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  • dollarsign's Avatar
    Today, 11:23 AM
    Issue: 9/5/32 Date: 1/16/2020 Later in the book of Payments Department numbered (23/260) on 12/12/2019 To electronic payment companies/collectors (online payment services) Please provide the Payments Department with an Excel table containing data for merchants contracting with your companies on CD or flash drives, including the following: Names of their authorized dealers and their full addresses (governorate, region, building) The nature of the business The number of devices per dealer The date of signing the contract with the merchant Date of starting work Provided that it is updated quarterly, when any amendment or update is made, or as requested by this bank, for the period it deems appropriate ______________________________________________________________ Tracking this kind of data gives every indication that something is about to go live, especially given the frequency of required updates. Set? The Board of Directors of the Central Bank of Iraq, at its meeting on December 24, 2019, decided to extend the period of suspension of the promotion of applications for licensing electronic payment companies until December 31, 2020 The Central Bank of Iraq information Office If you don't have a License, you're too late to be included in the initial listing. Go! ​$
    20 replies | 5231 view(s)
  • BatmaninIraq's Avatar
    Today, 08:09 AM
    The central bank will not be blackmailed From time to time some social media outlets and some yellow channels owned by people whose orientations and purposes are poorly intended to offend national economic institutions that have clear success experiences and work with competent Iraqi national cadres come out to us. And that these channels are driven by special interests inside and outside Iraq, and they say that they are paid for, and they are always hunting with murky water and targeting our national economy and its institutions that have made clear achievements during the economic and security shocks that Iraq passed after mid-2014 and contributed to achieving economic resilience and supported our national economy. Trumpets and their press and media reports targeting the central bank on recurring and consuming topics, and that the aim of ruminating them from time to time is personal projection, public extortion, and coverage of the accomplishments achieved during the past five years. So why target? The reason, as I see it, is that the central bank insists on the need for all relevant parties to carry out its daily work internally and externally to adhere to the instructions, controls and regulations that maintain economic stability in the country, which will lead to fighting corruption and the smuggling of the dollar abroad and maintain the strength of the Iraqi dinar and the stability of the exchange rate and building the national economy properly. Although I respect the other opinion that is issued by non-specialists or from economists and monetary policy in particular, but I may disagree with the opinion that attempts to dwarf, minimize and personalize the achievements made by the central bank in facing the economic and financial crisis during the past years, which is the most difficult stage Iraq has gone through. Therefore, I invite these people to consider, even once, to preserve the reputation of the Iraqi economy and its distinguished institutions, because it is not logical to allow a well-known Arab media channel against the economic steadfastness and monetary stability in Iraq that has not been achieved in countries that have gone through circumstances similar to what Iraq is going through. Assigning accusations to the central bank and damaging Iraq’s economic reputation internationally without clear evidence or facts and without anyone being held accountable. These parties are known before others through the evidence and achievements that the Central Bank of Iraq has proven to be the first economic institution through its important achievements in supporting the national economy and achieving economic resilience and seeking to achieve economic stability in accordance with its strategy drawn up to the year 2020. The important thing that has been achieved is the stability of the exchange rate and the reduction of the gap between the official price of the US dollar and the parallel price, which is a basic goal of monetary policy and the application of policies to restore confidence in international banking transactions of Iraqi banks with Arab and foreign banks and strive to build a solid and solid banking sector. In conclusion, I invite these people, leave the successful economic institutions to work with high effort and double efforts for Iraq, and they are interested in addressing your economic and banking problems in your countries because the Central Bank of Iraq and the Iraqi banking sector will never undergo blackmail. * Financial and banking consultant
