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  • Investors Iraq News's Avatar
    Today, 01:06 AM
    By John Lee. Russia’s Gazprom Neft is reported to be interested in expanding its operations in Iraq. Reuters says boss Alexander Dyukov told the annual general meeting on Friday that the company, which is already developing the Badra oilfield, is also “looking at” the Mansuriyah gas field near the Iranian border. It says that Iraqi government is expected to launch a tender to develop Mansuriyah later this year. Iraq Business News understands that the field is currently being developed by TPAO (37.5%), Oil Exploration Company (25%), Kuwait Energy (KEC) (22.5%), and Kogas (15%). (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Today, 01:06 AM
    By John Lee. Production at the West Qurna 1 oilfield has reportedly reached 465,000 barrels per day (bpd), following the completion of new crude processing facilities and oil storage tanks. Officials told Reuters on Monday that the field was previously producing about 440,000 bpd. Exxon‘s foreign staff were present at a ceremony to launch the new facilities, having returned to the oilfield on 2nd June. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Today, 01:06 AM
    By John Lee. General Electric (GE) is reportedly expected to win a large share of the multibillion-dollar contracts to rebuild Iraq’s electricity system. According to a report from Reuters, “under U.S. prodding, Iraq is asking both Siemens and GE to bid on contracts and expects to make awards to each of the companies“. Following a hotly-contested competition last year, it was agreed that Siemens and GE would share the work to upgrade they system, with GE supplying 14 gigawatts (GW), and Siemens 11 GW. The Financial Times subsequently reported that the deals were not certain to be approved. (Source: Reuters) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Today, 01:06 AM
    By John Lee. Iraq’s Minister of Transport, Abdullah Luaibi , has said that Iraq is actively seeking to join China’s Belt and Road Initiative One Belt, One Road (OBOR)“]. In statements on Monday, the Ministry confirmed that the Minister met with China’s Ambassador to Iraq, Zhang Tao, to discuss the plan. It added that Iraq wants to accelerate the process of joining the Asian Infrastructure Investment Bank (AIIB). (Source: Ministry of Transport) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • BatmaninIraq's Avatar
    Yesterday, 08:29 PM
    Central: The cash mass outside the banks is more than 39 trillion dinars 2019-06-17 The Central Bank of Iraq revealed on Monday the amount of cash mass outside the Iraqi banks, pointing out that it is more than 39 trillion dinars. The bank said in an official statistic it was briefed by Alsumaria News that "the amount of currency outside the banks amounted in January of 2019 by 39 trillion and 796 billion and 700 million dinars," noting that "this amount fell from the month of December of 2018, which amounted to 40 Trillion and 498 billion and 67 million dinars. " The bank added that "the highest level of currency outside banks during the past three years was in December 2016, where it reached 42 trillion and 75 billion dinars, while the lowest level of currency during the month of February of 2004, which amounted to 5 trillion and 431 million Dinar". The Central Bank in 2011 put forward a project to delete the zeros for the structure of the currency, which the bank considered it would transfer from the country of trillions to billions, that the project was met with great opposition by the specialists and politicians in parliament.
