Al-Kazemi reveals to the governors an Iraqi project to produce nuclear energy

political| 07:04 – 03/07/2021

Yes Baghdad – Mawazine News,
Prime Minister Mustafa Al-Kazemi held an emergency meeting with the governors, in the presence of the Electricity Processing Crisis Cell.
Al-Kazemi said during the meeting: “Two days ago, there were interruptions and interruptions greater than the known rate in electrical power systems, and I will not talk about the immediate reasons for everything that happened, because I formed a special investigative committee to get answers to questions asked by citizens, who is targeting power transmission networks today? And why? Are we facing sabotage operations of a political or terrorist nature? We will answer all of this when the investigation is completed. In this regard, the Ministry of Interior has directed to raise the level of protection for power stations and transportation networks.”
He added, “Some brothers blame me when I say that this government is paying the price for wrong, prosthetic policies and wasting money for 17 years in all fields, especially energy. From the anger of the Iraqi street, and the truth is that everyone bears this responsibility from governments and politicians.”
He continued, “I wonder why the electrical connection decisions were not taken with neighboring countries and the countries of the world for 17 years? We found that the country is only connected to a network with the Islamic Republic of Iran, which did not fall short according to its ability, as it also has entitlements to its people, and there is the file of electricity debts and US sanctions decisions And we are serious about solving this issue to deliver all the money owed by Iraq to neighboring Iran as a result of importing gas and electricity for the previous years, and we will make progress in this field.”
And he went on: “Why is Iraq at a critical angle in the face of the entitlements of its people? We issued decisions a year ago and until today to connect Iraq’s electrical system with all neighboring countries, and this matter will require time and patience to complete electrical interconnection systems with our brothers and neighbors, so that we can face energy challenges together, as the normal situation is In various parts of the world, the power grids are connected with the neighbors, but we wonder who decided to isolate Iraq and prevent the electrical connection?
He pointed out, “The decision-maker in any country sets strategies according to his country’s capabilities and future plans, so why did we build gas power plants in Iraq for 17 years with our inability to provide them with gas? And with the absence of a parallel plan to produce gas, and even the absence of A plan to diversify gas import sources if necessary? Who is responsible for this grave mistake?”
He said, “As long as we do not have ready-made gas, why have dozens of gas stations been built and money wasted? Why not invest in stations for different fuels or go to the option of solar energy? Why has the nuclear energy file not been opened yet?”
And he indicated, “In the gas file, we found that the networks for supplying the stations with energy are also linked to the brothers in the Islamic Republic of Iran, and they did not fail and continue to pump gas despite the failure to pay their dues due to the imposed sanctions, and we need a long time and infrastructure until we find alternative sources of gas from other countries.” .
He pointed out, “Iraq is very late in producing gas, and we need to start directly, and this is what we did without hesitation, but we need two to three years to start producing gas and fill the largest percentage of the stations’ needs. Two days ago, they said that the power transmission lines melted because of the loads on them and because they are in The basis is old, and the question is why the energy transmission system in Iraq wastes 40% of the production? Why did we not start in 2005 for example until today to have a modern transmission system? There were many problems and challenges facing previous governments, but despite that it was possible to move in this the field”.
And he stated, “Every step to solve the electricity problem in Iraq requires years because Iraq did not actually start any step during the previous years. If we invested in solar energy, the issue of electricity would be behind us today. If we invested in gas production, Iraq would export gas today instead of importing it, and if we invested in Non-gas stations, Iraq would be able today to provide electricity, and if we invested in repairing the electricity transmission networks, no crisis would have occurred, and if we invested in electrical interconnection with all our neighbors, we would be able to address emergency crises and fill the shortage, especially in the summer.
He stressed: “We have been continuing since last year to put all these options on the map of actual work, and we will need a few years to solve this issue radically. Each of these steps needs between 2-4 years to implement and start reaping its fruits, and the question arises why this did not happen previously. I spoke with the French a few months ago about an Iraqi project to produce nuclear energy. It is Iraq’s right to possess nuclear energy for peaceful purposes and to produce energy. We have sensed an understanding among the countries of the world and the French. Who says why these decisions were not taken, as I say frankly and clearly in front of the people?
He pointed out, “The current government is a year and a few months old, and it did everything that needed to be done 20 years ago from today. We have taken decisions in all energy files that I will personally bear responsibility for, and they are foundational decisions that we need to implement on the ground, and we have started implementation and we will not stop and the government.” The next one is to complete what we started and to be frank to its people that there is no solution to electricity in Iraq unless we complete the steps we started today.”
He addressed the governors: “You have to continue building and establishing and do not pay attention to electoral propaganda, auctions do not create a state and do not provide electricity. Leave electoral auctions in the electricity file specifically, and let us admit that everyone has made a mistake against the Iraqi people when they refused to make the decision and delayed it and did not implement it.” Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=159242

