Barzani assures pumping Kurdistan oil to Turkey for benefit of Iraqi government

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Erbil (AIN) –The President of Kurdistan Region, Masoud Barzani, assured pumping the oil of Kurdistan Region to Turkey for the benefit of the Iraqi government.

Barzani, stated in a press statement “150,000 barrels are pumped daily from Kurdistan through the Turkish pipeline where they will be paid for the benefit of the central government.”

AIN

Parliament discusses the oil and gas law next chapter

parliament

Twilight News / Legal Committee in the Iraqi Parliament said on Saturday that the next legislative term will begin discussions of important laws, most notably oil and gas law.

The deputy chairman of the Committee Muhsin al-Sadoun for “Twilight News”, “The Legal Committee in coordination with other relevant committees will begin next legislative chapter of the Council to discuss  important laws  will be in the forefront, the oil and gas law to end the oil disputes between local governments and the provinces and the federal government.”

Sadoun said that “the initial oil agreement signed between the federal government and the Kurdistan Regional Government in line with the Iraqi constitution, a step toward proving good faith between the parties prior to the removal of differences.”

The Kurdistan Regional Government, on Thursday of last week, announced reaching a comprehensive agreement with the Baghdad government on outstanding problems between the two sides,  especially with regard to the export of oil, and the transfer of funds from the Iraqi budget for the region.

The oil production of Iraq before the crisis amounted to 3.5 million barrels per day, but it declined after the establishment of the region to export oil solo as well as the control of the terrorist organization  on some of the fields has led to the loss of Iraq’s nearly 1.2 million barrels per day.

Twilight News

Minister of Electricity held the first meeting with the Iraqi-Saudi Arabian Committee to activate joint work

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Alsumaria News / Baghdad
Electricity Minister Qassim Fahdawi Saturday, contract the first meeting of the Iraqi-Saudi Joint Commission as a prelude to activate and start a business and service exchange.

The Electricity Ministry said in a statement: “Alsumaria News” received a copy of it, “Minister of Electricity on the Iraqi side Qasim Fahdawi of the Joint Commission between Iraq and Saudi Arabia Engineer held the first meeting attended by representatives of members of the committee hold all government ministries and Iraqi agencies”.

The statement added that “the meeting comes in preparation for the Commission to start work on service trade and exchange levels after the return of political relations with Saudi Arabia.”

It is noteworthy that the President Fuad Masum, arrived on (November 11, 2014) to the Saudi capital Riyadh on an official visit, during which he met Saudi Arabia’s King Abdullah bin Abdul Aziz, Foreign Minister Saud al-Faisal, the intelligence chief Khaled bin Bandar, and Deputy Interior Minister Saudi Abdul Rahman Al-Rabiah.

Alsumaria.tv

Erbil will receive the first installment of one billion dollars from Baghdad on Monday

kurdistan
Alsumaria News / Baghdad
The head of the province of Kurdistan , Massoud Barzani, said Baghdad sent $500 million to Erbil as part of the agreement that was reached between the two sides last week.

Barzani said, “We have agreed with Baghdad that it will send one billion dollars in the form of two batches while we will give in return to Baghdad, 150,000 barrels of oil,” he said, adding that “the amount agreed oil will be exported from the Kirkuk pipeline through Kurdistan to Turkey.”

MP Najiba Najib member of the Finance Committee in Parliament saying that “the money will arrive in Erbil on Monday across the Iraqi Central Bank.”

The Ministry of Finance announced that, on November 19, 2014, for $500 million transferred to the Kurdistan region, noting that this step comes after the implementation of the provincial government to hand over the 150,000 barrels.

Alsumaria.tv

Calls for the adoption of state departments to use local currency rather than in US dollar

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BAGHDAD / Baghdadi News / .. MP for the independent bloc Mohammed al-Shammari, Saturday, said that the global economic situation makes it imperative for everyone in the advancement of national vigor in the Iraqi economy, and keep it from schemes aimed at wrecking.

Al-Shammari said in a statement issued by his press office and received / Baghdadi News /, that “some States to increase its oil exports to the market in order to reduce oil prices, aims to impact on the economies of countries that rely on oil, in order to pass a number of special projects in major countries.”

He added that “unfortunately, some government departments and institutions contribute in that attack, which seeks to weaken our national economy and destroy it, several methods, including, dealing in the American dollar, rather than the local currency,” adding that “Iraqi Airways does not accept airline tickets in exchange for the amount in Iraqi dinars, but require that the amount be the US dollar.”

He stressed, “the need to instruct government departments on institutions that deal in Iraqi dinars, to contribute to raise its value against the US dollar, which helps Iraqi national economy” .

