Iraqi News Tuesday AM 12-21-21
TLM724 Administrator BondLady’s Corner
Decreased Central Bank Sales Of Hard Currency
Economie| 02:47 – 21/12/2021 Baghdad – Mawazine News The Central Bank of hard currency sales recorded, on Tuesday, a significant decline in the currency auction for today.
And the Central Bank auction for the sale and purchase of foreign currencies witnessed a decrease in its dollar sales by 1.52% to reach 195 million and 339 thousand and 350 dollars, which the bank covered at a base exchange rate of 1460 dinars per dollar.
Most of the bank’s sales went to enhance balances abroad in the form of remittances and credits, amounting to 147 million and 29 thousand and 350 dollars, while the remaining amount of 48 million and 310 thousand dollars went in cash.
This has been 26 banks to fulfill requests to enhance balances abroad, 18 banks to meet cash requests, in addition to and 218 intermediary companies. https://www.mawazin.net/Details.aspx?jimare=179184
During The Past Month, The Monthly Inflation Rate Rose In Iraq
Economie| 02:07 – 21/12/2021 Baghdad – Mawazine News The Ministry of Planning announced, on Tuesday, a rise in the monthly inflation rate for the month of last November by 0.5% and an annual increase of 8.4 percent.
In a statement received by Mawazine News, the Ministry’s Central Statistics Agency said that “the inflation rate for the month of November increased by (0.5%), compared to the previous month of October,” noting that “the annual inflation rate for the month of November 2021 compared to the same The period from last year 2020, witnessed an increase of (8.4%).
He added, “The Central Bureau of Statistics, through the Index Numbers Section, prepares a monthly report on consumer price indices, which includes field follow-up of price variables, for more than (333) goods and services in all governorates, representing (88%) of the volume. The total expenditure of the Iraqi family on goods and services.
He pointed out that “the commodity totals, which were the highest in monthly prices for November compared to October of the year 2021, recorded a 3.7 percent increase in the miscellaneous goods and services department, and the clothing and footwear department recorded a 2% increase due to an increase in the footwear group by 2.6 percent and clothing by 2.6 percent. 19%”.
He pointed out that “the department of home furnishings and equipment increased by 1.1%, due to an increase in household appliances by 1.2% and the furniture group by 0.9%.” Ended 29/A 4
The Central Bank Offers The Second Issue Of Government Bonds
Market Economy News _ Baghdad The Executive Director of the Iraq Stock Exchange, Taha Abdel Salam, announced, on Tuesday, that the Central Bank of Iraq issued the second issuance of government bonds, “construction bonds” worth 2 trillion dinars.
The Executive Director of the market said in a news article published on the social networking page “Facebook” and followed by “Al-Iqtisad News”, that the Central Bank has launched the second issue of government bonds, “construction bonds” with a value of 2 trillion dinars, after the success of marketing the first issue by the bank, which will be listed. and traded in the Iraq Stock Exchange.
He added that the new issue is offered for public subscription as of December 20, 2021 through the Iraqi banking system, with the same mechanism of the Central Bank of Iraq issued in the book No. 6/6/2916 on 10/24/2021 and the subscription ends on January 19, 2022.
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Finance Launches The Second Issue Of Construction Bonds
Economie| 01:51 – 21/12/2021 Baghdad – Mawazine News The Ministry of Finance directed the Public Debt Department, in cooperation with the Central Bank, today, Tuesday, to launch the second issue of construction bonds tradable in the stock market.
The ministry said in a statement received by Mawazine News that “this step comes after the success of the first issue of bonds that contributed to financing economic development operations and supporting investment projects, in addition to the increasing demand by citizens.”
She added, “The bonds will be available for trading for a period of one month, and the categories of bonds offered for trading are:
1- A bond of class (500,000) five hundred thousand dinars with an annual interest of 6% for two years.
2- A bond of class (1,000,000) one million dinars with an interest of 7% for a term. 4 years
The ministry called on “citizens wishing to purchase to submit their applications through authorized banks for the purpose of taking advantage of the investment opportunity.”
Al-Kazemi Announces The Launch Of The Process Of Preparing Land Bonds: It Includes 84 Thousand Pieces
Politica l| 05:09 – 21/12/2021 Baghdad – Mawazine News, Prime Minister Mustafa Al-Kazemi announced the launch of the process of preparing bonds for lands that will be distributed to citizens within the Dari Residential Initiative.
Al-Kazemi said in the cabinet session today, Tuesday, that “84,000 initial bonds will be granted to citizens who registered on the Dari Initiative website, and obtained the highest points.”
