Iraq and US Join Forces to Stem Assault on Baiji Refinery

Posted on May 13, 2015 by iraqidinars

On May 7th, American force allegedly trying to mitigate the pressure on Iraqi forces next to the geographically significant Baiji oil refinery, hitting activists with 26 air strikes subsequent to Tuesday and serving drop supplies of 18 pallets.Army General Martin Dempsey

Army General Martin Dempsey, chairman of the Joint Chiefs of Staff, said that Baiji was an essential part of Iraq’s oil base and noteworthy due to it’s on the road to Mosul from Kirkuk, which is now occupied by Islamic State militants.

“It actually also sits on a corridor that runs from the Tigris River valley to the Euphrates River valley and so it’s geographically significant as well as significant economically,” he also added.

Control of the refinery has been contested for a considerable length of time. In November, the forces of Iraqi government recovered it from the militants, but lost control of it again and afterward recovered it in April. The Islamic State militants crushed into the boundary earlier and have been gradually making progress.

Pentagon spokesman has stated on Wednesday, “The fight was headed in the wrong direction and the outcome was impossible to predict. Iraqi troops at the refinery that day told Reuters they were low on food and ammunition, and pleaded for reinforcements.”

In his announcement, Dempsey included that the Iraqis are under pressure there and lost some control of the boundary and some control of road network that prompts it through the emplacement of improved explosive devices IEDs.

“We’ve been working with them. We’ve conducted 26 airstrikes since the fifth of May. Eighteen of 18 pallets landed on the intended target,” he said.

Pentagon spokesman said that the refinery wasn’t operational and its essential significance right now is straddling a course to Mosul, the Iraqi city where an Islamic State leader a year ago declared a caliphate to lead over all Muslims.

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Baghdad-Erbil Oil Arrangement Summon by Iraqi Oil Minister

Posted on May 11, 2015 by iraqidinars

Oil minister of Iraq Adel Abdul-Mahdi, has affirmed that what is delivered by the Kurdistan wells and fields are exported through SOMO and the federal government. Baghdad and Kurdistan prepared an agreement under the conditions, which states that Kurdistan are stanch to export 550 thousand bpd on average from the Turkish port of Ceyhan through SOMO in 2015 in return for the resumption.Adel Abdul-Mahdi

He additionally said that some of the individuals who condemned the agreement with Kurdistan have got to survey themselves in the wake of checking a considerable measure of positive results.

“Sometimes right decisions require actions against the tide and taking bold We export today increasing oil production from the region through SOMO while Kirkuk fields resumed production and export back after its stop since March 2014 because of acts of terrorism and after the stop in production of Baiji refinery.” Adel Abdul-Mahdi stated.

He likewise included, that each section is of the achievement elements. They are as yet confronting a few gaps that should be finished, and in addition to challenges in different things that they have not specified. The majority of that, they need the oil and gas industry to create and construct refineries, labs, fertilizers for the farms, petrochemical, roads, contacts, water resources, as well as their  administrative and investment environment frameworks.

The central administration of Iraq, in the month of January 2014, has deducted the monetary payments for Kurds, seeing that the region was getting ready for exporting oil autonomously, which prompted to economic crisis. The locale was compelled to acquire cash from abroad.

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IMF may agree on Iraq’s $800 Million Loan in Weeks

Posted on May 9, 2015 by iraqidinars

According to a senior IMF official, Iraq requested for financial support from the International Monetary Fund (IMF) and the agreement may come in weeks on a loan of approximate $800 million (529 million pounds). The finances of Iraq have been affected by the oil costs decrease since a year ago and by the insurgency of the Islamic State.International Monetary Fund

The Iraqi government has anticipated a financial plan deficit of more or less $25 billion this year, in a $100 billion financial plan.

The IMF assistance could facilitate the pressure and by expanding the investor certainty, help raise cash from different sources for Iraq. Baghdad plans to issue its debts $5 billion in its initial international bond sale for 9 years.

Masood Ahmed, Director of the IMF’s Middle East and Central Asia Department, said in an interview that the group will chip away at the issue in coming weeks. They hope to achieve a conclusion generally soon.  The support would likely come as a Rapid Financing Instrument (RFI) about $800 million and would be relatively small.

RFI is an office made by the IMF to give fast financial support and economic policy counsel to member nations with urgent balance needs for payments. A RFI loan ought to be reimbursed within 3 1/4 up to 5 years, as per IMF’s website.

The RFI may prepare in the longer term for IMF larger lending program for Iraq, if that is required, as Ahmed included. Such program could include broader economic policy duties by Baghdad.

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Oil Export of Iraq Touches the Record Level

Posted on May 7, 2015 by iraqidinars

Iraq’s oil export in the month of April has increased to 3.077 million bpd from 2.98 million bpd last March. The oil ministry of Iraq said that this augmentation in crude export speaks as the most noteworthy of the decade.

