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Clare » December 22nd, 2022
Al-Sudani: Inflating currency selling prices aims to remove the dollar from the country
December 19, 2022
Baghdad / Obelisk: Prime Minister Muhammad Sayaa al-Sudani said, on Monday 19/12/2022, that the price inflation operations in the currency sale window aim to remove the dollar from the country, indicating that transfers to f--e companies were rejected and there are exaggerated prices in the currency sale window.
The Obelisk publishes clips of Al-Sudani’s words during a press conference:
– There is a clear increase in the exchange rates of the dollar
Transfers to fictitious companies were rejected, and there are exaggerated prices in the currency sale window
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– Inflating prices in the currency sale window, aimed at removing the dollar from the country
The government was and still is monitoring the policy of the central bank to ensure market stability
We assure everyone that the government has control over food prices and securing the ration card items
We asked the central bank to take quick steps to compensate for the dollar shortage in the markets
The Central Bank took measures related to diversifying foreign transfers to cover imports
The financial situation is at its best, and the reserves of the Central Bank have risen to $96 billion
We dismantled a large number of oil smuggling networks in Baghdad, Basra, Diyala and Kirkuk
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We confiscated more than 1.7 million liters of smuggled oil derivatives and 66,000 tankers
There is a network of members of the security services that protected and facilitated the passage of tanks intended for smuggling
We arrested 18 members of this network
Previously, two million liters of derivatives were smuggled daily in Diyala and five million in Basra
The government continues to investigate the file of tax secretariat theft
We opened 42 schools in Baghdad, most of which were caravanserais
192 projects have been launched in 3 governorates within the emergency support allocations
These projects are out of 2932 projects in various service sectors
The security breach in Kirkuk comes after major victories for the security services in the past period
The Air Force launched strikes that resulted in the k-----g of several leaders of the t-------t I--S
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There is a plan to improve the ration card and direct it to the beneficiaries, especially the social protection category
Authorizing the service and engineering effort to carry out infrastructure works for residential areas in Baghdad and the provinces
Completion of the fifth phase of the Basra refinery project for catalyst cracking
– We decided to exclude the Iraqi Drilling Company from the instructions for executing contracts
There will be no settlement of the c-----t at the expense of public money
The government is keen to support the judiciary in anti-c--------n measures
Installing free lecturers in all governorates will be completed next week LINK
Fitch affirms Iraq at “b-” with a stable outlook
2022-12-22
Shafaq News/ Fitch Ratings confirmed Iraq’s default rating at “B-” with a future outlook.
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In a report seen by Shafaq News agency, the agency said that Iraq’s classification “B-” reflects its high dependence on commodities, weak management, political risks, and an undeveloped banking sector, balanced with high foreign currency reserves and low interest costs on government debt.
He added that high oil prices improved many credit measures in Iraq in 2022, but the absence of structural, economic or financial reforms and the persistence of political risks restrict the rating.
He pointed out that the main weaknesses of political risks: local and regional political risks and weak governance will continue to restrict the rating, pointing out that the consistently low scores for Iraq reflect through governance indicators political instability, c--------n, government ineffectiveness, weak institutions and insecurity (although the bulk of the facilities Oil production and export is located far from the areas that posed the highest security risks).
He pointed out that the budget surplus will swell to about 10% of GDP in 2022, driven by higher oil revenues, while political instability and the absence of a budget restricted spending growth to some extent, indicating that oil production grew by 12%, in line with The OPEC+ production agreements have pushed real GDP nearly 10%, while nominal GDP likely grew by 36%, pushing the economy above levels reached in 2013-14 (although not per capita, in terms of strong population growth).
And the agency expected that the budget surplus will shrink, as it will be a much smaller surplus in 2023 at 2.2% of GDP. In the event that we assume an increase in spending by at least 10%, to reach 135 trillion Iraqi dinars, and that oil revenues will be moderate, as it amounts to Brent crude price will average $85 per barrel versus $100 per barrel in 2022.