He added, “We pledged to distribute the lands and fulfilled this promise, and I thank the Ministry of Construction, Housing and Municipalities, all supporting authorities, and the Prime Minister’s Office for completing this work.” https://www.mawazin.net/Details.aspx?jimare=179207
Source: Dinar Recaps
More Iraqi News Tuesday PM 12-21-21
TLM724 Administrator BondLady’s Corner
A Comprehensive Vision For The Development And Modernization Of The Oil Sector
Jabbar Ali Al-Luaibi*
The Iraqi oil sector has suffered from many problems and crises, due to a president whose environment is in a raging environment, from conflicts, high competitiveness, and the ambitions of countries that find in this unique product what makes their mouth water, as it is the first source of energy in the world, in addition to the failures of the minds that managed its production process.
And marketing it as a result of the challenges that faced the Iraqi environment, and the uninformed administrations in managing the major oil operation that requires technical expertise and a firm political decision and awareness of the requirements of its continued flow on the one hand, the development of its production and marketing, and the disposal of its revenues for the higher national interest.
Mr. Jabbar Ali Al-Luaibi, the former Minister of Oil, and the former MP and member of the Parliamentary Energy Committee, puts before us an extensive study on the reality of the oil production process and the challenges it faced and that it faces and puts solutions and perceptions that form a future vision for this sector, on which the country depends in its economy and life by more than 90% From his rentier economy. (morning)
The oil sector occupies the utmost importance in securing the country’s revenues and the backbone of life in it. The Iraqi economy derives its sustainability from the revenues of this sector, which amount to more than (90%) of the country’s resources, which maintain the continuity and permanence of life for the whole of society. This vital sector is still in a state of instability
In many ways, it is reflected in the possibility of the growth of its resources and the development of its production towards a reality that matches the capabilities and capabilities, and even the growing needs in society, and by examining the current oil production reality, the highest level has been achieved reaching about (4.5) million barrels per day, and this level is considered low compared to Iraq’s total reserves.
If we estimate that Iraq was deprived of its production quotas in the Organization of Petroleum Exporting Countries (OPEC) for decades, as a result of the disastrous policies pursued by the previous regime, sieges motivated by wars, and wrong political decisions that deprived the country of much-needed revenues.
It should be noted that the major transformation that halted the growth and progress in this sector, which it witnessed during the seventies, began during the Iran-Iraq war (1980-1988).
The Current Reality Of The Oil Sector
The main operations of the oil sector are distributed in the current reality:
A – Oil production and export: The maximum rate of Iraqi oil production in the current situation is approximately (4.5) million barrels per day, and the export capacity from the southern ports is approximately (4.3) million barrels / day.
B – Oil Refining: The current capacity of oil refineries lies in the range (850-900) thousand barrels / day, a level below the rate required for domestic consumption, which needs more than one million barrels per day.
C – Gas investment and industry: This chapter occupies the first rank in the march of the energy sector in terms of the urgent need and the high financial returns associated with it, but it did not receive attention and the executive procedures continued in the investment and industrialization path in a declining and low reality.
D – Basic Infrastructures: There are many joints in the field of infrastructure that are still in a low situation and in a very continuous decline, the most important of which is: (Water Injection Project) to support the performance of oil reservoirs, and it is a project of paramount importance and is linked to the performance of preserving oil reservoirs, despite the passage of more than Ten years since the decision to implement it, but it is still confined to the circle of discussions, and the project (developing and raising the performance of storage, transportation and export systems), and this project is very important and its importance lies in the fact that it is linked to production and export operations, despite the passage of 12 years, but the implementation procedures are moving very slowly.
Where Do We Start To Activate The Oil Sector?
First / The Federal Oil and Gas Law: A new formula for the Federal Oil and Gas Law must be approved, so that it enjoys the support of the main components of the political process, and its approval after absorbing its objectives in the first legal chapter of the next parliament session, (note that the current model was sent to Parliament in 2014 subject to reading The first and disregarding it due to the lack of consensus around it), and this law would lead the effectiveness of advancement, higher performance and the desired improvement.
Second / Restructuring the Ministry of Oil: The issue of restructuring and reorganizing the Ministry of Oil has become not an administrative option but rather a mandatory necessity in the procedures and decisions to develop the energy sector, so that the work of the ministry and its formations are divided into the following seven tasks:Supervising the plans of operating companies, drawing up and following up strategies for plans and oil production, supervising production and exporting oil operations and investing gas and refineries.
Specializations and houses of experience and work to achieve the goal in determining the oil and gas reserves throughout the country, including the Iraqi regional waters.
