Iraq breaks an agreement with a Chinese company: We are in a better position and making additional profits أرباح

Obelisk - the event as it happened

2021/06/23 17:48

  • number of readings 472
  • Section : Iraq

Baghdad / Obelisk: Iraq canceled a paid agreement with a major country, describing the measure as necessary to achieve the country’s interest and revive the budget.

And according to a statement published by the S&P GLOBAL PLATTS website, Wednesday, June 23, 2021, “Iraq has a paid oil supply agreement worth two billion dollars with the (Zhenhua Oil) company of the Chinese government, and sold the crude oil designated for the deal to other customers, as Baghdad seeks to benefit from the high Prices,” a senior Iraqi official told the site.

The site stated, “Earlier this year, the Iraqi State Oil Marketing Organization chose Zinhua Company to be the winning bidder for the agreement, which included an advance payment of $2 billion for one year and called for the provision of 4 million barrels of crude every month.”

And the website quoted the deputy director of the “SOMO” company, “This agreement is not applicable at this stage due to the high oil prices. We are in a better position and are achieving additional profits that exceed what the Iraqi budget needs.”

For his part, a Beijing-based source familiar with the matter confirmed that “Zinhua and Sumo ended the deal,” noting that “the previous contracts of Zinhua for Iraqi crude were not affected.”

In the same context, the site quoted an Iraqi official as saying, “We have a good and even perfect working relationship with our Chinese customers, including Xinhua. They understand our position.”

He added, “We have current business ideas in general to increase the presence of SOMO and the presence of Iraq’s crude in the Chinese market and Asia in general,” noting that “this may include storage capacities, commercial activities or facilitating commercial activities in the same market, and even from there in China we can sell our crude.” and engage in other products business.

(SOMO) is in discussions with companies in Asia, including China, to store Iraqi crude there.

Last May, Iraq was China’s third largest oil exporter, after Saudi Arabia and Russia, while India and China are described as Iraq’s largest oil markets.

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Finance Minister: The local market will recover soon

Baghdad/The Obelisk:

Finance Minister: The local market will recover soon, and an advanced system will automate the outlets


Parliament hosts the Minister of Finance regarding the budget and outlets

2021.06.24 – 12:33
Parliament hosts the Minister of Finance regarding the budget and outlets

Baghdad – people  

The Media Department of the House of Representatives announced, on Thursday, hosting the Minister of Finance and the Director General of the Accounting Department.  

“Nas” channel on Telegram.. our latest updates  

And the department stated in a brief statement that “Nass” received a copy of it (June 24, 2021), that “the Parliamentary Finance now hosts the Minister of Finance and the Director General of the Accounting Department regarding the implementation of the 2021 budget paragraphs and the automation of customs and border crossings.”

Includes deductions. The Kurdistan Regional Government pays the salaries of its employees for the month of June

local news
Thursday, June 24, 2021 | 12:44 PM| Number of readings: 112It..

The Ministry of Finance of the Kurdistan Regional Government announced, on Thursday, the start of disbursing the salaries of the region’s employees for the month of June, tomorrow, Friday .And the ministry said in a statement, that it “will start disbursing salaries tomorrow, Friday, to employees of the Kurdistan region, including the salaries of employees of the Ministry of Health .”She added, “The salaries for the month of June will be disbursed by the same mechanism that was disbursed for the month of May, where 21% of the salaries of employees will be deducted, and 50% of the salaries of employees of higher grades.”

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A meeting at the Ministry of Finance to discuss the “strategic vision” of three sectors, including health

Wednesday 23 June 2021 | 07:48 PM| Number of readings: 47

On Wednesday, the Ministry of Finance held a meeting at its headquarters to discuss the “strategic vision” for three sectors: health, agriculture and trade .The media office of the Ministry of Finance stated in a statement, “The Minister of Finance, Ali Abdul-Amir Allawi, chaired the meeting of the twelfth session of the committee for preparing the federal general budget strategy for the medium term for the years 2022-2024, in the presence of the Prime Minister’s advisors, Representative Mahasin Hamdoun, the Undersecretary of the Ministry of Planning and the Ministry’s advisor And a number of general managers of the ministry and related ministries .He added that “the meeting discussed the report submitted by the Ministry of Agriculture, which includes the ministry’s strategic vision and future plans aimed at supporting and developing the agricultural sector, identifying current obstacles and finding solutions in line with the requirements of advancing the agricultural reality, in order to achieve sustainable self-sufficiency in production through optimal investment of the broad agricultural sector components.” “.The office continued: “The meeting is the report of the Ministry of Health regarding the ministry’s vision and strategy designed to reform and develop the health sector and confront the challenges that stand in the way of advancing the health sector in line with the growing need for health care and improving the quality of health services provided to all citizens .”He referred to “presenting the report of the Ministry of Commerce related to its strategic vision and the foreign trade plan aimed at organizing it and removing the negative aspects of the sector and directing it towards stimulating and developing the economic sectors in the country and supporting the private sector to achieve economic diversification, sustainable development and job creation.”

