Iraqi News

  In Iraqi News

Saturday Morning Iraq Economic News Highlights 9-2-23

“BRICS” Group Prepares For “Dollar-Free” Oil Trade

Arab and international   A report published recently by the US “Energy Intelligence” website considered that the potential expansion of the “BRICS” group raises more questions about the dollar’s dominance in global energy trade.

According to the site, when the six countries that were recently invited are added to BRICS, specifically Saudi Arabia, the UAE and Iran, the group’s share of global oil production will jump from 20% to 42%.

The report stated: “Interest may grow in a system that does not depend on the dollar, but it is likely to take years from now to implement it … As for the displacement of the dollar from its dominant position in energy trade, it may be particularly difficult.”

Given BRICS’ ambitions to wean itself off the dollar in its growing intra-trade flows, expanding the group could increase the potential for competition, with countries considering non-dollar payment options.

Western sanctions against Russia were a factor in pushing several countries to search for ways to immunize themselves from such threats, but the lack of alternatives makes it imperative to keep the US currency.

Russia’s oil trade with India faces currency-related obstacles, as Russia does not want Indian rupees to flow to it, while India is reluctant to use the yuan, the currency of China, its regional rival.

Another 14 countries applied to join the membership of the group, including oil and gas producing countries, which gives another impetus to transformation efforts, but the position of the dollar in oil transactions is deeply entrenched, according to the description of the report.

Views 33   09/02/2023

Iran: The railway link (Basra – Shalamcheh) will achieve a huge leap in trade exchange with Iraq

International  2023-09-02  Iran: 1,326 views  Alsumaria News – Local, Iranian First Vice President Mohammad Mokhber described the Shalamcheh-Basra railway project as a strategic plan for Iran and Iraq, adding that this project will link the railways between the two countries and would complement international transport routes.

The Iranian First Vice President headed to Khuzestan Province (southwest of Iran) to inspect the border crossings and to participate in the commencement ceremony of the implementation of the Shalamcheh-Basra railway project, which will be held in the presence of Iraqi Prime Minister Muhammad Shia al-Sudani.

An informant described this project as a strategic plan for Iran And Iraq And a transformation in the West Asian region, he added that the project will link the railways between the two countries and would complement the international transport routes.

He continued, saying: This important path will be completed with the cooperation of the two countries during the next two years, within the framework of the policy of strengthening relations with neighbors, and after two years of continuous follow-up, and we hope that it will be a source of good and blessing for my country.IranAndIraqas well as for the countries of the region.

He considered linking the Iranian railways b Iraq and its extension to  The Mediterranean Sea After several decades, a happy event happened, and he said: “We will witness a huge jump in trade exchange between the two countries with the completion of the Shalamcheh rail link project –Basra He said that countries located in the east of the world can reach and communicate with other countries  The Mediterranean Sea Through this railway line, we also hope that this line will play a special role in facilitating travel between Iran And Iraq.

Recall that he announced the director  Iranian Railways Company [/url] Yesterday, Friday, that Iraq Today, Saturday, the implementation of the “Shalamcheh” rail link project will begin.  Basra(in Khuzestan Province, southwestern Iran) in the presence of high-ranking officials from Iran And Iraq.

He added, efforts are to implement the project, as about 1.4 kilometers of this road were built after 1,600 demining operations, and we reached the border.

And he continued, took over Iran Responsibility for demining a length of 16 km within the scope of the plan and accomplished this task; Clearing mines from the next 16 to 18 kilometers is also a responsibility Iraq.

For its part, the Iraqi government announced that today, Saturday, the foundation stone will be laid to start the work of implementing the “Shalamcheh” rail link project.

BasraThe Iraqi government said in a statement that laying the foundation stone comes after the Ministry of Transport And Basra Governorate confirmed the completion of the procedures stipulated in Cabinet Resolution (23333), related to the implementation of the linkage project.   LINK

An Expert Details The “Railway Link” Project With Iran And Its Potential Impact On The “Port Of Fao”

Baghdad – people    On Saturday, the economist and university professor in Basra, Nabil Al-Marsoumi, spoke about the “railway link” project with Iran, and the extent of its impact on the port of Faw.

Al-Marsoumi wrote in a post, followed by “Nass” (September 2, 2023), as follows: “

Information about the railway link between Iraq and Iran

The first phase: extending a railway line between the cities of Khorramshahr and Basra

Line length: 36 km

Construction period of the first phase: 18 months

The second phase: extending a railway line to the regions of Albu Kamal and Deir Ezzor in Syria, and then to the Syrian port of Latakia on the Mediterranean Sea.

Project cost: The initial cost of the first phase is 148 million dollars, and the total cost after completing the second phase will reach 10 billion dollars. It was agreed that each country bears the cost of constructing this line.

