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SOMO: We have prepared a plan to make Iraq an open market and a pivotal energy hub.

The State Oil Marketing Organization (SOMO) announced a plan to increase Iraq’s production and export share, transform it into a pivotal energy hub, enter into global partnerships, and provide strategic storage sites.

SOMO Director General Ali Nizar said, “Iraq seeks to increase its production and export share in line with global market needs and balance, as the second-largest producer in OPEC.” He noted that “Iraq possesses enormous reserves that qualify it to meet international demand for crude oil and gas.”

He stressed that “Iraq possesses exceptional investment opportunities in the oil and gas sector, making it an open market for reputable international companies,” noting that “the government and the Ministry of Oil are showing great openness to cooperating with investors to increase production and end the phenomenon of gas flaring.”

Nizar explained that “the company’s plans focus on strengthening Iraq’s position as a pivotal energy hub by diversifying export outlets, entering into partnerships with global refineries, providing strategic storage sites, and expanding the pipeline network, thus positioning Iraq in its natural position as a major and stable source of energy in the world.”

miliq.news

Experts: Banking reforms are necessary to enhance financial stability.

Experts – Banking reforms are necessary to enhance financial stabilityThe Iraqi banking sector is undergoing a pivotal phase marked by comprehensive reform and institutional development. The Central Bank, in collaboration with private banks, the government, and the global consulting firm Oliver Wyman, is implementing a strategic plan aimed at enhancing financial stability, diversifying the economy, and gradually transitioning from a cash to a digital economy.

Experts believe these efforts pave the way for ending restrictions on Iraqi banks’ dollar transactions and opening new horizons for the banking sector to achieve sustainable development.

pivotal stage

Economic expert Dr. Mustafa Hantoush explained that “the Central Bank and the banking system are going through a critical phase that could lead to the end of restrictions imposed on Iraqi banks’ dollar transactions.” He pointed out that “the Central Bank’s decision to extend the deadline for increasing the capital of banks included in the reform to more than two years, instead of the previous deadline of the end of this year, reflects a state of joint cooperation with these banks and supports them in facing challenges.”

Final Report

Hantoush told Al-Sabah: “The Central Bank has contracted with Oliver Wyman to conduct a comprehensive study of the banking sector,” noting that “the company completed its study and submitted its initial report three weeks ago, while the final report was issued recently, including a package of mechanisms to address banking challenges and regulate dollar transactions.” He added that “these mechanisms are currently under discussion between the Central Bank and the consulting firm,” expecting “the dialogue between the two sides to continue to reach compromises, whether by extending the capital increase period to more than three years, or reducing the required amounts in line with the capabilities of Iraqi banks.”

tangible progress

For his part, Economic and Banking Advisor Samir Al-Nusairi stated that “the measures and efforts led by the Central Bank of Iraq, in cooperation and consultation with private banks, have yielded tangible progress in implementing the objectives, mechanisms, and standards of the comprehensive banking reform project. This progress is being made in partnership with the government and the global consulting firm Oliver Wyman, and within the framework of the Central Bank’s third strategy.”

productive sectors

Al-Nusairi explained to Al-Sabah that “the project came in response to current economic challenges and an effort to enhance the banking sector’s role in supporting sustainable development by activating non-oil productive sectors, diversifying sources of national income, achieving financial stability and economic growth, regulating foreign trade financing, supporting infrastructure projects for digital transformation, and expanding the use of electronic payment tools to achieve financial inclusion.”

international recognition

Al-Nusairi explained that “the reform and development plan for the banking sector for the period 2025-2028 focuses on developing the banking system and ensuring its compliance with international banking and accounting standards, building a modern, flexible, and inclusive banking sector, enhancing citizens’ confidence locally, and obtaining international recognition for its transparency and commitment to standard criteria, ensuring the confidence of global correspondent banks. It also aims to rehabilitate restricted or weakly active banks to enable them to return to full operations. It also aims to focus the role of banks on financing and development lending, enhancing financial inclusion and increasing its percentage. It also aims to move from a cash economy to a digital economy by withdrawing funds circulating outside the banking cycle – which constitutes approximately 80 percent – ​​and integrating them into the banking system.”

