Fri. PM TNT News Articles from Iraq 8-11-23




A Chinese company wins a $194 million drilling contract in Iraq

A subsidiary of China National Petroleum Corporation (CNPC) said it had won an engineering, construction and procurement contract worth 1.4 billion yuan ($194 million) to drill wells in the Rumaila oil field in Iraq.

This is the largest overseas contract it has received in the past five years, Daqing Drilling Engineering said in a statement via its official WeChat account.

The statement did not mention the number of wells that the company will drill under the contract.

Daqing began drilling wells in the Rumaila field in 2010, shortly after CNBC and British BP signed a 20-year service contract with Baghdad to develop the giant oil field.

A government oil official said last November that Iraq intends to increase its oil production capacity to about seven million barrels per day in 2027, with the main increases coming from the Rumaila and West Qurna-2 fields.  link

America and Iran reach an agreement to exchange prisoners and release frozen funds




The New York Times reported that the United States and Iran have reached an agreement on the exchange of prisoners, according to which Tehran will receive $6 billion of its frozen funds to be used for humanitarian purposes.

The newspaper reported that the United States and Iran reached an agreement to secure the release of five American prisoners in exchange for several imprisoned Iranians and to unfreeze nearly $6 billion in Iranian oil revenues.

She added that, as a first step in implementing the agreement, Tehran had released people with dual US and Iranian nationalities who had previously been accused of espionage and are currently under house arrest.

And the “AFP” agency reported that this development comes after quiet and painstaking diplomatic efforts between the two countries, which are believed to include the release of $6 billion of Iranian funds frozen in South Korea.  link’

US Dollar Loses Ground Against Iraqi Dinar in Baghdad and Erbil Markets – Shafaq News (8/10/23)

Shafaq News/ The US dollar declined in its exchange rates against the Iraqi dinar on Thursday, marking a noticeable drop in Baghdad and Erbil markets 

According to a report by Shafaq News agency, the two central stock exchanges, Al-Kifah and Al-Harithiya, in Baghdad, registered a morning exchange rate of 152,000 Iraqi dinars for every 100 US dollars. This represents a reduction from the previous day’s rates, as Wednesday’s figures had reached 153,100 dinars per 100 dollars.




Meanwhile, the exchange shops in the local markets of Baghdad also witnessed a downward trend in dollar prices. The selling price in these markets reached 153,000 dinars for every 100 dollars, while the purchase price was recorded at 151,000 dinars for the same amount.

In Erbil, the capital of the Kurdistan Region, the local stock market reported decreased rates. The selling price for the US dollar in Erbil reached 152,200 dinars per 100 dollars, with the purchase price at 152,100 dinars for the same quantity.

Source: Dinar Recaps


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