Shaping Iraq’s Role in the Global Energy Scene

There can be no doubting Iraq’s oil credentials. It is Opec’s number two oil producer, second only to Saudi Arabia, and holds the world’s fifth-largest proved oil reserves. Production is on the rise, having nearly doubled over the past decade, averaging around 4.5 million barrels per day in 2018.

Almost 90 per cent of the country’s output comes from giant oilfields in the southern part of the country. The remainder is largely pumped from oilfields in the northeast, in the semiautonomous Kurdistan Region of Iraq (KRI), which is under the control of the Kurdistan Regional Government.

This is good news for a country that is heavily dependent on revenues from its oil exports, which, according to the IMF, accounted for almost 90 per cent of total government revenues in 2017. The rise in oil prices, despite recent wobbles in the face of US-China trade tensions, has certainly been a boost to the country’s coffers and provides further impetus for investment in development and infrastructure.

This upwards trajectory is likely to continue as the country seeks to fill the supply gap left by new US sanctions on Iran. Iraq is keen to lift production capacity to 5 million bpd this year, and to 8.5 million bpd in the coming years as it upgrades its infrastructure. The southern oilfields are key to this growth, expected to pump some 6.5 million bpd in the coming years, with the country keen to partner with international oil companies (IOCs) to secure the necessary investment to unlock its vast resource potential.

Iraq’s growing importance as a key player on the world’s energy stage will be discussed at the upcoming CWC two-day event, Iraq Petroleum, which will be held in London on June 27-28 in collaboration with the new Federal Government of Iraq. For the first time, the event is being co-located with the one-day Kirkuk & Mosul Mega-Projects event on June 29, where delegates will be first to hear government plans and investment opportunities to develop the giant oilfields in the newly liberated oil-rich areas of Kirkuk and Mosul.

The three-day event brings together key figures shaping the future of this strategically important country. The Iraqi ministerial delegation will be led by H.E. Thamir Gadbhan, Deputy Prime Minister for Energy & Minister of Oil along with the heads of the Basra Oil Company and North Oil Company, while the international oil industry is well represented, with confirmed speakers including Michael Townshend, Regional President of BP Middle East, Jeffrey T. Levy, President of Chevron Chevron Europe, Eurasia and Middle East E&P, Majid Jafar, CEO of Crescent Petroleum, and Gati Saadi Al-Jebouri, Managing Director of LUKOIL Mid-East Limited.

It’s not just oil that’s creating new investment opportunities for international partners. Oslo-based energy consultancy Rystad Energy forecasts that in terms of resoruces sanctioned for development, gas will overtake oil projects in 2019, with new projects, mainly in the Kurdistan Region, set to triple the country’s gas output from just over 1 billion cubic feet per day in 2017 to 3 billion cf/d in 2022, enabling it to meet growing domestic demand for gas and possibly even launch the country as a gas exporter for the first time. Again, it’s a topic that will be widely covered at CWC’s Iraq Petroleum event, including presentations from Dr Jaafar Oklany, commercial director of Basra Gas Company and Ali H. Khudhier Al-Saady, former director general of South Gas Company, Basra.

For anyone with an interest in Iraq’s future, and indeed the stability of the world energy mix, this is one event not to be missed.

For further information, visit https://www.cwciraqpetroleum.com/

For full programme, download the brochure

(Source: CWC)

Iraq-businessnews.com

Central Bank: The deletion of zeros aims to tighten banknotes and needs parliamentary legislation

Ihsan al-Yasiri, director general of the Central Bank, said on Wednesday, May 29, 2019, that “the bank is a very transparent institutions both in the window of selling the currency or the subject of contracts,” noting that “the Central Bank is in constant contact with the relevant parliamentary committees and the Central Bank is the only institution that Work every day. ”

“The central bank’s duty is to maintain the exchange rate and stability to meet the demand that comes on foreign currency against the dinar,” he said in an interview with the Noa Dialogue program. “The central bank is responsible for the simple sale of the dollar.”
“The Iraqi economy is an import economy and this is not the responsibility of the central bank. It is the duty of the state and the government to fix this structural imbalance and the domestic economy becomes a product for leaving imports,” he said.

He pointed out that “there is a defect in the duty of some institutions, but simple people believe that this process should be carried out by the Central Bank, and this is not true,” explaining that “the central bank contact with banks and the government by keeping accounts.”

“The major sin that was committed in 2004 was the abolition of import controls and quality control rules at the border crossings, which made the market full of cheap and cheap imported goods,” he said.

In the case of the accident of seven billion in the Rafidain Bank, said Yasiri, “The year 2013 saw heavy rain and leaked water to the bank on the street Rashid, which led to damage that money, which was originally intended to damage, and the duty of the Central Bank to replace those papers, The amount of money less than 200 million dinars. ”

On the subject of the deletion of zeros, he said that “this administrative process aimed at tightening the banknotes and improve the accounting record in the country was launched in 2012, but there are some objections at the time and need legislation by the House of Representatives.”

“The Central Bank has suspicions, the first is to prevent one of the internationally recognized companies from conducting an audit and conduct internal control of the bank in exchange for the placement of Iraqi offices, as these companies are global and stamped recognized worldwide and indicates the lack of money laundering “He said.
“The second thing is that controls the joints of the central bank, usually they are accountants and they basically have offices.”

