US pressure to cancel the economic deal for Iraq worth 15 billion

US pressure to cancel the economic deal for Iraq worth 15 billion
 one hour ago

US President Donald Trump’s administration has intervened to cancel a $ 15 billion deal that Siemens plans to complete to develop power plants in Iraq, US news reports said Thursday.

“The Iraqi government signed a memorandum of understanding with US General Electric last Monday after senior US officials warned Prime Minister Haider al-Abbadi that the future of US-Iraqi relations would be jeopardized if his government accepted,” a Bloomberg report quoted Trump officials as saying. The deal with the German company “Siemens”.

Garrett Marquez, spokesman for the US National Security Council, said his country’s efforts came in the context of a very strong campaign to participate in the formation of the Iraqi government and to reduce Iranian influence through a comprehensive effort to expel the Iranians instead of inviting them. Washington suspects that Iran has pushed Iraqi leaders to continue the ” Siemens “as a means to reduce relations with the United States.

“The United States has also signed a broader memorandum of understanding with Iraq to build the energy sector and make the country independent in terms of energy, and this aims to resolve what has been a source of frustration for Washington for a long time, the dependence of Iraq on Iran to import natural gas, Iraq is about 12 million cubic meters of natural gas per day and represents a fifth generation of energy.

The US government learned last September that talks between the Iraqi government and Siemens about a contract to renew the entire energy sector in the country, and after the meeting of the CEO of the German company Joe Kaiser, with Prime Minister Abbadi in late September, was agreed in principle on a plan to install 11 gigawatts of power generation over four years and create thousands of jobs.

Senior US officials have warned Baghdad not to sign the final agreement with Siemens and have threatened to escalate. The Iraqi government has not immediately responded to the US request, which was sent through its embassy in Washington.

“We still believe that we have put the most useful and comprehensive plan for the Iraqi people at the negotiating table and extend beyond the energy infrastructure,” Siemens spokesman Philip Anbes said.

The US agency concluded that if the Iraqi government and General Electric agreed, the Boston-based US company will expand the power generation capacity in Iraq by 2 to 3 gigawatts by next summer. US companies will also help Iraq build energy production and transmission lines And develop its current capabilities, “while US officials expressed hope that the completion of the Convention before the fifth of November next, the date of entry into force of new US sanctions on Iran.


Association of Private Banks Conducts a workshop for the requirements of ISO quality management systems

Economy News _ Baghdad

The Iraqi Private Banks Association held a workshop on Thursday titled “Requirements for Quality Management Systems in accordance with the ISO System” at the headquarters of the Association, with the participation of the Central Bank and a number of government and private banks and financial transfer companies.

The director of administration and training in the Association of Iraqi private banks, Ahmed Hashemi, and attended by “Economy News”, that “the importance of different quality management systems according to the ISO system within the requirements set by the Central Bank and to see the systems used in international banking institutions,” noting that ” This workshop, in cooperation with the Foundation for Engineering and Management Consulting, to introduce participants from the banking sector on how to develop plans in accordance with the requirements of the standard of business continuity and audit.

Hashemi added that “the workshop will enable participants to develop the audit plan and checklists and the ability to know the points of non-conformity of the system.”

He pointed out that “the target group in the workshop are quality and risk management officials and officials of the security and information technology in the banking and financial sector.”

The Association of Iraqi Special Banks concludes the course of ISO quality management requirements

Economy News _ Baghdad

The Association of Iraqi Private Banks concluded Thursday a training course titled “Requirements of various quality management systems according to the ISO system”, with the participation of the Central Bank and a number of government and private banks and financial transfer companies.
The banking adviser to the Association of Iraqi private banks, Samir Nusairi, during the closing ceremony and attended by “Economy News”, “The Association works in partnership with the Central Bank on the work of training for employees in the banking sector in accordance with the latest systems in force internationally, and the requirements set by the Central Bank of banks operating in Iraq “He said.
“The course enabled the participants to develop the audit plan and review lists in accordance with the requirements of the Business Continuity Standard and the ability to know the points of non-conformity of the system.”
For his part, Director of Quality Management Department in the Central Bank Hussein Faisal, said that “the training conducted by the Association in general is the basis of a strategic plan developed by the Central Bank in cooperation with the Association, aimed at developing cadres working in the bank and the Iraqi banking sector,” adding that ” To issue central instructions to implement the continuity of business in the banking sector, indicating the mechanism that can achieve the appropriate return to the sector.
“The certificate obtained by the trainees is specialized in the continuity of business in the banking sector in accordance with ISO 22301”. This criterion is within the requirements of the World Bank and the Basel Committee, which issued a set of specialized instructions in this area on the need to be applied by banks worldwide for special standards for business continuity “He said.
“The central bank has sought to apply this standard for the first time in Iraq and its integration with an international standard issued by the International Organization for Standardization (ISO)” and applies this standard in most of the global central banks.

