Post From BondLadys Corner
BLC Admin Tlm724 News & Comments 3-26-16
Iraq exports first natural gas shipment in its history.
By Sinan Salaheddin, Associated Press by dr.schuber
[ltr]BAGHDAD — Iraq on Sunday exported the first shipment of natural gas in its history, a key development for the OPEC member struggling to feed a cash-strapped economy amid an expensive fight against the Islamic State group.
The move revives a long-sought ambition by Iraq to be a gas exporter, thanks to a joint venture with Anglo-Dutch Royal Dutch Shell PLC and Japan's Mitsubishi Corp. Iraq first planned to begin exporting gas in the late 1970s, but that timeline was delayed by the Iraq-Iran war when Iraqi export ports were bombed.
A Panama-flagged gas carrier sailed Sunday afternoon from Iraq's southern port of Umm Qasr on the Persian Gulf with a cargo of about 10,000 standard cubic feet of gas in the form of condensates, Oil Ministry spokesman Assem Jihad said.
Jihad wouldn't reveal how much the cargo was worth or the buyer, but he added that the next cargo will be shipped by the end of this month.
In November 2011, Iraq signed a $17 billion deal to form a joint venture to gather, process and market gas from three oil fields in the oil-rich province of Basra. The fields are the 17.8 billion-barrel Rumaila, the 4.1 billion barrel Zubair field and the 8.6 billion barrel West Qurna Stage 1.
In the 25-year joint venture, called the Basra Gas Company, Iraq holds a 51-percent stake and Royal Dutch Shell has 44 percent, with the remaining 5 percent for Mitsubishi.
According the International Energy Agency, Iraq has estimated natural gas reserves of 112 trillion cubic meters, making it the 11th largest in the world.
The inauguration of Iraq's gas industry is meant to boost the coffers of a government badly in need of cash to fund ongoing military operations against IS extremists, who control key areas of northern and western Iraq, including the second-largest city, Mosul.
Iraq holds the world's fourth largest oil reserves, some 143.1 billion barrels, and oil revenues make up nearly 95 percent of its budget.
Like other oil-reliant countries, Iraq's economy has been severely hit by plummeting oil prices since 2014, plunging the nation into an acute financial crisis despite record crude oil export levels.
The crisis has forced Prime Minister Haidar al-Abadi's government to introduce austerity measures by eliminating government posts, merging some ministries, halting spending on construction projects and imposing new taxes to pay for civil servants and fund the military.
According to Oil Ministry figures, Iraq exported an average of 3.225 million barrels a day in February 2016, far below levels planned for this year's budget. Last month exports grossed about $2.2 billion, based on an average price of about $23 per barrel.
Iraq's 2016 budget is based on an expected price of $45 per barrel with a daily export capacity of 3.6 million. As a result, the nearly 106 trillion Iraqi dinar (about $89.7 billion) budget has a deficit of over 24 trillion dinars (about $20.5 billion). Officials plan to cover the shortfall with loans from local and international lenders.
Source: Desert News, Published: Sunday, March 20 2016 12:35 p.m. MDT
[ltr]dr.schuber | March 26, 2016 at 12:19 am | Categories: Reports & News | URL: http://wp.me/p4A3k0-RL[/ltr]
[tlm724] Iraq on Sunday exported the first shipment of natural gas in its history
[tlm724] it is so good to see them get off their azzes and do something monumental like this !! It will generate tons of revenue, they could have been making this money all these years but they became complacent with the oil, those days are over and have forced their hand !
[tlm724] tis a beautiful thing
Parliament rapporteur reveals the reasons for the presence of Ki-moon and Jim Yong at today's meeting
26/03/2016 10:42 | Direction Press / Baghdad Revealed the House of Representatives decision of Imad Youkhana, on Saturday, the reasons for the presence of the Secretary-General of the United Nations Ban Ki-moon and World Bank President Jim Yong Kim to the Board meeting scheduled for the day, as pointed out that the two parties will arrive in Baghdad today.
Said Youkhana in a press statement, he said that "the Secretary-General of the United Nations Ban Ki-moon and World Bank President Jim Yong Kim will arrive in Baghdad this morning to attend the parliamentary session scheduled to be held on Saturday, in addition to several meetings with political leaders in the country to discuss the repercussions in the country." .
He added that "Iraq will apply for two guests aims to get a financial loan from the World Bank and the United Nations to assist the displaced families in their situation which Aashunha, as well as harnessing the loan funds for the reconstruction of liberated areas from the control of the organization Daash Wahhabi". The sa http://aletejahtv.org/index.php/permalink/104938.html
[tlm724] He added that "Iraq will apply for two guests aims to get a financial loan from the World Bank and the United Nations to assist the displaced families in their situation which Aashunha, as well as harnessing the loan funds for the reconstruction of liberated areas from the control of the organization Daash Wahhabi".