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The Kuwaiti Generation Fund is the third largest sovereign fund in the world, and Iraqis are asking: Isn’t it time to establish a national sovereign fund?

2021/07/03 20:10

• number of readings 117
• Section : Iraq

Baghdad / Obelisk: The American “Bloomberg” agency indicated, on Saturday, July 3, 2021, that the Kuwait Investment Authority has become its third rank among the list of the largest sovereign wealth funds in the world in terms of assets, at a time when Iraqis are wondering, “Is it time to establish an Iraqi sovereign fund? ?”.

The Iraqi economy today is in dire need of a sovereign fund for development in order to encourage the financing of economic and social projects and to strengthen industrial policies to increase real production within the Iraqi economy. This type of fund will bring a set of positive effects to the Iraqi economy.

This means an increase in business and companies and an increase in job opportunities in a very large way, which contributes to the elimination of unemployment and at the same time causes a significant increase in the gross domestic product and introduces large imports to the governmental public sector and the capitalist private sector, and now is an appropriate time to establish a sovereign fund for Iraq Especially after the Iraqi government’s intentions to reform and modernize the economy and maximize Iraq’s financial resources, it would be appropriate to put a plan to establish a sovereign fund in the reform white paper

On Tuesday, February 2, 2021, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced a government proposal to establish a sovereign wealth fund, “in which funds will be deposited, the deductions of which are equivalent to the ongoing compensation for the Kuwait war.”

The proposal of the Sovereign Wealth Fund, which was referred to by the Prime Minister’s advisor, Mustafa Al-Kazemi, is based on “depositing amounts equivalent to the Kuwait war compensation, after completing the payment of these compensations, which is to deduct 3% of the proceeds from each barrel of Iraqi crude oil that is exported,” as Iraq paid 49.5 billion dollars for Kuwait over the past years.

The economic expert, Abdul Rahman Al-Mashhadani, said that “the money that goes to the sovereign fund leads to the accumulation of great wealth in the fund, which can be invested in various fields, inside and outside Iraq.”

Al-Mashhadani warned against corruption and sectarian quotas and their impact on the fund’s work in the future, and said: “If the fund’s board of directors is established, it will be dominated by political quotas, which leads to making the fund a gateway to corruption.”

Al-Mashhadani pointed to Iraq’s bad experience with the pension fund, saying that “what happened in the pension fund, which is one of the largest and oldest sovereign funds in the region, with a value of nearly 60 trillion dinars (about 50 billion dollars), and it is now on the verge of bankruptcy due to mismanagement and corruption. prevalent in the fund.

Bloomberg quoted an informed source as saying that the value of the “Generation Fund” had risen to about $700 billion, revealing that “the value of the fund’s assets is estimated at $670 billion at the end of the fiscal year ending in March 2021.”

The increase means that “the General Investment Authority, which also manages the General Reserve Fund, has accumulated more assets than the Abu Dhabi Investment Authority, whose assets are estimated by the Institute of Sovereign Wealth Funds at just over $649 billion.”

According to the Sovereign Wealth Funds Institute’s classification, “The Norwegian State Pension Fund is the largest sovereign wealth fund in the world with total assets of $1.3 trillion, followed by the China Investment Corporation, which manages $1 trillion.”

The gains that Kuwait achieved abroad contrast with its great financial challenges at home, which were exacerbated by the dispute between members of the National Assembly, “Parliament” and the government.

