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KTFA
Clare » September 10th, 2023
Touches 100 dollars. Economist expects oil prices to continue to rise
Oil expert Hamza Al-Jawahiri confirmed that the decision of Saudi Arabia and Russia to extend the oil production cut for three months will keep oil prices high until the end of this year, expecting the price of a barrel to reach $ 100 during the remainder of 2023.
Al-Jawahiri said in a press interview seen by “Taqaddam” that “the decision of Saudi Arabia and Russia to extend the oil production cut for three months will lead to a deficit in the treasury, which is reflected in raising oil prices in the global market during that period.”
“The decision to extend production cuts will keep oil prices high until the end of 2023,” he said.
Russia and Saudi Arabia recently announced the extension of the voluntary daily oil production and export cuts until the end of 2023. LINK
Iraq stock market. The last place to trade “fils” and its “black” market defraud the price of the dollar
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2023-09-09 | 21:11
Economists said that the Iraq Stock Exchange relies on the shares of leading companies such as the Babel Hotel and Pepsi, while most other offered institutions sell their shares at a low price less than a dinar, so that the value is recorded in “fils”, a currency that has not been in circulation for many years.
Duraid Al-Enezi – Securities expert for Network 964:
The stock market in Iraq is emerging but is active.
– The market was established in the time of the former regime, but it was established with small amounts of money because Iraq was going through an economic blockade.
After 2003, the market witnessed a reactivation as it shifted from a centralized system to a market and stock system.
– The stock market suffers because it does not contain sufficient industrial and agricultural companies and depends on trade, banks and some hotels.
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– The prices of the leading shares (the most popular), do not exceed 10 dinars per share, while the majority of shares are sold at “fils”.
– The market suffers from multiple problems, for example, if the manager of a joint stock company rehabilitates the company or even buys a car for the company, these expenses are deducted from the dividends of its shareholders.
– The market also suffers from limited profitability compared to stock exchanges in the countries of the region, which rely on a solid economic strategy and work in various fields.
Another controversial issue is that companies these days are not officially selling their shares, but rely on a recently emerging black market. Official direct selling is based on the official exchange rate, while the black market sells shares at the dinar rate traded in exchanges.
The issue of the dollar and its price fluctuations have significant effects on the stock market as the sudden decision to devalue the dollar by the government inflicted millions of dollars in losses on the stock exchange.
Bassem Antoine, an economist for Network 964:
– The stock market in Iraq needs significant development at the level of management and heads of companies that offer shares on the stock exchange.
– The fluctuation of the price of shares includes many companies participating in the stock exchange as some shares are sold for 150 fils.
There are more than 120 companies that offer shares on a daily basis for sale on the stock market.
Government support for this market is weak, although a boom in the market can have significant positive effects on the country’s economic reality.
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– There are a few companies that maintain their market value, such as the Babylon Hotel and Pepsi, and this came against the background of the economic management of these companies.
– The fluctuation of dollar prices has significant negative effects on the market as it devalues the dinar and thus the value of companies’ shares declines. LINK
Source: Dinar Recaps
Clare » September 10th, 2023
To end the dispute between the region and Baghdad. Parliament intends to legislate the oil and gas law in its current session
Time : 2023/09/10 13:09:44
{Political: Euphrates News} Member of the House of Representatives Zainab Al-Khazraji confirmed the determination of the House of Representatives to approve the oil and gas law during the current session to end all differences between Baghdad and the region.
Al-Khazraji said in a statement drawn by {Euphrates News}, that “the adoption of the oil and gas law will end all the differences that exist between Baghdad and the region, which have been pending for years.”
He added, “Among the important laws that the House of Representatives intends to approve is the oil and gas law, which has been suspended since 2005,” indicating that “its approval will contribute to preserving the fair distribution of wealth throughout Iraq. LINK
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“Black gold mafias” in Iraq…holes that generate billions of dollars in the pockets of influential parties – Urgent
Today, Sunday (September 10, 2023), oil affairs specialist Ghanem Hassan revealed the truth about the existence of crude oil “mafias” in Iraq.
Hassan told “Baghdad Today”, “Crude oil mafias exist in the country, especially the southern governorates, and they are basically arms of powerful parties that steal oil by bypassing the main pipelines, but they are not able to drill any well and steal crude oil because the well-drilling mechanism is complex and requires huge resources.” It can only be provided through the Ministry of Oil and international investment companies.”
He added, “The theft of oil takes place in the remote areas through which crude oil pipelines pass and is monitored from time to time,” pointing out that “the Ministry of Interior dismantled, months ago, the largest network in the history of Iraq for stealing and smuggling oil in which senior officers were involved,” noting that “The network revealed many secrets.”
He continued: “There are wells in northern Iraq being drilled by specialized companies, and oil is being smuggled away from the Iraqi Marketing Company (SOMO), and there are important parties involved in this act and they are monitored and known by those concerned.”
He pointed out that “Iraq’s problem is smuggling, which represents a huge waste of the country’s wealth, as it is sold for up to 40% less than its real price, and the money goes into the pockets of corrupt people, mafias, and the economic arms of certain parties.”
Black gold mafia
Observers indicate that due to the weakness of government oversight and the difference in fuel prices between the provinces of the region compared to other provinces and neighboring countries, oil smuggling operations are carried out by creating holes in the main transport pipelines by connecting high-pressure pipes to withdraw and smuggle the oil .
Prime Minister Muhammad Shiaa Al-Sudani announced on November 2, 2022, “the dismantling of the largest oil smuggling network in Basra Governorate, at a time when the National Security Service revealed the involvement of senior officers and employees, directors in the Energy Police and a number of associates in Basra Governorate, and the confiscation of 49 tanks.” With wheels prepared for smuggling, 93 dens and 496 tanks violating controls were found, in addition to the closure of 11 stations violating controls as well, while the smuggled quantities were estimated at 75 million barrels per month.