    0 replies | 249 view(s)
  • Investors Iraq News's Avatar
    Today, 12:52 AM
    By John Lee. US-based Schlumberger has reported that Iraq has contributed to its revenue growth in the region. In its full-year results for 2019, the company said: “Sequential international growth was led by the Middle East & Asia area, where revenue increased 5% driven by higher year-end product sales in Kuwait, Iraq, and Oman.” (Source: Schlumberger) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 106 view(s)
  • Investors Iraq News's Avatar
    Today, 12:52 AM
    By Amberin Zaman for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraqi Kurdistan president: ‘We are not scared of Iran, but we respect Iran’The assassination of Iranian Maj. Gen. Qasem Soleimani of the Islamic Revolutionary Guard Corps (IRGC) in a Jan. 3 drone strike carried out by the United States sent shock waves throughout the region. Those who argued that Tehran would take its time to retaliate proved wrong. On the night of Jan. 8, Iran launched more than a dozen missiles on Iraqi bases housing US forces. Several struck the Ain al-Assad base west of Baghdad. Several others landed in an open field near an air base in Erbil, the capital of Iraqi Kurdistan. Nobody was killed. The attack was seen, however, as a clear message from Tehran about the potential punishment Iraqis would face if they pursue their relations with the United States. Click here to read the full story. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 279 view(s)
  • Will-it-happen?'s Avatar
    Yesterday, 08:35 PM
    Lots of spam out there, fake accounts etc
    3 replies | 1405 view(s)
  • crazyfrank's Avatar
    Yesterday, 08:25 PM
    has something happened here that I am not seeing? I made a post maybe 2 days ago here, about the Trusts Unlimited video call, and had noticed the view count the next day was around 80 views, and now today the view count on that is over 500? and looking at all posts now they are all with view counts well over 500, and the member/guest head count in now over 22k for today suddenly??? what is going on all of a sudden that we garnish so much attention here suddenly today?
    3 replies | 1405 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 06:44 PM
    GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers. Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country. Please click here to download the latest report free of charge. For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 235 view(s)
  • BatmaninIraq's Avatar
    Yesterday, 07:39 AM
    After a closure that lasted for years, banking companies resume their work in Mosul 09:08 - 18/01/2020 The information / Baghdad .. The Governor of Nineveh Najm al-Jubouri announced, on Saturday, that he had obtained the approval of the Council of Ministers to open ten companies to exchange and transfer money through the provinces outside after a closure for a period of 3 years. Al-Jubouri said in a statement seen by (the information), "The cabinet allowed the opening of ten banking offices within the security plan developed by the council aimed at overcoming sanctions and advancing the economy in the province." For his part, the First Deputy Governor of Nineveh Governorate, Sirwan Rose Bayani, stated that "the Compensation Commission has started disbursing sums to about 300 victims who have submitted requests to compensate for their properties (homes, shops, and cars) that were damaged during the terrorist gangs control ," noting that "the subcommittee in the province will be announced in the few days Coming new later meals. Ended / 25
    1 replies | 1048 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:18 AM
    By John Lee. China’s Zhongman Petroleum and Natural Gas Group Corp., Ltd. (ZPEC) has reportedly announced a new drilling contract with Weatherford in Southern Iraq. Chinese media reports that the deal is worth approximately $27 million, and follows another contract with Weatherford in Iraq agreed in December. The oil field was not identified. (Source: Eastmoney) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 294 view(s)
  • Investors Iraq News's Avatar
    Yesterday, 12:18 AM
