KRG launches new system for oilfield service company registration

 

 

A new online registration system for oilfield services companies (OSC) that wants to be placed on the approved vendor lists (AVL) in the Kurdistan Region is now open, announced the Ministry of Natural Resources (MNR) of the Kurdistan Region.

The OSCs that seek to operate in the Kurdistan Region must register with the MNR, and be in the approved vendors lists. The registration process can be started and completed from anywhere in the world. The added bonus is that it allows the registered company to participate in all tenders related to the services it provides.

Only those OSCs listed in the new AVLs, through the new system, will be eligible to bid on work from operators.

Potential applicants can begin the process here.

For more information, interested companies can attend the CWC Kurdistan-Iraq Oil & Gas Conference, which will be held in London on December 5-7 or can contact the MNR directly at registration@mnr.krg.org.

Iraq’s exports rose in an unprecedented way in the last month

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Oil Ministry announced a rise in oil exports for the month of November to 4.051 million barrels per day.

Ministry spokesman Assem Jihad, in a press release agency {Euphrates News} received a copy of “The preliminary statistical oil exports for the for the whole of Iraq for the month of November recorded for the first time a record unprecedented levels which exceeded the barrier of 4.051 million barrels per day.”

He added that “oil exports from the southern ports recorded a large increase amounted to 3.407 million barrels per day.”

The Kirkuk oil exports amounted to 64,000 barrels per day, while export rates from the fields of the kurdistan region amounted to 580,000 barrels per day.

Euphrates News

Iraqi Kurdistan signs agreement with Ernst & Young to audit oil and gas

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Iraq’s Kurdistan Regional Government (KRG) signed Wednesday an agreement with the multinational professional services firm, Ernst & Young, to audit oil and gas processes in the Kurdistan Region, KRG official website reported.

During the signing ceremony, Kurdistan PM Nechirvan Barzani stated that the agreement is an important step by KRG to be more transparent in the oil and gas revenues and expenditures.

He said that the agreement will further strengthen the transparent and independent auditing process for oil and gas sector. He added that “transparency in the sector is his government’s top priority.”

Senior government officials and the Head of British Consulate-General in the Kurdistan Region participated in the signing ceremony, which took place at the Council of Ministers in Erbil.

This is the second oil-audit agreement that the KRG has signed with major international auditing firms.

On October 5, 2016 Nechirvan Barzani has signed a contract with the Deloitte company, an international audit firm, to assess revenues generated by the sale of oil from the Kurdistan Region

Deloitte company accused for sign off accounts of bank that funded drug barons, terrorists.

Kurdistan considered as the most corrupted part of Iraq. According to Kurdish politicians and observers billions of dollars are missing from Iraqi Kurdistan’s oil revenues.

Iraqi Kurdistan government lead by Kurdistan Democratic Party KDP is not allowing Kurdish opposition parties to control the flow of oil from Kurdistan and there is no control mechanism in Kurdistan for years as the parliament is in recess since October 2015 and KDP leader Massoud Barzani’s term as President of the Kurdistan Region ended on August 20, 2015, but refused to step down and remains unofficially in office.

Massoud Barzani has been accused by critics of amassing huge wealth for his family instead of serving the population. Barzani’s son is the Kurdistan region’s intelligence chief and his nephew Nechirvan Barzani is the prime minister.

Observers believe that many of the oil industry projects in Iraqi Kurdistan are conducted in a secretive way.

Rudaw

Agreement with the United States aims to prevent the financing of terrorism, money laundering

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The governor of the Central Bank Ali Allaq, said on Wednesday that the agreement signed by the United States aims to cut off funding for the organization (Daesh), other “terrorist organizations and prevent money laundering,” pointed out that the bank will start applying the certified standards internationally in this regard the beginning of December, with the exception that the process of removing zeros requires the availability of appropriate conditions, including the general stability in the country, he pointed out that the bank continues technical preparations in this regard.

Ali Allaq, in an interview to the (long-Presse), “The first agreement of its kind between the Federal Reserve Bank and the US Treasury on the one hand and the Central Bank of Iraq, on the other hand, entered into to control the dollar transfers ensure the prevention of access to illicit destinations,” noting that “The agreement includes cooperation, coordination and exchange of information and financial data relating to the sale of foreign currency and circulation.”

