Twilight News / Iraqi Prime Minister Mohammed Shiaa Al-Sudani left on Thursday for the United Arab Emirates for an official visit, at the head of a high-level government delegation, according to his media office.
On Wednesday, Al-Sudani said he would look in the UAE for a “sustainable partnership” and noted that the volume of trade exchange between the two countries exceeds 16 billion dollars.
He also added, “Our talks with brothers in the UAE will touch on the exchange of experiences in various fields,” pointing out that “the UAE is one of the most prominent trading partners of Iraq.”
He explained that the visit comes as an affirmation of Iraq’s sincere desire to continue and develop trade and economic cooperation and attract investments, and also revealed that he will discuss “with the President of the Emirates Sheikh Mohammed bin Zayed Al Nahyan the recent political and diplomatic developments in the region and the positive results of the (Baghdad Summit 2).
Twilight News / The Iraqi government revealed, on Wednesday, that the Ministry of Finance has initiated the re-preparation of the general budget for 2023 according to the new exchange rate (130) thousand dinars per 100 dollars.
A government source told Shafaq News that “the Ministry of Finance began today to re-prepare the draft general budget law, as approved by the Council of Ministers to determine the dollar exchange rate.”
He explained that “the ministry needs some days to re-prepare a draft law to be completed and sent to the Council of Ministers next week.”
“The Council of Ministers only needs one session to discuss and approve the General Budget Law for 2023,” the source stressed.
On Tuesday, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar to the equivalent of 1300 dinars to the dollar.
Despite the government’s decision, dollar exchange rates rose against the Iraqi dinar on Wednesday, with the closure of the main stock exchange in Baghdad, and in Erbil, the capital of the Kurdistan Region.
A correspondent for Shafaq News Agency said that Al-Kifah’s central exchanges were closed in Baghdad on 148,500 Iraqi dinars for $100.
A man counts Iraqi dinars on a money counting machine at a currency exchange shop in Baghdad, Iraq, January 23, 2023. REUTERS/Ahmed Saad
CAIRO, Feb 7 (Reuters) – Iraq’s cabinet approved a currency revaluation on Tuesday and set the exchange rate at 1,300 dinars per U.S. dollar, the state news agency reported.
Register for free to Reuters and know the full story
Register now
Reporting by Muhammed Al Gebaly; Writing by Mahmoud Mourad; Editing by Frank Jack Danie
(Political: Euphrates News) Foreign Minister Fouad Hussein arrived in Washington, D.C., at the head of a high government delegation that included a number of financial and banking figures.
Hussein will meet his American counterpart Anthony Blinken.
The Iraqi delegation will hold its dialogues with the US side, which will focus on supporting Iraq’s monetary policy and exchanging financial and banking support in order to enhance the Iraqi government’s vision of its actions on the dollar exchange rate.
The Iraqi delegation will also discuss with senior officials in Washington bilateral relations and ways to strengthen them in various sectors based on the strategic framework agreement between the two sides.
Shafaq News / The Iraqi Ministry of finance started preparing the new budget bill based on the new U.S. dollar exchange rate against the Dinar, which is 130,000 IQD for every 100 USD, a source revealed to Shafaq News agency.
The source added that the process will need several days, and will be submitted to the council of ministers next week.
Iraq’s Central Bank (CBI) announced proceeding with selling US dollars at a new exchange rate of 1,320 dinars to one starting from today, Wednesday, an official statement said.
Twilight News / The government headed by Mohammed Shiaa Al-Sudani continues to work towards the transformation of Iraq into an invading state, and this falls within the framework of pledges made by Al-Sudani in his government program.
On Tuesday, the Council of Ministers decided in its regular session to launch the fifth gas licensing round, which was among the paragraphs of the government program.
Gas licensing round
High-level informed sources explained to Shafaq News that the decision of the Council of Ministers confirms the seriousness of Al-Sudani in pushing Iraq to be an invading state and entering the gas market strongly, and this did not happen throughout previous governments.
Yesterday’s decision of the Council of Ministers includes the signing of contracts for the fifth licensing round, which is one of the important projects that have been stalled for six years, as the disruption of this project cost Iraq billions of dollars.
According to Al-Sudani’s orientation, contracts for the development of gas fields will be signed with well-known international companies in this sector, and the contracts will include the provision of a quarter of the imported gas within a period not exceeding 15 months. The goal is to secure and cover all the amount of imported gas within 3 years.
Saving 10 trillion dinars
The contracts that will be signed will provide Iraq within 3 years with 10 trillion dinars, by saving all the gas that is imported at the current time, and will be transferred to health, education and housing, within the framework of economic reform.
the sixth round
According to the sources, the sixth round, which will target a patch and a natural gas field, will be announced soon for the first time in Iraq.
The sources say that Al-Sudani aspires to Iraq to enter the gas market and be an exporter and equipped country for all its needs, which is a gain at all political, economic and security levels.
Nebras Project
The sources revealed that the second important decision is the “Nebras” petrochemical project, which is one of the commitments of the government program.
