KTFA

Henig:  Al-Sudani stresses keenness to achieve economic integration with neighboring countries and the region

12/24/2022

{Local: Al Furat News} Prime Minister Muhammad Shia Al-Sudani affirmed today, Saturday, keenness to achieve economic integration with neighboring countries and the region.

A statement from his office, of which {Euphrates News} received a copy, stated that: “Al-Sudani received a delegation of journalists and media workers from various Egyptian media outlets, headed by the President of the Supreme Council for Media Regulation, the Egyptian Minister of Information, Karam Kamel Ibrahim, in the presence of the President of the Media and Communications Authority, and the President of the Union of Arab Journalists. Iraqi Journalists Syndicate.

The head of the Egyptian delegation, according to the statement, conveyed the greetings of Egyptian President Abdel Fattah El-Sisi to the Prime Minister, and also congratulated Al-Sudani on the occasion of forming the government and assuming his duties as Prime Minister.

Al-Sudani welcomed the “Egyptian media delegation,” calling on them to “visit the Basra governorate and see the ongoing preparations for the Basra Gulf Championship 25, which will start on the sixth of next January.”

He stressed, “Iraq went through difficult circumstances that it was able to overcome, and its children have stories of sacrifice in the war against ISIS that dazzled the world.” and everything that enhances the security of the region.

Al-Sudani also stressed “the keenness to achieve economic integration with neighboring countries and the region, in the path of achieving development and prosperity for the Iraqi people, and the brotherly and friendly peoples.”   LINK

************

Henig:  Exchanging dollars in banks is a practical approach to achieve stability in the exchange market, says PM advisor

Baghdad-INA

The financial advisor to the Prime Minister, Mudhar Muhammad Salih, confirmed on Saturday, that applying the mechanism for selling dollars in banks is a correct practical approach to achieving stability in the exchange market, pointing out that the monetary policy of the Central Bank of Iraq-CBI continues to provide options as well to achieve this goal.

“The new procedures in providing wide and multiple official outlets for exchanging dollar cash through the government banking system, with an increase in the allocation for one person to 5 thousand instead of 3 thousand dollars, up to 10 thousand dollars, represent a correct option to achieve stability in the exchange market,” Saleh told the Iraqi News Agency (INA).

He added, “The followed procedures provide the cash dollar through available, fair and equal opportunities for the beneficiaries, and make it available directly to the groups that need it for the purposes of travel and treatment outside the country.”

Salih pointed out that “This trend in the exchange market is a positive expansion in transforming the dollar cash market into a flexible market that enjoys a high degree of competitiveness, governance, and discipline at the same time,” noting that “the monetary policy of CBI is a constant and continuous policy in providing other additional options for foreign currency supply, which will contribute continuously to the stability of the exchange market.

He also affirmed that “This move ensures at the same time maintaining the stability of the general level of prices, which is the ultimate goal of monetary policy in the country.”   LINK

*************

Henig:  Basra crude records weekly gains of about 3%

Baghdad / NINA /- Basra crude closed with a weekly gain of about 3%, similar to other crude oil, which also recorded gains.

Basra Heavy crude closed in its last session on Friday, down by 45 cents, to reach $71.79, but it recorded a weekly gain of $2.03, equivalent to 2.91%.

While Brent crude closed in the last session on Friday, up by $2.94, to reach $83.92, and recorded significant gains amounting to $4.88, equivalent to 6.17%.

West Texas Intermediate (WTI) crude closed in its last session up by $2.07, to reach $79.65 a barrel, and recorded a weekly gain of $5.36, equivalent to 7.21%.

Oil prices rose yesterday, Friday, with the recovery of demand in China and with Russia’s threats to reduce its production by 700 thousand barrels, after setting its oil prices by the European Union and America.  LINK

Vietnam

Henig:  Rural products fall short of potential

10:00 | 24/12/2022

(VEN) – Outstanding rural industrial products have been honored for 10 years throughout Vietnam, boosting rural industrial development. However, several problems need to be addressed to improve the products’ promotion.

