Quoted by Al-Ahram newspaper in its edition Thursday, Iraq’s ambassador to Cairo, Habib Mohammed Hadi saying that the Iraqi Oil Marketing Company (SOMO) has completed the signing of a oil supply contract for Egypt sent to the Egyptian Ministry of Petroleum for approval.
The newspaper quoted the ambassador as saying, “is expected arrival of the first shipment to Egypt estimated at one million barrels a month early next month.”
The ambassador added that they would create “giant storage tanks for Iraqi oil to Egypt meeting its oil needs and issues remaining to global markets” within the framework of a project to build two pipelines for oil and gas from the fields of Basra passing through Jordan.
CBI adviser Walid Idi said that Iraq’s reserves of hard currency will arrive in 2018 to $62 billion, noting that there was no risk in the decline to $49 billion.
Idi said in a press statement Thursday (February 23, 2017) that “the central bank’s hard currency reserves enough for 18 months and it is not serious falling to $49 billion”.
He added “according to international standards currency reserves should be enough for 6 months as a requirement for any country, stressing that the foreign currency reserves in Iraq enough to pay off debt taking into account the geographical diversification and serving the local market need for goods and services, economic and social requirements, payment of pensions abroad, study and travel purposes.” Adding that “IMF stressed that there are Arab countries where it’s reserves outweigh real spending, including Iraq, Saudi Arabia, Algeria, Lebanon, Kuwait, Bahrain and this is proof of the stability of Iraq’s reserves of hard currency.”
Idi said, “IMF said in it’s study, Iraq’s reserves will arrive in 2018 to $62 billion, then rise to $91 billion in 2020 due to improved conditions of the Iraqi economy, oil exports and it’s derivatives, sufficiency of electricity, tourism, industry all economic resources bode well.”
The governor of Central Bank of Iraq Ali Allaq stated (February 20, 2017)
Iraq surpassed the biggest financial challenges faced in the past year, adding that we are able to maintain an acceptable level of cash reserves.
Syrian source said Friday that the Iraqi air strike on a stronghold of “Daesh” criminals in Syrian areas Husaybah and Abu Kamal has been coordinated with the Syrian authorities.
According to a security source in Damascus that “the Iraqi air strike against the “Daesh” elements in Syria has been coordinated with the Syrian authorities.”
The Iraqi Air Force F-16 strikes on “Daesh” in the areas of Husaybah and Abu Kamal inside Syrian territory destroyed “Daesh” and its headquarters fully.
Standard & Poor’s credit rating. The classification of Iraq was confirmed at “B-/B” with a stable outlook.
It says the stable outlook reflects expectations that fiscal discipline will continue over the next few years.
Thursday, businessmen concluded qualifying session for specialist anti – money laundering and terrorism financing certification organized by the Iraqi private banks association in cooperation with Iraqna training ACAMS.
Participants who number of Iraqi, Arab private banks, the Central Bank, the Rafidain Bank and transfer companies numbered 38 trainees have received over the five days of lectures in the field of combating terrorism, the financing of terrorism and ways to detect at the hands of qualified instructors received.
It should be noted that the parties participating in the session is the Iraqi Central Bank, Abu Dhabi Islamic Bank, Noor Iraq, through Iraq, Mediterranean, Credit Libanais, the Pearl of the financial transfer company, Spectrum Company financial convertible, United Bank, Fransabank, Iraqi investment, Zain Iraq, the Muslim south, Huda, Arabic, Assyria, and the Warka Bank for international union.
After the deployment, executive director of the Association Tariq Ali announced certificates of appreciation between the trainees and the prohibition closing ceremony of a representative of the Governor of the Central Bank of Iraq director of public relations at the bank Fadel Jassem and a number of banks in the profile officials.
Iraqi private banks association held consultative meeting with Arab and foreign banks operating in Iraq.
The meeting which was attended by President of the Association Mr. Wadih Handal, economic adviser and professor Samir Alnasiri discuss outstanding problems with foreign correspondent banks.
The meeting was attended by the following banks TBI, Lebanese Fransi Bank, Bank of Lebanon and the Diaspora and Franca Link and Bank of Pylos and Credit Libanais Bank, the Mediterranean and the Bank of Beirut and Arab Countries and the InterContinental Bank and Abu Dhabi Islamic, in addition to a representative of the Bank of Commerce and the German Ashe Turkish bank, in the presence of Iraqi Union of Warka and Assyria banks.
It was agreed to approach higher authorities in charge of the two countries to overcome obstacles and restore relations to normal.
Oil exploration company announced on Wednesday the first successful test of the exploratory wells (Laredo 1) in southern Iraq. The general director of the OEC Engineer Karim Hattab said in a statement, “The tests carried out by a consortium of ” Russian Lukoil and Inpex of Japan “has resulted in huge stockpile discovery of oil in the reservoir,” Musharraf “the flow rate of oil more than (1000) cubic meters per day, which confirms previous geological studies.” He added, “The development for this year’s plan includes drilling and testing of exploratory well (Laredo 2).” General manager of oil company explorations, said that “this represents a new addition to Iraq’s oil reserves,” he said. “This area was one of the fields that have contributed to the added amount of 10 billion barrels to oil reserves.” The consortium “Russian Lukoil and Inpex of Japan” had won the development of exploratory “X” patch in Basra province.
Ministry of Transport said it had agreed on Tuesday with a Chinese company to study the creation of “sky train” between the provinces of Karbala and Najaf in southern Iraq.
The ministry said in a statement responded to the Twilight News, that “the Transport Minister Kazem Fengen, discussed with a delegation from the Chinese Norenko company specialized in the creation of the railway train lines and take advantage of its expertise and capabilities in the development and situation of the railways in the country.”
He said that “the ministry is looking for further cooperation with various specialized companies for the advancement of the railways in the country.”
He pointed out that “it was agreed with the company to begin to study the establishment of sky train between the cities of Karbala and Najaf, where they will visit the site to see the proposed path of the line for the purpose of a preliminary study with a feasibility study for the project.”
The company delegation also explained his willingness to implement the project Order term and will be the signing of a memorandum of understanding after visiting the site for the purpose of identifying action steps and specifications required for the project, according to the statement.