Iraq’s Oil Minister Jabar Ali al-Luaibi talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. REUTERS/Heinz-Peter Bader

Baghdad (IraqiNews.com) Iraq warned foreign petroleum companies on Thursday against engaging in deals in Iraq away from the federal authorities, reinforcing its takeover of oil resources disputed with Kurdistan Region.

Oil minister Jabbar al-Luaibi said in a statement on Thursday that “Irresponsible statements by some officials inside or outside Iraq, or by foreign companies, about their intentions to sign contracts with some party within the geographic boundaries of the country without the knowledge of the federal government or the petroleum ministry is a blatant intervention into Iraq’s domestic affairs and a deduction of national sovereignty”.

The minister stressed on the federal government and the petroleum ministry as “the sole bodies which have constitutional and legal authority to sign contracts and deals related to the development and investment of petroleum and gas resources”. He warned that deals and contracts made otherwise are “non-binding” for the Iraqi government.

The statement came hours after Russian giant Rosneft said it signed an agreement with Kurdistan region for sharing production from five production blocks.

Iraq has ordered Kurdish authorities to hand over the administration of oil fields following the region’s vote for independence from the central government in September. Iraqi forces said Monday they regained full control over oil fields previously held by Kurds at the disputed province of Kirkuk.

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 19 registered $138,505,000 in sales, a -4.78% volume decline from the US $145,463,091 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 18.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 19 compared to the previous auction.

Data for the October 19 auction was made public by CBI Announcement Number 3552.

Dollar sales in the in the period January 1, 2017 to October 19, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.76 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 1.3 30%

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 18 registered $145,463,091 in sales, a 2.77% volume increase from the US $141,540,000 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 17.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 18 compared to the previous auction.

Data for the October 18 auction was made public by CBI Announcement Number 3551.

Dollar sales in the in the period January 1, 2017 to October 18, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.75 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 1.2 20%

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 17 registered $141,540,000 in sales, a -0.14% volume decline from the US $141,735,018 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 16.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 17 compared to the previous auction.

Data for the October 17 auction was made public by CBI Announcement Number 3550.

Dollar sales in the in the period January 1, 2017 to October 17, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.75 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 1.1 10%

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 16 registered $141,735,018 in sales, a 0.75% volume increase from the US $140,673,364 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 15.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 16 compared to the previous auction.

Data for the October 16 auction was made public by CBI Announcement Number 3549.

Dollar sales in the in the period January 1, 2017 to October 16, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.74 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 1 0%

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 15 registered $140,673,364 in sales, a -2.94% volume decline from the US $144,933,095 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 12.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 15 compared to the previous auction.

Data for the October 15 auction was made public by CBI Announcement Number 3548.

Dollar sales in the in the period January 1, 2017 to October 15, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.73 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 0.9 -10%

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Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on October 15 registered $140,673,364 in sales, a -2.94% volume decline from the US $144,933,095 sold by Iraqi Dinar, credit and transfer at the previous auction held on October 12.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on October 15 compared to the previous auction.

Data for the October 15 auction was made public by CBI Announcement Number 3548.

Dollar sales in the in the period January 1, 2017 to October 15, 2017 saw an increase of 0.13% compared to the sales of US $13.9 billion in the same period in 2016. The total amount of US currency sold by CBI in the calendar year 2016 was US $14.55 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to October 2017, sales of US dollars averaged US $1.73 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2016 January 2
2016 February 2.09 4%
2016 March 1.95 -7%
2016 April 1.94 -0%
2016 May 2.09 8%
2016 June 1.8 -14%
2016 December 0.4 -78%
2017 January 2.2 450%
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 0.9 -10%

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New batch of Iraqi liquid gas to be exported from Umm Qasr Port in Basra.

Baghdad (IraqiNews.com) Iraq announced the volume of its gas exports for the third quarter of 2017 on Thursday, the country remains in the world’s 11th place as far as natural gas wealth is concerned.

The exports reached 125.2 million metric tons of liquefied gas and nearly 255.11 million cubic meters of condensates, according to Petroleum Minister Jannar al-Luaibi, who made the announcement in a statement quoted by Mubasher.

LNG shipments from Basrah gas company reached 46, compared to 22 shipments of condensates through Khour al-Zubair, another port in Basrah.

Luaibi pointed to an agreement with British company SIKA to rehabilitate Khour al-Zubair with platforms upgrades, reservoir constructions, and pipe networks installment.

He said earlier this month that U.S. Chevron and France’s Total were among bidders who expressed interest in developing Majnoon oil field after energy giant Shell’s exit.

