Basra Oil Company (formerly South) announced, on Friday, the arrival of two helicopters “Airbus” out of four aircraft contracted to buy for use in the implementation of logistics operations and facilities related to the management of oil fields.
The company said in a statement received by Alsumaria News, a copy of it, “The company announces the arrival of two helicopters to Baghdad International Airport out of four aircraft previously contracted by the company to manufacture and equipment with the company “Airbus” indicating that “the aircraft were transferred of the company’s factories on board an aircraft coming from Munich international Airport.”
The company pointed out that “Basra oil has appointed pilots and engineers and former military technicians to work in the air section, which was established in the company to operate and sustain aircraft,” adding that “the aircraft will be used for transport, emergency and protection, be decided to be central station in Baghdad, with the allocation of airstrips in the oil fields in Basra.”
It is noteworthy that the Basra Oil Company (formerly South) is the largest and most important Iraqi company belonging to the public sector, employs at least 20 thousand employees distributed on dozens of oil fields and administrative facilities, the company, which was founded in 1969 the peak of prosperity in the late seventies when the production But many of its installations and warehouses were destroyed during the first Gulf War (1980-1988). The second Gulf War in 1991 resulted in the destruction of more facilities. In 2003, acts of looting and vandalism have damaged about (80-90%) of them, so that no more than Company of crude oil during the second half of 2003, 150 thousand barrels per day, but the company resumed advancement again and was able to recover gradually.
The Minister of Industry and Minerals / Agency / Mohammed Xiaa Sudanese, confirmed the desire of the Iraqi government in cooperation with the UAE in various energy uses areas through the exchange of experiences and transfer of technology and benefiting from successful experiences in the UAE in this field.
He said during a meeting with Undersecretary of the Ministry of Energy UAE Matar Neyadi, in the United Arab Emirates: “Iraq has specialized research centers and advanced in the fields of energy and efficient work with accumulated experience,” stressing “the importance of the use of experiences of Arab and foreign expertise to develop these possibilities and upgrading centers of research and scientific studies as a basic pillar important for the implementation of pilot projects that serve and contribute to economic development.”
Adding “Iraq has overcome the ordeal and is in the last moments of the final declaration of victory and the expulsion of the terrorist Daesh from another inch of its territory.”
Minister Industry expressed desire to develop relations with the UAE in the presence of a renaissance, progress and development which, confirms the existence of plans and management of a successful private sector, confirming the existence of a vision for the advancement of these relations and investment opportunities for all sectors in all provinces with a private sector has a desire to find a partnership with the UAE.
Undersecretary of the Ministry of energy fo the United Arab Emirates for his country ‘s desire and readiness to cooperate with Iraq in all fields and support in all possible ways and means to serve the interests of the two countries.
He stressed the importance of linking the GCC with Iraq’s electricity grid .
Governor of the Central Bank Ali Allaq report that the bank is preparing to launch the second part of Treasury bills by $1 billion to banks.
Confirmed the absence of any “conditions” or “dictates” on Iraq by the International Monetary Fund and the World Bank on the issue of loans, explained that the hard currency reserve “comfortable and reassuring,” according to the criteria stressed Iraq ‘s success in the transition to the rank of “observer member” according to the rankings of international financial dealings after threatened with years ago by placing it in the “black list”.
Allaq in a dialogue with the “morning”, for referral of dozens of special cases of money laundering and the financing of the Terrorism on the judiciary, and this dialogue text:
* How is the stock of the Iraqi Central Bank of hard currency and what are the factors that help falling or rising?
In the beginning must know what these reserves and how their composition and the factors that lead to the rise and fall because it is very necessary in the evaluation of the reserve sites at any time, to find out the role of the central bank in this process, the foreign reserves in the bank by virtue of the Iraqi economic reality is directly linked to the basis of resources dollar derived from the export of oil, the other hand the demand for foreign currency derived from the market demand and the government sector and the process of reserve accumulation or generated, a process that take place outside the framework of the central bank, the specific component basis for this process is the unilateral economy For Iraq does not issue non – oil and there are no things possible to be generated or foreign currency augmented, besides the dollar remittances go from the inside out due to migration, displacement, study, treatment and other, so the focus on the central bank in this issue lacks precision, the Bank the fact that It creates supply or demand because the two components are controlled with two reserves outside the framework of the Central Bank.