Evaluation and classification

Al-Nusairi pointed out that “what has been achieved during the years 2023, 2024, and until mid-2025 represents ‘ambitious’ levels in building the foundations upon which the reform project is based, which has enabled the evaluation and classification of banks according to their level of achievement of objectives.” He noted that “there are banks that have achieved remarkable progress, while others still need additional time, while exceptional efforts are being made by the Central Bank and the administrations of some troubled banks to rehabilitate them.” Central Bank Governor Ali Al-Alaq had previously revealed details of the banking reform plan, particularly regarding the foreign partner and the plan’s objectives, stressing that the foreign partner is not a condition of the reform plan, while indicating that the banking reform is based on international laws and standards.

Reform plan

Al-Alaq said, “The banking reform plan is not a surprise, but rather a well-thought-out plan, and it took more than a year to develop in coordination with banks and international bodies. It was agreed upon the need to review the Iraqi banking sector after years of practical experience.”

He pointed out that, “After numerous problems emerged, all parties agreed to adopt a plan that would place our banks within international standards and practices, and within the framework of the Central Bank Law and the Iraqi Banking Law. Therefore, the standards are not innovative, but rather stem from the Central Bank Law.”

Alsabaah.iq

Iraqi Telecom launches “Tas’heel” service to track and complete government transactions

Iraqi Minister of Communications Hiyam Al-Yasiri announced on Monday the launch of the “Tas’heel” service to track and complete government transactions for citizens .

“Today, we announce the official launch of the project to facilitate the transfer of citizens’ personal documents and facilitate their access via Iraqi Post,” Al-Yasiri said during the project launch conference, attended by a Shafaq News Agency correspondent. She added, “The project allows the delivery of all official documents from state institutions to citizens in modern and confidential ways, using the latest technological techniques .”

The minister emphasized that “the government attaches great importance to digital transformation and has launched a number of projects in this field,” noting that “the Ministry of Communications is the primary driver of digital services thanks to the available infrastructure, such as the unified card, passport, banking, and internet services .”

Al-Yasiri added, “The project is being implemented by the General Postal and Savings Company with the participation of the private sector. It is one of the most important projects that reduces financial and administrative corruption, limits direct contact between citizens and employees, and contributes to the speedy completion of transactions through automation .”

She explained that “the service will save citizens the trouble of having to visit ministries to obtain the required documents, as they will be delivered digitally,” noting that “the Ministries of Higher Education, Education, Foreign Affairs, and Interior can easily deliver their documents to citizens through the project .”

She emphasized that the project represents “a true automation of the Iraqi postal system, which had been virtually halted before the ministry took over. We have succeeded in revitalizing this sector.” She added, “The measure of any country’s success lies in its postal services, and we have achieved accomplishments in data exchange indicators for aviation, express mail, shipment tracking, and technology quality. We have also restored Iraq’s membership in the Universal Postal Service after it was previously frozen due to sanctions and financial fines .”

Regarding the project’s mechanism, Al-Yasiri said, “This is achieved by providing citizens with a postal code that facilitates many procedures, especially in e-commerce.”

Shafaq.com

Al-Sudani’s advisor: The development path will contribute 20% to diversifying the Iraqi economy.

Mudhar Mohammed Salih, an advisor to the Iraqi Prime Minister, revealed on Monday that the development road project will contribute 20% to diversifying the national economy.

Saleh told Shafaq News Agency, “The development road project, which connects the port of Al-Faw in southern Iraq to Turkey via a 1,200-km railway and road network, is one of the largest logistics projects in the region, with an estimated cost of $17 billion.”

He added, “The project will open the door to diversifying the national economy, as the road connects to free economic zones, industrial cities, and advanced logistics services.” He predicted that it “will contribute approximately 20% to diversifying the national economy in terms of its contribution to the GDP in the long term.”

Saleh pointed out that “this will be a basis for employing the national workforce of approximately one million workers and activating important joints in the national economy, in addition to advanced land and rail transportation services, in addition to attracting regional and international investments without interruption, as it connects the Gulf to Europe via Türkiye, which are important economic regions globally in terms of relative weight.”

