Category: Business

Baghdad The activities of the preparatory forum for the “Eighth International Iraq Oil, Gas and Energy” exhibition and conference will start tomorrow morning, Monday, in the capital, Baghdad,, in the official presence of the Council of Ministers, the House of Representatives, representatives of diplomatic missions and cadres of the sector, to highlight the promising opportunities in the field of oil in Iraq and the role of the private sector in developing Iraqi oil resources.

The preparatory forum, which will continue for Monday and Tuesday, comes as part of the preparations for the largest event in the field of oil, gas and energy, which will be held in Basra Governorate for the period 16-19 March 2023, in cooperation with the Parliamentary Oil, Gas and Natural Resources Committee, and with the support of the Ministry of Oil, the National Investment Commission, and the Ministries of Transportation, Electricity, and Environment, in addition to the Media and Communications Authority, the Iraqi Economic Council, and the organizing company, Pyramids International.

Source: National Iraqi News Agency

Baghdad The financial expert, Madhar Muhammad Salih, confirmed that: The Central Bank’s hard currency reserves cover 20 import months.

He told the National Iraqi News Agency (NINA) that the net foreign currency reserves of the Central Bank of Iraq, along with the government’s reserves, amounted to more than 90 billion dollars, which is the highest in Iraq’s financial history.

Salih added that these reserves cover the value of the national currency exported to circulation by about one and a half times, and also cover about 20 import months, while the international standard does not exceed 3-6 months as a maximum.

Source: National Iraqi News Agency

Baghdad The Ministry of Planning announced today, Saturday, the existence of development plans to implement 119 housing projects, including 16 residential cities, noting: “The idea of building a new integrated administrative capital for the country is within that plan.”

The official Spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said: “The Administrative capital exists as a vision within the development plan for the city of Baghdad, and the places where the administrative capital can be established are specified, but implementation steps remain,” according to the official Al-Sabah newspaper.

Al-Hindawi added: “One of the places chosen to establish the administrative capital is the area opposite the residential city of Bismayah on an area of more than 50 square kilometers, and it could be a new administrative capital to accommodate all government buildings located in the heart of the capital, Baghdad.”

With regard to the housing issue, he explained: “There are many projects included in the development plan for Iraq in general and the capital, Baghdad, and they need to be implemented, and among the development plans there are 119 housing projects throughout Iraq.”

Source: National Iraqi News Agency

Baghdad Basra crude closed with a weekly gain of more than 6%, similar to other crude oil, which also recorded gains.

Basra Heavy crude closed in the last session on Friday, down by 1.31 dollars, to reach 69.76 dollars, but it recorded a weekly gain of 4.15 dollars, equivalent to 6.33%.

While Brent crude closed down in the last session on Friday, also by 2.17 dollars, to reach 79.04 dollars, but it also recorded gains amounting to 2.94 dollars, equivalent to 3.86%.

West Texas Intermediate (WTI) crude closed in the last session on Friday, also down by 1.82 dollars, to reach 74.29 dollars per barrel, but it recorded a weekly gain of 2.98 dollars, or 4.2%.

Oil prices fell yesterday, Friday, with the repercussions of raising interest rates in central banks, and despite this, oil tended to achieve the largest weekly gain in 10 weeks, amid fears of supply disruptions and hopes for a recovery in demand in China.

Source: National Iraqi News Agency

Baghdad The Economic Expert, Raad Twaij, confirmed: “The Chinese-Arab conference did not come in favor of Iraq.”

Twaij said in a statement to the National Iraqi News Agency (NINA) that “the outputs of (the Arab-Chinese summit) and (the Gulf-Chinese summit) are not devoid of a desire to send the two parties, especially the Saudi and Chinese, political messages needed by the two parties to the United States of America, which seems like a bubble, because the United States has penetrated militarily and politically into these countries, but this does not prevent the limited economic cooperation between the Gulf countries and China.

As for its impact on Iraq, Twaij stressed: “Iraq has its own status and has previous agreements with China, which is the natural passage for them, but it does not have a significant impact economically, and Iraq can conclude other agreements with other countries to develop its economic reality, such as Japan, South Korea and Germany.”

Source: National Iraqi News Agency

Baghdad The Prime Minister’s Office issued a Diwani order to form an “investment development cell” linked to the office of the Prime Minister and work under the supervision of the advisor, “Muhammad Naji Al-Najjar”, and specifying its work duties, based on the approval of the Prime Minister.

Source: National Iraqi News Agency

Baghdad The Minister of Construction, Housing and Public Municipalities, Bengin Rikani, met Ibrahim Dajani, Director of the Transport Sector at the World Bank for the Middle East and North Africa.

During the meeting, emphasis was placed on the continuation of joint cooperation between the Ministry and the World Bank. They also discussed Roads and bridges projects, especially future plans to develop road networks in Baghdad and rehabilitate the main bridges therein, in addition to reviewing the completed and ongoing highway projects to be funded by the World Bank.

