Wall Street: International oil companies adjust their plans to invest the largest oil fields in the world in Basra

06/12/2021 21:00

  • number of readings 576
  • Section : Iraq

Baghdad / Obelisk: The Wall Street Journal reported, Saturday, June 12, 2021, that BP PLC is working on a plan to divide its operations in Iraq into a stand-alone company.

The magazine said the oil giant is switching its assets and investment plans in its pivot toward low-carbon energy, according to people familiar with the matter.

The magazine added that the new company will own BP’s stake in the giant Rumaila oil field in Iraq, “one of the largest oil fields in the world,” noting that it will be jointly owned by the China National Petroleum Corporation, one of the British company’s partners in the site.

The magazine added that the new entity will keep its own debt, separate from BP, and distribute profits through dividends.

The plan aims to give BP more flexibility to invest in low-carbon energy by enabling it to reduce its spending on oil and gas.

She added that the potential transformation would be of particular importance to BP because of its history in Iraq, where BP was the first international oil company to return to Iraq after the US invasion.

She concluded by saying that BP will first need to secure the agreement of the Basra Oil Company and the Iraqi National Oil Company, the State Oil Marketing Organization, or SOMO, which is part of the Rumaila Operating Organization.

Obelisk translation



Nechirvan Barzani concludes his visit to the UAE and returns to the Kurdistan Region

Kurdistan womenbreakingNechirvan BarzaniUAE 2021-06-12 10:09A-AA+

Shafaq News/ The President of Kurdistan Region concluded on Saturday an official visit to the United Arab Emirates, which lasted for one day.

Shafaq News Agency correspondent reported that Barzani boarded the plane back to Erbil, the regional capital, at the conclusion of his meeting with Abu Dhabi Crown Prince, Mohammed bin Zayed Al Nahyan.

Barzani said in a tweet on Twitter, “I was honored to meet His Highness Sheikh Mohamed bin Zayed Al Nahyan today in Abu Dhabi, where we discussed ways to enhance bilateral relations, cooperation, regional peace and other issues of common concern.” 

Barzani added, “I expressed my gratitude to the UAE for its continuous support to the Kurdistan Region and Iraq.”https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X2VtYmVkX2NsaWNrYWJpbGl0eV8xMjEwMiI6eyJidWNrZXQiOiJjb250cm9sIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1403733006574141441&lang=en&origin=https%3A%2F%2Fshafaq.com%2Far%2F%25D9%2583%25D9%2588%25D8%25B1%25D8%25AF%25D8%25B3%25D9%2580%25D9%2580%25D8%25AA%25D8%25A7%25D9%2586%25D9%258A%25D8%25A7%25D8%25AA%2F%25D9%2586%25D9%258A%25D8%25AC%25D9%258A%25D8%25B1%25D9%2581%25D8%25A7%25D9%2586-%25D8%25A8%25D8%25A7%25D8%25B1%25D8%25B2%25D8%25A7%25D9%2586%25D9%258A-%25D9%258A%25D8%25AE%25D8%25AA%25D8%25AA%25D9%2585-%25D8%25B2%25D9%258A%25D8%25A7%25D8%25B1%25D8%25AA%25D9%2587-%25D9%2584%25D9%2584-%25D9%2585%25D8%25A7%25D8%25B1%25D8%25A7%25D8%25AA-%25D9%2588%25D9%258A%25D8%25B9%25D9%2588%25D8%25AF-%25D9%2584-%25D9%2582%25D9%2584%25D9%258A%25D9%2585-%25D9%2583%25D9%2588%25D8%25B1%25D8%25AF%25D8%25B3%25D8%25AA%25D8%25A7%25D9%2586&sessionId=c76fdbbd7c3850761b42e342b79eded00d229f90&siteScreenName=%D9%88%D9%83%D8%A7%D9%84%D8%A9%20%D8%AA%D9%86%D8%B4%D8%B1%20%D8%A7%D8%AE%D8%B1%20%D8%A7%D9%84%D8%A7%D8%AE%D8%A8%D8%A7%D8%B1%20%D9%88%D8%A7%D8%A8%D8%B1%D8%B2%20%D8%A7%D9%84%D8%A7%D8%AD%D8%AF%D8%A7%D8%AB%20%D9%81%D9%8A%20%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%20%D9%88%D9%83%D9%88%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86%20%D9%88%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%20%D9%84%D8%AD%D8%B8%D8%A9%20%D8%A8%D9%84%D8%AD%D8%B8%D8%A9&theme=light&widgetsVersion=82e1070%3A1619632193066&width=550px?ref_src=twsrc%5Etfw”>June 12, 2021 

For its part, the official UAE news agency “WAM” reported that the Crown Prince of Abu Dhabi, who is also the Deputy Supreme Commander of the Armed Forces, received Barzani at the Shati Palace.

She added that the visit “comes within the framework of the two sides’ keenness to develop prospects for bilateral cooperation to serve their mutual interests.”

The agency stated that the two sides discussed “relationships of cooperation between the UAE, brotherly Iraq and the Kurdistan Region of Iraq, especially in many economic, investment, development, humanitarian and health fields.”