By calculating the minimum return on sales from the smuggling network. If the value of one barrel is estimated at $50, the revenues generated from selling 75 million barrels would be approximately four billion dollars per month.
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The revelation of the dismantling of a number of oil derivatives smuggling networks opens the door to the file of the “black gold mafia,” which has spread in the country under the auspices of a number of senior officials and police commanders, causing severe damage to the Iraqi economy and negatively impacting the livelihood of citizens link
Iraq announces that its oil reserves have risen to nearly 6 billion barrels
2023-09-10 01:40
Iraqi Oil Minister Hayyan Abdul Ghani stressed on Sunday the need for the country to stop importing gas by investing in projects in this field, revealing that Iraq’s oil reserves have risen to 6 billion barrels.
This came in a speech delivered during the launch of the activities of the first Iraq Conference and Exhibition for Oil Projects and licensing rounds in the field of oil and gas, which lasts 3 days in the capital, Baghdad.
Abdul Ghani said in his speech, which was attended by the correspondent of the Shafaq News Agency, that in dedication to the leading role of the Ministry of Oil in providing the necessary and basic resources to finance the Iraqi state budget, and supporting these resources with strategic projects that double the financial return and provide various opportunities in all sectors
This vital ministry has gone to sponsor and support exhibitions and conferences that are in the interest of the Iraqi economy, and the establishment of these exhibitions to promote the necessary economic projects to support the national economy and provide large financial resources to support the state budget Iraqis directly and indirectly and provide areas for the development of local industry in the field of oil, petrochemicals, refineries and other necessary projects.
He added that “this ministry has gone to create opportunities to develop the national economy and invest the natural resources available in all Iraq, and the ministry took the distribution of production from all provinces of Iraq because of these resources of direct reflection on the economic and cultural reality of all cities of Iraq.”
Abdul Ghani also pointed out that “wherever oil and gas is, the local economy will develop and the ministry hopes that specialized international companies will participate in these promising tours and contribute to gas investment projects and maximize your production to reach self-sufficiency of this vital material and export the surplus abroad.”
He pointed out that the Ministry of Oil will be supportive of all companies for the success of the tours by facilitating the necessary procedures for the work of these companies in the provinces of Iraq concerned with these fields and exploratory patches.
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The Minister of Oil went on to say, “We in Iraq have made great strides to promote areas of investment in the oil sector through petroleum licensing rounds, starting from the first round to the fifth round, whose contracts were signed with the beginning of the formation of this government.”
He revealed the increase in the national reserves of oil and gas by six billion barrels of oil, and gas reserves by 32 billion standard cubic feet of gas, adding: We can proudly display the progress made by the Ministry of Oil during the year of the life of this government, a contract has been signed to develop the Aredo oil field with a production capacity of 250 thousand barrels per day, and the completion and operation of the strategic Karbala refinery with a capacity of 140 thousand barrels per day, which is now in the final stages of the final trial operation where it works This refinery is under the international specifications “Euro Five”, and it is considered one of the environmentally friendly refineries. LINK
In a month. The Iraqi Stock Exchange trades 67 billion shares worth 39 billion dinars
2023-09-10 03:40
Shafaq News / Iraq Stock Exchange announced on Sunday the trading of 67 billion shares with a financial value of more than 39 billion dinars during the month of August.
The market said in a report seen by Shafaq News Agency, that “the number of companies traded shares during August amounted to 72 joint stock companies, out of 103 companies, while the shares of 26 companies were not traded due to the difference in prices offered from those required by investors, while 5 companies continue to stop for not submitting disclosure.”
He added that “the number of traded shares amounted to 67 billion and 578 million and 9 thousand shares with a financial value of 39 billion and 455 million dinars through the implementation of 22983,60 transactions,” noting that “the index of traded prices ISX809 closed at 15 points, recording an increase of <>% from the opening of the market.”
He pointed out that “the number of shares purchased from non-Iraqi investors for the month of August amounted to 1.522 billion shares with a financial value of 3.582 billion dinars through the trading of 17 joint stock companies, while the number of shares sold by non-Iraqi investors reached 742 million shares with a financial value of 1.582 billion dinars through the trading of 17 joint stock companies.”
It is noteworthy that the Iraq Stock Exchange organizes five trading sessions a week from Sunday to Thursday, and listed 103 Iraqi joint stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism and hotels. LINK
Erdogan announces a major trade corridor linking Turkey with Iraq, Saudi Arabia and the UAE
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Turkish President Recep Tayyip Erdogan has announced a major trade corridor project linking Turkey with Saudi Arabia and the United Arab Emirates via Iraq.
Erdogan said in a press statement today at the end of the G20 summit meetings in the Indian capital, New Delhi, that Turkey is discussing with Saudi Arabia, the UAE, and Iraq in order to establish this trade corridor, which is a global trade artery that enhances economic and trade ties between various countries of the world.
Erdogan pointed out that the trade corridor will start from Saudi Arabia and the United Arab Emirates, then Basra and through Iraqi territory to Turkey, and that this project aims to enhance trade exchange between countries and facilitate the movement of goods and commodities between them.
Erdogan expressed his desire to take rapid and important steps in the implementation of this project during the coming period because of its importance, as it is expected that the trade corridor will have a significant impact on strengthening the economy and strengthening bilateral relations between the three countries, and it is expected that this new project will inject life into the transport, shipping and trade sectors in that region.
He explained that this project will improve maritime and land trade, facilitate and accelerate transport and shipping operations, which contributes to strengthening economic and trade ties between countries and this corridor will have a positive impact on the development of transport and trade zones across key regions in the Middle East. LINK
Source: Dinar Recaps
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