Bondlady’s Corner

Iraqi News Highlights Monday Evening 3-20-23

Tlm724 Administrator Bondlady’s Corner

Iraq Is Discussing With Jordan Raising Energy Supplies, Establishing A Free Zone And Facilitating Investment

Money  and business  Economy News – Baghdad  First Deputy Speaker of Parliament Mohsen Al-Mandalawi discussed with the Speaker of the Jordanian Senate, Samir Al-Rifai, on Monday, a number of files related to increasing energy imports, establishing a free zone and facilitating investment.

A statement by Al-Mandalawi’s office said, “The Iraqi parliamentary delegation, headed by First Deputy Speaker of Parliament Mohsen Al-Mandalawi, paid a visit to the Jordanian Senate, Samir Al-Rifai, and a number of Jordanian deputies.”

Mandalawi stressed, “The parliament and the government’s determination to consolidate the relationship between the two countries, and open broader horizons to promote projects and investment,” pointing to “the need to sign bilateral agreements between the Arab peoples to overcome the challenges and crises the world is going through, and support the continuation of the work of the Economic Council between the two countries.”

According to the statement, “the Iraqi delegation discussed with the Jordanian Senate the possibility of increasing the supply of electric power within the tripartite agreement between Iraq, Jordan and Egypt, in addition to the border file, facilitating investment procedures, establishing a free trade zone between the two countries, and activating the work of the Iraqi-Jordanian Friendship Committee.”

Mandalawi also affirmed, “The Iraqi parliament’s support for all directions aimed at enhancing economic integration with Jordan, in the interest of the two countries and peoples.”

Oil Prices Record The Lowest Level Since The End Of 2021

Economy| 11:56 – 03/20/2023  Follow-up – Mawazine News  Oil prices fell, in trading today, Monday, to below the level of $ 71 a barrel, for the first time since December 20, 2021. And by 10:25 Baghdad time, US crude futures fell by 2.80%, to $ 64.87 a barrel.  While Brent crude futures fell by 2.85% to $71.20 a barrel, before that, crude futures contracts fell below $71 a barrel.

The decline in black gold prices comes in light of fears of an economic recession in the world, which will affect the demand for crude, and the markets fear a recession due to the risks threatening the global banking sector. Ended 29/N33

Al-Sudani: Economic Reform Must Be Accompanied By Firm Measures To Combat Corruption

Political | 12:47 – 03/20/2023  Baghdad – Mawazine News, Prime Minister Muhammad Shia’ al-Sudani said, on Monday, that economic reform is a method for progress, growth and fulfillment of citizens’ requirements, stressing the need for economic reform to be accompanied by firm measures in combating corruption.

Al-Sudani’s office said in a statement that “Prime Minister Muhammad Shia’a Al-Sudani participated, today, Monday, in a dialogue symposium within the activities of the Baghdad International Dialogue Conference, which is being held by the Iraqi Institute for Dialogue.”

Al-Sudani spoke about “the government’s vision in the fields of economy and foreign relations, the provision of services and the government’s priorities, as well as the new projects included in the tripartite budget bill.”

And he indicated, “The most important general lines that Iraq follows in the file of international relations, and the balance in them, as well as affirming the principles of non-interference in internal affairs, and the preservation of Iraq’s sovereignty.”

He referred to “the option of pursuing economic reform as a method for progress, growth, and meeting the requirements and needs of citizens, and the firm measures that must accompany it in the field of combating corruption, in implementation of the government program, and to meet the aspirations of citizens throughout Iraq.” Ended 39/N33

Al-Sudani: We Look Forward To Transforming Iraq Into A Center For Global Trade Between Asia And Europe

Political | 03:08 – 03/20/2023  Baghdad – Mawazine News  , Prime Minister Muhammad Shia Al-Sudani revealed, on Monday, the most important files that he will discuss during his upcoming visit to Turkey.

Al-Sudani said in his article, “The visit to Turkey acquires special importance at this particular time, with the positive developments taking place in the Middle East region in terms of strengthening cooperation between countries, mobilizing efforts to achieve economic integration and push it forward, and resolving differences based on the methodology of prudent dialogue.” Interest prevails and elevates cooperation between neighbors in order to achieve the interests of peoples.

He added, “We will focus in our discussions with the Turkish side on strengthening Iraqi-Turkish relations in all fields, especially the economic field, especially as we look forward to implementing ambitious economic projects in the energy and transport sectors and transforming Iraq into a center for global trade between Asia and Europe through the great port of Faw project and what It is linked to economic zones, residential communities and tourist attractions.

