Iraq signs a memorandum of understanding with a US company to support the energy sector

Energy

   

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Economy News – Baghdad

Iraq on Monday signed a memorandum of understanding with U.S. company Honeywell to support the country’s energy sector.

“These agreements allow the company to explore opportunities for strategic cooperation in Iraq’s oil and gas fields, including stopping the burning of gas associated with production processes and providing development, automation, remote control and monitoring services,” Honewell CEO Ken West said in a press statement, followed by “Economy News.

“The memorandums of understanding were signed during a meeting hosted by the American Chamber of Commerce accompanied by members of his team with the participation of Prime Minister Mohammed Shiaa Al-Sudani, along with a group of high-level officials in the government and prominent companies in the private sector,” he added.

“Honeywell has made outstanding achievements in Iraq, and we look forward to taking these agreements into effect,” West said, stressing that “there is great potential for growth and cooperation to enhance the levels of reliability and sustainability of the energy sector for Iraqis across the country.”

He stressed that “these agreements come within the framework of (Honeywell)’s commitment to provide the best global solutions and expertise to help raise levels of efficiency and sustainability within the energy sector in the country. It also reflects the company’s efforts to align and strengthen its portfolio with three huge trends, including the energy transformation.”

For his part, the head of “Honeywell” company in Iraq, Mohammed Shabout, said that “these agreements reflect the firm commitment of (Honeywell) and the private and public sectors in Iraq to continue working on modernizing and developing the local industry.”

“The focus is increasing on the energy sector where we all have to invest the necessary technology and work to provide a better energy future for the entire region,” he noted.

Honeywell has been operating in Iraq since the 1970s, and has recently appointed Mohammed Shabout as the company’s regional president in Iraq.

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Added 2024/05/13 – 2:15 PM

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The Association of Private Banks praises the direction of the Iraqi Central Bank to establish digital banks

Banks

   

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Economy News – Baghdad

The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, praised the Central Bank’s direction to establish digital banks to keep pace with the great development in the global banking sector.

In an interview with “Economy News”, Tariq said that “the world is moving towards digitizing banking services, and Iraq has started its first steps in establishing digital banks, as so far there is a licensed digital bank inside Iraq, and provides its services naturally to the public.”

He pointed out that “the Central Bank of Iraq issued the instructions for licensing banks, which specified their number not exceeding 10% of the total banks operating inside the country, with a capital of 100 billion dinars, provided that traditional banks participate by 30%.”

He added that “digital banks are similar to traditional banks, but differ that they do not have branches, and most of their services via mobile, noting that the size of central banks in the world has increased significantly and reached more than 500 digital banks.”

Tariq pointed out that “traditional banks still provide their services through applications, and they are keeping pace with the development in the banking sector.”

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A member of the Parliamentary Oil Committee sets the date of the end of the gas import file in Iraq

EconomyIraqBreakingGasThe Fifth Licensing Round

2024-05-13 11:53Font

Shafaq News / Member of the Parliamentary Oil and Gas Committee, Alaa Al-Huidari, revealed on Tuesday the date of final ending the gas import file in Iraq.

Al-Haidari told Shafaq News that “the sixth round of licenses announced by the Ministry of Oil are fields and exploratory patters that will contribute to increasing the quantities of natural gas extraction and self-sufficiency in the coming years, as Iraq imports gas to operate the electric stations, which causes the budget to be overward by about $5 billion dollars in gas imports annually.”

He explained that “the licensing rounds announced include all gas fields from the south to northern Iraq, and therefore Iraq will reach the stage of self-sufficiency of gas extracted from local rights by 2027 and complete the import file.”

Iraq is seeking billions of dollars in investments to develop the oil and gas sector as it looks to increase domestic production of petrochemicals and stop gas imports from neighboring Iran that are currently key to energy production.

More than 20 companies qualified for the licensing round, including European, Chinese, Arab and Iraqi groups.

Chinese companies won contracts to excavate five Iraqi oil and gas fields last Saturday in a licensing round aimed primarily at increasing gas production for domestic use.

The gas expected to be obtained from the current licensing round is equivalent to 200% of the amount of gas imported by Iraq from Iran, which reaches 1700 million cubic meters per day, and the quantities of gas expected to be produced from this round will be about 800 million mion standard cubic meters per day.

https://www.shafaq.com/ar/اقتصـاد/عضو-في-لجنة-النفط-النيابية-يحدد-موعد-نها-ملف-استيراد-الغاز-في-العراق

Urgent Next Saturday is the date for the election of the Speaker of Parliament

• Time: 2024/05/13 12:38:33
• Read: 1,430 times

  

{Political: Euphrates News} The Presidency of the House of Representatives decided to hold a session next Saturday to elect the Speaker of Parliament.

It is noteworthy that on January 13, the House of Representatives held an extraordinary session to choose the new Speaker of the House of Representatives, and the first round of voting ended with the victory of the Shaalan Al-Karim Party with 152 votes out of 314 votes, and was succeeded by MP Salem Al-Issawi with 97 votes, MP Mahmoud Al-Mashahani with 48 votes, MP Amer Abdul Jabbar with 6 votes, and MP Talal Al-Zubai with one vote, but word ary aters were insiden the Council Chamber, which forced the Presidency of the Council to adjourn the session until further notice and no further session was held until the preparation of this report.
On April 1, the Federal Supreme Court last dismissed a lawsuit to cancel a session of parliament, which was intended to elect a new president of the council, and it was marred by much controversy.
On the 17th of last month, Shaalan Al-Qarim announced his withdrawal from the nomination for the presidency of parliament and his independence from all blocs and political parties under the dome of the council, including his alliance.
The deadline for the coordination framework of the Sunni political blocs to resolve their candidate for the post expired on Monday and if they do not agree, he will proceed with a session to elect the president.

https://alforatnews.iq/news/السبت-المقبل-موعد-انتخاب-رئيس-البرلمان