The government advisor concluded his remarks by saying, “The project will sustainably strengthen the Iraqi economy and improve the country’s resilience to global market fluctuations. If invested efficiently and integrated with plans to boost industry, trade, and services, its impact could undoubtedly be as significant as that of oil in the long term.”

In April 2024, Iraq, Turkey, the UAE, and Qatar signed a quadripartite agreement on the Iraq Development Road Project, under the auspices of Iraqi Prime Minister Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdoğan.

The agreement aims to enhance cooperation regarding Iraq’s strategic development project, as the four countries will work to establish the necessary frameworks for its implementation, according to a statement issued by the Prime Minister’s Office.

Shafaq.com

It will not reduce Iraq’s deficit and will increase pressures. An expert comments on the OPEC+ decision.

Economist Ahmed Abd Rabbo confirmed on Monday that OPEC+’s decision to increase production starting next month will not reduce Iraq’s fiscal deficit in the near term, but may even exacerbate financial pressures. He emphasized the need for the Iraqi government to undertake urgent financial and economic reforms to ensure stability .

Speaking to Shafaq News Agency, Abdul Rabbo said, “OPEC+’s decision to increase production by 137,000 barrels per day starting next month reflects the group’s desire to regain some share in the global market, even if it comes at the expense of prices.” He explained that “the economic and financial impact of this decision on Iraq requires careful reading in light of the budget situation and the existing deficit .”

He added, “Iraq currently exports about 3.38 million barrels per day, while the budget was based on 3.5 million barrels per day at a price of $70 per barrel. Brent prices are currently hovering around $65, which is about $5 less than the assumption, which translates into a loss of approximately $6.2 billion annually. In contrast, every increase of 10,000 barrels per day adds only about $237 million annually, which means that Iraq is more sensitive to price changes than to changes in quantity .”

According to him, “Calculations show that Iraq’s fiscal breakeven price is approximately $84 per barrel, which is significantly higher than current levels, which explains the deficit exceeding 7 trillion dinars (more than $5 billion) in the first half of 2025. Therefore, increasing OPEC+ production will not contribute to reducing the fiscal deficit, but may increase it by putting pressure on prices, especially since Iraq has not yet been granted a significant increase in production share .”

The economic expert pointed out that “the resumption of northern exports via the Turkish Ceyhan pipeline, which has resumed pumping about 80,000 barrels per day, could provide a relative respite worth up to $1.9 billion annually at current prices,” indicating that “these quantitative gains may remain limited if the global price declines by even just $2 .”

Regarding the above, Abdul Rabbo stressed that “the expected impact of the OPEC+ decision on Iraq will be neutral to negative financially, unless Iraq achieves an actual increase in its export quota or we witness a sudden improvement in prices .”

He warned that the government should recalibrate its budget based on an oil price below $70, control current spending, and work to diversify revenue sources and boost export capacity to the north. He also noted that adopting a price hedging policy on a portion of exports could provide protection against market fluctuations .

He concluded his remarks by noting that “OPEC+’s decision to increase production will not reduce Iraq’s fiscal deficit in the near term, but may increase pressures, necessitating urgent financial and economic reforms to ensure stability .”

The OPEC+ group announced yesterday, Sunday, that it would increase oil production in October by 137,000 barrels per day .

Since last April, OPEC+ has been gradually ending its production cuts, increasing its production by approximately 2.5 million barrels per day—equivalent to about 2.4% of global demand—in response to US pressure to lower prices .

Despite the increases, prices remained high, near $66 per barrel, supported by Western sanctions on Russia and Iran.

Shafaq.com

Atomic Energy Chief: Progress in talks with Iran on resuming inspections

nternational Atomic Energy Agency Director General Rafael Grossi confirmed on Monday that talks with Iran on resuming comprehensive inspections had made progress, but warned that time was running out, expressing hope that an agreement could be reached within days .

Grossi said during a meeting of the IAEA’s 35-nation Board of Governors that “the discussions have already witnessed positive steps,” expressing his confidence in “the possibility of achieving a successful outcome soon.” However, he stressed that “time is still available, but it is limited,” according to an official statement from the agency .

Iran’s Ambassador and Permanent Representative to the International Atomic Energy Agency (IAEA), Reza Najafi, announced yesterday, Sunday, that the third round of technical negotiations between Tehran and the IAEA would be held in Vienna, on Friday and Saturday .