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  • Investors Iraq News's Avatar
    Yesterday, 02:17 PM
    By John Lee. The Trump administration has reportedly granted Iraq a 120-day waiver from its sanctions against Iran, to allow it to continue importing electricity from the country during the hottest of the summer weather. The decision followed a phone call on Friday between Secretary of State Michael Pompeo (pictured) and Iraqi Prime Minister Adel Abdul Mahdi. The State Dept said it is continuing to work with Iraq to end its dependence on Iranian natural gas and electricity. (Sources: Bloomberg, The National) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Yesterday, 02:17 PM
    By John Lee. The US Ambassador to Iraq, Matthew H. Tueller, joined Minister of Water Resources Jamal al-Adili and Italian Ambassador Pasquino to celebrate the successful completion of emergency efforts to stabilize Mosul Dam. The United States provided $124 million for the U.S. Army Corps of Engineers (USACE) to serve as the “Engineer” for the project, working side by side on the $408 million contract between the Government of Iraq and the Italian company Trevi. (Source: US Embassy in Baghdad) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Yesterday, 02:17 PM
    JICA to Support Iraq’s Reconstruction and Revitalization through Upgrade of Basrah RefinerySigning of Japanese ODA Loan Agreement for IraqOn 16 June, 2019, the Japan International Cooperation Agency (JICA) and the Iraqi Government signed a loan agreement at Ministry of Finance in Baghdad. The ODA (Official Development Assistance) loan amounting to JPY 110,000 million (approximately USD 1 billion) will be used for Basrah Refinery Upgrading Project. The loan agreement was signed by H.E. Mr. Fuad Mohammed Hussein, Minister of Finance and Masayuki Hirosawa, Chief Representative of JICA Iraq Office, in the presence of H.E. Mr. Hamid Younis Salih, Deputy Minister of Oil and H.E. Mr. Naofumi Hashimoto, Japanese Ambassador to Iraq. This concessional ODA loan aims to support the Government of Iraq in its efforts to reconstruct the country and revitalize its economy. The loan named “Basrah Refinery Upgrading Project (II)” is the second tranche loan for Basrah Refinery Upgrading Project, one of the mega projects known in the region. For the same project, JICA previously concluded two loan agreements for (i) the engineering services loan in the amount of JPY 2,079 million and (ii) the first tranche loan in the amount of JPY 42,435 million. The entire project aims to increase the quantity and quality of oil products including gasoline, diesel and kerosene, by installing a new refining plant called Fluid Catalytic Cracking (FCC) Complex in Basrah Refinery, which is one of the biggest oil refineries currently operational in Iraq. It will be implemented by South Refineries Company, Ministry of Oil. Iraq has the world’s fifth-largest proven oil reserves and is currently OPEC’s second-largest producer. Nevertheless, most of the existing refineries in the country have been shut down or decreased their production capacity, suffered from damages and deterioration in the previous decades of conflicts. Many of the plans to construct new refineries have faced with challenges and delays and are yet to achieve substantial increase of the refining capacity. On the contrary, the ongoing reconstruction efforts in liberated areas and the revitalization of socio-economic activities across the country have prompted huge demand for fuels, such as gasoline and diesel. As a result, despite being one of the largest oil producers, Iraq has no choice but to import the significant amount of oil products from neighboring countries so as to meet the demand for transport, power generation and industrial production. Against this backdrop, the project to construct Iraq’s first-ever FCC Complex will increase the volume of the high-value added oil products, promote the transfer of refining technologies from Japan and help save valuable foreign currencies to import huge amount of fuels. The new plant will also reduce sulfur content in the products in accordance with the international environmental standards. Furthermore, the project is expected to pave the way for energizing private sector involvement in the downstream of Iraq’s energy industry and provide economic opportunities for the people of Iraq, especially in Basrah. The loan is very concessional with the low interest rate and long repayment period: the interest rate of 0.20% and the repayment period of 40 years including 10-year grace period. (Source: JICA) Source: Iraq-BusinessNews.com. Post your commentary below.
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  • Investors Iraq News's Avatar
    Yesterday, 02:17 PM
    By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. 2019 Budget Law: Politics of Appeasement, Non-Compliance and ExtortionData from different sources indicates that KRG oil exports, so far in this year, ranged between 418.8 and 438 thousand barrels daily-kbd and KRG gross oil export revenues at end of May mounted to $3.681 billion. Draft of the budget law was debated, amended and approved by the parliament; then endorsed by the President of the Republic and finally promulgated as a law when it was published on the official gazette. KRG, Kurdish politicians, parliamentarians and commentators praised the law as it favors them. Yet, so far and as it officially confirmed by the Minister of Oil and the Prime Minister, KRG did not deliver a single barrel of oil; this is the usual KRG’ non-compliance extortion practice. Such practice prompts a wave of criticisms and accusations against the Prime Minister, who is known for his appeasement towards KRG even at the expense of the rest of Iraq. KR leaders know too well how to exploit Prime Minister’s weaknesses and his lack of resolve and leadership; KRG succeeded so far. Click here to download the full article in pdf format. Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq’s Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad’s biography here. Source: Iraq-BusinessNews.com. Post your commentary below.
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