He continued, “We look forward from this giant project, which will extend over an area of more than 20 square miles, to open the way for an economic boom for Iraq,” noting that “it will contribute to strengthening economic and trade relations between Iraq and its neighbors, led by Turkey on the one hand, and the countries of Europe and Asia on the one hand.” another side”.

He stated that “the project of the great port of Faw will include the corridor of the dry canal, which will be formed by a highway and a railway line, and will pass through Diwaniyah, Najaf, Karbala, Baghdad and Mosul and extend to the Turkish border, allowing access to the port of Mersin and Europe via Istanbul,” explaining that “we will discuss the details of these projects with officials.”

The Turks, within the framework of our efforts to strengthen the economic and trade partnership with Turkey, with which Iraq’s trade balance has reached about $20 billion, represented in Turkish imports of chemical products, seeds, grains, legumes, furniture, medicines and medical supplies, and Iraqi exports to Turkey concentrated in oil.

On the security level, Al-Sudani said, “Border control will occupy an aspect of the talks, as well as joint cooperation between Iraq and Turkey, especially in the intelligence aspect and information exchange.”

On water quotas, the Prime Minister affirmed that “the water problem will occupy a space of discussion in Ankara,” appreciating “the Turkish side’s efforts to increase water quotas that came from behind the dams to Iraq.”

He continued, “We will discuss with them how to cooperate and coordinate to ensure that Iraq obtains its water needs, which is a lifeline for development and agricultural expansion,” pointing out, “We will affirm our full solidarity with our Turkish neighbors in their painful affliction after the great earthquake, and we will continue to provide all the assistance they need in this regard.” Tough time.”

He pointed out that ”  He went on to say that “the economic cooperation projects that we seek with Ankara will greatly contribute to creating job opportunities in many Iraqi governorates and will accelerate the pace of Iraq’s transformation into a commercial center linking the European and Asian continents, and will put Iraq firmly on the map of world trade,” explaining,

“We are putting In parallel, there are plans to cooperate with Turkey to enhance our joint economic capabilities and according to timetables for priority projects, with our keenness to diversify energy sources and invest in renewable energy projects to serve development ambitions.

And he stated, “The near future will witness greater economic engagement with Turkey and with all our neighbors and our region, because this engagement and joint cooperation is the only way to overcome the consequences of global crises and the challenges they impose on us at this sensitive time,” noting, “We emphasized this, both during the second Baghdad summit.” held in the sisterly Hashemite Kingdom of Jordan, or through recent visits to the United Arab Emirates and Cairo.

He stressed, “Iraq’s approach in the current and future period is clear and unmistakable, and it depends on strengthening cooperation with brothers and neighbors at the political, commercial and economic levels, with the aim of strengthening cooperation and pushing our efforts inside Iraq to achieve our declared priorities, which we will not deviate from in an honest attempt to change the reality of the Iraqi citizen and provide Iraq’s interests and interest should prevail over every interest in an atmosphere of cooperation and constructive dialogue with neighboring countries and brothers in our Arab environment. Ended 29/N33

Iraq Is Close To Activating An Agreement With “Total” Worth 27 Billion Dollars

Economy| 06:12 – 03/19/2023  Baghdad – Mawazine News  Iraqi Oil Minister, Hayan Abdul-Ghani, said on Sunday that the talks Iraq is holding with the giant French energy company Total Energies to resolve the sticking points in a delayed activation deal worth $27 billion have reached “advanced stages.”

“They are close to activating the contract,” Abdul-Ghani said at an energy conference.

The agreement, which Baghdad hopes will contribute to reviving foreign investment in the country, was signed in 2021 on the basis that it would allow Total to build four oil, gas and renewable energy projects with initial investments of $10 billion in southern Iraq over 25 years.

However, disagreements between Iraqi politicians over the terms of the agreement hindered its implementation.

Sources told Reuters that Iraq’s request for a 40 percent stake in the project is a major point of contention, as Total Energy wants a majority stake.

In response to a question about whether the issue of Iraq’s share in the project has been resolved, Abdul-Ghani said that the time is not appropriate to discuss the matter, adding that the announcement of the shares will take place when an agreement is reached.

Abdul-Ghani also said that Iraq is committed to maintaining an oil production rate of 220,000 barrels per day, in line with the quota set by the latest agreement of the OPEC+ alliance to cut production.

The minister added that Iraq is ready to increase its production if the OPEC + alliance decides to do so.

He said, “We forced some oil companies operating in the south to reduce production in line with the agreed OPEC + rates.” Ended 29/M99


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