Cash reserve As for the reserves of hard currency. The bank despite the decline in oil resources by up to 70 percent and thus lower dollar revenues by 70 percent, it managed to maintain foreign reserves level acceptable currency within the international standards, as the basic criterion for the adequacy of the reserve is local currency covered; the sense of how much we have dinar and the corresponding dollar, is now to reserve the existing amount exceeds the amount of local currency in Iraqi dinars, it is within the standard for the admissibility of this reserve, Iraq is still within the IMF International reserves “comfortable and reassuring,” the IMF by virtue of preparing the credit agreement is the process of calculating this reserve periodically, another study of the fund presented according reading reserve adequate from now to 2021, indicate that the reserve will remain acceptable and reassuring level. The reserve in the daily change and ranges between $47 billion and $49 billion higher than the level of the reserve for the year 2016, so the extent of the ability of this reserve that remains acceptable level depends largely on oil prices, which now undergoing a slight improvement which is better than in 2016, so we do not feel concerned about this reserve within the existing indicators, which helps to maintain the reserve also reduce the demand for the dollar, which requires reducing consumer spending by the government, as well as reducing the deficit in the state budget, because there is an inverse relationship between the budget deficit The reserve, the more it affected reserve, so we if we want to measure the level of decline in the reserve, we will see that asymptotic deficit, which was financed by the Central Bank, so we draw an invitation to the government and the House of Representatives and to all those who worry about foreign currency reserves to say where that (the matter in your hands and not in the hands of the Central bank) because whenever the budget had biggest deficit there was a direct impact on the foreign currency reserves.
Loans and Benefits
* There are some politicians in Iraq to resort to international organizations to borrow to overcome its crisis, stressing that this matter hurt Iraq in the future?
Iraq from contributing countries since the beginning of the International Monetary Fund and the World Bank, repaid over all these years, annual subscriptions like other countries as a member of rights in the IMF and the World Bank as any of the States that are exposed to financial difficulties or financial difficulty have the right to get the facilities support, loans than can be submitted to the country, therefore may be surprised sometimes by criticism directed to Iraq for these organizations to obtain this support, the fact that the right must take it in exchange for our contributions and the amounts paid to these parties, the second issue is that the IMF is checker for international economies of countries and indicators that are reflected in reports on these very important countries for direct impact on the financial and economic relations with the countries of the world financial organizations, banks and international banks; therefore we must have careful harmony with what shown by these indicators or requirements, because they give the green light to the position of a proper state, thus obtaining facilities, grants and other financial transactions.
Many people seem to think that there ‘s dictates and conditions of these organizations, this is not true because the nature of the facilities and loans provided by the Worldbank and the International Monetary Fund, which take into account the financial situation of the country in terms of repayments, interest rates are very low up to one and a half percent for many years, with the decline in oil revenues and under conditions faced by the country of displaced military expenditures and many requirements linked to this side, no doubt make Iraq needs external funding to meet the shortfall, the program is subject to Iraq to finance this year and the next two years up to $15 billion, even Iraq gets this funding, The International Monetary Fund is issuing reports on the commitment of the country ‘s financial, economic and monetary plan, because it can not be the organization which is paid money from contributions by States to grant such money if there is a case of a financial breakdown of or the absence of control over expenditure and maximize revenue and is fully consistent with the reform plan presented by the government, which aims to reduce unnecessary expenses and increase other non – oil revenues.
Some believe that the IMF has been pushing for affecting the expenses pertaining to the community and this is not true, but on the contrary, the IMF proves reservation if the social expenses such as health, education and social protection network and the ration card and other social necessary expenses not spent allocated public budget of State on these areas, many aspects of the economic and financial reform of the Fund in line with the government’s reform plan, the next term will see the launch of loans and aid larger and in accordance with the second revision now taking place in Washington completed the end of this month in Amman, The fund was a positive report will give the green light to new batches released soon.
* Does Iraq present the second part of the treasury bonds, international banks, and the amount of the amount of such bonds?
Bonds that were guaranteed by the US government raised and sold by $1 billion, this guarantee has helped to reduce the interest rate to about 2 percent, or a little over that, Iraq has the intention of offering another billion and this was the goal from the beginning, according to the budget law that raises two billion dollars, In order not to be interest high cost guaranteed US 1 billion dollars to be a billion other interest – bearing market combines with other interest, so that the average of two billion up to five percent, this helped the rate cut and now work is underway on the configuration to put these bonds to international banks.