The ministry must also develop the marketing company and raise its performance, and that the ministry works on ambitious plans to expand in the areas of developing the Iraqi national oil cadre and raise Its performance and capabilities. In the field of foreign relations, it must make a great effort to work on improving performance and developing relations with the countries importing Iraqi oil and the need to communicate with them and create relations of understanding and long-term partnership.
Visions And Ideas Proposed In The Strategy Accelerated In 2025
aimed at promoting the development path and development of the Iraqi oil sector, which has become a dire need for them to contribute to stop the deterioration, backwardness and corruption, I put below the outline of my vision in the development of the sector within the accelerated plan targeted for the year 2025.
First : The Crude Oil Sector
is Development in it in several ways, including achieving a production rate of (5.7) million barrels / day, producing and exporting three types of oils, light, medium and heavy, developing all discovered and confirmed oil fields throughout Iraq, and it must include mechanisms and methods for developing those fields , It should also contribute to building major infrastructure in the relevant governorates, developing Kirkuk fields to reach a production capacity of (1) million barrels / day, as well as conducting a comprehensive review of licensing rounds contracts, with a focus on the issue of the need to include Iraqi national companies in investment, technical and administrative participation.
Second: The Gas Sector
The gas sector is a full investment of gas associated with oil with a time limit not exceeding 2022, as well as investing free gas fields in the center and north during a period not exceeding 2023, as well as achieving the goal of placing Iraq globally in the third or fourth place in the production and export of gas.
Third: The Refining Sector
It is necessary to achieve a filtering capacity of (2) million barrels/day, of which (1) barrels/day are for export purposes through national effort and investment, modernizing the current refining facilities, reviewing production mechanisms and products, structuring the sector, and raising the Dora refinery and transforming it into a site. Another in the outskirts of Baghdad, as well as the establishment of internal transmission and distribution networks that extend over areas throughout the country.
Fourth: Petrochemical Industries
It is absolutely necessary for a country like Iraq to take exceptional and quick executive measures in the development of this important industry, and to entrust the petrochemical industry project to the Ministry of Oil instead of the Ministry of Industry, due to the great connection of that industry with the joints of the oil and gas industry.
Fifth: The Exploration Sector
must be developed, supported and revitalized through the national effort and partnership with reputable international companies, and to achieve significant additions to the current oil reserves and to set the goal to reach the number (200) billion barrels, and to achieve great additions in the free gas reserves and to reach double the current ceiling, And the implementation of exploration operations in the Iraqi territorial waters.
Sixth: The Distribution Sector A
comprehensive review of the structure and work of the sector, the modernization of management mechanisms and facilities, and the expansion of partnership with the private sector, must be undertaken.
Seventh: The Manufacturing Sector
Advance and develop the sector, modernize manufacturing mechanisms, introduce new and advanced technology, and advance this sector within specific plans and time limits so that this sector can meet the needs of the sector and others with a percentage of no less than 50% of the total needs of reservoirs, equipment, pipes and valves, and within the visions of 2025.
Eighth: The Marketing Sector
from It is very important to promote the development and modernization of the work of the marketing sector so that it is in line with the variables of global markets, the challenges of speculation, and the fluctuation of crude oil and product prices, through the creation of a new, advanced, capable and experienced generation, and the real endeavor to find diverse and multiple markets for crude oil and petroleum products.
Ninth: Crude Oil And Products Transportation Sector
The tanker company must be promoted and developed, the company must own a large transport fleet to transport Iraqi oil through its own resources or enter into partnerships, enable the company to work in the high oceans and set up tanks or giant oil tankers on the high seas for marketing in an ON SOOT manner. High financial returns.
Tenth: The Main Infrastructure
The project to inject water into oil reservoirs (sea water) is a very important project with a delay of more than ten years, expanding and developing export ports in the south to reach a capacity of (6) million barrels / day, as well as rehabilitating export systems and networks on the sea The Mediterranean, whether through Turkey or Syria or both, and the establishment of a network and pipelines systems for transporting oil products to cover the whole of Iraq and reducing dependence on land transport, building and expanding oil storage depots in Faw to reach a capacity of (25) million barrels and more.
Eleven: Engaging The Role Of The Private Sector
In advancing the path of developing the energy sector, the state must take into account the issue of partnership between the government oil sector and the private sector that contributes investment capital and participates in agreed projects.
Facing Challenges In The Field Of Energy
During the past three years, many challenges emerged as a result of environmental protection laws and the growing and necessities of reducing carbon emissions and environmental pollution, which called for the issuance of international laws that affected the energy industry in general. clean energy, and allocating knowledge branches and research centers for this path.
