Category: Business

Baghdad The Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul-Ghani, issued directives to expedite the Nasiriyah and Al-Gharraf gas investment project.

Abdul-Ghani stressed, according to a statement by the Ministry of Oil, the importance of the gas investment project from the Nasiriyah and Al-Gharraf fields, which falls within the interest and priorities of the government and the Ministry of Oil due to its importance by adding more than 200 cubic feet (million standard cubic feet per day) to the national production of gas, and that the project represents one of the goals of the government’s. program”.

The Minister of Oil said that he “directed a ministerial delegation, which included both the Undersecretary for Extraction Affairs, Karim Hattab, the Director General of the South Gas Company, Hamza Abdel-Baqi, and the Director of the Projects and Maintenance Authority in the South Gas, “the project manager,” to find out the manufacture of devices, equipment, compressors, and towers for the project directly, and to expedite shipping them from Italy to the work site, and emphasizing adherence to the timings and schedule agreed upon with Baker Hughes International.

For his part, Undersecretary for Extraction Affairs, Karim Hattab, said that the team assigned by the Deputy Prime Minister, Minister of Oil met officials in the contracting company, and a presentation by the company’s president was heard on the most prominent steps of implementing the project, from which it is hoped to start production at the end of the year 2023.

Hattab added, according to the statement: “The ministerial team visited the manufacturing sites of devices and equipment that are expected to arrive in Iraq successively during the first quarter of the year 2023. The minister’s directive was conveyed to the contracting company to expedite the process of installing and operating gas investment stations at work sites.”

For his part, General Manager of the South Gas Company, Hamza Abdel-Baqi, stressed the importance of the project, which aims to invest associated gas at a rate of 200 cubic feet per day in feeding electric power stations with dry gas, and in providing large quantities of liquid gas, condensate and sulfur, as well as providing job opportunities for the people of the province, and that the project falls within the objectives of the government program.

Source: National Iraqi News Agency

Najaf Oil prices witnessed, today, Thursday, an increase for the fourth day in a row, with the increasing scarcity of stocks of crude, heating oil and aviation fuel in the United States.

Brent crude futures rose 44 cents, or 0.54 percent, to $82.64, extending gains of about 2.7 percent from the previous session. US West Texas Intermediate crude futures rose 49 cents, or 0.63 percent, to $78.78.

The two crude futures jumped yesterday, Wednesday, after government data showed that US crude stocks declined at a much greater rate than analysts expected, as they fell by 5.89 million barrels in the week ending on the sixteenth of this month.

Source: National Iraqi News Agency

Baghdad The consultant in economic development and investment, Amer Al-Jawahiri, confirmed: “The drop in the oil price is not worrisome, in light of the cumulative financial surplus.”

Al-Jawahiri said in a statement to the National Iraqi News Agency (NINA): “The price of oil affects the price of a barrel decided in the budget. If the price of a barrel of oil falls, this will certainly affect the budget. “

Al-Jawahiry explained: “This is over the course of expectations and not over the course of the current days. The geopolitical expectations give indications to those responsible for the economic file by setting a normal price less than the predicted one in the budget. This matter does not worry, and it is extremely small in as it does not affect what we want to do in terms of financial, economic building and reconstruction.

He added: “There is a cyclical financial surplus, accumulated in the current year, which addresses the expected deficit.”

Source: National Iraqi News Agency

Baghdad The Deputy Prime Minister, Minister of Planning, Muhammad Ali Tamim, discussed with the Saudi Minister of Commerce Majid Abdullah Al-Qasabi, in Riyadh today, Wednesday, the prospects for joint cooperation, in various fields, especially the economic , trade and investment aspects.

A statement by the ministry said: “The meeting took place during the minister’s visit to the Saudi capital to participate in the fourth session of the Arab Council for Population and Development of the Arab League.”

The two sides also discussed strengthening the strategic partnership within the framework of the joint Iraqi-Saudi Coordination Council, and promoting cooperation to serve the aspirations of the peoples of the two brotherly countries.

Source: National Iraqi News Agency

Basra Today, Wednesday, the local government in Basra discussed with the Electricity Interconnection Authority of the Gulf Cooperation Council countries a project to benefit from energy production in the Gulf countries and share loads with Iraq.

The First Deputy Governor of Basra, Muhammad Taher Al-Tamimi, said, in a press statement, that he met with the head of the Communications, Protection and Control Department in the Electricity Interconnection Authority of the Cooperation Council for the Arab States of the Gulf , Alaa Hamza Rahma, and discussed with him the energy exchange project, which he started working on and making the most of energy production in the Gulf Cooperation Council countries to share loads with Iraq.

He added, “The meeting dealt with the issue of expanding the energy system, and linking with neighboring countries,” noting that “Iraq will be the first Arab country that will become a major center for electric energy in the future.”

Al-Tamimi continued, “The inauguration of the Gulf-Iraqi interconnection project will take place in less than 24 months,” noting that the head of communications in the Electricity Interconnection Authority of the Gulf Cooperation Council countries made a field visit to Al-Faw conversion station to follow up on this issue, which is the point connecting air lines with Iraq.”

He stressed that “the meeting also touched on how to exploit the optical fibers to be invested in the systems of telecommunications companies, which will be linked with the power transmission towers.”

Source: National Iraqi News Agency

Basra The staff of the General Company for Iraqi Ports has lifted the last piece of the wreckage of the sunken drilling rig Palestine in the submerged tunnel area in Khor Al-Zubair channel.

The Director General of Ports of Iraq, Eng. Farhan Al-Fartousi, said: “We have prepared a plan in coordination between the specialized departments, which includes raising the ships according to their locations and their hindrance to the projects implemented by the company.”

For his part, the Director of the Marine Rescue Department, Chief of Marine Engineers, Majed Ghazi Shalash, stated that: “The work in the submerged tunnel area was divided into two teams. The first was to extract the rig Palestine, and this was done, and the second was to raise these pieces from the submerged tunnel area to the site of sheltering the submarines in the port of Khor Al-Zubair.

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He added, “Today, the last piece has been lifted, and thus the area will be completely free of sunken and waste, and it will be ready to complete the construction of the submerged tunnel.”

Source: National Iraqi News Agency

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