The purpose of the project: transporting about 3 million passengers between Iraq and Iran and transporting goods, as there are two corridors of the Silk Roads, one by sea and the other by land, and the sea extends from northern China to Europe and Africa through the Red Sea, and the other road extends from China to the southern ports of Iran that enjoy It has an important geostrategic location, from which goods are shipped.

As for the land route, it extends from southern China to Kazakhstan, then Central Asia, then western Iran. Three roads branch out from western Iran, one of which goes to Istanbul, then to Europe, and the other to Azerbaijan.

As for the third road that concerns Iraq, it connects Iran with Iraq and Syria, and it is the only road that connects to the Silk Road, or through the great port of Faw.

In 2019, Iran began implementing a project to link the “Imam Khomeini” port, located on the Iranian side of the Gulf waters, with the Syrian port of Latakia, through a railway network passing through Iraqi territory. This project is described as strategic by the Iranians and more important than the rest of the land transport lines.

Difficulties facing the project: The areas through which the railway (Khorramshahr-Basra) passes are characterized by soft land, in addition to containing mines, which increases the difficulty of implementing the project, and it is likely that the two sides will be satisfied with the 15 land crossings.

The importance of the project for Iran: facilitating the transportation of passengers to Iraq and maximizing economic gains for Iran in terms of improving trade and relations with its neighbors. The projects could help establish trade corridors across Iranian territory, which would allow Iran to be at the center of merchandise flows in the east, west, north and south.

The importance of the project for Iraq: facilitating the transportation of Iraqi travelers to Iran, as well as facilitating Iraq’s merchandise imports from Iran and obtaining transit fees for the transit of Iranian goods through Iraq.

Concerns related to the project: There should be a detailed study and economic feasibility studies to ensure that this project does not negatively affect the great port of Faw, the dry canal or the development road,” according to Al-Marsoumi.

Former Minister Of Transport: The Railway Link Is A “Bullet Of Mercy” On The Port Of Faw (Video)

2023.09.02 – Baghdad – Nas   The former Minister of Transport and the current MP, Amer Abdul-Jabbar, commented, on Saturday, on the railway link project between Iraq and Iran.

Abdul-Jabbar said in a video clip, followed by “NAS” (September 2, 2023), that “the rail link with Iran is not limited to transporting passengers, and the claim is false, because there was no exclusivity in that. The foundation stone while the citizens were busy with the Arbaeen visit is intended.”

Al-Sudani: The Rail Link Project Will Transport Passengers From Iran And Central Asian Countries

Today, Saturday, the Prime Minister, Muhammad Shia Al-Sudani, confirmed that the railway link project will transport travelers from Iran and the countries of Central Asia.

And his media office stated, in a statement, that “Al-Sudani laid, this morning, the foundation stone for the railway linkage project, at the Shalamjah border crossing in Basra Governorate, for the transport of travelers and visitors to the holy shrines, between the Republic of Iraq and the Islamic Republic of Iran, in the presence of the first vice president of Iran, Muhammad Mukhber.” .

Al-Sudani pointed out, “The importance of the railway link project in transporting travelers and visitors to the holy shrines from Iran and the countries of Central Asia, as well as its importance in strengthening the infrastructure of the Iraqi economy and increasing its growth,” noting that “the project has been subject to years of discussion and it was agreed to complete it between Iraq and Iraq.” And Iran in 2021.”

He explained that “the railway link through the Shalamcheh port is a link of multiple links to transport travelers and visitors to the holy shrines, which are scheduled to reach the holy governorates of Najaf and Karbala.”

For his part, Mokhbar praised “the development plans initiated by the Iraqi government in various sectors,” stressing “his country’s support for Iraq’s economic and developmental success.

Al-Sudani’s Advisor: The Step Of Linking Iraq To Iran With A Railway Network Is Very Important

Economy  2023-09-02  The government advisor for financial affairs, Mazhar Muhammad Salih, confirmed: “The step of linking Iraq with Iran with a railway network is a very important step that will contribute to organizing the transportation of goods and merchandise and even Iranian visitors with Iraq.”

Muhammad Salih said in a press statement: “Iran is a major trading partner for Iraq, and historically Iranian goods flow easily into Iraq,” noting that imports of goods and merchandise except (gas) constitute at least $7 billion, which is a large figure for Iraqi imports, and it constitutes More than 10% of Iraq’s international imports.”

And he stressed that “this line will contribute to organizing the transportation of goods, merchandise, and even visitors, which is an important issue,” explaining that the easier the transportation cost, the lower the costs, regardless of the noise between the linkage at the regional level and the world, which is an issue Regulatory is very important, whether trucking or train.

And the advisor continued: “Iraq is a country in which there is a large religious visit, being a great Islamic center, and this line will facilitate the transportation of visitors,” calling for not expanding other political strategies and theories on this issue, and it should be limited to a limited issue, especially (trade and visitors) between Iraq and Iran.