The project has also been disabled since 2015, and is one of the strategic projects in the region, and the third project in the Middle East, and the Ministry of Industry and Minerals has started contracting with a global consulting firm within two to four months to move on to the next step.
This project would occupy most of the private sector, and instead of importing granules from neighboring countries, they will be produced locally and exported.
international companies
According to the sources, there are previous positions that confirm the seriousness of the government and that the file is of interest to the government.
In a previous press conference of Prime Minister Mohammed Shiaa Al-Sudani held on November 2, 2022, he said, “We directed the Ministry of Oil regarding the burning of associated gas, which causes a great financial waste, and disrupts government projects by expanding electricity and our dependence on the importer. We have a vision in this aspect and there are specialized meetings that will be with the Ministry
In a meeting of the Prime Minister with the Japanese delegation on November 2, 2022, Al-Sudani stressed “the call for Japanese companies to participate widely in investment through renewable energy projects and gas investment.”
On November 24, 2022, Prime Minister Mohammed Shiaa Al-Sudani chaired a meeting on the integrated gas development project in the presence of the CEO of the French company Total. During the meeting, they discussed the files of gas investment development and the progress of work on a number of key strategic projects in this field, the first of which is the project to invest burning gas in the southern region
liquid gas
In a meeting of the Prime Minister with the German Ambassador on December 2, 2022, it was stressed to build a long-term partnership in the field of energy and liquid gas production.
In a speech to Al-Sudani at the Baghdad Bilateral Cooperation Conference held in Jordan on December 20, 2022, Al-Sudani said, “We have begun serious work to address the burning of associated gas in oil fields. We call on international companies to invest in this field to transform the use of this important source of energy for electricity generation, in order to achieve self-sufficiency in the use of gas to generate electricity in the medium term, and to reduce greenhouse gas emissions and global warming.”
Speaking to the Prime Minister during his meeting with the Italian Prime Minister on December 23, 2022, he said, “Iraq has promising plans in the field of energy, oil and gas, and there are Italian companies operating in Iraq, and we hope that more specialized companies will come to Iraq, especially in the fields of infrastructure and gas investment.”
Ports and gas
As part of the decisions of the Council of Ministers on December 27, 2022, the Ministry of Oil decided to start the procedures for implementing a platform in one of the Iraqi ports to receive imported liquefied gas, in coordination with the Ministry of Transport.
During the Prime Minister’s visit to Germany on January 12, 2023, the Prime Minister confirmed that during the visit, important opportunities in the field of associated and natural gas, and other opportunities in the petrochemical sector, will be presented.
He called on German companies to invest in Iraq in various fields, especially investment in renewable energy, gas and petrochemical projects.
“We discussed the introduction of opportunities to invest gas associated with the production of oil, natural gas and investment in the petrochemical sector, which is important to secure jobs and secure Iraq’s needs,” Al-Sudani said.
“Our treatment with associated gas investment is part of efforts to address environmental and climate impacts,” he added.
the great port of Faw
At the press conference with the German adviser, Al-Sudani said, “There are companies implementing the largest port in the Middle East, which is the great port of Faw. And there are companies we negotiated with to extend railways and gas pipelines from the port to Turkey and Europe.”
In an interview with the German DW network, Al-Sudani said, “One of the problems is that the gas associated with most oil production is burned, while Iraq is forced to import gas to secure the operation of power plants. The volume of associated gas is large, and can contribute to the generation of more than 7,000 MW, which is frankly burning money.”
Al-Sudani signed a memorandum of understanding with Siemens, Germany, on January 13, 2023, which included Siemens providing an integrated study of Iraq, including how the associated gas is used to support and increase the production of electricity.
In a key meeting with the French Prime Minister on January 26, 2023, Al-Sudani stressed the development of mutual cooperation in the fields of energy, oil and associated gas investment.
In the field of energy, Al-Sudani said, “The government puts the investment of associated gas and renewable energy first, as well as other investment opportunities in the petrochemicals, transport and iron and steel sectors.”
In Al-Sudani’s meeting with the French Business Council, they stressed the seriousness of the government in investing associated gas and natural gas, and presenting promising investment projects in this sector.
The ministerial curriculum and the Sudanese government program on the gas sector included:
Implementing the plan set for the investment of associated gas and following up its implementation to reach the goal for which it was set, stop the burning of gas and benefit from it in generating electricity, establishing petrochemical industries and developing the chemical fertilizer industry.) Completion of the implementation of the Basrah Gas Artawi Gas Complex Phase I with a capacity of 200 MQM/J – Completion of the implementation of the Basra Gas Artawi Gas Complex Phase II with a capacity of 200 MQM/Y – Completion of the implementation of the gas treatment complex in Al-Halfa with a capacity of 300 MQM/Y – Completion of the implementation of the gas complex in Nasiriyah and Al-Gharaf with a capacity of 200 MQM/Y
Accelerate the implementation of associated gas treatment and gas production projects and contribute to meeting the local need and reduce gas import, as well as the implementation of liquid gas treatment systems and warehouses, whether through direct implementation of the national effort by the Ministry of Oil or by joint investment with solid international bodies with experience in this field. (Completing the implementation of the project of spherical reservoirs 16 tanks – in addition to storage capacity for liquid gas Baghdad / Dialy).
