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Tishwash:
Al-Sudani, congratulating on the National Day: We were keen to protect Iraq and preserve its sovereignty.
Prime Minister Mohammed Shia al-Sudani, today, Friday, on the National Day, while stressing the keenness to preserve Iraq and maintain its sovereignty.
Al-Sudani said in a statement, “Our most sincere congratulations and best wishes are extended to all Iraqis on the occasion of “Iraqi National Day”, which falls on October 3 of each year, on the 93rd anniversary of our country’s membership in the highest international body recognized by all countries and peoples of the world.”
He added, “This day embodies the entity of the modern Iraqi state, and all that its contemporary existence carries in terms of historical, civilizational and cultural meanings, for our beloved Iraq, and for our noble people with all their fraternal spectra, and with all their deep historical reach and what they have offered to humanity in its journey towards civilization, that journey that began in the land between the two rivers.”
He continued, “Throughout their modern history, Iraqis have faced many challenges and struggles, whether during the early days of the founding of the present Iraqi state or during their fight against dictatorship. Along the way, they have offered hundreds of thousands of martyrs so that Iraq may gain its independence and achieve its full sovereignty.”
He explained, “Since we assumed our executive duties as head of the government, we have been keen to safeguard Iraq and its constitution, preserve its sovereignty, protect its wealth, and achieve prosperity and economic strength for our people.
We have also worked diligently and sincerely to ensure that Iraq comes first in our endeavors and efforts, and that it takes the place it deserves regionally and internationally.” (LINK)
Mastercard: Technical glitch suspends money transfers for citizens in Iraq
An Iraqi banking source reported on Thursday that a technical glitch in the MasterCard network has caused the suspension of financial transfers to citizens using the network’s cards, affecting millions of dinars in transfers.
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The source explained to Shafaq News Agency that the glitch occurred suddenly, leading to the suspension of financial transactions and the suspension of all funds transferred at the time of the problem. He confirmed that the relevant authorities are working to fix the system.
The source assured citizens that the funds would be returned to their owners or transferred to the holding entity within 24 hours of the technical glitch being fixed. (LINK)
Washington supports the Baghdad-Erbil oil agreement to curb oil smuggling and enhance investment stability.
Economic expert Nabil Al-Marsoumi said on Friday that Washington’s support for the Baghdad-Erbil oil agreement contributes to reducing oil smuggling and enhancing investment stability in Iraq.
Al-Marsoumi explained in a Facebook post monitored by (IQ): “Why does Washington support the oil agreement between Baghdad and Erbil? With the Turkish pipeline closed since March 2023, some oil has been transported to Iran and Turkey via trucks while they search for alternative markets. Resuming exports from Kurdistan also helps offset a potential decline in Iranian oil exports, which Washington has said it will reduce to zero as part of President Trump’s maximum pressure policy against Iran.”
He added, “Limiting the smuggling of Iraqi oil to Türkiye and Iran serves the economic interests of American oil companies investing in Kurdistan.”
Al-Marsoumi continued: “The agreement will contribute to creating a more stable investment environment across Iraq for American companies, and will maintain low oil prices, which will help control inflation levels in the United States. (LINK)
US investments accelerate in Iraq… Akkas field a strategic opportunity to boost energy
Us Iraq seeks to contain the economic repercussions of European sanctions on Iran, the investment in the Akkas gas field in Anbar province is emerging as a strategic opportunity to reshape the energy landscape in the west of the country.
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A full year after signing an investment contract with a U*******n company that had not yet begun any field work, the Ministry of Oil decided to open the door to international companies, signing a new contract with the American company Schlumberger to develop the field, whose reserves are estimated at approximately 5.6 trillion cubic feet of natural gas.
This move comes at a time when American companies are rushing to strengthen their presence in the Iraqi market, reflecting significant shifts in energy investment trends and shaping international competition over the country’s strategic resources.
In an interview with Al-Alam Al-Jadeed, parliamentary Electricity and Energy Committee member Dahel Al-Hamidi said, “The American moves to invest in Anbar’s oil and gas fields represent a significant turning point in Iraq’s energy policy.”
He added, “This step is not limited to being an oil project alone, but rather a message that the investment environment in Iraq has become more stable,” noting that “the challenges resulting from sanctions on Iran and the recent snapback mechanism require Iraq to move quickly to invest its national resources to reduce dependence on foreign imports and ensure sovereign balance in the energy sector.”
The company has already begun drilling and preparation work, with a production plan targeting a capacity increase to 100 million cubic feet per day by adding 60 million cubic feet allocated to feed the Anbar Combined Cycle Power Plant, with future plans to reach 400 million cubic feet per day in subsequent phases. Meanwhile, the Iraq Investment Forum, held in Baghdad on September 27-28, confirmed that other American companies have begun practical steps towards investing in oil and gas fields.
The Akkas field is the second-largest gas field in the Middle East, and if properly developed, it could provide more than 10,000 job opportunities in its first phase, in addition to generating revenue for Anbar Province and the country.
This comes at a critical moment for Baghdad with the implementation of new international sanctions on Iran. These measures present it with a difficult balance between its obligations to the international community and its urgent need for the Iranian market. Experts have warned of disruptions to supply chains, rising prices, and worsening currency smuggling, noting that the greatest challenge facing Iraq will be maintaining a delicate balance in its relations with Iran without slipping into a confrontation with the international community.
In April 2024, Iraq signed an investment contract for the Akkas gas field with a U*******n company. The contract stipulates that the field will produce 100 MMcf/day in the first year, increasing production to 400 MMcf/day within four years, which is sufficient to cover 35% of the Iranian gas Iraq imports. (LINK)
Source: Dinar Recaps
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