In an announcement, the ministry stated that Iraq exported an approximate 92.8 million barrels over a month of March, acquiring revenue of $4.8 billion, at a normal cost of $51.7 per barrel. Additionally, the announcement also disclosed that the preliminary statistics issued by the nation’s State Organization for Marketing of Oil (SOMO), the rate of export in April was at a record level.

Asim Jihad

According to the Oil Ministry Spokesman, Asim Jihad, “The ministry has made extraordinary efforts to increase crude exports in a bid to compensate the delay of loading due to bad weather.”

In 2014, the total of oil production exported by Iraq was roughly 918.114 million barrels of crude oil, which earns 84.215 billion dollars in revenue. The economy of Iraq relies on oil for over 90% of its revenue. Whilst, in 2010, Iraq reported its demonstrated oil reserves had expanded to 143.1 billion barrels, from its past evaluation which only reached 115 billion barrels.

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The US Congress is Supporting Iraq Division for Oil Interest

Posted on May 5, 2015 by iraqidinars

Othman Ali, a professor at the Erbil University, and Mr Sa’ad al-Muttalibi, a member of the State of Law Coalition from Baghdad, in an interview, have talked about reports regarding the plan of the United States for dividing Iraq into three nations according to religion and ethnicity variation.

Muttalibi says that, “Washington has an interest in supporting the Kurdistan Regional Government (KRG), because it possesses parts of Iraq’s oil reserves through sharing in exploration of crude oil and allowing giant oil companies to operate in Kurdistan.” Sa'ad al-Muttalibi

Alluding to the connections between the Kurdistan Region Government and the US administration, he retains the authorities of Kurdistan region to coordinate with the US and the Israeli administration. In this manner, the US government inclines towards the territorial government.

He included that the US congress is going towards an arrangement for diving Iraq, noticing the Kurdish authorities have great relations with the US congressional delegates and the Kurds have the capacity to urge American administrators to pass numerous recommendations in accordance with Kurdistan region interests.

As far as Ali’s concerns, he said that the strategic interest of the US has dependably been the division of the Middle East throughout the “divide and rule” traditional colonial policy. However, the district can’t generally ascribe its inadequacies to the US’ colonial policies.

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Technip Awarded a Project by PMC for Basra Refinery Upgrade in Iraq

Posted on May 2, 2015 by iraqidinars

Technip, in joint venture with Unico, an engineering consultant in Japan, has received an award of Project Management Consultancy (PMC) contract through a reimbursable basis, for Basra refinery upgrade.

This contract was awarded by South Refineries Company (SRC) – Ministry of Oil. It encloses the procurement, engineering, commissioning, construction, start-up and warranty administration period of the upgrading project of the refinery in Basra, Iraq.

The objective of this project will go for expanding the gasoline generation limit through the installation of another fluid catalytic cracking unit as well as related units including the visbreaker, hydrogen plant, hydrotreating, and so on.technip

The said development is a part of the long term plan of Iraqi government in order to take care of the growing demand for hydrocarbon products in the future. The award takes after the PMC contract credited to Technip for the Karbala refinery in June 2013. It will be implemented by Technip’s engineering centre by Technip PMC groups in Milton Keynes, United Kingdom.

Technip PMC assembles all the ability and aptitude obtained by the group through the years in executing challenging ventures on the planet.

According to Nicoletta Giadrossi, president of Technip’s Region A, “This new award continues to reinforce our position in PMC in the Middle East. We are delighted to help SRC and the Iraqi’s Ministry of Oil achieve their goals and business objectives, while meeting safety, cost, and schedule and quality targets.”

The Senior Vice President of Technip PMC, Riccardo Moizo also said that they are honoured to have been granted this essential project with SRC, as it keeps on fortifying Technip’s positioning on the activities of PMC. “We are looking forward to assisting SRC in the development of this complex project,” he concluded.

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Kurdistan Oil Production passes through the Oil Marketing Organization (SOMO)

Posted on April 30, 2015 by iraqidinars

Iraqi Oil Minister Adel Abdul-Mahdi, said that the Kurdistan oil production is exported through the main government and the gate State Oil Marketing Organization (SOMO).SOMO

In a question and answer session, he said, “A few persons, who scrutinized the concurrence with the Kurdistan area, need to rethink what they said in the wake of doing numerous helpful results, noticing that the accurate decisions compel activity next to the wave and take strong positions.

He also added, “Today we export a large amount of KR oil via the SOMO, as well as from Kirkuk oilfields after a production break since March 2014 because of acts of terrorism and the production of the Baiji refinery and other stopped.”

He also commented that every step of their success factors still face shortcomings and gaps that are to be completed as well as what they still face challenges in other things. They have not pointed out if they want to build up oil and gas industry, transportation, build the labs and refineries, petrochemical and fertilizer, the farms, contacts, water resources, administrative systems and the asset for the environment.