Luaibi had also said his country was close to enforce an agreement to export a daily 200 million cubic feet of Iraq’s crude gas surplus extracted from Rumaila field in Basrah to Kuwait.

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Source: Iraq Business News

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IBBC Autumn Conference 2017: ‘Together We Build Iraq’
12 November 2017, The Address Dubai Marina, Dubai

The Iraq Britain Business Council (IBBC) is pleased to invite you to the IBBC Autumn Conference at The Address Hotel Dubai Marina, United Arab Emirates, on Sunday 12 November 2017.

This years’ event follows IBBC’s successful inaugural conference of 2016 held in the UAE, a hub for global and regional companies that operate in the Middle East.

The theme of this year’s Autumn Conference isTogether We Build Iraqand will focus predominantly on the ongoing effects and needs of Iraq’s reconstruction and the opportunities of investment available to British and International companies during this process. There will also be panels discussing the Power and Oil & Gas sectors.

The five conference sessions will focus on:

  • Strengths and Weaknesses of the Economy in Iraq
  • Reconstruction and Infrastructure – The Built Environment
  • Enabling Reconstruction
  • Power
  • Oil & Gas

The IBBC Autumn Conference 2017 will be chaired by Vikas Handa, IBBC UAE Representative and will be led by the following confirmed speakers:

  • Baroness Nicholson of Winterbourne, The Prime Minister’s Trade Envoy to Iraq, Azerbaijan & Turkmenistan and President of IBBC
  • H.E. Mr Qasim Al-Fahdawi, Minister of Electricity
  • H.E. Mr Kadhim Finjan Al Hamimi, Minister of Transport
  • H.E. Mrs Ann Nafi Aussi Balbool, Minister of Construction, Housing and Public Municipalities
  • H.E. Dr Sami Al Araji, Chairman of the National Investment Commission
  • Marwa Alnasaa, Resident Representative for Iraq, International Monetary Fund (IMF)
  • Dr Jaafar Dhia Jaafar, CEO, URUK Engineering
  • Zaid Elyaseri, Iraq Country Manager, BP
  • Peter Mohring, Managing Director – Aviation & Defence, Serco
  • Zeeshan A. Sheikh, EMENA Infrastructure & Natural Resources, International Finance Corporation
  • Suha AlKifaee, Managing Director, IIB
  • Zaid Al-Ansari, Executive Country Manager-Iraq, GE
  • Tarek Hamade, Environment & Infrastructure lead for the Middle East, Wood plc
  • Tawfiq Tabbaa, Managing Partner – Iraq, Eversheds Sutherland
  • Salem Chalabi, Partner, Stephenson Harwood Middle East LLP
  • Nikolay Dimitrov, Business Development Manager (Middle East and Africa), KCA Deutag
  • Anne Kerr, Global Head – Urbanisation, Mott MacDonald
  • Iain Rawlinson, Group Commercial Director, Gulftainer
  • Phill Sherwood, Executive Director, AMAR International Charitable Foundation
  • Danielle Montgomery, Managing Director, Middle East, North Africa and Turkey, OPIC

A pre-conference reception and networking event will be held on Saturday 11 November at 18:00 at the Address Dubai Marina.

IBBC warmly thanks the International Islamic Bank, which has generously agreed to be the event’s Gold Sponsor, in addition to Silver sponsors Serco & Gulftainer. Completing the sponsorship line-up are Wood plc, which will serve as the Reception sponsor, and Coffee Break Sponsors KCA Deutag & Eversheds Sutherland.

Sponsorship opportunities are still available. Please email london@webuildiraq.org for details.

Registration is now open. The registration fee for non-members is £700. IBBC members and members of partner organisations are entitled to special discounted rates. To request the discount codes or if you need assistance, please email the team at london@webuildiraq.org or phone +44 (0) 20 7222 7100.

The IBBC team looks forward to seeing you in Dubai for the Autumn Conference.

Download the latest Agenda Here.


Source: Iraq News

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PM Pushes for Budget Cuts

By John Lee.

Prime Minister Dr. Haider Al-Abadi has chaired a meeting to review the draft general budget for 2018.

At the meeting, which was attended by a number of senior officials from the Ministry of Finance, he stressed the importance of reducing operating expenses to ensure that salaries, pensions and social protection benefits can continue to be paid, and to “encourage growth in the private sector.

He also emphasisesd the need to maximize non-oil revenues.

(Source: Office of the Prime Minister)


Source: Iraq News

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