[tlm724] it's always about the money !
Altnumeihaaadh take its role in the restructuring of banks, a first step to establish a comprehensive bank
3/26/2016 0:00 BAGHDAD - Mostafa Hashemi said economist Academy: The circumstance that Iraq is going through need to have a functioning banking sector to lead its real role in supporting the Iraqi economy and society , which was the most prominent target of the establishment and spread of private banks.
He said the economic academic Dr. Essam Mahouelle in an interview for »Sabah» that Iraq has a number of good Not from private banks that originated in the nineties of the last century in order to be involved in supporting the development process along with the seven government banks.
He said it is essential that the private banking sector to reconsider its role in the economic process in conjunction with the Central initiative to grant productivity and development loans to the public, calling at the same time the need to start a new timing of development through the study of the idea of integration to set up a cartel ,
a bank and a national (Universal Bank development ) is capable of implementation of infrastructure projects, especially as the country needs such a bank to take over the financing of vital projects.
Mahouelle He noted that the restructuring of the sector is essential as a first step leading up to the establishment of such a bank or a banking union because the separation of administration from the capital makes private banks active financial institutions rather than institutions or just family firms limited activity.
He pointed out that Iraq has witnessed in recent years the entry of branches of foreign banks into the arena that requires the presence of a virtual competition between local banks and foreign counterparts provided that they are equal to the purpose of the service economy.
Mahouelle there and saw very limited number of private banks that operate efficiently in the arena according to the standards enabled it to gain the confidence of the public and the slide was not bad from the depositors.
And operating in Iraq , 41 private banking financial institution that falls under the umbrella of private banks , which was founded in 2004 and comprises 24 commercial banks nationally , along with seven Islamic banks and 6 foreign banks in addition to the presence of four of the chock banking business banking companies association.
[tlm724] : The circumstance that Iraq is going through need to have a functioning banking sector to lead its real role in supporting the Iraqi economy and society
[tlm724] and they shall Wink
Parliament plans to pass a banking law
03/26/2016 [rtl]BAGHDAD / JD / .. the parliamentary finance committee, announced the project submitted to the Presidency of the Banking Act of Parliament for a vote, noting that the law will be read in the House of Representatives session for the day.[/rtl]
[rtl]A member of the committee MP Masood Haider told / KD /: The Finance Committee put an end to the drafting of the Banking Act and submitted it to the presidency of the parliament for the purpose of voting on it, indicating that the agenda of the House of Representatives on Saturday to ensure the reading of this law.[/rtl]
[rtl]He added that the Banking Act is one of the important projects that must be approved for the time being because of the effect of direct and significant on the Iraqi economy, likely approval in the next few sessions.[/rtl]
[rtl]Iraq has 47 banks in addition to the central bank, including three government and 7 and 37 foreign banks and another for the private sector. / End / 8 / http://www.dananernews.com/News_Details.php?ID=7071
Lightingcslt: holy s... am i dreaming? how long have we been waiting for this to happen. pray that its true
Bondlady: its true they finished the 1st reading today...
Tlm724: They sure did BondLady and in the presence of their esteemed guests too ! No coincidence I am sure Wink "The Finance Committee put an end to the drafting of the Banking Act and submitted it to the presidency of the parliament for the purpose of voting on it, indicating that the agenda of the House of Representatives on Saturday to ensure the reading of this law"
Agenda of the meeting No. (19) Saturday 26 March 2016
March 26, 2016 First, read verses from the Koran.
Second: The host gentlemen of the Secretary-General of the United Nations and World Bank President and Chairman of the Islamic Bank.
Third: Showing deputies names and names reached the last limit is exhausted holidays.
Fourth: the first reading of the draft law of the government banks. ( Finance Committee , the Legal Committee ). (24 articles).
Fifth: the first reading of the bill abolishing the dissolved Revolutionary Command Council Resolution Act (100) for the year 2000. ( Legal Committee , the Committee on Culture and Information). (2 items).
Sixth: The report and discussion of the draft law of the Ministry of Interior. (For the Security and Defense Committee, the Finance Committee , the Legal Committee ). (15 articles).
Seventh: the quarterly activity of the Committee of Religious Endowments and Religious Affairs report.
Eighth: the quarterly activity of the Committee of Martyrs and victims and political prisoners report.
Ninth: quarterly activity report for the Commission on Higher Education and Scientific Research .
Session starts at: ten in the morning.