Vu Hy Thieu, an experienced member of the national council for honoring outstanding rural industrial products, assessed that poor design remains a major weakness of outstanding rural industrial products, especially fine art and handicraft articles, as most rural producers do not have professional designers and rely on their skilled artisans and workers. They need to study market needs and design trends in order to build product development orientations, as well as renovate technology and equipment in order to better and expand production.

Sharing Thieu’s assessment, many other members of the council said some of the rural industrial manufacturers applying to have their products recognized and certified do not meet the criteria on production scale, capital investment and market.

Many applications are for poor quality products, mostly focused on processed farm produce, forest products and seafood. The participation of equipment, machinery, mechanical tools and spare parts, and fine art and handicraft articles, remains incommensurate with their potential.

The problems negatively impact the recognition of outstanding rural industrial products.

Experts say manufacturers of national and regional-level outstanding rural industrial products must be supported in developing production and strengthening trade promotion, and policies are required for development of industry and trade promotion, rural industry and small and medium-sized enterprises.

Bui Viet   LINK

************

Henig:  PV Power cements position as second-largest electricity producer

December, 24/2022

Speaking at the ceremony, Minister of Industry and Trade Nguyễn Hồng Diên said PV Power had risen steadily to become the second-largest power supplier in Việt Nam, after Việt Nam Electricity (EVN) and the biggest gas-electricity producer, confirming its important position in Việt Nam’s energy map.

HÀ NỘI — The Petrovietnam Power Corporation (PV Power) yesterday celebrated 15 years since its establishment, confirming its position as a leading electricity producer in Việt Nam.

Speaking at the ceremony, Minister of Industry and Trade Nguyễn Hồng Diên said PV Power had risen steadily to become the second-largest power supplier in Việt Nam, after Việt Nam Electricity (EVN) and the biggest gas-electricity producer, confirming its important position in Việt Nam’s energy map.

The company has produced more than 240 billion kWh of electricity in the past 15 years, contributing to ensuring national energy security and the country’s economic development, Diên said.

The firm earned more than VNĐ350 trillion (US$14.8 billion) in revenue, with profits of over VNĐ25 trillion during the period. In addition, it has paid more than VNĐ16 trillion to the State budget.

The firm has operated seven power plants with a total capacity of 4,209 MW. Its total assets increased 12-fold to VNĐ56.5 trillion ($2.36 billion) from only VNĐ4.78 trillion in 2007 when it was established, with the owner’s equity exceeding VNĐ32 trillion.

Minister Diên said the power industry is facing significant challenges in the new era when it must both ensure energy supply for the fast-growing economy and transform to more eco-friendly products to help realise Việt Nam’s COP26 commitments.

He asked PV Power to take advantage of gas-fuelled power to continue the development of LNG power projects, including Nhơn Trạch 3 and 4, which have combined designed capacity of 1,600MW using the state-of-the-art technologies, along with Quảng Ninh LNG with an expected capacity of 1,500MW. Besides, PV Power needs to apply advanced technology to switch to less-carbon energy production while expanding investment in renewable energy projects.

PV Power’s General Director Lê Như Linh confirmed the firm would focus on transitioning to green energy and environmental protection.

By 2035, the firm’s total capacity is expected to reach 5,760-9,560MW, supplying 30-47 billion kWh to the market each year, with a growth rate of 3-4 per cent annually.

The first unit to make IPO

PV Power was also the first unit in the electricity sector to conduct an IPO in Việt Nam successfully.

The stock code POW has continuously led in liquidity among power trading companies on the Hồ Chí Minh Stock Exchange. The share has been in the Top 50 Best Listed Companies for three consecutive years by Forbes magazine, and the credit rating ranked BB with a positive outlook by Fitch Ratings for the past two years.

At the ceremony, PV Power received the Second-class Labour Order from Vice President of Việt Nam Võ Thị Ánh Xuân for its contribution to the country’s economic development. — VNS   LINK