He pointed out that the Ministry of Finance is currently preparing a draft 2023 budget to send to parliament, but it is unlikely that the 2023 budget will include financial reforms as outlined in a white paper in October 2020.
The agency projected a budget deficit in 2024 of about 3% of GDP, assuming an average Brent crude price of $65 per barrel, which despite some uptick in production would lead to a nominal decline in government spending (to $128). One trillion Iraqi dinars, according to our assumptions). LINK
Henig » December 22nd, 2022
Economic consultant: The drop in the oil price not worrisome in light of the cumulative fiscal surplus
Baghdad / NINA / – The consultant in economic development and investment, Amer Al-Jawahiri, confirmed: “The drop in the oil price is not worrisome, in light of the cumulative financial surplus.”
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Al-Jawahiri said in a statement to the National Iraqi News Agency (NINA): “The price of oil affects the price of a barrel decided in the budget. If the price of a barrel of oil falls, this will certainly affect the budget. “
Al-Jawahiry explained: “This is over the course of expectations and not over the course of the current days. The geopolitical expectations give indications to those responsible for the economic file by setting a normal price less than the predicted one in the budget. This matter does not worry, and it is extremely small in as it does not affect what we want to do in terms of financial, economic building and reconstruction.
He added: “There is a cyclical financial surplus, accumulated in the current year, which addresses the expected deficit.” LINK
Oil prices rise by more than 2% and approaching $82 a barrel
Baghdad / NINA / – Today, oil prices increased by more than 2%, and approached 82 dollars per barrel.
Brent crude futures reached $81.82 a barrel, up by more than 2.3%, while US crude hit $77.77 a barrel, up by 2.11%. LINK
Al-Sudani: The Baghdad Summit in Jordan affirmed Iraq’s pivotal role in the region and the world
Baghdad / NINA / – Prime Minister Muhammad Shia’a Al-Sudani said: “The Baghdad Conference 2 Summit, hosted by sisterly Jordan, affirmed Iraq’s pivotal role in the region and the world, and it will be a starting point for economic development and serious partnership, the basis of which is Baghdad of peace.”
Al-Sudani added in a tweet on Twitter: “Thank you to all the countries participating in the summit, and we will continue to work with brothers and friends to achieve our economic and development goals in service of our honorable people.” LINK
26 Oil smuggling suspects arrested, 80% inspecting teams are replaced
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INA – BAGHDAD
Energy Police Directorate of the Ministry of the Interior announced on Wednesday, the arrest of 26 suspects involved in smuggling operations of oil derivatives, as it revealed the replacement of 80% of the employees assigned to inspect tankers.
“The Directorate carried out in the last 21 days a series of qualitative operations against the smuggling of oil derivatives, during which 6 of them containing 17 tanks were seized and 26 a-----d were arrested,” said the Director General of the Energy Police, Major General Dhafir Nadhmi, to Al-Iraqiya News TV, followed up by the Iraqi News Agency – INA.
He added, “The Directorate is currently carrying out operations in Basra against violators of oil taboos. All operations are carried out in coordination between the Energy Police, the Federal Intelligence Directorate and the National Security Agency.”
“In the recent operations, 18 suspects belonging to the security services were also arrested, between an officer and a member. There are still 14 others on the run, and arrest warrants have been issued against them, as the work is ongoing to reach, arrest and investigate them in addition to the matter jointly between the Ministry of Interior and the National Security Agency,” he explained.
Nadhmi pointed out that “there is a coordination center with the KRG to follow up on the file of derivatives smuggling, based in the Ministry of Interior in Baghdad, in which information is exchanged and operations are carried out in coordination between the two parties,” adding, “the tanks used in smuggling take unpaved streets, and this does not prevent them from being tracked and pursued. There are also tanks whose owners coordinate with c-----t members of the security services on the main roads.”
“In light of this, 80% of the ones on the main roads who were carrying out the task of inspecting the tanks were replaced. It is the fact that c--------n is the main reason behind the smuggling operations,” he added.
