Al-Kazemi Confirms The Government’s Keenness To Activate The Iraqi-Chinese Framework Agreement
Political | 01:51 – 14/02/2022 Baghdad – Mawazine News, Prime Minister Mustafa Al-Kazemi affirmed, on Monday, the government’s keenness to activate the Iraqi-Chinese framework agreement, while Chinese Ambassador Zhang Tao indicated his country’s aspiration to develop relations between Baghdad and Beijing.
Al-Kazemi’s office said in a statement received by “Mawazine News”, that “Prime Minister Mustafa Al-Kazemi received, today, Monday, the Ambassador of the People’s Republic of China in Baghdad, Zhang Tao, on the occasion of the end of his work in Iraq.”
Al-Kazemi praised, according to the statement, “the level of bilateral relations between the two countries,” noting “Iraq’s aspiration to develop them, which are partnership relations that culminated in more strategic cooperation in various economic, trade, and cultural fields, as well as in the fields of energy, investment, and security.”
Al-Kazemi stressed, “The government’s keenness to activate the Iraqi-Chinese framework agreement, and the high coordination between the two countries in implementing all its paragraphs,” expressing “the Iraqi government’s welcome to Chinese companies, providing the necessary facilities for them, and overcoming the obstacles they face.”
For his part, the Chinese ambassador affirmed “his government’s support for Iraq and its aspiration to develop relations between Baghdad and Beijing at various levels, in a manner that achieves the interests and aspirations of the peoples of the two friendly countries.” LINK
Taha Ahmed Abdel Salam To “Al-Sabah”: The Step Is Important, But On The Terms Of A Proposal To List The Profitable Government Companies In The Stock Market.
Monday 14 February 2022 343 Baghdad: Haider Falih Al-Rubaie Specialists in economic affairs stressed the importance of the stock market in developing the economy and attracting local and foreign capital, as well as its ability to play an important role by investing the funds that are hoarded and located outside the banking system. , The Executive Director of the Iraq Stock Exchange, Taha Ahmed Abdel Salam, expressed his welcome to that idea, which requires first that those government companies turn into a mixed and private contribution.
According to the economic expert, Manar Al-Obaidi, the market value of the companies listed on the Iraqi Stock Exchange has increased to 15.9 trillion Iraqi dinars, an increase of
13.7% compared to 2020, the market value of the banking sector amounted to 7.5 trillion Iraqi dinars, an increase of 29%, followed by the telecommunications sector, with a market value of 6.5 trillion dinars.
In response to the proposal to list profitable public companies, such as airlines, or state-owned banks in the Iraq Stock Exchange, the Executive Director of the Iraq Stock Exchange, Taha Ahmed Abdel Salam, said in a statement to “Al-Sabah”: It is not possible to list government companies or public sector companies until after To turn into joint stock companies, and accordingly, the first step is to convert public companies into a mixed joint stock company, especially by offering their shares – public offering – IPO -.
Abdul Salam pointed out that this step would achieve a set of goals, the most important of which is to attract and invest the savings of Iraqis and non-Iraqis in accordance with the Companies Law, pointing out that the inclusion of these joint stock companies in the Iraqi Stock Exchange is a very natural matter, but it requires the use of public offering procedures in accordance with the law. International standards and financial markets, in order to ensure the success of the offering and transformation process, as well as the success of attracting national capital to invest.
Listing Public Companies
For his part, the economic expert, Manar Al-Obaidi, suggested the inclusion of companies affiliated with the government sector, such as banks, insurance companies and transportation, led by Iraqi Airways, to the stock market, on the condition that ensuring the adoption of governance helps not to monopolize companies’ shares in the hands of a small group.
The expert Al-Obaidi pointed out that this will lead to the stock market being one of the most important components of the Iraqi economy and able to attract capital and contribute to reducing the expenses of the Iraqi state and shifting towards an economy that supports the private sector and the contributor, noting that “the financial market that operates at a strong level of efficiency or Even the semi-strongness reflects the nature of the economy in any country.”