    Advertising FeatureRabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th January 2020). Please click here to download a table of listed companies and their associated ticker codes. The RSISX index ended the week at IQD654 (-2.3%) / $694 (-0.9%) (weekly change) (-0.8% and -1.0% YTD change, respectively). The number of week traded shares was 5.5 bn and the weekly trading volume was IQD6.3 bn ($5.2 mn). ISX Company Announcements Al Mustashar Islamic Bank for Investment & Finance (BMUI) with a capital of IQD100 bn, will start trading after depositing and activating 5% of the listed shares or after 21 days of depositing the company’s shares. Ibdaa Al-Sharq Al-Awsat General Contracting & Investment (SIBD) with a capital of IQD3 bn, will start trading after depositing and activating 5% of the listed shares or after 21 days of depositing the company’s shares. Region Trade Bank for Investment and Finance (BRTB) will resume trading on Jan. 19, 2020 due to fulfilling ISX request to provide its quarterly financial statements. ISX requested Tourist Village of Mosul dam (HTVM) to provide its AGM minutes for its meeting held on Jan. 12, 2020. Middle East Producing & Marketing – Fish (AMEF) resumed trading on Jan. 16, 2020 due to fulfilling ISX request to provide its annual and quarterly financial statements. New shares of Asia Al Iraq Islamic Bank for Investment (BAIB) from the capital increase to IQD150 bn through 50% rights issue started trading on Jan. 15, 2020. Al-Ameen Estate Investment (SAEI) invited its shareholders to receive their 2018 cash dividend starting Jan. 19. The company will distribute 3% (IQD0.03 dividend per share, 4% dividend yield). ISX suspended trading of the following companies starting Jan. 12, 2020 due to not disclosing their 3M19 financial statements: BDSI, BRTB, HASH, IELI, IICM, IMCI, IMCM, IMPI, ITLI, MTNI, SBAG and VKHF. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 625 view(s)
  • Investors Iraq News's Avatar
    01-17-2020, 02:10 AM
    By John Lee. Shares in Genel Energy closed Thursday up more than 4 percent after the company issued the following trading and operations update in advance of the Company’s full-year 2019 results, which are scheduled for release on 17 March 2020. The information contained herein has not been audited and may be subject to further review. Bill Higgs (pictured), Chief Executive of Genel, said: “2019 was a successful year for Genel, and we continue to deliver on our promises. We increased our highly cash-generative production in line with guidance, paid a material dividend, grew our operating capabilities, and added new assets to the portfolio that will bear fruit in 2020. “Our ongoing cash generation, with confidence of regular payments and in the security of the Kurdistan Region of Iraq, means that it is business as usual and our investment plans are moving forward at pace. This increasing investment in our growth assets is more than covered by expected free cash flow, and will see production diversify and increase as Sarta comes onstream in the summer, with enough remaining to underpin an increase in our already significant dividend.“ FINANCIAL PERFORMANCE $317 million of cash proceeds were received in 2019 (2018: $335 million) Capital expenditure of $161 million (2018: $95 million), in line with initial guidance, as spending increased on growth assets Free cash flow (‘FCF’) of $99 million in 2019, pre dividend payment Cash proceeds and FCF were impacted by the non-receipt of $54 million in payments from the Kurdistan Regional Government (‘KRG’) relating to export sales in August and September 2019, due in November and December Pro-forma FCF in 2019 was $153 million (2018: $164 million), or $0.55 per share $26 million of outstanding payments from the KRG, constituting the full amount in respect to export sales in August 2019, has subsequently been received in 2020 Dividends of $42 million declared in 2019 Maiden dividend of $27 million (10¢ per share) paid in June 2019 A further $15 million distributed (5¢ per share) in January 2020 Cash of $387 million at 31 December 2019 ($334 million at 31 December 2018) Net cash of $90 million at 31 December 2019 (net cash of $37 million at 30 December 2018) OPERATING PERFORMANCE 2019 net production averaged 36,250 bopd (2018: 33,690 bopd), in line with guidance and an increase of 8% on the prior year Q4 averaged 35,410 bopd, an increase from 34,720 bopd in Q3 19 new wells were brought onto production in 2019 across all assets Production by asset was as follows: (bopd) Gross production2019 Net production 2019 Net production 2018 Tawke PSC 123,940 30,990 28,260 Taq Taq 11,960 5,260 5,430 Total 135,900 36,250 33,690 PRODUCTION ASSETS Tawke PSC (25% working interest) Tawke PSC gross production averaged 123,940 bopd, of which Peshkabir contributed 55,190 bopd Production in Q4 2019 averaged 122,800 bopd, of which Peshkabir contributed 58,910 bopd There will be an active drilling campaign in 2020 on the Tawke field, aiming to minimise decline rates At Peshkabir, the P-12 well is currently appraising the eastern flank of the field, and is set to complete shortly Taq Taq PSC (44% working interest and joint