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Al-Kazemi declares it frankly: Iraq has not actually started any step to solve the electricity crisis

politicsbreakingIraq ElectricityAl-KazemiTargeting electricity towers 2021-07-03 11:58A-AA+

Shafaq News/ On Saturday, Prime Minister Mustafa Al-Kazemi held an emergency meeting with the governors in the presence of the electricity treatment crisis cell, against the background of wanting to supply energy in the country.

Al-Kazemi said during the meeting, “Two days ago, there were interruptions and interruptions greater than the known rate in electrical power systems, and I will not talk about the following reasons for everything that happened, because I formed a special investigative committee to get answers to questions asked by citizens, who is targeting power transmission networks today? Why is he targeting it? Are we facing sabotage operations of a political or terrorist nature? We will answer all of that when the investigation is completed, and in this regard, the Ministry of Interior has directed to raise the level of protection for power stations and transportation networks.”

He added, “Some brothers reproach when I say that this government is paying the price for wrong and prosthetic policies and waste of money for 17 years in all fields, especially energy. I do not speak with the logic of electoral propaganda. This is a historical and moral responsibility, and we must be frank to the people after successive governments were unable to be frank for fear of anger.” The Iraqi street, and the truth is that all governments and politicians bear this responsibility.”

Al-Kazemi said, “I wonder why the electrical connection decisions were not taken with neighboring countries and the countries of the world for 17 years? We found that the country is only connected to a network with the Islamic Republic of Iran, which did not fall short according to its ability. It also has entitlements to its people, and there is the file of electricity debts and decisions of US sanctions. And we are serious about resolving this issue to deliver all the money owed by Iraq to neighboring Iran as a result of importing gas and electricity for the previous years, and we will make progress in this field.”

And he explained, “Why is Iraq at a critical angle in front of the entitlements of its people? We issued decisions a year ago until today to connect Iraq’s electrical system with all neighboring countries, and this matter will require time and patience to complete electrical interconnection systems with our brothers and neighbors, so that we can face energy challenges together, as the normal situation is In various parts of the world, the power grids are connected with the neighbors, but we wonder who decided to isolate Iraq and prevent the electrical connection?

And the Iraqi prime minister continued, saying, “The decision-maker in any country sets strategies according to his country’s capabilities and future plans, so why did we build gas power plants in Iraq for 17 years with our inability to provide them with gas? And with the absence of a parallel plan to produce gas, and even The lack of a plan to diversify the sources of gas import if necessary Who bears the responsibility for this grave mistake As long as we do not have ready-made gas, why have dozens of gas stations been built and money wasted? Why not invest in stations for different fuels or go to the solar energy option? Why was the energy file not opened nuclear so far.

He added, “In the gas file, we found that the power stations supply networks are also linked to the brothers in the Islamic Republic of Iran, and they did not fail and continue to pump gas despite the failure to pay their dues due to the imposed sanctions, and we need a long time and infrastructure until we find alternative sources of gas from other countries, Iraq.” It is very late in the production of gas, and we need to start directly and this is what we did without hesitation, but we need two to three years to start producing gas and fill the largest percentage of the stations’ needs.”

He also referred to the accident of the disruption of the electric power system in the country, “Two days ago, they said that the power transmission lines melted because of the loads on them and because they are basically old, and the question is why the power transmission system in Iraq wastes 40% of the production? Why did we not start in 2005, for example, until today? To have a modern transport system? There were many problems and challenges facing previous governments, but despite that it was possible to move in this field.”

He stressed, “Every step to solve the electricity problem in Iraq requires years, because Iraq did not actually start any step during the previous years. If we invested in solar energy, the issue of electricity would be behind us today. If we invested in gas production, Iraq would export gas today instead of importing it, and if we invested in other stations. Iraq would be able today to provide electricity, and if we invested in repairing the electricity transmission networks, no crisis would have occurred, and if we invested in electrical interconnection with all our neighbors, we would be able to address emergency crises and fill the shortage, especially in the summer. Since last year, we have continued to put all these options on a map The actual work, and we will need a few years to solve this issue radically, each of these steps needs between 2-4 years to implement and start reaping its fruits, and the question arises why this did not happen before.