According to Al-Obeidi, the market value of the companies listed on the Iraq Stock Exchange increased to 15.9 trillion Iraqi dinars, an increase of 13.7% compared to 2020, and the market value of the banking sector reached 7.5 trillion Iraqi dinars, an increase of 29%, followed by the telecommunications sector with a market value of 6.5 One trillion Iraqi dinars, a decrease of 0.54% compared to 2020, then the industry sector with a market value of 1 trillion dinars, an increase of 20% compared to 2020, followed by the hotel and tourism sector, as the market value of its listed companies reached 374 billion dinars, an increase of 3.6%, while The market value of the agricultural sector companies reached 254 billion dinars, an increase of 56%.
Al-Obaidi explained, as for the investment, services and insurance sectors, the market value for them reached 167 billion Iraqi dinars, after it was 138 billion Iraqi dinars in 2020, indicating that the total shares listed in the Iraqi market amounted to 13.7 trillion shares, thus the average share in the stock market is 1.16 dinars. Per share listed, up from last year, which was 1.1 dinars per share.
Coordination With Industry
In turn, the economic researcher, Samir Al-Nusairi, explained that “the Iraqi market has been greatly affected by the changes that the Iraqi economy has experienced during the past years, and all sectors participating in the trading market were also affected, and the shares of those companies decreased by a large percentage, which affected the overall market activity.” Expressing his support for the proposal to “involve profitable government companies in the Iraqi stock market, but these companies should be privatized and the subscription to them succeed, as well as the need to convert many profitable government companies to mixed and put them up for subscription,” indicating that these companies will receive funding to revive their business.
Al-Nusairi called for coordination between the Securities Commission and the Iraq Stock Exchange on the one hand, and the Ministry of Industry on the other hand, with the aim of listing some of the ministry’s companies, and with the aim of attracting investors, indicating that this method is the only way to convert these companies into “companies with a good financial base.” . LINK
Oil Prices Recorded Their Highest Jump In 7 Years
Economie| 08:25 – 14/02/2022 Follow-up – Mawazine News, Monday, Oil prices hit their highest levels in more than seven years, amid fears that a possible Russian invasion of Ukraine would lead to US and European sanctions that would disrupt exports from the world’s largest producer in an already tight market.
Brent crude futures were at $95.49 a barrel, up $1.05, or 1.11%, after earlier hitting a peak of $96.16, the highest since October 2014.
US West Texas Intermediate crude rose $1.27, or 1.36%, to $94.38 a barrel, hovering near a session high of $94.94, the highest since September 2014.
Comments from the United States regarding an imminent attack by Russia on Ukraine rattled global financial markets. Ended 29/A4 https://www.mawazin.net/Details.aspx?jimare=184571
Oil Clarifies The Nature Of Its Agreement With Total
Economic Last update 02/14/2022 | 10:21 PM Information / Baghdad… Today, Monday, the Ministry of Oil issued a clarification about its agreement with Total, while it denied any failure in it.
And the ministry said in an official clarification received by / the information /,: “At a time when the Ministry of Oil confirms its keenness to implement the contracts that were concluded within the agreement with the international company Total, it denies news and press reports that indicated a stumbling block in the implementation of the agreement, and the ministry expresses its astonishment at the The press and media reports include inaccurate information, and stress the need for news sources to be impartial and professional.”
She explained that “this agreement includes (4) major contracts that include paragraphs and partial and complex commitments, which require some time to complete, and cannot be implemented or resolved in tight timing, including the paragraph of national oil participation by (40%) in it according to the decision of the esteemed Council of Ministers, which requires consensus. Between the two sides about the method and method of participation and financing, where negotiations are now taking place in isolation from the preparations to receive the contract, which has already begun with a specialized working team consisting of (9) specialists from each side, holding continuous meetings to accomplish the tasks assigned to them.”
And the ministry continued in its statement, “Noting that the transition period of (6) months begins in early (April – April 2022) with the management of the Artawi field by the Basra Oil Company, and the financing from Total, after the required administrative structure has been prepared by the Basra Oil Company. (Total) has prepared an ambitious budget to start development work and increase production.”
The ministry stressed the existence of coordination and communication between the concerned specialized teams from each side, with its expectations of achieving advanced steps in the Artawi field development project and other projects by the beginning of 2023.
The Ministry of Oil appealed to the media, the press and news sites to be accurate and objective when dealing with information related to the Iraqi oil issue, in the public interest, according to the text of the statement. finished 25 https://almaalomah.me/2022/02/14/582334/
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