operator) Taq Taq gross field production averaged 11,960 bopd in 2019 Production in Q4 2019 averaged 10,703 bopd Following the successful drilling of the TT-34 well, which has now entered production at over 2,000 bopd with 20/64″ choke, production at Taq Taq has averaged c.12,800 bopd in the year to date The latest well on the northern flank of the field, TT-35, spud on 6 January. This completes the drilling programme with the Sakson-605 rig Further activity at Taq Taq is focused on maximising cash generation, with the optimised cost structure and 2020 work programme, which could see up to six wells drilled, under review PRE-PRODUCTION ASSETS Sarta (30% working interest) Civil construction work at the Sarta field is continuing on schedule, with flowlines laid and buried and foundations in place for oil storage tanks, andGenel expects production to start in the summerof 2020 Phase 1A represents a low-cost pilot development of the Mus-Adaiyah reservoirs, designed to recover 2P gross reserves estimated by Genel at 34 MMbbls Unrisked gross mid case resources relating to the Mus-Adaiyah reservoir are estimated by Genel at c.150 MMbbls, with overall unrisked gross P50 resources currently estimated by the Company at c.500 MMbbl Qara Dagh (40% working interest and operator) Civil construction works are progressing in preparation for the upcoming drilling operations, and the well pad and camp are on schedule for completion by the end of January Environmental permits were granted in December 2019 The well will test the structural crest 10 km to the north-west of the QD-1 well, which tested sweet, light oil from Cretaceous carbonates The QD-2 well is on track to spud in Q2 2020 Unrisked gross mean resources at Qara Dagh are currently estimated by Genel at c.200 MMbbls Bina Bawi (100% working interest and operator) Negotiations between Genel and the Kurdistan Regional Government (‘KRG’) regarding commercial terms for the gas and oil development at Bina Bawi made significant progress in the third quarter of 2019, resulting in an understanding on commercial terms for a staged and integrated oil and gas development being reached Genel is now waiting to receive draft legal agreements reflecting this understanding Genel is continuing the necessary readiness work required to enable rapid progress towards gas and oil developments upon receipt of signed documents Somaliland – SL10B13 block (100% working interest and operator) A farm-out process relating to this highly prospective block began in Q4 2019, with Stellar Energy Advisors appointed to run the process. A number of companies are now assessing the opportunity Genel plans to conclude the farm-out process in H1 2020, aiming to minimise the cost to the Company of a well that could be spud in 2021 Morocco – Sidi Moussa block (75% working interest and operator) The farm-out campaign is set to begin in Q2 2020, aimed at bringing a partner onto the licence prior to considering further commitments ESG Safety remains a priority for the Company, and our focus on this has led to zero lost time incidents (‘LTI’) and zero losses of primary containment in 2019 at Genel operations There has not been an LTI since 2015, with over 11 million hours worked since the last incident The operator of the Tawke PSC expects routine flaring to be eliminated on the licence in March 2020, with gas from the Peshkabir field set to be reinjected into the Tawke field in order to improve long-term reserves recovery The search for a permanent Chairman is well progressed OUTLOOK AND 2020 GUIDANCE Net production in 2020 is expected to be close to Q4 2019 levels of 35,410 bopd, with an exit rate c.10% higher than this due to the expected addition of production from Sarta Genel expects to drill over 20 producing wells in 2020 2020 capital expenditure is expected to be $160-200 million, of which $120-150 million will be cost recoverable spend on assets on production in 2020. Other spend includes: c.$35-40 million on the Qara Dagh 2 well Under $10 million maintenance expenditure at Bina Bawi and Miran. Capital expenditure expectations for Bina Bawi in 2020 will be updated once legal agreements with the KRG have been signed Under $2 million on African exploration assets Operating costs per barrel expected to be $3/bbl, amongst the lowest in the industry Opex: c.$40 million G&A: c.$15 million The Company expects full recovery of outstanding payments in Q1, and for regular payments to resume, as they had since September 2015 The Company continues to actively pursue growth and is analysing numerous opportunities to make value-accretive additions to the portfolio, but will only proceed with opportunities that fit our strict strategic criteria Genel expects to generate c.$100 million in free cash flow, pre-dividend payments, in 2020 Given the ongoing strength of cash generation, confidence in the regularity of payments from the KRG, and the positive outlook for the Company, Genel reaffirms its commitment to growing the dividend (Source: Genel Energy) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 263 view(s)