The meeting also dealt with the developments of the “Corona” pandemic in the Kurdistan Region of Iraq and the efforts and cooperation of the two sides to reduce its repercussions on the humanitarian and economic levels.

The two sides also exchanged views on all developments in the region and the efforts made in this regard, according to WAM.

Barzani had arrived in the UAE yesterday, Friday, at the official invitation of the Crown Prince of Abu Dhabi.

During the visit, Barzani met with a number of UAE officials, in addition to his visit to the building of the Iraqi embassy in the UAE and his meeting with Ambassador Muzaffar Al-Jubouri and the embassy staff.Barzani had arrived in the UAE yesterday, Friday, at the official invitation of the Crown Prince of Abu Dhabi.

During the visit, Barzani met with a number of UAE officials, in addition to his visit to the building of the Iraqi embassy in the UAE and his meeting with Ambassador Muzaffar Al-Jubouri and the embassy staff.


The dollar closes stable in Baghdad markets

economyBaghdadbreakingdollardinarExchange Rates 2021-06-12 11:32A-AA+

Shafaq News/ The exchange rate of the dollar stabilized against the Iraqi dinar, on Saturday, with the closure of the main stock exchange in the capital, Baghdad.

Shafak News Agency correspondent reported that the Al-Kifah and Al-Harithiya Central Stock Exchange was closed in Baghdad at 150,100 Iraqi dinars for 100 US dollars, which is the same price recorded during the opening of the stock exchange this morning.

Our correspondent indicated that buying and selling prices also stabilized in banking shops in the local markets in Baghdad, where the selling price amounted to 150,500 Iraqi dinars, while the purchase prices amounted to 149,500 dinars per 100 US dollars.


Al-Kazemi’s advisor reveals the details of the first economic reform program in Iraq and its launch date

06/12/2021 17:42

  • number of readings 42
  • Section : Iraq

Baghdad / Obelisk: The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed on Saturday, June 12, 2021, the details of the first economic reform program in Iraq and the date of its launch, while indicating that there is an opportunity to make Iraq independent of oil dependency.

Saleh told Al-Masala, “Iraq has an opportunity that extends for ten years before entering the world and penetrating the roots of the Fourth Industrial Revolution and the start of various renewable energy alternatives, so that its production costs become less than the cost of producing crude oil (the depleted wealth whose use was associated with the second industrial revolution during the Victorian era until now). )”. 

He added that “improving oil prices in the foreseeable future, and achieving good incomes for the country, could reduce severe shortages and revive some aspects of the economy, but Iraq is bound by a ten-year development plan that establishes the employment of oil revenues in investments that absorb a growing manpower without losing job opportunities.” In the future, taking into account the violent impact that may result from the goal set to reach zero emissions by the year 2050, according to the sources of the International Energy Organization.

He explained that “this is a call for a new economic development contract during which the economy gradually separates from the dominance of oil to achieve independence from dangerous rentier fluctuations, and establishes a real diversification of the national economy. A foundational foundation for laying the foundations for a renewed economic development for Iraq.

And Saleh indicated that “OPEC’s share of oil production will rise to more than half of the total global production, as oil and gas supplies will be limited to small, fewer countries, and that the annual per capita income from oil sales may fall by about 75% during the next two decades,” stressing that That “every rentier dollar that exceeds the urgent social and human needs must go to productive and income-generating employment.”

He stressed that “Iraq has a decade-long opportunity, starting from now until the beginning of the current thirties of the twenty-first century, in the transition towards productive investment in three advanced fields, the first of which is extensive agriculture with high cash returns, with the development of infrastructure projects related to water regulation, irrigation, and agricultural industry, that is, industrialization.” The inputs of agriculture and its products on a large scale, and the second is mineral and geological investment to provide an additional financing lever and support for oil, especially in phosphates, silicon, sulfur, etc., and the third is to work to radically change the digital infrastructure for all aspects of life without losing the country’s backbone, which is electricity and strategic transport.

Salih noted “the necessity of structuring the national market and reorganizing its institutions, that is, creating (the organized market) to play the role of partnership with its financial, technical and leadership surpluses in drawing and implementing Iraq’s economic image that is independent of oil dependence, especially in the main real sectors and tourism.”

He called for “the years 2022-2032 to be the first development decade for Iraq after four decades of nothing in a young nation, half of its population is between the age of 19 years downwards, which complicates the problems of work and maintenance at the same time, which is the bottleneck that must be exited.”