Activating the work of investing free gas reservoirs throughout Iraq and solving the problems that led to delays in starting their investment, developing the Akkas, and Mansouriya fields, referring contracts for the fifth licensing round, specifically the eastern fields, in the decision of the Council of Ministers yesterday.
Establishing new warehouses for oil derivatives in addition to developing and expanding existing warehouses to provide a strategic reservoir of oil derivatives. Preparing a plan to establish three warehouses for oil products (Tuba, Azizia / Mosul)
Twilight News / President of the Republic, Abdullatif Jamal Rashid, discussed on Wednesday, with the Resident Representative of the United Nations Development Program in Iraq relations between Iraq and the international organization and ways to strengthen them, while Rashid received an invitation from the Secretary-General of the United Nations to attend the water conference in New York.
“President Abdullatif Jamal Rashid received, on Wednesday, at the Baghdad Palace, the Resident Representative of the United Nations Development Program in Iraq (UNDP) Aoki Lotsma, who handed Rashid an official invitation from United Nations Secretary-General Antonio Guterres to attend the Water for Sustainable Development Conference to be held in New York,” he told the Information Office of the Presidency of
The statement added that “during the meeting, they discussed cooperation relations between Iraq and the United Nations, where the discussions focused on a number of topics, most notably the fruitful partnership currently in place and ways to strengthen it in the next stage.”
The President of the Republic, according to the statement, stressed “the importance of activating cooperation in the field of transboundary water and water management, developing and improving agricultural and administrative reality and reducing water pollution as well as the importance of developing capacities for water management in the country.”
For his part, Aoki Lotsma, UNDP Resident Representative in Iraq, expressed his “humanitarian sympathy for the issue of displaced persons,” stressing the program’s readiness to cooperate with the government, concerned authorities and organizations to “strengthen their capabilities to face the increasing living pressures of this segment.”
Lotsma expressed “his thanks and appreciation for the support provided by the President of the Republic to the Organization (UNDP) and its cadres in order to ensure the continuation of constructive cooperation in the various fields on which the United Nations Development Program is working and that are in the interest of Iraq and its people.”
{Political: Euphrates News} The President of the Republic, Dr. Abdullatif Jamal Rashid, received today, Wednesday, at the Baghdad Palace, the Resident Representative of the United Nations Development Program (UNDP) (UNDP), Aoki Lotsma, who handed him an official invitation from the Secretary-General of the United Nations Antonio Guterres to attend the Water
A presidential statement said that “during the meeting, cooperation relations between Iraq and the United Nations were discussed, where discussions focused on a number of topics, most notably the fruitful partnership currently in place and ways to strengthen it in the next stage.”
According to the statement, the President of the Republic stressed “the importance of activating cooperation in the field of transboundary water and water management, developing and improving agricultural and administrative reality and reducing water pollution, as well as the importance of developing capacities for water management in the country.”
For his part, Aoki Lotsma, Resident Representative of the United Nations Development Program in Iraq, expressed his humanitarian sympathy for the issue of displaced people, stressing the program’s readiness to cooperate with the government, the concerned authorities and organizations to enhance their capabilities to face the increasing living pressures of this segment. He expressed his thanks and appreciation for the support provided.
{Economic: Euphrates News} A member of the Parliamentary Oil and Energy Committee revealed a {semi-formal} agreement on the controversial oil and gas bill.
Zainab Juma Al-Moussawi told {Euphrates News}: “We in the Oil, Gas and Natural Resources Committee are constantly working in discussing the oil and gas law and making the amendment to request, especially that there is a political will to approve it in the current fifth parliamentary session and not to deport it to the next session.” “Many of the problems facing the oil and gas sector in Iraq will be solved with its approval,” she added. Moussawi pointed out that “it was almost formal agreement that the outstanding issues will be addressed, as stipulated in the Iraqi Constitution.” She explained, “The Oil and Gas Law stipulates that the responsibility for the management of oil fields in the country must be entrusted to a national oil company, and supervised by a federal council specialized in this subject, but since 2003, Baghdad and Erbil have disagreed on the issue of managing the region’s oil fields.” Prime Minister Mohammed Shiaa al-Sudani revealed on Tuesday evening that a draft oil and gas law is being reviewed between Baghdad and Erbil for maturation and then approved. Al-Sudani said during the weekly press conference that “the oil and gas law is one of the obligations of the government, and there is a draft law circulating between the Federal Ministry of Oil and the Ministry of Natural Resources in the Kurdistan Region.” He pointed out that “after the adoption of the budget law, the draft oil and gas law will be discussed.”
Search 4 Dinar 