Source: National Iraqi News Agency

Baghdad The Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani, affirmed the government’s keenness to accelerate the implementation of energy and water resources projects.

A statement by the Ministry of Oil stated, “The Minister of Oil stressed, during his presidency of the second meeting of the Ministerial Council for Energy, the keenness of the government and the Ministerial Council for Energy to accelerate the implementation of vital and strategic projects for the oil sectors and the investment of gas, electricity and water resources, in implementation of the axes of the government program.”

The statement added that “the meeting discussed the issues and files included in the council’s agenda, and took the appropriate decisions in this regard, noting that the meeting was attended by Ministers of Finance, Taif Sami, Electricity Minister Ziyad Ali Fadel, Water Resources Minister Aoun Diab, members and rapporteur of the Ministerial Council for Energy, and the Director of the Media Office.”

Source: National Iraqi News Agency

Baghdad The media office of the Prime Minister issued a statement regarding the exchange rate of the dollar against the Iraqi dinar.

The office stated in a statement that: The government confirms its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar against the Iraqi dinar, and it supports the steps of the Central Bank in this regard.

The statement added that the government clarifies that the rise in the exchange rate is temporary as a result of changing the mechanism by which the window for selling foreign currency in the Central Bank operates, and it reassures all citizens that the financial situation of Iraq is in its best condition.

The government stressed to all dealers, including investors and merchants, the need to cooperate with banks and the central bank by working in accordance with the commercial contexts in force globally, and importing under documentary credits, as it provides a guarantee for the importer, preserves his rights, insures the imported goods, and enables him to benefit from banking facilities to cover the value of the credit.

Source: National Iraqi News Agency

Baghdad The Economist and Political Expert, Jalil Al-Lami, stressed the necessity of building the next year’s budget on a low oil price.

He told the National Iraqi News Agency / NINA /: The drop in oil prices in global markets will affect the draft Iraqi budget law for the year 2023.

He pointed to the need to reduce the estimated price of oil in the draft law, as estimating the price of oil for the next year is one of the pillars of building the general budget, which is built on the basis of selling oil.

He explained: The price of oil is not fixed, so it is important that it be reduced to less than its current price in the markets to build a new balanced budget.

Source: National Iraqi News Agency

Baghdad Iraq and Norway discussed ways to strengthen relations between the two countries in the oil and energy sector.

A statement by the Ministry of Oil stated that the Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul-Ghani, received the Norwegian Ambassador, Espen Lindbeck, and during the meeting, they discussed ways to strengthen relations between the two countries in all fields, especially the oil and energy sector.

Source: National Iraqi News Agency

Baghdad Foreign Minister Fuad Hussein confirmed that the upcoming visit of Prime Minister Muhammad al-Sudani to Berlin will include an invitation to German companies to invest and work in Iraq.

A statement by the Ministry of Foreign Affairs stated that “Deputy Prime Minister, Minister of Foreign Affairs Fuad Hussein met with the National Security and Foreign Policy Adviser of the Federal Republic of Germany, Jans Plotner, in the presence of the Head of the Europe Department , Ambassador Haider Al-Athari,” noting that “during the meeting, they discussed relations between the two countries and aspects of joint cooperation in various fields, the most important of which are related to the development of the energy sector in Iraq, renewable energy and anti-corruption mechanisms.

It added, “The upcoming visit of the Prime Minister to Berlin was discussed, based on the invitation extended to him by his counterpart, German Chancellor Olaf Scholz.”

Hussein stressed that “Iraq is keen to enhance cooperation and exchange official visits with the German side in a way that serves the interest of the two friendly countries,” noting that “this visit will include a bilateral work program to expand this cooperation, and invite German companies to invest and work in Iraq.”

He continued, “The Iraqi government has made strenuous efforts to voluntarily return the Iraqis stranded on the Belarusian border,” noting that “Iraq was able to return thousands of Iraqi citizens by private planes from Iraqi Airways, and through regular evacuation flights designated for that .”

He indicated that “Iraq will work to solve this file on two levels, bilaterally or within the framework of multilateral relations with the countries of the European Union in line with what is stated in the partnership and cooperation agreement between Iraq and the European Union,” calling on Germany to “provide a program to train and qualify the returnees before returning, with the aim of integrate them and help them open small projects that contribute to opening future prospects for them and encourage them to return voluntarily.”

The two sides discussed regional and international developments, and the minister stressed the importance of reaching understandings and settlements on the issue of the Russian-Ukrainian war and avoiding its continuation because its repercussions affect global security in general and food and energy security in particular.

For his part, the German official stressed that “the file of Iraqis whose asylum applications are rejected requires quick measures to reach an agreement that includes a mechanism for returning Iraqis who do not have a legal status to stay in Germany.”

Source: National Iraqi News Agency