Albaghdadia News

Vietnam to see 11-month inflation lowest in decade

HANOI, Nov. 21 (Xinhua) — Vietnam’s capital Hanoi is forecast to see the lowest 11-month inflation in the past 10 years, according to Hanoi Statistics Department on Friday.

The statistics department said on its website on Friday that in November, the city’s consumer price index (CPI), the main gauge of inflation, is estimated to decline by 0.3 percent compared to the previous month.

The figure brings the 11-month CPI of the city in 2014 to increase by 1.79 percent since the beginning of the year, the lowest level in a decade.

In November alone, among the 11 commodities in the CPI calculation, three groups are expected to see decline in prices compared to the previous month, including restaurant and catering services (down 0.11 percent), housing and construction materials ( down 0.84 percent) and transport (down 2.93 percent).

Meanwhile, the price of postal and communication service is likely to remain unchanged, and prices of other seven commodities groups are forecast to rise within the range of 0.02 percent and 0. 42 percent.

Though not included in CPI calculation, the price of gold in November in the city is estimated to fall by 1.22 percent while the price of U.S. dollar is likely to increase by 0.21 percent compared to the previous month.

Xinhua

Iraq’s Biggest Oil Refinery to Reopen After Militants Moved

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Iraq’s biggest oil refinery at Baiji is set to restart processing in about three months after government troops forced Islamic State armed militants away from the facility.

Iraqi troops will expel the militants from areas near a pipeline supplying the refinery 130 miles (209 kilometers) north of Baghdad, Colonel Khalaf al-Jabouri, a member of Iraq’s anti-terror forces, said by phone. It will take about three months to restart the plant because workers have fled to other provinces, refinery units need maintenance and militants still control part of the pipeline network, according to Saad al-Azzawi, an engineer at Baiji.

“We will secure the pipeline network that feeds oil to the refinery,” al-Jabouri said yesterday. “The Iraqi forces are now seeking to clear the path where the pipelines pass through to pump the oil to Baiji and also to export the crude to Turkey.”

Iraq Directory

Start export of Kirkuk oil to Turkey via the Kurdistan pipeline after Baghdad-Erbil agreement

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Long-Presse / Kirkuk
The governor of Kirkuk Necmettin Karim, declared Friday, start pumping 150 thousand barrels of oil from the Kirkuk oilfields to Turkey, as likely to increase production to 250 thousand barrels after the completion of the development plans, a source in the North Oil Company said that the oil product will be shipped through pipelines built by Kurdistan region.

Karim said in an interview to the (long-Presse), said that “supposed to have started pumping 150 thousand barrels of oil fields of Kirkuk to the Turkish province of Iraqi Kurdistan passing the line,” likely “add other amounts for this line.”

Karim added that “Kirkuk oilfields production will reach 250 thousand barrels after the implementation of the development of production processes in the northern oil fields plans.”

For his part, a source in the North Oil Company said in an interview to the (long-Presse), “The oil extracted from the Kirkuk fields will be shipped through the lines established by the region and heading to Turkey to implement the agreement that has been reached between Baghdad and the Kurdistan region.”

The source, who requested anonymity, that “the amount of oil extracted from Kirkuk, amounting to 150 thousand barrels will increase during the next term after the completion of the study processes and conduct technical linkage fields of Kirkuk and Jambour and Bakur with Bai Hassan, which began weeks before then with Hormal passing through the territory of Kurdistan region to Turkey.”

The oil minister, Adel Abdul Mahdi, announced today, to begin the shipment of Kirkuk oil through pipelines established the Kurdistan region with Turkey, which, according to the agreement reached with the territory.

Oil Minister Adel Abdul-Mahdi, in (November 13, 2014), agreed with the President of the Kurdistan Regional Government to the Federal Government to transfer $500 million for the region, among the agreement to ensure that the Government of the Territory put 150 thousand barrels of crude oil per day at the disposal of the government Federal, regional president stressed that the government will visit Baghdad at the head of a delegation to develop a “comprehensive” and constitutional solutions to resolve outstanding issues.

The oil minister, Adel Abdul-Mahdi, arrived (November 13, 2014), to Erbil to discuss the oil file, to reach an agreement between the central and regional governments on the differences. President of the Kurdistan Regional Government Nechirvan Barzani stressed, (November 12, 2014), that Open the door to dialogue with the central government to reach an agreement and the non-recurrence of a mechanism to cut the budget and the salaries of the staff of the region, expressed optimism after the visit by the oil minister, Adel Abdul-Mahdi to Erbil.

It is noteworthy that the former prime minister, Nouri al-Maliki, instructed to cut the budget of the Kurdistan region since the beginning of the current year 2014, including staff salaries, against the backdrop of the crisis between Baghdad and Erbil.