In regard to the reason that made Basra and Diyala at the forefront of the provinces from which the derivatives tanks are launched with the aim of smuggling, Nadhmi commented, “Basra is the first oil province in Iraq with Diyala, the procedures were weak in them, and also most of the fields and facilities in Diyala were exposed to the control of t-------t gangs, previously.” LINK
Source: Dinar Recaps
[Vietnam News]
Henig » December 22nd, 2022
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Herbal medicine industry remains largely underdeveloped
December, 21/2022
The herbal medicine industry remains largely untapped despite Việt Nam’s many favourable conditions, said industry experts and policymakers.
HÀ NỘI — The herbal medicine industry remained largely untapped despite Việt Nam’s many favourable conditions, said industry experts and policymakers.
According to Prof Phạm Vũ Khánh, former head of the traditional medicine department under the Ministry of Health, close to a third of all flora in the country or 4,000 plant species could be used for medicine yet the country still had to import as much as 50,000 tonnes of medicinal herbs every year (80-85 per cent of medicinal herbs used).
For example, 300-400 tonnes of herbs were imported through the Chi Ma International Border Gate in the northern province of Lạng Sơn alone. Imported herbs typically fell under two categories: natural-grown and agriculture-cultivated with the majority being the latter.
Cultivated herbs were often affordable but varying in quality and in many instances, neither safe nor suitable for use in medicine production.
Dr Phan Thúy Hiền, deputy head of the National Institute of Medical Substances, said the underlying causes of Vietnamese medicinal herbs losing on home turf were lack of economies of scale, poor transport infrastructure and labour-intensive production methods, which all contributed to high prices compared to competitors.
Except for a handful number of cooperatives that have successfully implemented working production models, the vast majority of production centres were small in size and lack both the ability and the will to employ rigid quality control. Furthermore, it’s often difficult for local communities to connect with pharmaceutical companies and vice versa.
The Red River Delta traditionally has been a major production centre of medicinal herbs with the Central Highlands in recent years catching up quickly thanks to its suitable soil and experienced farmers.
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According to Prof Lê Văn Truyền, a former health deputy minister, there was a long documented history of traditional medicine in the country. Along with modern medicine, herbal medicine has been playing an important part in the health sector.
Herbal medicine also serves another purpose which is bolstering patients’ health foundation on top of providing key nutrients, according to Prof Trần Văn Ơn, head of the flora study department of the Hanoi University of Pharmacy.
Ơn said it required a concrete and well-coordinated effort by multiple ministries and agencies to help develop the industry.
“We have many policies and lofty objectives yet too few protocols for real studies and practices,” he said.
“Even now we still do not have an official long-term development plan for the industry,” he added.
Ơn said it’s difficult to produce medicinal herbs, even those that are native and strong in Việt Nam if the country continued to rely on imports.
He urged the central government to start the establishment of a supply chain and the implementation of support policies for domestic-grown products. In addition, the Ministry of Health must step up efforts to filter out low-quality herbs and those of dubious origin and invest more in upgrades to traditional medicine centres across the country. VNS LINK
Oil stocks with strong financial health good choices for investors
December, 22/2022
Oil businesses with strong financial health benefitting from the current high oil prices will be the appropriate choices for investors’ portfolio in the current volatile market context.
HÀ NỘI Oil businesses with strong financial health benefitting from the current high oil prices will be the appropriate choices for investors’ portfolios in the current volatile market context.
The stock market ended last week with three increasing sessions and two decreasing sessions. The main movement of the VN-Index in the past week was a struggle, industry groups took turns leading and controlling the index with three prominent names of securities, banking and steel.
In the past month, many oil and gas stocks recorded an increase of more than double digits such as Nam Sông Hậu Oil and Gas Investment Company (NSH) gaining 45.5 per cent, Petrovietnam Transportation Corporation (PVT) rising 46.2 per cent, PetroVietnam Power Land (PVP) climbing 46 per cent and Bình Sơn Refinery (BSR) rising 34.2 per cent.