He explained that “the new round of talks addressed the mechanism for implementing safeguards obligations in light of the new situation following the attacks targeting Iranian nuclear facilities, and based on the decision of the Islamic Consultative Assembly,” noting that “the two sides exchanged views on the provisions of the text of the directives,” according to the Iranian news agency, IRNA .

A confidential report issued by the International Atomic Energy Agency last Wednesday revealed that Iran had “increased its stockpile of uranium enriched to 60% purity,” a level close to the level required for nuclear weapons, prior to the Israeli attack on its nuclear facilities on June 13 .

The report, which was reviewed by Western media, indicated that “Iran’s stockpile of 60% enriched uranium, in the form of uranium hexafluoride, which can be enriched via centrifuges, amounted to 440.9 kilograms as of June 13. ”

According to the agency’s definition, 125 kilograms of 20% enriched uranium is theoretically sufficient to produce one nuclear bomb if the enrichment rate is increased.

Shafaq.com

A scientific agreement between the Iraqi Integrity Commission and the American University for Anti-Corruption Training

The Federal Integrity Commission and the American University in Baghdad signed a scientific cooperation agreement on Monday aimed at raising the academic level of staff, exchanging specialized expertise, and developing educational and training programs to enhance the capabilities of those working in the field of combating corruption.

During the agreement signing ceremony, the Commission’s Chairman, Mohammed Ali Al-Lami, explained that the corruption system is constantly evolving, and it is necessary to confront it with modern methods, including the outcomes of academic studies.

He added that the Iraqi Anti-Corruption Academy seeks to develop its programs, including the development of a higher diploma in related disciplines, while incorporating topics on integrity and the preservation of public funds into the curriculum. He emphasized that the agreement with the American University represents a new tributary to the academy’s development.

For his part, President of the American University of Baghdad, Bradley Cook, expressed optimism about the collaboration with the Iraqi Anti-Corruption Academy, noting that the agreement will contribute to knowledge exchange and the use of scientific research to address the roots of corruption and strengthen various sectors of reconstruction, development, and integrity.

The agreement, signed by the Director General of the Iraqi Anti-Corruption Academy, Moataz Faisal Al-Abbasi, and the President of the American University, stipulates that the university will provide specialized training courses in establishing and managing a digital library, digital research mechanisms, and the use of electronic resources.

The agreement also includes support for postgraduate studies related to corruption and illicit gains, preparing joint applied research, and enhancing cooperation with the University’s College of Law through student participation in research and drafting legislation in accordance with Article (10) of the Authority’s Law.

The agreement includes enabling the Authority to access data and digital resources, as well as academic databases, books, and electronic research on good governance and corruption prevention. It also includes developing continuing education programs for employees, providing accredited training certificates, holding conferences and workshops on integrity and corruption, and establishing a joint committee to monitor the implementation of the agreement and provide solutions to any discrepancies.

Shafaq.com

Kurdistan invites American companies to invest and develop the security infrastructure.

Kurdistan Region Interior Minister Rebar Ahmed on Monday called on American companies to invest in the region, stressing that partnership with the United States is the foundation for a “brighter ” future.

“Security is a fundamental foundation for transitioning to prosperity,” Ahmed said in a speech he delivered at the US-Kurdistan Economic Forum in Erbil, attended by Shafaq News Agency. He pointed to the Kurdistan Regional Government’s commitment to diversifying the economy and creating job opportunities for young people, taking advantage of its strategic location and investment-friendly laws .

He added, “The Ministry of Interior supports this vision by securing energy sites, industrial zones, and trade corridors, facilitating visa and residency procedures, and supervising private security companies .”

The Interior Minister noted that “security threats remain, particularly ISIS activity in disputed areas, in addition to smuggling attempts, illegal crossings, and the use of drones against infrastructure and civilians.” He explained that “cooperation with American companies is essential to developing security infrastructure and adopting modern technologies to address these challenges .”

He emphasized that “the relationship between Kurdistan and the United States is based on shared values ​​such as democracy, coexistence, and freedom,” noting that “our American friends have stood with the people of Kurdistan during the most difficult times, and today we ask them to stand with us again—not in war, but in protecting peace and building prosperity.”