  • Investors Iraq News's Avatar
    01-17-2020, 02:10 AM
    By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Foreign troops’ future in Iraq uncertain as clashes continueFor the security of its personnel, NATO has temporarily suspended its training activities in Iraq, given the recent violence there. Iraqis seem divided over what that will mean for their safety. The United States on Jan. 3 assassinated Iranian Quds Force commander Qasem Soleimani and the deputy head of Iraq’s Popular Mobilization Units, Abu Mahdi al-Muhandis, in a drone attack near the Baghdad airport. Iran retaliated by firing missiles at military bases in Iraq where US troops are stationed. There are also mass protests taking place in Iran and Iraq. Click here to read the full article. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 257 view(s)
  • Investors Iraq News's Avatar
    01-17-2020, 02:10 AM
    By John Lee. Human Rights Watch (HRW). has issued a report on human rights in Iraq, as part of its World Report 2020. Click here to download the report. (Source: HRW) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 262 view(s)
  • dollarsign's Avatar
    01-16-2020, 06:19 PM
    I'll get that ball rolling. Banks that size would not all run out at the same time, only an imposed moratorium on sales would cause that. :) ​$
    20 replies | 5231 view(s)
  • ETA's Avatar
    01-16-2020, 04:38 PM
    Thank you for your kind words. It is with great gratitude for the others that are here that do their research. It is them the researchers that require the standing ovation for their hard work and persistence. I don't believe none of us would have ever thought that we would be sitting here 14 years later, and in that time many have given up. I will ride this investment to the end I have throwing the dice across the crap table and I believe it will now not be long for the dice to show themselves. I was a production well tester I flowed Wells to find out there production in the country Canada in the province of Alberta so I have a good sense of the oil industry and about oil wells that being said I like to end this by saying good luck to all of you I believe we stand good chance. In Canada we have five National Banks from coast to coast one of these Banks supplied me with my dinar the other day I decided to go to all of these Banks requesting the currency and none of them we're able to supply me with dinar as of a few days ago this makes me Wonder why not. Let the speculation begin.
    20 replies | 5231 view(s)
  • crazyfrank's Avatar
    01-16-2020, 03:03 PM
    As we all are aware this web site was "out of wack" for like 4 months, and so we each had to search for other sources of valid information. In that process we all saw other such posters of "intel" and Frank26 was just one of many that I myself personally discovered in that quest, and at first was impressed. But over time I learned that his daily ability to continue to pump out very elaborate high emotion videos, while being very entertaining, became absurd sermons with the goal of promotions to link viewers to his "pay" for information web site. Thereby financing his yearly trips to Hawaii, that he blatantly showcases at members expenses. At this point I myself just browse his u-tube videos solely for a good laugh. Beyond him there are others, just too many to mention, but in my research and solely in my opinion, I find the one with a more less melodramatic and much more reasonable approach is the weekly "Trusts Unlimited" broadcast. They put out a more straight forward, brief, and refreshing perspective of the current situation I believe. DISCLAIMER: However in mentioning this, I am not promoting their product to anyone, as if you view this video you will hear their pitch for a "irrevocable trust" product. Although I have to agree its a good idea to consider something like it to be considered if this Dinar thing might ever "pop".
    3 replies | 1405 view(s)
  • BatmaninIraq's Avatar
    01-16-2020, 06:16 AM
    1-15-2020 Intel Guru Frank26 Wow. Let that sink in…the International Management law that was passed yesterday (amended) It was passed a while ago and the caretaker Govt. can only amend it….but they are telling the Iraqi citizens on TV that this law is a tool that will be used when the rate is changed!!! WHEN THE RATE IS CHANGED!!!! Relating to international standards!! In order for it to meet international standards it must be under article 8...seriously that is awesome.