She said that “the independence of the Central Bank and not to the executive power made the government of Nuri al-Maliki dismiss Sinan Shabibi because of his refusal to enter the prime minister to manipulate the reserves of the Central Bank as it represents the stability of the currency and represents the monetary policy in the country and parliament only those who can account and today Parliament is unable to do so.

She stressed that “the status of the head of the Financial Control Bureau governor of the Central Bank is a violation of the constitutional authorities as the regulatory body has become the executive branch.”

“The Finance Committee formed three subcommittees to follow up the work of the Central Bank of the first follow-up the issue of building the Central Bank and the second follow the auction of currency and the third follow the issue of the subsidiary currency and therefore if there is evidence will be submitted to the Integrity Commission or the judiciary.”

He added that “the issue of scrutiny within the Central Bank can be resolved through the House of Representatives and not raise the issue is due to audits by local companies and anyone who has an interest in this issue must submit to the Finance Committee.”

Radionawa.com

Former Minister: Industry in Iraq deliberately killed through the crime of currency auction

BAGHDAD / The former Minister of Industry, Mohammed Al-Daraji, revealed what he described as the crime of the currency auction in Iraq and how he destroyed the national industry and encouraged its destruction since 2003.

“After 2003, the Iraqi industry was deliberately killed and the country was transformed into an open market for the consumption of foreign goods, with the contribution of economic and monetary policy in encouraging the products of other countries to be imported by Iraq through the crime of currency auction on The limit of saying, “noting that” the auction currency was selling the dollar to importers from abroad at a lower price than the sale to the industrial produced in Iraq. ”

“This is a clear economic process to destroy Iraqi industry by turning the country into an open market for the importation of foreign goods by reducing the selling price of the dollar,” he said.

Aynaliraqnews.com

Kurdistan President Nechirvan Barzani to take oath of office on June 10

ERBIL (Kurdistan 24) – Newly-elected President of the Kurdistan Region Nechirvan Barzani will take his oath of office on June 10 in a special ceremony, the Kurdistan Parliament announced on Thursday.

Trump: Iran is weaker and it wants to negotiate I am ready

Baghdad today – US President Donald Trump said on Thursday (May 30, 2019) that the Islamic Republic of Iran is weaker than before, under the sanctions imposed on it, while expressing his willingness to negotiate with them.

CBI Provides banks with small categories

The Central Bank of Iraq would like to inform all banks that it is continuing to provide them with small groups of the Iraqi currency by withdrawing the amounts from the current balances with this bank.

He explains that if there is an inquiry or notes, banks can contact the Compliance Department in the Issuance and Treasury Department of this bank and by email

(followup.iss@cbiraq.info )

22 May 2019

Cbi.iq/news

Saleh and US Treasury Secretary discuss revitalizing Iraqi economy

BAGHDAD (Reuters) – President Barham Salih met with US Assistant Secretary of Treasury Marshall Blingsley at the Peace Palace in Baghdad on Monday.

“During the meeting, they discussed the bilateral relations between Iraq and the United States of America, especially in the economic and financial fields, and the need to enhance the prospects for cooperation between Iraqi and US banks, which will contribute to the development and revitalization of the Iraqi economy,” a presidential statement said.

“The latest political developments at the regional and international levels and the importance of consolidating the foundations of peace and stability to achieve progress and prosperity for the peoples of the region have been reviewed,” he added.

Alforatnews.com

Sadr warns: If we do not stand a serious pause, the war between America and Iran will be the end of Iraq

Baghdad today – Baghdad – The leader of the Sadrist movement, Moqtada al-Sadr, warned on Monday that the war between Iran and America would be an end to Iraq, stressing that any party that infuses Iraq with war and makes it a battlefield will be an enemy of the Iraqi people.

“I’m not with the war between Iran and America, and I’m not putting Iraq in this war and making it a battlefield for the Iran-US conflict,” Sadr said in a twitter tweet at his Twitter account.

“We need a serious stand with the senior people to keep Iraq away from the fierce war that will consume the green and the land, making it a rift,” he added.

“We need to raise the Iraqi people’s voice condemning the war and mixing Iraq with war, if Iraq did not stop one serious and it will be that war the end of Iraq if it took place .. I have been warned to warn.”

Sadr said, “So this does not fuel a war you will be firewood, both parties are not qualified to enter the war and does not want it .. Neither Iraq nor its people carries another war .. We need peace and reconstruction.”

The leader of the Sadrist movement, that “any party that infuses Iraq by war and makes it a battlefield to be an enemy of the Iraqi people.”

Baghdadtoday.news

European currency declines in front of Iraqi dinar

By Salama Abdel Rahman

Mubasher: European currencies have seen a drop in front of the Iraqi dinar, while the US dollar has risen.

The euro fell by 0.24% against the Iraqi dinar, the pound dropped 0.4%, and the dollar climbed 0.09% in front of it, compared to its previous levels.

The JPY’s value in front of the Iraqi dinar fell by 0.27%, at 8:10 a.m. GMT.

The performance of the Gulf currencies was positive against the Iraqi dinar, the value of the Saudi riyal, the UAE dirham increased by 0.1%, the Qatari riyal 0.09%, the Bahraini dinar 0.07%, and the Jordanian dinar by 0.06% before it.

The value of the Kuwaiti dinar in front of the Iraqi currency decreased by 0.04%.

The value of the Egyptian pound in front of the Iraqi dinar declined by 0.03%.

Mubasher.info