Al-Kazemi touched on the production of nuclear energy in the country, and stressed, “I spoke with the French a few months ago about an Iraqi project to produce nuclear energy. Iraq has this option, so it is our duty to work to overcome it so that no one will come after us and say why these decisions were not taken as I say frankly and clearly before the people.”

He referred to the government’s work by saying, “The current government is a year and a few months old, and it did everything that needed to be done 20 years ago from today. We have taken decisions in all energy files, for which I will personally bear responsibility. The next government must complete what we started and be frank to its people that there is no solution to electricity in Iraq unless we complete the steps we started today.”

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Al-Kazemi’s advisor: The government cancels borrowing and deposits the deficit

396 Economie 2021/07/03 15:35
Baghdad today

Today, Saturday, Adviser to the Prime Minister for Economic Affairs, Muhammad Salih, announced that the country has passed the stage of deficit and the need for loans.
Saleh said in a press statement that I followed (Baghdad Today) that “the deficit, which was estimated at 29 trillion dinars, or about two billion dollars, in the current year’s budget, which was built on the assumption that the price of a barrel of oil amounts to 45 dollars has become from the past, and the budget now does not need to borrow in The current fiscal year, because oil revenues have become worth more than what was planned.”
He added that “the cash revenues for the budget of the next six months, if they continue in this high form, what is allocated for borrowing will be only a theoretical case, with the exception of loans linked to international financing funds for the purposes of implementing some projects, from which withdrawals are being made and do not in any case exceed 3 billion. dollars”.
Saleh explained that “any financial surpluses achieved until the end of the year will be carried forward as cash revenues for the fiscal year 2022, and are considered as an opening balance for the next year’s budget,” noting that “debts payable over long years, their amounts will be allocated as annual debt installments in the budget.”
Basra Light oil, exported to Asia, recorded $75.51 a barrel, and Basra Heavy crude rose to $71.03 a barrel, as light crude recorded the highest prices compared to other crudes of the OPEC countries.

An Egyptian delegation visits Iraq to enhance cooperation and start implementing summit decisions

2021/07/03 15:38

• number of readings 51
• Section : Iraq

Baghdad / Obelisk: The Egyptian Minister of Trade and Industry, Nevin Jameh, will head to Iraq on Saturday, July 3, 2021, at the head of a delegation comprising government officials and businessmen, with the aim of strengthening economic cooperation between the two countries.

This visit is the first for an Egyptian government official after the historic visit of President Abdel Fattah El-Sisi to Iraq last week, which formed a firm basis for strengthening the joint strategic relations between the two countries.

Jameh said that her visit aims to enhance joint economic cooperation at the bilateral and regional levels and start the actual implementation of the decisions of the presidential summit.

The Minister of Trade and Industry is scheduled to hold a series of meetings with senior officials in the Iraqi government, including Minister of Industry and Minerals Manhal Aziz al-Khabbaz, Minister of Trade Alaa al-Jubouri and Minister of Planning Khaled Battal al-Najm, in addition to holding a meeting at the headquarters of the Iraqi Federation of Industries that includes representatives of the private sector in the two countries to discuss investment opportunities available in the two countries. .

Gamea explained that the visit aims to discuss all economic issues and files at the bilateral and regional levels, and to review opportunities and possibilities for enhancing joint cooperation between Egypt and Iraq in the fields of trade, industry, investment, logistical transport and mining, in addition to transferring the Egyptian experience in establishing specialized industrial complexes and cities to the Iraqi side.

During the visit, activating joint action between Egypt, Iraq and Jordan will be discussed to accelerate the implementation of development projects agreed upon between the political leadership in the three countries.

The tripartite summit was launched in the Iraqi capital, Baghdad, on Sunday, June 27, 2021, between Iraq, Egypt and Jordan, to inaugurate a new phase of relations and frameworks of joint cooperation.

Al-Kazemi said during the summit meeting: I welcome my guest of Iraq, His Majesty King Abdullah II and His Excellency President Abdel Fattah Al-Sisi in Baghdad, the city of peace.

He added that this visit takes place at a time and at a dangerous historical turning point in the region and all countries of the world, especially with the challenges of the Corona epidemic.