He added, “The agreement aims to prevent the arrival of the foreign currency to Daesh and terrorist organizations, by ensuring and verifying that the financial and banking institutions that are purchased does not involve money laundering or terrorist financing,” adding, “The control mechanisms include several measures the most important, building databases and integrated electronic system that collects dollar selling operations rather than paper processes.”

The central bank governor said that “mechanisms also include the introduction of a program (OFAC List) to verify that persons and entities prohibited to deal with them globally and to ensure their entry into dollar selling window, where already been implemented,” pointing out that “mechanisms also include work on the application standards and international compliance requirements, particularly in the application of the principle of know your customer to verify the sources of funds and legitimacy, where informed banks and the conversion of these requirements, where censorship is taking place and oversee the implementation and training and qualification of working.”

He added that “the bank has provided financial Organization (FATF) action taken to combat money laundering and financing of terrorism,” stressing that “the actions taken by the Central Bank of Iraq, led to eject Iraq from black list of the organization.”

He pointed out that “the Bank enters accredited international standards by an international auditing firm for the classification of financial and banking institutions, including ensure compliance with the requirements of the law against money laundering and terrorist financing for the year 2015, where it will be applied to the beginning of December.”

The application of the process of deleting the zeros from the Iraqi currency, confirmed that “the Central Bank of Iraq has not set a date for the deletion of zeros from the currency,” noting that “subject to availability of appropriate conditions, including the general stability in the country.”

He stressed the need to “ensure the success of the process of deleting the zeros requirements before starting out, so the central bank will continue technical preparations in order to be practical fit when deciding deletion.”

The economists see that the deletion of zeros from the Iraqi currency “sensitive and dangerous” in a situation where the country is going through, while others stressed that the process is left to the decision of the Central Bank of Iraq only for being on the monetary policy of the country, lawmakers stressed the need to be the process of deleting zeroes in accordance with the proper procedures and techniques.

Iraq has signed (29 August 2016) the first agreement of its kind between the Federal Reserve and the US Treasury on the one hand, and the Central Bank of Iraq, on the other hand to monitor the dollar shipments and ensure the prevention of the arrival of these funds to illicit destinations.

Almada Press

A tripartite agreement to support energy projects in Iraq

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General Electric Company, the Iraqi Trade Bank and Standard Chartered Bank, signed a memorandum of understanding to provide the necessary funding to accelerate the pace of work in the energy and infrastructure projects in Iraq, according to a press release.

The company said in a statement received “direct”, on Wednesday that the memorandum includes meet the growing demand for energy resources in the country.

The statement pointed out that the strong partnership of General Electric, with the most important local and international financial institutions, qualifies them to contribute to an active role in the implementation of energy and infrastructure projects faster in Iraq.

Memorandum of Understanding to complement the successful first day enhance electric power resources in the plan for Iraq, which was also supported by Iraqi Trade Bank and Standard Chartered Bank; which contributed to meet the basic needs of electricity in more than two million homes on a national level, According to the statement.

Had signed a similar agreement this year between the three parties that make it easier to complete the first phase of the promotion of electric power resources in Iraq signed between “General Electric” and the Iraqi Ministry of Electricity to add 700 megawatts to the national electricity grid plan, according to the statement.

These steps reflect the depth of the commitment of “General Electric” in cooperation with the Iraqi government to find innovative solutions to the financial and biotechnology issues, according to the statement.

The funding mechanisms such a prominent role in supporting projects worth US $500 million to the Government of Iraq, according to the statement.

mubasher.info

OPEC agreement: reducing Iraq’s production by 200,000 barrels per day

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Organization of Petroleum Exporting Countries nations agreement to cut Iraq’s production by 200 thousand barrels per day.

OPEC agreed at a meeting today in Vienna to cut output.

Ensure the cut, according to Reuters reduced Iraq’s production by 200 thousand barrels per day to 4,000,351 bpd starting from January 2017
State radio said in Algiers that the OPEC producers agreed to cut output by 1.2 million bpd to 32.5 million bpd.

Russia is not a member of OPEC but agreed to cut production by 300 thousand barrels per day.

OPEC is scheduled to meet with non – member producers organization on the ninth of December.

AIN

Abadi’s consultant announced the commencement of the work of international team to fight money laundering

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Prime Minister’s Economic Affairs adviser Mohammed Saleh said Tuesday, the start of the work of the international team to fight money laundering and smuggled money, noting that the team ‘s mission began almost a month ago.