He closed his announcement, by saying that Iraq has a great chance to succeed. The issue about the oil price, with all inconveniences, ought to spur to rationalize their expenses and turn into the condition of contemporary and reasonable duties and great product community.

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Iraq’s Dedication to Take Bureaucratic Reforms

Posted on April 27, 2015 by iraqidinars

Iraqi Prime Minister said that Iraq is dedicated to do reforms to its administration and regulations for foreign organizations to draw in much-required investment.

PM Haider al-Abadi travel to Washington for the first time since he become Iraq’s Prime Minister, likewise touted his administration’s achievement in fighting Islamic State rebels in the course of the 10 months.

Along with the senior Iraqi authorities, they are looking for weapons and help from the U.S. government as well as to global associations as they battle the guerillas while confronting a $25 billion financial plan deficiency because of the crashing oil revenues.

A discussion held at the U.S. Chamber of Commerce, Abadi said that his legislature was focused on fundamental reforms, including the lessening of obstacles for business and handling corruption.

He stated, “It is our aim to provide help and encouragement to the private sector, and we have to remove bureaucracy and red tape. In Iraq I think it’s playing a role in delaying investment. Sometimes I can see it as criminal as terrorism.”

Reforms undertaken in this way, he confirmed incorporating the facilitation of visa prerequisites for investors, decreasing the systems of registration for new organizations, mechanizing some bureaucratic methods, and allowing more noteworthy authority to the local governments.

He specified that the financial emergency in Iraq had centered authorities’ psyches on the requirement for a stronger private sector in the economy of Iraq.

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Political and Economic Forms in Iraq, Aimed by PM Haider Al-Abadi

Posted on April 23, 2015 by iraqidinars

Prime Minister of Iraq, Haider al-Abadi, has conveyed a placating tone to an eagerly awaited U.S. discourse in Thursday. He was requesting for the United States to continue its partner as it keeps on purging the Islamic State from its urban communities and progresses in the direction of a more steady future.Prime Minister of Iraq, Haider al-Abadi

Mr. Abadi’s administration according to him has a main goal which is to take reforms political, economic and partisan divides.

He added, “Iraq is in a “crucial phase,” looking ahead to the challenges. We must face to defeat Daesh, using the Arabic acronym for the terrorist group, and address the tasks of bringing reconciliation to our nation.”

Nonetheless, he accentuated to the Sunni populace that “to compromise is a two-way road … we all must contact our kindred Iraqis.”

Two weeks back, Abadi strolled through Tikrit subsequent to its liberation from the Islamic State, and shaped a plan for the entire nation what should be taken back. On the other hand, he forewarned that the following huge target, Mosul, won’t be taken on as long as Iraq is “completely prepared ” to battle.

“What’s valid for Mosul is valid for whatever remains of Iraq,” Abadi said.

After a multi-day trip in the U.S. , Abadi was discussing at the Center for International and Strategic Studies where he and his defense minister, Khaled al-Obeidi, met with President Obama and Secretary of Defense Ashton Carter.

The visit is due to the solicitation of more equipment and military assistance, however none have been prospective to this point.

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Crude Export of Iraq in April 2015 to Hit New Record

Posted on April 21, 2015 by iraqidinars

The oil export in Iraq ought to hit a record of around 3.1 million bpd in April as yield from the nation’s southern fields remains solid and climate conditions make strides, as stated Oil minister of Iraq.

In April if the exportations run smoothly, Iraq will hit 3.1 million bpd, said by Oil Minister Adel Abdel Mehdi who was with Iraqi Prime Minister Haidar al-Abadi on his primary visit to Washington as leader.Oil Minister Adel Abdel Mehdi

The Iraq’s oil exports since March got an average of 2.98 million barrel per day, up from below 2.6 million barrel per day in February.

Baghdad faulted the poor exports to the stormy climate. Anyway, consumers additionally said that there were some valuable issues with the oil.

In spite of the record production, Iraq’s oil export is still under the 3.3 million bpd focus in Baghdad’s 2015 financial plan. The country hopes its methodology of delivering another stream of substantial Basra oil will support production and exports. Mehdi said he as of now has clients lined up to take the crude of Basra.

According to Oil Minister Mehdi,

“There are hundreds of Islamic State militants in parts of the country’s largest oil refinery in Baiji since battles with government forces at the plant last week. But he said the government “still controls the main part of the refinery. Additional government troops are approaching the refinery which represents half of the country’s ability to process crude, but which has been shut since June.”

Last November during an OPEC meeting held in Vienna, Saudi Arabia constrained by an agreement that the group would keep yield relentless, sending worldwide oil costs lower. In June will be the next meeting.

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Posted in Iraqi economy | Tagged | 0