Elements And Ways Of Maximizing Resources
in order to maximize financial resources without having to sell oil by way of (advance reservation) to be approved and promoted due to financial hardship:
The First Field: maximizing the export of petroleum products, including black oil and naphtha, and engaging the private sector (local and foreign) in activating this area that brings high revenues, and replacing as much as possible the use of this type in power stations and replacing it with crude oil, and reducing the quantities of oxidation plants by seeking to convert plants Bricks and others to gas as fuel and according to the plan that was developed in 2017 instead of black oil to benefit from it in exporting and providing hard currency, and increasing the export capacity of the Qitarah field and considering it black oil by increasing the rates of exporting (naphtha) important in the oil industry and involving the local and foreign private sector in export operations This article, bearing in mind that the export rates and quantities of these products are not subject to the limitations and agreement of (OPEC) specialization.
The Second Area: Reducing Iraq’s import of petroleum products, as it is illogical and economical in a world oil-producing country that resorts to importing, and this is achieved by increasing the contribution of the private sector and involving it with specific scientific controls in the production of improved gasoline, while establishing foundations and standards to ensure the profits of the ministries of oil and finance, and reducing Relying on imported gas oil in power stations and using crude oil instead, as well as implementing an urgent and quick plan to invest in gas through a plan to lease treatment plants and facilities, and an accelerated action plan must be adopted to increase and develop oil products in operating refineries, such as fat derivatives and others that drain Big money by virtue of daily use and consumption need. *Former Oil Minister
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The Rise In Global Oil Prices Today By Several Cents
Tuesday 21 December 2021 10:07 | economic Number of readings: 347
Baghdad / NINA / – International oil prices recorded today, Tuesday, a rise of several cents, despite fears of an increase in new infections of the Corona virus, which may affect global demand.
Brent crude futures rose 9 cents to $71.61 a barrel, while US West Texas Intermediate crude futures rose 23 cents to $68.84 a barrel./End 3 https://ninanews.com/Website/News/Details?key=945998
A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:24 – 21/12/2021 Baghdad – Mawazine News The dollar exchange rates recorded, on Tuesday, a slight decline in the main stock exchange and local markets in the capital, Baghdad.
The dollar exchange rate fell on the Central Kifah Stock Exchange in Baghdad today, recording 147,750 dinars, for each $100 bill.
And the prices of buying and selling dollars in exchange companies and local markets in Baghdad stabilized, as the selling price reached 148,250 dinars, for each paper denomination of 100 dollars, while the purchase prices amounted to 147,250 dinars for each paper denomination of 100 dollars.
Finnish Contribution To A UN Program To Restore Stability To The Liberated Areas Of Iraq
The United Nations Development Program in Iraq has welcomed an additional contribution of 1.5 million euros from the Government of Finland to its flagship programme, the Stabilization Program for Liberated Areas.
A statement of the program stated: This important support will enhance the ongoing efforts to achieve stability in the five governorates liberated from ISIS, indicating that since 2015 the Stabilization Program for the liberated areas has provided support to 3,000 projects.
The statement quoted the Resident Representative of the United Nations Development Program in Iraq, Zina Ali Ahmed, as saying that urgent stabilization needs exist as there are still more than one million internally displaced people, including the population whose return is the most difficult.
It is estimated that the projects of the stabilization program for the liberated areas provided benefit to more than 6 million individuals in the targeted areas, and the benefit extended to cover 17.5 million people as well, mostly in Nineveh and Salah al-Din, and in sectors such as electricity, health and water.
An Economic Expert To / NINA /: The Weakness Of Successive Governments In The Water File Requires Urgent UN Intervention To Ensure Iraq’s Water Share
Monday 20 December 2021 20:16 | General Number of readings: 688
Baghdad / NINA / – The economic expert, Abdul Hassan Al-Shammari, confirmed that the weakness of successive governments in dealing with the water file has brought matters to an extent that cannot be tolerated and will lead to a future environmental disaster.
In a statement to the National Iraqi News Agency ( NINA ), he called for urgent UN intervention to ensure Iraq’s water share from the two rivers’ sources in Turkey and tributaries from Iran.
Al-Shammari added: It seems that the two neighboring countries did not pay attention to Iraq’s claims to them for its water share from the two rivers and tributaries in light of the lack of strength of the Iraqi position in dealing with this vital file.
He explained that: Instead of helping Iraq with its conditions, we see that the two countries are competing in their water and irrigation projects, ignoring the obvious harm these projects cause to Iraq and its people.
Al-Shammari stressed that: the only solution is to raise the matter to the United Nations and the UN Security Council to issue a binding resolution for the two countries to guarantee Iraq’s share and not to take this file as a means of pressure on it for their own goals far from good neighborly relations / End 3
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Source: Dinar Recaps
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