    3 replies | 1405 view(s)
  • Investors Iraq News's Avatar
    01-16-2020, 01:04 AM
    The Cabinet held its regular weekly meeting in Baghdad on Tuesday under the chairmanship of Prime Minister Adil Abd Al-Mahdi. The meeting was also attended by provincial governors. At the start of the meeting, the Prime Minister delivered remarks about the situation in Iraq and the region. The Prime Minister affirmed that Iraq is strong and capable of overcoming the difficult challenges facing it and reiterated the determination to continue the fight against Daesh. The Cabinet then received briefings from the provincial governors attending the meeting about public services and infrastructure projects in their provinces. They also presented the Cabinet with details about ongoing efforts to support the safe and dignified return of IDPs to their home. The Cabinet agreed several measures to support local authorities to improve the delivery of key services including health, education and housing. The Cabinet approved administrate, legal and financial instruments to support the housing sector in several provinces, as well as measures to support the government’s land-distribution scheme which aims to support those on low-income to have a decent home. (Source: Iraqi Govt) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 263 view(s)
  • Investors Iraq News's Avatar
    01-16-2020, 01:04 AM
    KRG cabinet discusses reform agenda and public-private partnershipsKRG Prime Minister Masrour Barzani and Deputy Prime Minister Qubad Talabani on Wednesday chaired a meeting of the cabinet to discuss the Kurdistan Regional Government’s ambitious reform agenda and the implementation of public-private partnerships. Prime Minister Barzani welcomed the cabinet’s support for the government’s reforms, which will provide more fairness and transparency concerning the reorganisation of public sector salaries and pensions. The cabinet prepared clarifications that will be sent to the Kurdistan Parliament, as its members review reforms of entitlements relating to the families of martyrs and political prisoners. The cabinet also discussed how public-private partnerships might be utilised in modernisation projects. Prime Minister Barzani expressed his support for a pilot project, and requested that the Ministry of Planning examines it in more detail, to assess whether this project is in the best interests of the Kurdistani peoples. (Source: KRG) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 260 view(s)
  • Investors Iraq News's Avatar
    01-16-2020, 01:04 AM
    By Mustafa Saadoun for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Killers target activists performing logistics for Iraqi protestsForces opposed to the protests in Iraq appear to have stepped up operations to kill protest activists and journalists covering the demonstrations following the escalation of the crisis between the United States and Iran in Iraq. Hundreds of protesters have been reported killed since the protests began in early October. But there has been a subset of killings that has targeted protest activists who have been raising funds, providing ambulance services and mobilizing demonstrators. Journalists providing the public with information about the protests also have been killed in an apparent bid to curtail coverage. Click here to read the full article. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 348 view(s)
  • dollarsign's Avatar
    01-15-2020, 10:10 AM
    when I tried to, got a bunch of ??????!!!!!!!!!!?!???. but that access issue seems to have been fixed. $
    20 replies | 5231 view(s)
  • dollarsign's Avatar
    01-15-2020, 04:31 AM
    likewise 40plus. I couldn't even look at my posts for 4 months!
    20 replies | 5231 view(s)
  • 40plus's Avatar
    01-15-2020, 04:14 AM
    Dollarsign, great to see you posting again. Best of the new year to you!
