be multiple times more noteworthy than that of CO2 north of 100 years.
The majority of Iraq’s surplus gas comes from oil wells. The training altogether adds to ozone depleting substance emanations in the air, bringing about serious natural damage and environmental change. It likewise imperils the existences of the individuals who live close to erupting areas.
"I'M STILL HEARING RV IN SEPTEMBER" BY MARKZ, 20 SEPT
MarkZ
[via PDK]
I would rate my warm and fuzzy feeling at about a 9.9 right now. It’s very warm and very fuzzy...it was a fantastic news week from Iraq.
They are being told budget tables are approved and HCL is coming... Redemption center/banking folks on a shortened “on call” for this weekend in case they are needed. These are people that work in wealth management for large banks….
Comment: I am still hearing RV in September. MarkZ: I am still hearing that as well. I hope it’s accurate.
What have we gotten this week?
We have movement in the HCL…salaries are suddenly being agreed on…which imo - they could not agree on without knowing the new rates…we have them telling us the money laundering issue with Iran are taken care of…and the comment about 10 days ago from Sudani that they plan on lifting the value of the dinar during his term…
which is in the next couple of months...So buckle up and try not to lose faith
Prime Minister: The Central Bank has contracted with Oliver Wyman to develop the banking and financial sector, 20 SEPT
The Central Bank has contracted with Oliver Wyman Company with the intention of developing the banking and financial sector, Prime Minister Mohammed Shia al-Sudani said today, Thursday.
The State leader’s Office expressed in a proclamation got by , that “Al-Sudani got the top of the Confidential Banks Relationship, within the sight of various heads of private banks, and was advised on the issues confronting the financial area in Iraq, highlighting the actions taken by the public authority to help the confidential area by and large, and the financial area specifically, inside the need of monetary change in which the public authority has gained progressed headway.”
Al-Sudani expressed that “there is no other option except for to have fit Iraqi banks that embrace all monetary principles to take part being developed and fabricating the nation,” pushing “the significance of the Financial Affiliation managing government patterns and putting resources into open doors, making sense of the availability of Middle Easterner and unfamiliar banks whose delegates visited Iraq to help out the public authority in executing its vision and improvement plans. ”
He brought up that “a higher council has been shaped to foster medicines for crafted by banks, to be in accordance with the prerequisites of work in the worldwide monetary field, focusing on that “the National Bank has contracted with Oliver Wyman Organization determined to foster the banking and monetary area.”
He educated the “Relationship of Banks to fabricate offset relations with monetary foundations, Middle Easterner banks and financial backers to help banking work,” coordinating “the planning of a draft goal to be introduced to the Board of Priests that incorporates committing services to give offices that help the financial area in Iraq.”
DINAR GURU UPDATES, 20 SEPT
Summary
Dinar Guru updates reveal positive developments in Iraqi banking, budget approvals, and expectations for currency value increase.
Highlights
- 🏦 BGG reports a committee is formed to align Iraqi banks with international standards.
- 💵 F dispels rumors about needing to exchange dinar outside Iraq, calling it fearmongering.
- 📊 Jeff notes the operating budget is approved but awaits additional funds for amendments.
- 🗳️ Mark Z believes an RV could occur before elections, with many sources agreeing.
- 📈 Caperon emphasizes that dinar value increase hinges on Iraq’s economic success.
- 🌍 Militia Man highlights government efforts to boost non-oil revenues.
- 💳 Frank discusses the HCL completion phase, indicating a potential new rate for electronic payments .
Key Insights
- 🏦 Iraqi Banking Reforms: The formation of a higher committee signifies a commitment to modernizing the banking sector, aligning with international financial standards, which is crucial for investor confidence.
- 💵 Fear of Exchange Locations: The dismissal of the need to exchange dinar in neighboring countries reflects a growing confidence in local banking solutions and reduces panic among investors.
- 📊 Budget Developments: The approval of the operating budget and the need for amendments indicate ongoing financial adjustments aimed at economic stability and growth in Iraq.
- 🗳️ Potential RV Timing: The anticipation of a currency revaluation (RV) before elections suggests a strategic move that could stabilize the economy and boost public confidence.
- 📈 Economic Growth as Catalyst: The assertion that the dinar’s value will rise with Iraq’s economic success highlights the importance of diversifying revenue streams and developing the private sector.
- 🌍 Focus on Non-Oil Revenues: Government discussions on increasing non-oil revenues illustrate a proactive approach to economic diversification, reducing reliance on oil and enhancing fiscal stability.
- 💳 HCL and Payment Systems: The link between the completion of the HCL and new electronic payment rates underscores a shift towards more modern financial mechanisms, potentially indicating a favorable exchange rate for the dinar.
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...