General Electric wins $ 15 billion contract to develop electricity in Iraq

General Electric

Economy News Baghdad

The hopes of the German company Siemens to win a major power supply contract to Iraq have faded after the Trump government intervened in favor of its rival, General Electric, sources told The Financial Times .

The paper said that Siemens, based in Munich, Germany, appeared in recent weeks close to securing a contract to supply power generation equipment to Iraq with capacity of 11 GW, in a deal said to be estimated at $ 15 billion.

When the competition between Siemens and General Electric reached its final stages, the US government pressed its Iraqi counterpart, Baghdad’s memo, that 7,000 Americans had died in the 2003 invasion to topple Saddam Hussein, the sources said. «General Electric» a large share of the deal.

General Electric has won a big contract, which is good news for its troubled energy department, which has been suffering a slump in profits in the past two years. The company said earlier this month it would cut the value of the division by as much as $ 23 billion in the third quarter. For Siemens, which has worked for months on what it called the “roadmap” for developing electricity supplies in Iraq, the loss of the deal would be a painful disappointment.

Joe Kaiser, the company’s chief executive, traveled to Baghdad last month to meet Iraqi Prime Minister Haidar al-Abadi, who appeared to have completed the deal.

However, a senior Ebadi adviser to Siemens said two weeks ago that she was giving up and coming home because her presence was causing problems for Iraq because of the growing pressure from the US government.

Another person familiar with the matter said that the adviser said: “The US government has directed a weapon to our heads.”

General Electric and Siemens declined to comment.

Any possible postponement of a decision on the contract will return to change in the Iraqi government. The new prime minister, Adel Abdul Mahdi, will take office early next month but has not yet formed his cabinet.

However, the US and Iraqi governments have already signed a non-binding memorandum of understanding that sets out how the two countries will cooperate on oil and gas production and power generation. According to one person who has seen the memorandum of understanding, the United States plans to provide funding and insurance to US companies doing business in the Iraqi energy sector, which will help General Electric win contracts and work in Iraq. However, Siemens, Has a headquarters for the Gas and Energy Unit in Houston, Texas.

Iraq’s decision on the contract comes as the government seeks to win support from the Trump government to be able to import gas from Iran.

Baghdad is generating 35 to 40 percent of its electricity from gas-burning stations, said Michael Rubin, of the American Enterprise Institute. “The government is concerned that these purchases will result in sanctions by America when the sanctions come into force on November 5,” said Michael Rubin.

However, Rubin predicted that the United States would adopt a “pragmatic” approach, allowing the Iraqi government to use a financial structure that would maintain Iranian gas flows and prevent a further cut-off.

He added that in this case the Iraqi government will not ask for exemption, but a way to circumvent the sanctions.

If General Electric is defeated, and Siemens wins a big contract to sell energy to Iraqi plants that burn Iranian gas, there will be political outrage in Germany, especially since the US ambassador to Germany, Richard Greniel, was clear in directing German companies to stop dealing immediately. With Iran following the withdrawal of the Trump government from the international agreement on the nuclear state program.

General Electric won the lion’s share of power equipment contracts granted by Iraq in 2008, but Siemens recently began to compete fiercely in the Middle East.

Karbala Council announces the 40th anniversary

Release date: 2018/10/17 23:36

(Baghdad: al-Furat News) The Council of the province of Karbala, the holy Wednesday, the holiday of the visit of forty.

The Council Chairman Jassim Al-Khattabi said in a statement, received the agency {Euphrates News} today, “the Council held an emergency meeting on Wednesday evening, to discuss the plan to visit the fortieth security.”

He added that “was set next Tuesday, 13 Safar on a local holiday in the province to continue the end of the visit of the forty-Imam Hussein (peace be upon him).”

The Central Bank is moving towards the settlement of a new batch of assets of open banks in Erbil and Sulaymaniyah

Release date: 2018/10/18 13:41

(Baghdad: Al-Furat News) The Central Bank of Iraq to settle a new batch of assets of open banks in the branches of the Central Bank / Erbil and Sulaymaniyah, which arose out of their cash deposits, while the amounts settled by the sukuk are settled.

The bank said in a statement received by the agency {Euphrates News} a copy of it today that “based on the efforts made by the Central Bank of Iraq and the Kurdistan Regional Government, has been in 2017 and 2018 pay large amounts of dinars and dollars to open banks accounts in the branch of the Central Bank / Erbil to settle its assets Creditors in the Branch “.

He added that “the Central Bank is in the process of distributing new amounts to settle all the funds that were deposited in cash .. Later are settling the balances that arose over the deposit of Sukuk, although most banks had accepted these instruments contrary to the guidance of the Government of the Territory and branches of the Bank / Erbil and Sulaymaniyah.

“The Central Bank confirms that credit balances arose when the two branches were linked to the Ministry of Finance in the region.”