    20 replies | 5231 view(s)
  • 40plus's Avatar
    01-15-2020, 04:09 AM
    40plus replied to a thread Bread in Iraqi Economic News
    If a loaf of bread is worth one dinar, that dinar must be worth .50 or bread is very cheap in iraq
    1 replies | 1407 view(s)
  • Investors Iraq News's Avatar
    01-15-2020, 02:56 AM
    By Bryant Harris for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Senate Armed Services Chairman Inhofe endorses Iraq sanctionsThe Donald Trump administration is doubling down on its Iraq pressure campaign, threatening to impose devastating sanctions on the fragile country should Baghdad move forward with its threats to expel US forces. And the policy has buy-in from key Republican lawmakers, who are in no hurry to push back against the president’s sanctions threats. Click here to read the full article. Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 289 view(s)
  • Investors Iraq News's Avatar
    01-15-2020, 12:53 AM
    DNO ASA, the Norwegian oil and gas operator, today announced a 29 percent year-on-year increase in its net Company Working Interest (CWI) production in 2019 to 104,800 barrels of oil equivalent per day (boepd) on the back of acquisitions and a record drilling campaign. In the Kurdistan region of Iraq, production from the two fields in the Tawke license climbed from 113,100 barrels of oil per day (bopd) in 2018 (79,700 bopd CWI) to 124,000 bopd in 2019 (87,400 bopd CWI). Production of 122,800 bopd in the fourth quarter of 2019 was up 3,000 bopd from the previous quarter. The Company is operator of the Tawke license with a 75 percent interest. At Tawke, 2019 production stood at 68,800 bopd, with wells drilled last year contributing 13 percent of field production at yearend. At Peshkabir, 2019 production stood at 55,200 bopd, with wells drilled in 2019 contributing 40 percent of field production at yearend. “Even though Tawke is now a mature field, we are continuously finding ways to slow its decline while teasing additional production from the newer Peshkabir field, all the while probing for other opportunities in Kurdistan,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. Elsewhere in Kurdistan, DNO reported a discovery in the Baeshiqa-2 exploration well last November after flowing variable rates of light oil and sour gas to surface from the upper part of Triassic Kurra Chine B reservoir following acid stimulation. Further testing of this and several other Jurassic and Triassic zones will determine the next steps towards appraisal and assessment of commerciality. DNO holds a 32 percent interest and operatorship of the Baeshiqa license. Meanwhile, the Peshkabir-to-Tawke gas injection project designed to increase oil recovery rates at Tawke while eliminating flaring at Peshkabir will be completed in March 2020. Once completed, CO2 emissions from DNO’s operated fields will average 7 kilograms per barrel of oil equivalent (boe) produced, compared to an average of 9 kilograms per boe on the Norwegian Continental Shelf and a global average of 18 kilograms per boe. DNO retained a strong cash balance of USD 480 million at yearend 2019 plus USD 144 million in marketable securities. Following a delay in export payments last month from the Kurdistan Regional Government to oil operators, DNO has since yearend received payment for its August oil sales totaling USD 52 million net to the Company. (Source: DNO) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 378 view(s)
  • Investors Iraq News's Avatar
    01-15-2020, 12:53 AM
    NATO Secretary General Jens Stoltenberg met with Iraq’s Deputy Foreign Minister Abdul Karim Hashim Aboualgus at NATO Headquarters on Tuesday. They shared views on the recent developments in the Middle East and on NATO-Iraq cooperation. Mr. Stoltenberg underscored that NATO remains fully committed to working with Iraq, and that NATO is ready to resume training and capacity building efforts in Iraq, as soon as conditions on the ground allow, by continuing to support Iraq to build, train and educate the military it needs. A stable Iraq is crucial to regional stability and to euro-atlantic security. (Source: NATO) Source: Iraq-BusinessNews.com. Post your commentary below.
    0 replies | 331 view(s)
  • James's Avatar
    01-15-2020, 12:36 AM
    Thank you everyone for your hard work and research. Us old timers appreciate it ! Still excited to see what the future holds for the IQD.