* You embarked on since the assumption of your office to activate the Anti – Money Laundering Office and the financing of terrorism is achieved by this office to now?
The fight against money laundering and the financing of terrorism Office granted special attention and provided the resources, independent budget and financial administrative independence, the office needs long time to build its capacity to exercise its role, but within the last term was able to accomplish many of the aspects required by the process both by issuing regulations and legislation, for the first time in the history of Iraq has been issuing regulations for each segment starting from stockbrokers and gold traders, accountants, lawyers, insurance companies, banks and all sectors related to the subject of money laundering because it is a multi – structured must be integrated with each to give required, in this aspect has been completed Anti – Money Laundering Law No. 39 of 2015, the latest laws responds to all international testing requirements have been direct coordination with these organizations and in the light of which all have been issuing regulations on this side of the legislative or legal basis.
In the practical side; the central bank anti – money laundering law has the rules of executive process within the banks, which are the cornerstone of this framework, for the first time happens that the central bank committed banks by developing units to combat money laundering in each bank units and risk management units for the management of compliance was actually formed in all banks with the support of the Central Bank for the training and rehabilitation of work concerned, for the first time is also the base principle of “know Your Customer” in the banks, which represent the cornerstone of knowledge of sources of funds to detect any suspicious operations by comparing the company through the application of Funds that deal or deposited in banks between real activity and the nature of its work, will be followed up and monitor this principle carefully now by examining the forms in the banks by the Central Bank, any suspicions regarding this matter shall be referred to the judiciary committees or relevant Central bank sanctions.
The fight against money laundering and the financing of terrorism office is the first of its kind in Iraq, it has become a producer of issues bearing suspicions of money laundering and referred to the judiciary, there are dozens of cases have been referred last term on the judiciary and the Department which the provisions were issued and the Department is still in the courts, included various people, the legal nature requires “confidential” work of this office, that access issues are not published or because the nature “very secret” in this context, even the office has its specificity and independent place, the central bank does not have access to the details of the issues, the success of the office indicators that monitor by an international organization concerned with this the passed the International Labor Organization, which monitors states and the extent of its commitment to the terms of the organization and rules of anti – money laundering.
When we received the responsibility of the Central Bank of Iraq was about to be placed in the “black list” This was a great danger of the country ‘s vulnerability to the international ban on financial transactions, follow – up to the International Labor Organization of the measures that we have undertaken within the framework of the Central Bank and the Office of the Anti – Money Laundering to abide by the rules and regulations required applications, we were able to remove Iraq even from the “gray area” and we came now to “follow – up area”, if passed this stage we become full member and there is no problem, now the follow – up process taking place normally, reports the organization points to progress Great commitment to winning Iraq ‘s requirements, rules and standards that have been developed in this framework.
The theme of the fight against money laundering requires concerted multilateral efforts, central bank and banks are a ring of these rings, so to establish “anti – money laundering and the financing of terrorism, the Council” which is stated in Law No. 39, which includes all stakeholders in this matter and its meetings are continuing to coordinate efforts in this framework between the security and intelligence, regulatory and judicial authorities and the ministries concerned, that the Council is important and is now working on a national strategy to combat money laundering and the financing of terrorism, will be the first in the history of Iraq, that it needs a long time to prepare all episodes related to it because the issue of money goes through various stages, therefore must abide by all these loops rules and regulations, began these workshops provide documents and reports from various segments and all money transfer from stage to stage operations.
* What steps Iraq to recover the money smuggled the dictatorial regime and the money that fled after 2003?
There are two circles responsible are the basis for the recovery of Iraq ‘s money whether related to the former system or after 2003, specializes in the Ministry of Finance to recover funds smuggled the former regime, while concerned with integrity money smuggled body after the 2003 corruption and others, this effort is still modest and needs a lot of work, the foundation of which must be from which this work is to provide the framework of a judicial legal cooperation between Iraq and other countries, Without an agreement for this cooperation is difficult to get information or prosecution of money, secondly must provide complete documentation and conditions recovery files to be submitted For other countries, as it is not just enough to simply request information or inform, because the file must be integrated, and frankly, this effort is long overdue and remains modest and needs a lot of coordination and provide the legal framework and the signing of agreements with other countries that are suspected or which send the money back to Iraq.