Positive stock price movements often reflect the sector’s outlook and investor confidence in the businesses.
Mixed performances among oil and gas groups
With the ongoing tensions between Russia and U-----e, the price of Brent crude oil was pushed to a record high since 2008 of $139.13 a barrel in March. Brent oil price cooled down gradually towards the end of 2022 but remained at the highest level in the past eight years, at over $90 per barrel.
Oil and gas enterprises are divided into three types: Upstream (including all activities of prospecting, exploration and exploitation); midstream (transportation, storage and distribution of oil and gas); downstream (converting oil and gas into finished products, delivering to customers). Therefore, the impact of an increase in oil prices on each of these groups is different.
Despite the sharp increase in oil prices in 2022, the upstream group including Vietnam Petroleum Technical Services Corporation (PVS) and PetroVietnam Drilling and Drilling Services Corporation (PVD) recorded poor business results.
PVD recorded a loss of VNĐ51 billion in the third quarter of 2022; thereby increasing the loss in nine months of 2022 to VNĐ201.66 billion. PVS in the third quarter of 2022 recorded a profit of VNĐ193 billion, down nearly 20 per cent compared to the same period last year; PVS’ 9-month profit in 2022 also decreased by 21.2 per cent to VNĐ453.6 billion.
This year is considered a challenging year for the “downstream” group due to the instability of the domestic market. Nghi Sơn oil refinery, the largest oil project in the country, operated below capacity in the first half of this year and the delay in adjusting the costs of the base price of oil has caused many difficulties for distributors, causing a shortage of domestic supply. Therefore, some large distributors have to increase the source of imported goods to ensure petrol for the domestic market in the context of unfavourable developments in the world oil market and high transportation costs.
In Q3, PV Oil (OIL) lost VNĐ373.4 billion; Materials – Petroleum Joint Stock Company (COM) lost VNĐ7.7 billion; Thanh Lễ General Import-Export Trading Corporation (TLP) lost VNĐ168 billion; Nam Sông Hậu Oil and Gas Investment Company (NSH)’s profit was VNĐ762 million, down by nearly 82 per cent, Bình Sơn Refinery (BSR)’s profit was VNĐ455 billion, equivalent to a slight decrease of 3.32 per cent.
In the first nine months of 2022, no “downstream” enterprises recorded a growth in profit over the same period last year, except for BSR, which made a profit of nearly VNĐ13 trillion, nearly three times higher.
The midstream group is much more promising. Besides PetroVietnam Drilling and Well Services Corporation (PVD) with profit down 49 per cent, the rest of the companies all announced good business results, such as PetroVietnam Gas JSC (GAS) earning profit of VNĐ3.09 trillion, up 25.42 per cent; Petrovietnam Transportation Corporation (PVT) collecting VNĐ386 billion, up 152.3 per cent and PetroVietnam Power Land JSC (PVP) earning VNĐ176.3 billion, up 371.4 per cent.
VnDirect Securities Co expects the average brent oil price to reach about $90 per barrel in 2023.
For the upstream group, VnDirect expects the revised Petroleum Law passed in November will be a general legal framework for the oil industry, reducing the overlap between laws in oil and gas activities, helping to create a transparent legal framework for investors and increasing the attractiveness of the investment environment in the oil and gas sector.
As for the midstream, VnDirect sees the demand for oil and gas transportation in the domestic market will gradually increase in the next few years thanks to the operation of Bình Sơn Refinery and Nghi Sơn Refinery at full capacity. Besides, charter rates have recovered to pre-C---D-19 levels since 2022, which is a good sign for oil and gas carriers.
As for the downstream group especially large enterprises, VnDirect expects world oil prices to see more stable movements compared to 2022; Việt Nam’s petrol consumption demand is forecast to reach a compound growth rate of 5.5 per cent in the 2022-2030 period, which is the basis for distribution businesses to grow in the coming years. VNS LINK
Source: Dinar Recaps
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