    20 replies | 5231 view(s)
  • calstar's Avatar
    01-14-2020, 09:37 PM
    Outstanding!!! Thanks ETA!!!:cool:
    20 replies | 5231 view(s)
  • BatmaninIraq's Avatar
    01-14-2020, 08:58 PM
    Iraqi banking sector challenges and treatments in 2020 On the occasion of the year 2020, given the special and new circumstances that our beloved country is going through due to the broad popular movement, legitimate demands for change, political and economic reform, confusion of visions and differing opinions on the reality and activity of our banks at the present time and the effects of events and lack of Stability in the working environment and because our banks are the first core link in the national economy we must clarify by analyzing and evaluating the business results of the banks 2018 and 2019 and the financial indicators that confirm that they have faced many challenges and business constraints and we will try in this paper to address them according to the data Our view of exceeding the requirements for 2020 in order to achieve stability and sustainability of banking in accordance with the central bank's strategy and monetary policy applications and to maintain the results of the work achieved even minimal if the current circumstances continue. The structure of iraq's banking system The structure of the banking system currently consists of 7 government banks, 76 commercial and Islamic banks, 25 commercials, 27 Islamists and 17 branches of a foreign bank. The challenges and constraints of banking First, based on official financial statements and indicators issued by the Central Bank for 2018, the banking sector suffers from weak banking activity, low liquidity, deposits, revenues and profitability in some banks, particularly private banks, in large proportions compared to previous years, and their share prices on the Iraqi Stock Exchange have also fallen due to the economic and financial crisis and economic recession that Iraq has suffered for known reasons. S Secondly, the total deposits of private banks amounted to 14% of the total deposits in the Iraqi banking sector with government banks at 86%, although the number of government banks is 7 and the private 69 commercial and Islamic banks, due to the concentration of deposits and government accounts with government banks. Third, private banks invest 78% of the capital of the Iraqi banking sector, but only 22% of the sector's assets and 13% of profits. Fourthly, the outstanding debt, which cannot be collected, amounted to 6 trillion dinars, which constitutes 15% of the total bank financing granted, and banks face significant obstacles in collecting them for judicial, legal and tribal reasons. Fifth, the decisions of the Council of Ministers and the Economic Affairs Committee of the Council of Ministers on government support for private banks issued during the previous three years have not been activated and implemented. Sixth, private banks are unable to employ excess liquidity in loans and financing for projects with a 15% credit balance. Recommendations First, raise the ceiling for bank financing in the Central Bank's Initiative for Small and Medium Enterprises and allow private banks to read investment projects of various types of real estate, housing, industrial and other types, allocating funds from the Central Bank's initiative to specialized government banks and ceilings covering the loan rates required by contractors and investors dealing with banks. The Government has made the necessary legal adjustments to make private bank debt an excellent debt to be repaid, as is government debt. Third, the Central Bank and the government are asking the United Nations Development Programme and Arab and international funds to work with Iraqi banks to produce financing programs for large-scale investment projects to attract foreign investors while granting them facilitation and incentive in accordance with Cabinet Resolution 254 for 2019. Fourth, the Central Bank takes the necessary steps to mandate global audit and rating companies to classify private banks as sober, because without a bank rating, it is not possible to partner with close global banks for the purpose of financing large projects or consider Iraq's credit rating to be an approved rating of sober banks. Fifth, because of the occupation of Mosul, Anbar and Salah al-Din by ISIS terrorist gangs, the 121 government and private banks have suffered damage and losses of 1 trillion dinars, and a large part of them are shareholders' funds and deposits to customers that the government requires to compensate. 6- Activating all cabinet decisions to support the banking sector, support reconstruction and investment issued in 2019 and previous years and the decisions of the Economic Affairs Committee to support private banks, in particular the following: 1• The Ministry of Finance and government banks are required to open bank accounts to ministries and state departments in private banks and not to restrict them to government banks under its book 207 on 31 January 2019. 2• Activating the decision to allow ministries and government departments to open documentary credits in private banks up to $50 million without going through the Ministry of Finance and the Iraqi Bank of Commerce. Economic Affairs Committee Resolution 967 dated 21/10/2018. 3• Activating the Decision of the Economic Affairs Committee No. 253 for 2015 regarding the acceptance of sukuk approved by private banks to pay insurance, customs duties and taxes. 4• Activating Cabinet Resolution 245 for 2019 on the promotion of reconstruction and investment. 5• Activating the Cabinet Resolution No. 378 for 2018 on the collection of government fees in state departments through electronic payment. 6• Activating the decision of the Economic Affairs Committee No. 272 on 19/5/2015 to support private banks, particularly in relation to their approval by government banks. 7• Activating cabinet resolutions No. 313 for 2016 and 218 for 2017 on the localization of employees' salaries and asking government departments to settle their salaries according to their wishes and not directing them to settle salaries in government banks exclusively. 8• Activating the decision of the Economic Affairs Committee No. 253 on 3/5/2015 to accept the approved instruments of private banks to collect government taxes and customs duties. Seventh, the Ministry of Finance will compensate banks that have been damaged by the occupation of the provinces by ISIS terrorist gangs. She's under arrest at the Central Bank. Iraqi
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