Minister of Industry and Minerals Engineer Mohamed Xiaa Sudanese urged to increase banking cooperation between Iraq and the UAE to take advantage of the large banking expertise.
Areas of cooperation in the banking field between the two countries and the problems related to this field for Iraqi businessmen and other matters and related topics, pointing out that the notes installed a set in the light of the discussions that took place and included in the minutes for the purpose of official correspondence and requirements in order to prepare maturation, indicating that this trend needs many requirements and decisions and business facilities and Monetary policy, which is an important part of this trend, calling on the UAE side to provide facilities and support to push the trend and enter into economic partnership contribute to the development of relations.
For his part the Governor of the UAE Central Bank is ready to provide all means of support and assistance, noting the importance of identifying the existing problems to develop a plan and mechanisms to resolve them, stressing that the door is open for cooperation and consolidation of relations between the two brotherly countries.
Emphasis was placed on the transfer of the UAE successful experience and benefit from the good experiences for the purpose of establishing industrial cities in Iraq, similar to the industrial cities in the UAE and facilitate the export of goods, Iraqi exports of raw materials and semi – finished and find markets.
President of the Iraqi Economic Council Ibrahim al- Baghdadi al – Masoudi said that the UAE has become the most important financial center in the region after the merger of banks in recent years and most recently was the merger between the two giants Abu Dhabi National and First Gulf banks.
We nevertheless did not see any weight for banks UAE in Iraq, we hope to see broad participation of banks and take advantage of the promising investment opportunities in Iraq, we hope to increase cooperation between the government and private banks in the opening credits, indicating that there is difficulty in opening accounts.
Asian countries such as South Korea and other Scandinavian countries such as Denmark on the list of countries that are available on the Internet quickly.
On the Arab level, topping the first Gulf states, the UAE the list of Arab countries that guarantee their citizens fast Internet, but only two countries, the UAE and Qatar transcend the world average. Internet speed of 5.6 Mbps.
Here’s the list of fast Internet in 2017 Arab states.
1 – United Arab Emirates (6.9)
2 – Qatar (6.7)
3 – Kuwait (4.6)
4 – Morocco and Iraq (3.7)
6 – Saudi Arabia (3.4)
7 – Jordan (3.3)
8 – Tunisia and Oman (3.1)
10 – Comoros (2.2)
Karbala hotels launched e – booking from all countries of the world to facilitate the movement of visitors and their trips during visits and events and religious service.
The head of the provincial council in Karbala Nassif in a press statement: “It is very important that we invest these numbers and movement of visitors in the service and construction of holy city of Karbala, it is very important to organize a tourist traffic mechanism well and not stay an initial non – organization.”
He added: “This program is an important technology platform that uses modern technology, which works to protect the tourist company well, as well as tourists and gives the right to get a booking and services smoothly”.
Ali, a jubilant 24-year-old, is finally in the stands himself for an international football match in Iraq — the first to be held in the country in years, France 24 reported.
“Before, I watched these matches on TV. Today I’m at the stadium,” says Ali, wearing an Air Force Club jersey and a flag bearing the team’s falcon emblem around his neck.
The match between the Air Force and Al-Zawraa clubs — part of the Asian Football Confederation (AFC) Cup, which the former team won last year — marks the return of international play to football-crazed Iraq for the first time since 2013.
“Football is our oxygen — we breath football,” Ali says.
The law student came by bus along with other fans to the Kurdish regional capital Arbil, where the match was held.
“I would have liked it to be in Baghdad, but that’s how it is. We’re so happy,” Ali says.
Arbil and other areas of Iraqi Kurdistan have largely been spared the years of brutal bloodshed that have plagued other parts of Iraq.
Iraqis’ passion for football cuts across the deep religious and political divisions that have fuelled horrific violence in the country for years, and the country’s national teams have brought people together amid some of the worst of the unrest.
But world football’s governing body FIFA and the AFC have periodically banned Iraq from hosting international matches, most recently in 2013 after a coach was killed by security forces.
Violence was rising, part of a multi-year crescendo of bloodshed that culminated in ISIS group’s takeover of large areas north and west of Baghdad the following summer.
At the stadium in Arbil, soldiers patrol and security is tight for a match that is a test of Iraq’s ability to host such events, and which comes during a three-month FIFA-imposed probation period for the country.