Saleh said in a press statement, that the crime of money laundering is one of the economic national security crimes, the Iraqi government resisting these crimes giving great importance because of the danger to Iraq ‘s economic situation, adding that money laundering may not only come from the banks, but may come from the smuggling of antiquities or currency smuggling through other illicit ways of border crossings.

He said the Iraqi government signed an international agreement to cooperate with the United Nations to fight money laundering as well as the restoration of Iraqi funds smuggled in some states, adding that the international team started work about a month ago and is under the direct supervision of the Iraqi government has been given a period of time which is two years extended this period If the government received interest in extending the work of the international team.

Economy News

Washington announces the removal of 21 thousand kilograms of explosive material in Anbar

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The United States on Tuesday, removing more than 21 thousand kilograms of explosive material in the territory of an area of more than 1.6 million square miles of land in Anbar within six months.

The Information Office of the US Embassy statement, said that “the efforts that have been made since the month of May until the 27th of the month of November has been done under contract with Janos company, emerged from the purge 1 million and 652 thousand and 596 square miles of the territory of Anbar.”

The US State Department funded mines and explosive material removal operations in the liberated areas of Daesh, as well as additional contributions by international partners are paid through the US State Department.

The statement noted that “these efforts resulted in the removal of 21.248 kg of explosive materials (shells, ammunition, explosives and homemade explosive materials).”

The statement added, “The study at the University of Anbar was directed on the date of November 16 for the first time in three years mainly to the efforts of cleansing under contract Janos Inc. in coordination with Iraqi government officials in Anbar province as a result.”

Iraq Press Agency

Baghdad will host an international conference to combat money laundering Saturday

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The Association of Iraqi banks announced on Tuesday, the establishment of the Conference on combating money laundering and terrorist financing in Baghdad, on Saturday, with the participation of Iraqi and international stakeholders, with specialists predicted that the conference contributes to reveal a lot of specific issues such as suspicious transactions and actors involved, an enemy that Iraq was “not suffering” money laundering but “theft of public money or smuggled, stressing the importance of such events.

The executive director of the Association of Banks Ali Tariq, said in an interview to the (long-Presse), that “Baghdad will host Saturday approved (third of December 2016), compliance with anti-money laundering and terrorist financing conference,” noting that “the conference will be held with the participation of official bodies concerned as well as international organizations and specialized personalities.”

He said that “the association is working around an intensive preparation for the conference because of its importance for Iraq and the world to reduce this phenomenon pariah,” adding, “The conference will discuss important topics such as the role of the Iraqi official authorities and international organizations in the fight against money laundering.”

In turn predicted the financial expert Faisal Dear Mashhadani, in an interview to the (long-Presse), that “the conference will contribute to expose a lot of special operations of funds issues and those laundering or countries involved, as well as expose the twisted ways in which some parties and individuals in this regard,” calling, government and central bank representatives with the anti-money laundering Office to “take an active role in reducing this scourge plaguing Iraq and denigrates.”

For his part, the academic and member of the Economic Reform Institute, Rashid Muhanna, said in an interview to the (long-Presse), said that “Iraq was not in money laundering operations, but smuggled,” attributing it to “money laundering operations conducted through tools that do not exist in Iraq, but they found are very few, such as the trade of drugs, weapons or white slavery and other types of illegal trade.”

He said, that “Iraq is suffering from stealing public money or smuggling money,” returned to “the establishment of events and conferences concerned with money laundering operations useful to Iraq to cope with such challenges in the future.”

The House of Representatives voted during its 23rd meeting of the first legislative term of the second legislative year, which was held on Wednesday, (September 16 2015), the draft anti – money laundering and terrorism financing law.

Almada Press

Cabinet authorizes the Minister of Finance to issue foreign bonds worth two billion dollars

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Information Office of the Prime Minister announced on Tuesday that the cabinet voted to authorize the Minister of Finance to issue foreign bonds worth two billion dollars, one billion dollars guaranteed by the US government, pointed to agree that the share of each sector (transport – production – distribution) to the Ministry of Electricity imports collection through contracts between the sectors.

The office said in a statement seen by Alsumaria News, “The cabinet voted during its regular meeting held today, to authorize the Minister of Finance to issue foreign bonds worth 2 billion dollars, including a billion dollars guaranteed by the US government, the ministry is issuing external market price of bonds for the purpose of bridging the budget deficit, according to article 2 / II / a of the federal budget for the year 2016.”

Alsumaria.tv