Barzani meets the US Special Envoy for the International Coalition.. Learn about the details of the meeting

political| 07:42 – 23/06/2021


Baghdad – Mawazine News
, Prime Minister of the Kurdistan Region, Masrour Barzani, received today, Wednesday, the US Special Envoy for the International Coalition, John Godfrey, and his accompanying delegation.
A statement of the region, a copy of which was received by Mawazine News, stated that “the meeting discussed the latest developments in Iraq and Syria and the tireless efforts to confront the threats posed by ISIS terrorists.”
According to the statement, the US Special Envoy to the International Coalition expressed his “concern about the development of terrorist threats to ISIS in separate parts of Iraq and Syria,” and stressed “the need to continue support for the Peshmerga forces and the Iraqi army to confront these threats and achieve stability in the region.”
Godfrey indicated that a special meeting of the international coalition against ISIS is scheduled to be held in the Italian capital, Rome, next week.
For his part, the President of the Kurdistan Government thanked the international coalition for its support and assistance, noting that “activating the joint security coordination centers between the Peshmerga and the Iraqi army in the Kurdish areas outside the administration of the region, is an important step to deter ISIS threats in those areas.”
Barzani stressed “the necessity of the participation of the delegation of the Kurdistan region in the upcoming meeting of the international coalition against ISIS in Rome.” Ended 29/

Barzani returns to Erbil from Jordan and reveals the nature of his talks with the Jordanian monarch

Wednesday 23 June 2021 | 03:51 PM| Number of readings: 116

On Wednesday, the President of the Kurdistan Region, Nechirvan Barzani, returned to Erbil from Jordan, while revealing the nature of his talks with King Abdullah II of Jordan .Barzani said in a tweet on his Twitter account, “I am pleased to meet King Abdullah today in Amman to discuss bilateral relations between the Kurdistan Region, Iraq and Jordan, economic cooperation, regional challenges and other issues of common concern.”


Baghdad – Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced, on Wednesday, the importance of the recent Central Bank initiative, and indicated that it aims to finance housing complexes for low-income classes, stressing that the initiative represents a strategic goal by moving the labor market.
Saleh said, according to the official agency, that “the monetary policy of the Central Bank of Iraq in recent years has accompanied the changes in monetary policies in the whole world, especially in the face of the long-term economic and technological stagnation that hit the economies of the world,” noting that “the objectives of monetary policies have expanded in the world.” In general, and the Central Bank of Iraq in particular, towards moving the real economy instead of focusing on the symbolic economy.”
He added, “The double crisis that Iraq witnessed in the war on ISIS terrorism and the decline in oil revenues between the years 2014 to 2017, prompted the Central Bank of Iraq to present a $5 billion initiative to support the real sectors (real estate, industrial and agricultural), including youth loans, with concessional financing terms. Long-term and low interest rates, which have recently reached the level of cancellation, especially for real estate loans.
Salih pointed out that “the fight against economic stagnation and unemployment has become at the core of the current monetary policy of the Central Bank of Iraq and is no less important than fighting the problems of hyperinflation that the bank adopted during the first decade of the third millennium,” noting that “inflation and stagnation exhaust the national economy and lead to serious deviations in The issues of production and investment on the one hand and income distribution on the other hand.”
Saleh pointed out that “the Central Bank’s initiative today focuses on financing the construction of housing complexes for the low-income classes within the framework of systematic urban planning for future cities, away from the pressure of existing cities and the problems they may cause in the rise of real estate rents and pressure on existing infrastructure networks.”
He continued, “The focus on real estate financing represents a strategic goal for monetary policy in moving the labor market, as the construction sector embraces a percentage of no less than 18 percent of the labor force, and it can move two hundred different work paragraphs at the same time.”
He explained, “The back and front links of the housing finance sector from the monetary policy side are a carefully studied issue in addressing the crises of economic stagnation and unemployment in the national economy on the one hand, and the provision of housing supply within the goals of sustainable development on the other hand.”
Yesterday, Tuesday, Central Bank Governor Mustafa Ghaleb Makheef revealed the launch of an initiative worth 5 trillion, in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as the imminent issuance of bonds that enable citizens to invest their money.