In the stands, fans jump, sing and scream, with Air Force supporters and their deafening vuvuzelas winning the battle of decibels.
“The heart is mine but what makes it beat is Al-Zawraa,” proclaims one of their flags.
“We are going to show a good image of Iraqi stadiums, of Iraqi football, says Anwar, a 25-year-old Al-Zawraa supporter.
“We have a responsibility, we the public,” says Ahmed Abdullah, another fan of Al-Zawraa.
He came from Baghdad on one of 15 buses chartered by the club.
“We are so happy, even if it’s far away,” he says, while adding that the ban on international play in Baghdad should be lifted because “it will not always be possible to come this far.”
It is a common sentiment among fans: they want the ban on matches being held elsewhere in the country to be lifted.
“The public is thirsty for matches like this,” says Ali Fadel, a 50-year-old taxi driver.
Founded in 1931, Air Force is the oldest club in Iraq and the current holder if the AFC title, while Al-Zawraa, with 12 Iraqi league championships, is the most titled team in the country.
Fadel, who has been an Air Force fan since he was seven years old, splits his time between Cairo and Baghdad, and came to Iraq especially to watch the match.
For him, the match rights the wrong of the “unnecessary” and “unjust” ban on international play in Iraq.
“We have a good public, beautiful stadiums. We have been deprived of such matches for too long.”
Italian authorities have announced that they have begun the extradition of two warships to the Iraqi government after more than a quarter of a century in an Italian port because of a previous UN resolution banning the sale of weapons to Baghdad during Saddam Hussein’s regime after the invasion of Kuwait and the outbreak of the first Gulf War.
A statement by the Italian Navy that the transfer of the two warships, (Tariq ibn Ziyad) and (Musa ibn Nusair), will start on Monday from the Italian port of Aspetcia to the port of Umm Qasr.
The statement noted that by completing the transfer of the two ships to the port of Basra province, the Iraqi elements, which have been entrusted with the duties of guarding, also return to their country after remaining in Italy for 26 years.
In 2014, the Iraqi government announced that it had reached a settlement agreement with the Italian authorities on maritime arms contracts dating back to 1980, including the rehabilitation of the ships concerned for thirty months.
General Company for Ports of Iraq revealed on Monday the opening of a new shipping line between China and Iraqi ports in the shipment the largest since the founding of the Iraqi ports and to the present time.
According to Director General of the company, Mr. Riad Shamkhi: The Ministry of Transport, in coordination and cooperation with the contracting company with Gulftainer ports to hold a joint operation for the reconstruction and rehabilitation of the berth number 11.
This line open through ship YM carrying 2,500 containers directly from China towards the ports of Iraq one of largest ships unload their cargo in the nearby regional ports, indicating that the containers are loaded on small ships entering Iraq.
The Director General stressed that the achievements of the Iraqi ports was due to the patronage of His Excellency the Minister of Transport Mr. Kazem Hammami and his interest in improving the navigational depths and facades of the pavement to bring it back to the depth of the design of 12.5 m, indicating that it helped giant ships traffic safely and dock in our ports safely expanding imports at developed ports.
Central bank on Tuesday, revealed the decline in money laundering operations, for several reasons including: the monetary system, the training of bank personnel, the withdrawal of licenses a number of exchange companies, as well as international cooperation to limit money laundering.
The central bank adviser Walid Idi, told “Tomorrow Press,” that “the Iraqi Central Bank monitors extensively precautionary measures on anti – money laundering and the financing of terrorism file as a scourge which must be combated,” pointing out that “there is international cooperation wide on the fight against laundering money and the financing of terrorism in Iraq at the world level.”
He added that “the nature of the Iraqi regime (cash), so we find that the volume of money laundering few compared with other countries.”
He said the “central bank in cooperation with the path of the banking sector employees to combat money laundering and the financing of terrorism, as the banking sector is the biggest target of these operations.”
He stressed that “the central bank to withdraw licenses of exchange companies located in the areas of conflict, for fear of its operations for the financing of terrorists, which in turn cut the road in front of them.”
The House of Representatives had voted, during its meeting held on 23 (16 September 2015), under the chairmanship of Vice – President of the Council Hamoudi and the presence of 195 deputies, the draft Anti – Money Laundering and Terrorist Financing Act.