Shafaq.com

Ministry of Oil: Signing major contracts with international companies to develop fields in Nasiriyah and Kirkuk.

The Ministry of Oil confirmed, on Monday, that the achievements of the current government are a clear message to investors that Iraq is an attractive environment for the oil industry, while pointing to the achievement of great leaps in the oil industry in four sectors, and revealed the signing of major contracts with international companies to develop fields in Nasiriyah and Kirkuk, and pointed to the rise in gas investment to 70 percent, as the Undersecretary of the Ministry of Oil, Bassem Khudair, said in his speech during the opening of the Third Iraq International Exhibition for Oil and Gas, Oil Projects, Licensing Rounds and Renewable Energy, “Yesterday we concluded the International Energy Forum, and these achievements that the government is achieving are a clear message to all regional countries and investors that Iraq has been able to create an attractive investment environment for the oil industry.”

He added, “The Ministry of Oil, through its leadership represented by the Deputy Prime Minister, and the close follow-up by the government, headed by the Prime Minister, through holding meetings, has achieved significant strides in the oil industry during the current government’s term across the four sectors (extraction, refining, gas, and distribution).”

He continued, “The government’s achievements in terms of contracts are remarkable, as the company that left Iraq returned today to request the signing of major projects.” He noted that “Western and American companies are present in Iraq today.”

He also pointed out that “a few days ago, a contract was signed with Chevron for four blocks in the Nasiriyah and Balad fields, and some time ago, we also signed a large contract with the British global company Pepsi to invest in four fields in Kirkuk, in addition to the large project that the government has been waiting for and has signed, which is the Gi Gib project, the integrated gas development project in the Artawi field.”

He also explained that “this project includes four important projects for the first time in Iraq. The first project is to develop the field to 210,000 barrels, the second project is to invest in gas and supply the national grid from five fields (Majnoon, West Qurna 2, Artawi, Tuba and Sabbah) with a quantity of 600 million standard cubic feet in two phases. The third is the environmentally friendly project, the solar energy project with a capacity of 1,000 megawatts in four phases, each phase 250 megawatts.” He noted that “the first phase of the project will see the light at the end of this year with 250 megawatts to supply the national grid.”

He pointed out that “the fourth project is the major one the government and the Ministry of Oil have been waiting for, namely the project to use seawater for injection into oil engines and compensate for depleted pressure. This field was approved yesterday by the Ministerial Energy Council with the support and follow-up of the Prime Minister, the Deputy Prime Minister, and the Chairman of the Energy Council.”

He also stated that “the contracts signed in the Artawi field during the current year have reached a value of $10.9 billion so far. This is a very large figure in the oil industry and is the first time it has been recorded in the oil industry’s history.” He noted that “the oil industry is currently enjoying a recovery and attracting international companies.”

He explained that “the role of the Ministry of Oil was not limited to the extraction sector only, but we achieved major goals in the gas level, as our invested gas was at 45% and gas investment rose to 70% of the flared gas,” indicating that “there is a plan for the year 2028 to close the flared gas file, in addition to researching the development of the exploration area and gas fields to provide the gas required for energy, as we succeeded in the annexes of the fifth and sixth licensing rounds in referring 14 areas in various parts of Iraq.”

He also stressed that “the government’s goal is for all governorates to be oil-producing, with the aim of developing them, providing financial revenues, implementing social services, and attracting workers. We have achieved a major breakthrough in the liquidation process.”

He also noted that “the Ministry of Oil promised the government to develop the infrastructure and that there is development of the Iraqi human element at the level of engineers and college and institute graduates. There is interest in oil institutes and the establishment of oil institutes with centers that grant international certificates.” He noted that “we have a vision and strategy for managing the oil sector within international standards and we have great ambitions for all governorates to be oil-based to attract workers.”

He pointed out that “the government has a vision to develop the national effort in the oil sector, represented by national companies such as the Exploration Companies, the Oil Projects Company, the Iraqi Al-Asr Company, and the Engineering Equipment Company. Support will be provided to these companies, along with international companies, to achieve a level of performance and implementation in line with international standards.”

Burathanews.com