Talabani: Barham Salih is our candidate for the presidency in the next session

political| 04:30 – 12/06/2021


Baghdad – Mawazine News
, Bafel Talabani, the co-chair of the Patriotic Union of Kurdistan, confirmed that the President of the Republic, Barham Salih, is the candidate of the Patriotic Union of Kurdistan during the upcoming elections.
Talabani said, according to his party’s media, that our goal is to strengthen, develop and sustain relations in Baghdad.
He added, that the Patriotic Union of Kurdistan sees the position of prime minister for the Shiite component and the position of Speaker of Parliament for the Sunni component, stressing that the Patriotic Union of Kurdistan will re-nominate Barham Salih, the President of the Republic for his position.
The co-chair of the Patriotic Union of Kurdistan stressed the importance of holding fair and transparent elections, far from interference. Ended 29


Nechirvan Barzani holds a meeting with the Crown Prince of Abu Dhabi.. Photos

Kurdistan womenbreakingNechirvan BarzaniCrown Prince of Abu Dhabi 2021-06-12 09:04A-AA+

Shafaq News/ The President of Kurdistan Region, Nechirvan Barzani held, on Saturday, a meeting with Abu Dhabi Crown Prince, Mohammed bin Zayed, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Executive Council of the Emirate.

Shafaq News Agency obtained pictures showing part of the meeting. 

Yesterday, Friday, (June 11, 2021), Nechirvan Barzani arrived in the UAE capital Abu Dhabi on his second official visit since assuming the presidency of the Kurdistan Region of Iraq.

The visit of the President of the Territory, the United Arab Emirates, comes at the official invitation of the Crown Prince of Abu Dhabi.


Parliament: The exchange rate of the dollar against the dinar will be fixed for at least a year

Saturday 12 June 2021 | 02:51 PM| Number of readings: 171Iraqi

A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed on Saturday that the dollar exchange rate as for the Iraqi dinar will remain “steady for a year at least”, because any change will “harm” government contracts and projects .Cougar said, “Changing the exchange rate is the responsibility of the Central Bank, and the statement of coffee yesterday and the statement of the bank came at its time, in light of rumors about the possibility of a new change in the price .”He added, “The exchange rate of the dollar against the dinar will remain fixed for at least a year,” noting that “any change in this price means creating new problems after all government contracts and projects and the public financial budget were built on this price .”He pointed out that “speculators are the beneficiaries of the process of broadcasting rumors of changing the exchange rate, because the selling price is fixed by the Central Bank,” noting that “the government has the authority and the ability to impose the selling price on the participants in the currency auction by issuing a decision or allocating an amount and pumping it to control the market.”


Low dollar exchange rates in Baghdad

economyBaghdaddollar pricesbreakingdrop 2021-06-12 07:54A-AA+

Shafaq News/ The dollar exchange rates decreased, on Saturday, in the main stock exchange in Baghdad, with the closure of the stock exchange in Kurdistan Region.

Shafak News Agency correspondent said that the Central Kifah and Al-Harithiya Stock Exchange in Baghdad recorded 150,100 Iraqi dinars, compared to 100 US dollars.

While the Central Kifah Stock Exchange recorded during its opening last Thursday morning 150,300 Iraqi dinars.

Our correspondent indicated that buying and selling prices decreased in banking shops in the local markets in Baghdad, where the selling price amounted to 150,500 Iraqi dinars, while the purchase prices amounted to 149,500 dinars per 100 US dollars.

As for Erbil, the capital of the Kurdistan Region, there was no circulation of the dollar due to an official holiday there.


The Iraqi Finance denies the delay in the distribution of salaries

economyIraqsalariesDeniallate exchange 2021-06-12 07:35A-AA+

Shafaq News/ The Ministry of Finance denied on Saturday that there is a delay in paying employees’ salaries during the coming months of this year.  

A statement issued by the ministry quoted a source saying, “The Ministry of Finance is committed to paying the salaries of employees according to the specified times without any delay.”

He pointed out that “what was reported from a talk attributed to the Ministry of Finance related to changing the exchange rate will have an impact on salaries is untrue.”

The source added, “The Ministry of Finance is proceeding with the reform plans in the white paper in consolidating imports, eliminating red tape and fighting corruption.”


Nechirvan Barzani visits the Iraqi Embassy in the UAE

Kurdistan womenNechirvan BarzaniUAEIraqi Embassydistrict chief 2021-06-12 07:19A-AA+

Shafaq News/ The President of Kurdistan Region, Nechirvan Barzani visited today, Saturday, the Iraqi embassy in “Abu Dhabi” on the sidelines of his visit to the United Arab Emirates.

A statement issued by the region’s presidency received by Shafaq News said that in a meeting with Ambassador Muzaffar al-Jubouri and the embassy staff, Iraqi-Emirati relations and the conditions and conditions of the Iraqi community in the Emirates were discussed, where the importance of developing areas of partnership and cooperation between the two countries was emphasized.

President Nechirvan Barzani congratulated the ambassador and the embassy staff for their work and efforts to further strengthen relations, wishing them success in their missions.

For their part, the Iraqi ambassador and the embassy staff expressed their happiness for President Nechirvan Barzani’s visit and his visit to the embassy.

On Friday, Nechirvan Barzani arrived in the UAE capital, Abu Dhabi, on his second official visit since assuming the presidency of the Kurdistan Region of Iraq.

The visit of the President of the Territory, the United Arab Emirates, comes at the official invitation of the Crown Prince of Abu Dhabi. Where Barzani will meet with Ibn Zayed.