He went on to say that joint action requires consolidation and unification of positions in order to work on the path of development and the development of the region and its peoples. .

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Seventy billion dollars and Iraq’s oil revenues this year.. Will it fill the fiscal deficit?

2021/07/03 13:57

• number of readings 175
• Section : Iraq

Baghdad / Obelisk: On Saturday, July 3, 2021, the Parliamentary Finance Committee issued a clarification on the rise in oil prices and the possibility of filling the budget deficit.

The head of the committee, Haitham al-Jubouri, stated that so far, according to the new oil prices, the financial deficit in the budget has not been filled, despite the fact that oil reached $75, but Iraqi oil is lower than international prices, with the exception of Basra Light oil, in addition to the cost of oil production.

He went on to say that a barrel of oil after its extraction is cleared of its price of 60 dollars after hitting it with a production of 2 million 880 thousand times 365 days and hitting it in the exchange rate, we find that it did not fill the deficit in the budget.

He pointed out that the budget is 130 trillion and at current prices we still have a real deficit in investment and operational expenditures of 30 trillion, stressing that we are surprised by the talk of some about the existence of financial abundance.

And he indicated that the abundance that is achieved goes to bridge the financial deficit in the budget, and therefore we still need to return the million barrels that were deducted from the quantities that Iraq is supposed to produce according to the OPEC agreement so that we can completely fill the real deficit to spend the budget, but in the current situation the deficit is still Existing.

Economist Manar Al-Obaidi expected that Iraq’s oil revenues would reach $70 billion this year.  

Al-Obaidi told Al-Masala that the surplus achieved by oil revenues during the first six months of the year amounted to 9.8 trillion dinars, and the size of the surplus is expected to reach more than 26 trillion dinars.

And he went on: The total oil revenues for the first six months of the year amounted to 33.11 billion dollars, knowing that the oil revenues planned in the budget were 26.325 billion dollars.

He mentioned that despite the significant increase in oil prices, the monthly sales rate did not exceed the 2.9 million barrels per day barrier, despite the fact that the value of sales planned in the 2021 budget was 3.25 million barrels.  

He continued: It is expected that the total oil revenues until the end of the year will reach 70 billion dollars, equivalent to 102 trillion Iraqi dinars.

He resumed saying: Despite the increase in non-oil revenues, the specter of the deficit still exists, as the budget planned non-oil revenues of 20 trillion dinars, of which no more than 2 trillion dinars were achieved as a result of the weakness of the procedures followed to maximize non-oil revenues.

He concluded his speech by saying that in the event that non-oil revenues of more than 10 trillion dinars are not achieved, it is expected that the total revenues by the end of the year will reach 112 trillion dinars. .  

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A slight decrease in the exchange rates of the dollar in Baghdad

economyBaghdadbreakingdollarslight drop 2021-07-03 07:47A-AA+

Shafaq News/ The dollar exchange rates decreased slightly, 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 147,150 Iraqi dinars, compared to 100 US dollars.

The Central Kifah Stock Exchange recorded, during its opening last Thursday morning, 147,250 dinars for every $100.

Our correspondent indicated that buying and selling prices also decreased in banking shops in the local markets in Baghdad, where the selling price amounted to 147,500 Iraqi dinars, while the purchase prices amounted to 146,500 dinars per 100 US dollars.

As for Erbil, the capital of the Kurdistan Region, it did not witness the circulation of the dollar because there is an official holiday there.

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OPEC countries celebrate its 60th anniversary in Baghdad

economyIraqOPEC 2021-07-03 07:32A-AA+

Shafaq News/ The spokesman for the Ministry of Oil, Assem Jihad, announced today, Saturday, that the next meeting of the Organization of Petroleum Exporting Countries “OPEC” will be held in Baghdad at the end of next September.

Jihad said in a press statement that the member states of the Organization of the Petroleum Exporting Countries (OPEC) have unanimously agreed to hold the celebration of the 60th anniversary of the organization’s founding in the Iraqi capital, Baghdad, on September 30th.

Iraq is the second largest producer in OPEC, and oil prices have been rising over recent weeks, and according to the new oil prices, the fiscal deficit in the budget has not been filled despite the fact that oil has reached $75.

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