Sat. AM TNT News Articles 10-29-22



India and China were the most importers of Iraqi oil in September

The Iraqi Oil Marketing Company “SOMO” announced on Saturday that the Indo-Chinese oil companies were the most numerous purchasers of Iraqi oil during the month of September.

And “SOMO” stated in a statistic published on its official website, that “Indian and Chinese companies were the most numerous among other international companies in purchasing Iraqi oil, with 6 companies each out of 36 companies that purchased oil during the month of September.”

She added that “American and South Korean companies came second with 4 companies each, then Italian companies came third with 3 companies, Greek companies came fourth with two companies, while the rest were distributed among Spanish, (Dutch – British), Turkish, Russian, Egyptian, Emirati and Kuwaiti companies. Jordanian, French, Taiwanese and Malaysian, with one company for each of them.”

Somo indicated, that it “relies in selling Iraqi oil on the main criteria for contracting with major, medium, independent and vertically integrated international oil companies,” noting that “the most prominent international companies that bought Iraqi oil are the Indian Hindustan, the Korean Kokaz, the American ExxonMobil and the Dutch-British Shell.” Italian Wayne   link

What is Sadr’s position on the Sudanese government?

Political analyst Ziad Al-Arar revealed the position of the Sadrist movement after granting confidence to the Sudanese government, according to his reading of the political scene in Iraq.


Al-Arar said in a press interview, “The Sadrist movement is supportive of any reform process. The government program for the Sudanese includes good paragraphs, such as establishing early elections and providing a livelihood for the citizen, although we exclude that anything from those promises will be fulfilled because the nature of the government is quotas and its method will not produce anything for the Iraqi scene.”

He added, “The Sadrist movement takes the position of observer of events, situations and the general situation in the country, as does 80% of the Iraqi people. They remain an observer of the course of things. If the political process in it is a turn towards serving the citizen, a certain decision will be taken at the time.”

Al-Arar pointed out that “on the contrary, al-Sadr’s decision is clear not to participate in a political process that includes the same corrupt faces, and with the same mechanisms, considering that” political action and everything depends on the future of events and the reform that will take place in the Iraqi arena from now until it appears what the new government will do. Constitutional oath   link

Economic fairs in Iraq… Investment opportunities or formal events?

Iraq’s interest in holding trade and industrial exhibitions is increasing as the country is heading towards diversifying the economy and revitalizing the private sector, in an attempt to reduce dependence on oil revenues, which cover more than 90% of the country’s general budget.

In an important step towards supporting local industries, the city of Mosul witnessed last September 22 the activities of the industrial exhibition “Our Industry, Our Identity”, with the participation of more than 100 companies and industrial laboratories from the public and private sectors in various industrial fields and from different governorates of Iraq.

Numerous exhibitions


In turn, the Chairman of the Nineveh Chamber of Industry, Muhammad Ali Hazem Al-Mashhadani, says that the exhibition “Our Industry is Our Identity” – which was held by the Nineveh Chamber of Industry in cooperation with the Ministry of Industry and Minerals and other parties – is of great importance, as it is a unique opportunity to meet between Iraqi companies from the public and private sectors, which achieves Dating, exchanging experiences and getting to know local products.

Speaking to Al-Jazeera Net, Al-Mashhadani indicates that the establishment of this exhibition, the first of its kind and size in Iraq, sent a message from Nineveh Governorate (north) to all investors that Mosul has returned to its economic position, which he described as “healthy and its land is fertile for investment.”

The head of the Nineveh Chamber of Industry stresses that these exhibitions and events give strength to investors, and show them the extent of the stability of the security situation, which allows them to explore distinguished investment opportunities in the province, noting that the Chamber is preparing to hold many exhibitions outside Iraq, as well as others internally in various Iraqi governorates. Such as the exhibition that will be organized at the beginning of next November on the grounds of the Baghdad International Fair.

The importance of exhibitions

In the meantime, the management of the Baghdad Investment Authority (a governmental institution) believes that these economic activities represent a real opportunity to attract Arab and foreign investments, attract expertise, and learn about the latest developments in the investment sector, in order to benefit from them in achieving investment goals and achieving economic development that the country seeks to achieve.

In a statement to Al Jazeera Net via e-mail, the authority confirmed that these exhibitions are important in building bridges of economic cooperation and trade exchange with the countries of the world in light of the reconstruction and construction phase that Iraq is currently experiencing, which will have a great impact on the country’s economy in general and the capital, Baghdad in particular.

e beginning of next November, will achieve the results achieved by the previous exhibitions from fruitful cooperation between the authority and investment companies, investors and businessmen who were seriously acquainted with the role of investment in supporting the national economy and its importance in attracting heads of state. funds the country and attracting talents who work outside the country.

The companies that will participate in the Baghdad International Fair vary, according to the Baghdad Investment Authority, which confirmed that the majority of them are leaders in investment activity and in various residential, commercial, educational, industrial and entertainment sectors, considering that these exhibitions are one of the most important means of promotion and one of the doors of technological and cultural development, especially that Iraq currently represents A fertile ground for a variety of investment fields.

The Baghdad Investment Commission concludes its comment by referring to the investment experience in the capital, Baghdad, which it described as the “best” in Iraq despite the security challenges and obstacles, which was translated on the ground in granting the commission many investment licenses for various types of projects

Cosmetic exhibitions


The objectives for which the exhibitions are held vary according to the organizer, which is what the economist Hammam Al-Shamaa points out, adding that among them is the promotion of goods, whether they are consumer or production, in addition to introducing foreign companies to investment opportunities inside the country.

Speaking to Al-Jazeera Net, Al-Shamaa adds that these two goals are not available in Iraq now, attributing this to the fact that the private sector is unable to exploit the investment opportunities offered by the exhibitions, which applies to foreign companies that come to search for real investment opportunities, which means that all Those exhibitions do not go beyond being formal, as he put it.

And not only that, as Al-Shammaa believes that some exhibitions are held for the financial benefit that the organizers receive by renting sites inside the exhibitions to the participating companies, commenting, “When I say that neither of the two goals will be achieved, this does not mean this in whole, as it may be achieved in part, But the problem is that the available investment opportunities, despite their abundance, are not encouraging due to the turbulent security and political conditions.”

any obstacles

The Iraqi investment sector faces many obstacles due to the loss of the most important means of attracting investments represented by news related to the security situation, and the legal facilities provided by the Iraqi government to investors, according to economic expert Salam Sumaisem.

Sumaisem adds to Al Jazeera Net that despite the presence of many opportunities, the spread of bad news about the prevailing bureaucracy, corruption and the deterioration of the security situation all lead to the flight of capital, especially since neighboring countries are witnessing many procedures that attract investment and competition for Iraq.

She points out that the instructions regarding investment are not flexible enough to enable them to keep pace with development in the world, and that these instructions collide with what she described as bureaucracy, which contributes to the growth of corruption and networks that blackmail citizens and investors, stressing that amending the law is not enough, and there is a need to update the instructions and train the supervisory human resources on its implementation.

In light of the presence of the current economic leaders in Iraq, it is not expected that there will be any development of the investment sector, according to Sumaisem, as there is no room for optimism and that the country needs factors and an administrative revolution, which can only be achieved by the presence of people with a mentality that keeps pace with what is happening in the world without Relying on the Iraqi administrative law that has been enacted since the beginning of the last century, according to it.  link

Source: Dinar Recaps



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