Almada Press

Joint committees working with 100 countries

Iraq in order to promote openness to the world

Baghdad – Mostafa Hashemi
Iraq is interested in the development of economic relations with the countries of the world through the activation of the joint committees, which the stopping of a number of them due to the circumstances in which the country witnessed after 2003, while the Ministry of Finance is following the work of the joint committees, specialized conventions, financial agreements, economic, financial and scientific cooperation.

The intended joint committees are constituted by the Government of two usually chaired by the Minister concerned with aspects of the economic, commercial and different areas of cooperation between Iraq and other countries gathered in its membership representatives from various ministries and related agencies, meets in both countries alternately and ending in signing of a joint record, and put into practice after government approval.

A source in the ministry said that the department is following conventions of the Joint Committees in more than 100 countries.

He told the (morning) tireless efforts to rebuild the economic and financial relations with some countries began after the opening of Iraq, which called for the revival of the joint committees with them activated to the world, confirming activation of the joint committees with 30 countries and attempts persist to activate the rest of the committees.

The source explained that active committees are with Jordan, Syria, Oman, Lebanon, Mauritania, Sudan, Yemen, Iran, Turkey, Bulgaria, Ukraine, China, Russia, Belarus, France, New Zealand, Germany, Vietnam, Korea, Senegal, Bologna , Austria, Italy, Philippines, Morocco.

He pointed to efforts to activate the other committees with Tunisia, Algeria, Libya, Egypt.

Specialized financial conventions source explained that it comes two types, where they are studied, opinion, install economic and technical remarks on the draft agreements submitted to the ministry, follow up the matter with the ministry departments and stakeholders Supreme council Shura State Secretariat of the Council of Ministers, and obtaining approvals to authorize the Minister in signing.

He said some of those agreements have been signed and others are awaiting signature, another group progressing towards the signature after obtaining approvals such as those of customs and free trade zones, numbering 3 agreements concerning both from Jordan, Syria and Iran. Agreements to avoid double taxation, being pursued in coordination with the General Authority for tax and legal department, reached 5 Conventions concerning both from Jordan, Oman, the Czech Republic, and Bosnia and Herzegovina.

Economic, financial and scientific cooperation conventions, between the source of these bilateral agreements many areas including financial, commercial and scientific cooperation, that number reached 17 agreements and belong to Jordan, Oman, Iran, Turkey, Kuwait, Mexico, Ukraine, Bosnia and Herzegovina, the market common to Latin America countries (Mercosur), China, Spain, Romania, Poland, Bahrain, United States, United Arab Emirates, Slovakia. In addition to the various international conventions, where was on the part of multiple parties for the purpose of economic and technical opinion.

For his part, the economic expert, Dr. Majid Pictur activation of the working committees on international agreements, especially now that there are a lot of commercial, financial and economic agreements between Iraq and the countries of the world are supposed to serve the interests of the parties that have signed the Convention and are divided into international conventions, bilateral and other.

He stressed the importance of the application of transparency in the follow-up of these agreements, the announcement of its consequences, especially that the country is going through circumstances the need to work under these agreements and work under the laws, especially given that many of the agreements signed by the Iraq conflict with existing laws at the present time, (agreements between the International Monetary Fund and the World Bank, Iraq and Iraq and international institutions), it must rely on international accounting standards.

He called the government and stakeholders to work in earnest to harmonize domestic laws with international conventions that have been agreed upon otherwise Iraq would be exposed to a lot of penalties, especially if they are not applied meaning set aside for its content, as well as the issuance of the necessary laws that are consistent with international conventions, also approving new laws according to the situation and developments experienced by the country.

alsabaah

Vietnamese economy sees clear recovery sign

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HANOI, Nov. 19 (Xinhua) — Vietnamese economy is witnessing clear signs of recovery, local media quoted an International Monetary Fund (IMF) official as saying on Wednesday.

Sanjay Kalra, IMF Resident Representative in Vietnam made the statement in a recent interview with local Bao Dau Tu (Vietnam Investment Review), an online newspaper under Vietnam’s Ministry of Planning and Investment.

According to Kalra, Vietnamese economy is returning to its growth track owing to increasing exports and foreign direct investment while domestic demand is also recovering due to stronger asset accumulation.

Till the end of the third quarter of 2014, Vietnamese economic growth has expanded 5.6 percent, said the IMF official, adding that he forecast Vietnam’s Gross Domestic Product (GDP) will increase 5.75 percent in 2014.

Despite improvements in reinforcing macro-economy, Vietnam is facing difficulties in operation of the banking system and state- owned enterprises as well as remarkably rising public debts, said Kalra.

The expert recommended that Vietnam should maintain macro- economic stability by creating favorable conditions for economic growth to reach potential levels. Domestic production also needs to make bigger contribution to GDP growth, said the IMF official.

In late 2013, Vietnam’s economic growth rate in 2014 was set at 5.8 percent.

Xinhua