Early Friday Iraq Economy News Highlights 5-20-22
Ministry Of Commerce: There Will Be No Famine In Iraq
Iraq 07:26 – 05-20-2022 The Federal Ministry of Trade confirmed that the failure to pass the emergency support law for food security and development put the ministry at a crossroads in light of the global food crisis, while reassuring citizens that there would be no famine in Iraq, as some warn.
“The ministry has warned since the beginning of this year that the world is going through an economic crisis as a result of rising prices, and strategic steps must be taken to confront it,” said a spokesman for the Ministry of Commerce, Muhammad Hanoun.
He added, “The Ministry of Commerce is committed to the food basket program and is continuing with the operations of receiving wheat, and we have completed marketing 777 thousand tons of local wheat until today, and there will be no famine, as some warn.” LINK
Documents: The legal cordon “tightens” the Ministry of Oil regarding the region’s oil, and the Federal Court’s decision is “heating”
2022-05-20 Yes Iraq: Baghdad The issue of the dispute between Baghdad and Erbil over the implementation of the Federal Court’s decision regarding the oil of the Kurdistan region has begun to enter a hot phase, between the still timid movements of the Ministry of Oil, and parliamentary movements towards the Public Prosecution, and between the “reservation” of foreign companies operating in the region to deal directly with Baghdad.
Communication between the ministry and companies
Reuters quoted in a report seen by “Yes Iraq”, that the Ministry of Oil asked the oil and gas companies operating in the Kurdistan region to sign new contracts with the state-owned marketing company (SOMO) instead of the regional government.
According to Reuters, the Iraqi Oil Ministry has appointed the international law firm Cleary Gottlieb Steen & Hamilton to communicate with oil and gas companies operating in the Kurdistan region “to start discussions so that their operations will comply with applicable Iraqi law.” Oil companies operating in the region have already been approached, with this letter representing the first contact Direct between the ministry and oil companies operating in the Kurdistan region.
According to Reuters, foreign oil companies operating in the Kurdistan region of Iraq, including Genel Energy, Chevron and Gulf Keystone, as well as Cleary Gottlieb, refused to comment, and did not send responses to the Ministry of Oil, while Reuters obtained information that companies Foreign oil operating in the region will most likely not communicate with the Ministry of Oil directly without coordination with the regional government. On the other hand, the Ministry of Oil will take further legal measures if it does not receive a response, according to Reuters information.
Movements against oil at the Public Prosecution
Representative Hadi Al-Salami moved towards the Public Prosecution with a complaint against the Minister of Oil, accusing him of not moving seriously in light of the Federal Court’s decision regarding the Kurdistan region’s oil.
According to the document, Al-Salami accused Oil Minister Ihsan Abdul-Jabbar of “refusing to implement the Federal Court’s decision,” noting that this is a “crime of willful refusal,” calling for a lawsuit against Abdul Jabbar and his support staff in the ministry to refrain from implementing the Federal Court’s decision. LINK
The Supply Of Electric Power In An Iraqi Governorate Has Fallen To A Third
Shafaq News/ A government official in the Electricity Department in Diyala Governorate announced on Friday that the supply of electricity has decreased by more than 60% due to the lack of energy production on the national system network.
The source told Shafaq News Agency, that the rate of energy supply in Diyala decreased significantly, with one hour of operation and three hours or more interruption in all administrative units, which sparked great popular anger in the province due to the disruption of life interests.
And the source, who asked not to be named, indicated that the reasons for the interruption are the lack of equipment and production from the national system for reasons that are not yet known, noting that Diyala depends on the national electrical system after the Iranian line stopped due to financial disputes for more than 7 months and did not return to service until right Now.
Diyala suffers from the deterioration of the electricity supply due to the fluctuation of Iranian lines (Diyala – Mirsad 400 MW and Khanaqin – Sarbil Zahab 150 MW) and the frequent interruptions for technical reasons or non-payment of wages by the Iraqi side, in addition to the lack of energy supply from the stations of the national system. LINK
Transportation Announces The Reception Of Three Commercial Ships In The Northern Port Of Umm Qasr[/Size]
local| 01:10 – 20/05/2022 Baghdad – Mawazine News, the Ministry of Transport announced today, Friday, the reception of three commercial ships with various tonnages in the northern port of Umm Qasr.
A statement of the General Company for Iraqi Ports, a copy of which was received by Mawazine News, stated that “the northern port of Umm Qasr is of paramount importance in providing various goods to the local market, as many foodstuffs, goods, cars and other materials enter through this port.”
The statement added, “The berths of the northern port received three ships with various tonnages, and the work continues between the port administration and maritime navigation and the operations of loading and unloading throughout the week to receive commercial ships.”
Iraq And Jordan Sign A Memorandum Of Understanding On The Exploitation Of Natural Resources[/Size]
Economie| 04:48 – 19/05/2022 Baghdad – Mawazine News, Jordan and Iraq signed a memorandum of understanding, in the presence of the Jordanian Minister of Energy and Mineral Resources Saleh Al-Kharabsheh, and the Iraqi Minister of Industry and Minerals Manhal Khabbaz, which includes preparing a proposal for joint investment and industrial projects.
A statement issued by the Jordanian Ministry of Energy said today, Thursday: “Jordan and Iraq signed a memorandum of understanding, stipulating the preparation of a joint project proposal for the development of industrial raw materials and rocks, as an opportunity for investment and the establishment of a joint geological database, and cooperation in the field of training manpower.”
On the elements of the memorandum, Kharabsheh said, in a press statement, that the two countries agreed to establish a geological database and integrate it along the common border areas between the two brotherly countries, to be completed before the end of this year.
He explained that the proposal includes upgrading raw materials for phosphate rock and exploiting them in manufacturing industries, to raise the economic feasibility and upgrading raw materials for silica sand rocks and developing them into industrial raw materials of high purity that can be invested, to raise their economic feasibility.
The two sides also agreed, according to Kharabsheh, to prepare a joint training program for the exchange of manpower, stressing that, before the end of the year, a number of measures will be taken to activate joint cooperation and implement the program agreed upon by the two parties.
The Jordanian minister stressed the importance of the memorandum of understanding, in line with the ministry’s interest in exploiting natural resources, and launched a number of projects in this regard.
He added: “The ministry has published a number of investment opportunities on natural resources in a number of regions of the Kingdom, and work is underway to exploit natural resources in light of what the world is going through and its repercussions on the issue of food and food chains.”
For his part, the Iraqi minister described the results of the work of the technical committees between the two countries as positive, and the cooperation between the two countries has been going on for four months to reach these results.
He stressed the importance of the two countries’ cooperation in the field of natural resources, in response to the interest of the leaderships of the two countries to exploit these resources as energy alternatives, especially silica.
Minister Khabbaz pointed to the importance of working to reduce carbon emissions, and the importance of the presence of phosphates and sulfur and their introduction into the agricultural process as fertilizers, due to the importance of their results on food security and climate change.
He indicated timetables for joint cooperation, the results of which will appear within 6 months. Ended 29 /
Dollar Exchange Rates In Local Markets
Economie 2022-05-20 | 04:01 1,806 views Today, Friday, the dollar exchange rates witnessed stability in the local markets. The selling prices of the dollar were 148,300 dinars per $100, while the purchase prices of the dollar were 148,200 dinars per $100.
Earlier, Central Bank of Iraq decided earlier to amend the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars each dollar. LINK