Iraqi News Highlights Sunday Afternoon 9-3-23
Tlm724 Administrator Bondlady’s Corner
Differences Between The Center And The Region May Plague The New Draft Oil Law
Economy News-Baghdad The economist, Nabil Al-Marsawi, confirmed that there are real differences between the center and the region that may plague the new draft oil law.
The expert summarized in a post seen by “Al-Iqtisad News”, that “the first difference is stipulated in Article 5 of the new draft oil and gas law, provided that the Federal Council is established under the chairmanship of the Prime Minister or whoever authorizes him, and includes in its membership each of the Federal Minister of Oil, the Federal Minister of Finance and the Federal Minister of Planning.”
And the governor of the central bank and the minister of natural resources in the region and the governors of three oil-producing provinces that are not organized in a region and three experts.
He added, “Decisions are taken by majority, while the region believes that the Federal Council for Oil and Gas should include in its membership both the federal government (ministers of oil, finance and planning) and the regional government (ministers of natural resources, finance and planning) and the governors of oil-producing governorates that are not organized in a region. The council is rotating and decisions are taken unanimously
And he continued, as for the second difference, the draft law stipulates in Article 8 first, which is that the Federal Ministry of Oil manages the oil and gas producing fields throughout Iraq in coordination with the producing region and provinces. As for the vision of the region, it is summarized as follows:
The federal government manages the oil and gas extracted from the current fields (which were extracted, developed and commercially produced before the constitution ran out in 2005) with the regional government and the producing provinces that are not organized in a region.
The government of the producing region or provinces shall have the authority concerned with managing oil and gas in the current and future fields (which are the fields from which oil and gas have been extracted, developed, and produced commercially after the constitution runs out).
And he added, “While the third difference is that Article 11 of the draft serious oil law stipulates that the Federal Council is the one that gives approval to oil licensing contracts, while the region sees that it is the competent authority on exploration, development and production contracts or any other contracts with the contractor who falls The choice is upon it, and this does not require the approval of the Federal Council.”
He continued by saying, “The fourth difference in Article 16 of the draft law is that the ministry is the supreme authority responsible for the obligations of the contractors, while the region believes that the competent authority in the region is responsible for the obligations of the contractors in the contracting areas within the region, while the fifth difference is in Article 24 of the draft law.”
The law states that the main pipelines are owned by the federal government, while the region says that the federal government, the regional government, and the producing provinces establish and own pipelines to transport oil and gas.
He concluded by saying that “the sixth difference is that the new draft oil law did not include any article indicating the marketing of oil and the party responsible for it, but as is currently in force and confirmed by the Federal Court, the Ministry of Oil represented by SOMO is the only party responsible for marketing all Iraqi oil regardless of Its production site, while the region sees that the Federal Council sets marketing and sales policies, and the sale process is carried out by marketing companies belonging to the government of the region or the producing provinces that are not organized in a region.
Views 96 09/03/2023 – https://economy-news.net/content.php?id=36151
The Council Of Ministers Decides To Grant 500 Billion Dinars To The Kurdistan Region Per Month
Political | 03/09/2023 Baghdad – Mawazine News, Representative Mustafa Jabbar Sanad announced that the Council of Ministers decided to grant 500 billion dinars to the Kurdistan region per month.
Sanad said in a post on Facebook, followed by Mawazine News, that “the cabinet decided to renew the contracts for the Kar and Qaiwan refineries and grant 500 billion dinars for the Kurdistan Region on a monthly basis.”
And he added, “The Federal Court issues a state order to stop the implementation of the prime minister’s directive to hand over the advanced joint operations headquarters to the benefit of Al-Barti, and this is the benefit of the multi-authority system. There is a judicial authority that corrects executive deviations, if any.” https://www.mawazin.net/Details.aspx?jimare=234382
Iraq’s Oil Exports To America Decreased Last Week
Energy Economy News _ Baghdad The US Energy Information Administration announced, today, Sunday, that Iraq’s oil exports to America decreased to an average of 283 thousand barrels per day during the past week.
The administration said in a table seen by “Al-Iqtisad News”, that “the average US imports of crude oil during the past week from eight major countries amounted to 5.548 million barrels per day, down by 452 thousand barrels per day from the previous week, which amounted to 6,000 million barrels per day.”
She added, “Iraq’s oil exports to America amounted to an average of 232 thousand barrels per day last week, down by 51 thousand barrels per day from the previous week, which amounted to an average of 283 thousand barrels per day.”
The administration also indicated that “most of America’s oil revenues during the past week came from Canada at a rate of 3.405 million barrels per day, followed by Saudi Arabia at an average of 462 thousand barrels per day, and oil revenues from Mexico amounted to an average of 437 thousand barrels per day, and then Ecuador at an average of 328 thousand barrels per day.” “.
According to the statistics, “the amount of US imports of crude oil from Colombia amounted to 295,000 barrels per day, from Brazil at an average of 245,000 barrels per day, and from Nigeria at an average of 144,000 barrels per day, while it did not import any quantity from Russia and Libya.”
Views 36 09/03/2023 – https://economy-news.net/content.php?id=36139
Central Bank Sales Amounted To More Than 200 Million Dollars
Economy News-Baghdad Today, Sunday, the sales of the Central Bank of Iraq in the foreign currency sale window amounted to more than 200 million dollars.
The Central Bank’s website published a schedule of its dollar sales, and “Al-Iqtisad News” reviewed it, as it included the participation of 28 banks and 67 exchange companies, and covered external transfer requests of $181 million, while cash requests amounted to more than $19.6 million.
The Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar, per dollar for documentary credits and international settlements of electronic cards and at a price of 1310 dinars per dollar for foreign transfers and at a price of 1310 dinars per dollar in cash. Views 32 09/03/2023 https://economy-news.net/content.php?id=36148
A Slight Decrease In The Exchange Rates Of The Dollar In The Baghdad Markets
Economy Sunday, September 3, 2023 Baghdad / National News Center Today, Sunday, the dollar prices recorded a slight decrease in the exchange rates in the markets of the capital, Baghdad.
The selling prices in exchange shops in the local markets amounted to 154,000 Iraqi dinars for every 100 dollars, while the purchase price reached 152,000 dinars for every 100 dollars. https://nnciraq.com/224807/
The Stability Of Dollar Prices In Baghdad With The Closing Of The Stock Exchange
Economy Saturday, September 2, 2023 Baghdad / The National News Center The US dollar prices stabilized against the Iraqi dinar, today, Saturday, in the Baghdad markets, with the closing of the stock exchange.
The correspondent of the National News Center said, “The dollar prices stabilized with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 153,000 Iraqi dinars against 100 dollars, while the prices this morning were 153,100 dinars.”
He added, “The selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 153,500 dinars, while the purchase price reached 152,500 dinars for every 100 dollars.” https://nnciraq.com/224692/
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