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

Ministry of Construction and Housing: Extensive facilities for investors in the fields of industry and construction.

Housing and Public Municipalities, Benkin Rekani, announced on Monday extensive facilities granted to investors in the industrial and construction sectors. Speaking at the Iraq International Construction Exhibition, Rekani stated that “the government attaches great importance to the services and construction sector,” noting that “Iraq still suffers from a clear shortage in this field compared to other countries around the world.”

He explained that “there is a clear approach to dealing with investors, as the government provides them with all the privileges and facilities, especially in the fields of construction and industry.”

He also pointed out that “industrial development plans include providing facilities to support the investment environment,” explaining that “the importance of the exhibition lies in two main aspects: the presence of Arab and foreign companies in Baghdad, reflecting the true image of the capital, and encouraging Iraqi trade and enhancing the participation of the local private sector.”

He added, “The large volume of imports, especially of building materials, requires a focus on supporting local production to reduce imports.”

Burathanews.com

Al-Sudani: The partnership between Iraq and the United States has achieved important results.

The commitment of Iraq and the United States to implementing the provisions of the joint declaration on the withdrawal of international coalition forces is clear evidence of the government’s ability to manage strategic security issues wisely and responsibly, while preserving citizens’ interests and promoting national stability.

Prime Minister Mohammed Shia al-Sudani and the commander of the US Central Command stressed the need to adhere to all provisions of the joint declaration regarding the withdrawal of international coalition forces from Iraq by the end of this September.

The Prime Minister’s media office stated that Al-Sudani “received, yesterday, Tuesday, the new commander of the US Central Command, Admiral Brad Cropper, and his accompanying delegation, in the presence of the US Chargé d’Affaires in Iraq.”

He explained that the meeting witnessed discussions on various security and military aspects between Iraq and the United States, the progress achieved in the war on terrorism, and follow-up on the implementation of the joint declaration issued in September 2024 regarding the withdrawal of international coalition forces. The meeting also witnessed an emphasis on the importance of continuing dialogue on joint security cooperation at the bilateral level between Iraq and the United States, in addition to exchanging views on aspects of the bilateral partnership and ways to develop it.

The Prime Minister pointed out that the partnership between Iraq and the United States has achieved significant results that serve the interests of both countries and have contributed to enhancing security and stability locally, regionally, and internationally.

For his part, Admiral Cooper praised Iraq’s role as a model of successful counterterrorism cooperation, reiterating his commitment to building on existing successes and continuing security cooperation and enhancing strategic communication in the coming period.

Alsabaah.iq

The Central Bank launches new services via electronic wallets.

The Central Bank of Iraq announced the launch of reciprocal money transfer services via electronic wallets, which will enable individuals and business owners to conduct their financial transactions with greater speed and flexibility.
These services include, according to a statement from the Central Bank, a copy of which was received by {Euphrates News}:

1- Reciprocal financial transfers between permanent, effective, verified wallets of various service providers.

2- Reciprocal financial transfers from permanent, effective, verified wallets to merchant wallets of various providers during purchase operations.

The statement explained that “launching this step represents a qualitative shift in the path to enhancing financial inclusion, supporting digital transformation efforts, facilitating the movement of funds, supporting the business sector, and expanding the use of financial technologies in Iraq.”

Alforatnews.iq

BP begins development work on the Northern Oil and Gas Company: “A qualitative leap and a huge investment figure”

Oil sources in the two government-owned companies, the North Oil and North Gas, reported on Wednesday that experts from the British oil company BP have begun work on developing the two companies’ infrastructure and production facilities, as part of a contract signed with the Iraqi Ministry of Oil.

The sources told Shafaq News Agency, “A team of engineers and experts arrived at the two companies’ headquarters in Kirkuk and began a comprehensive assessment of the fields and facilities, in preparation for developing a long-term development plan aimed at raising production levels and improving extraction efficiency.”

She added, “The partnership with BP comes as part of a government plan to modernize the oil sector’s infrastructure in the north of the country and increase production capacity to meet local market needs and export plans.”

Last February, the Iraqi Ministry of Oil signed an agreement with the British company BP to develop four of the largest oil and gas fields in Kirkuk (Baba, Awana, Bay Hassan, Jambur, and Khabbaz), with an estimated investment level ranging between $20 and $25 billion, according to what the Iraqi government announced at the time.

According to the ministry, the agreement includes the preparation of advanced technical and geological studies, the use of modern technologies in reservoir management and the prevention of associated gas flaring, as well as the rehabilitation of old facilities and the training of Iraqi personnel to enhance their technical proficiency.

Regarding current production figures, the Ministry of Oil’s data indicates that “Kirkuk fields currently produce between 285,000 and 330,000 barrels per day, most of which is allocated for local consumption, with limited quantities exported to Jordan. Baghdad aims, through this partnership, to gradually increase production by a rate of between 50,000 and 100,000 barrels per day over the coming years, as part of its national plan to increase production capacity to more than 6 million barrels per day by 2029, compared to a rate of approximately 4 million barrels per day currently.”

On the gas front, the North Gas Company produces approximately 410 million standard cubic feet of associated gas per day, having increased its supplies to power plants by 50 million standard cubic feet per day over the past year, in a move aimed at reducing reliance on imports and enhancing national energy security.

The source explained that “BP has completed preliminary surveys of a number of oil fields, and in the coming days, the first phase of the survey work for the North Oil Company will be completed, followed by the transition to the North Gas Company, and drafts will be prepared to develop the company, increase its production, and develop its infrastructure.”

In the same context, oil expert Abbas Mahmoud told Shafaq News Agency, “BP will invest between $25 and $30 billion in developing the North Oil and North Gas companies, a huge investment figure that will create a qualitative shift in the oil sector in northern Iraq.”

He explained that these investments “will include infrastructure rehabilitation, reservoir development, modernization of export channels, and the introduction of modern technologies for processing associated gas,” stressing that the project “represents a milestone in attracting foreign investment and enhancing Iraq’s ability to respond to local and regional market demands.”

Regarding the strategic importance, he explained, “The entry of BP experts into Kirkuk represents an important strategic step in Iraq’s efforts to attract foreign investment and modernize the energy sector, especially since the province possesses large oil and gas reserves but has suffered for years from declining production rates due to the age of its facilities and weak investments.”

Shafaq.com

Central Bank of Iraq: Revenues and expenditures rise for June

The Central Bank of Iraq revealed on Wednesday that public revenues and expenditures increased during the month of June.

The bank said in official statistics seen by Shafaq News Agency that public revenues for June rose to 62 billion and 4 million dinars, compared to 46 billion and 157 million dinars in May.

He added that the revenues were distributed between tax revenues amounting to 1.944 billion dinars and other revenues amounting to 60.060 billion dinars.

Central Bank statistics also showed an increase in public expenditures, reaching 56.712 billion dinars, compared to 46.979 billion dinars in May.

The Central Bank stated that the expenditures included current expenditures amounting to 52.768 billion dinars and investment expenditures amounting to 3.944 billion dinars.

Shafaq.com

Controversy over the effectiveness of “economic laws” in Iraq

Controversy is growing over the enactment of new laws to reform Iraq’s banking system, with economists emphasizing the importance of updating them to reflect current developments.

Economic expert Abdul Rahman Al-Shaikhli told Shafaq News Agency, “Despite three decades having passed since the change in the political system, legislators, especially the House of Representatives, have not paid attention to the antiquity of economic laws that have been in effect for decades.” He explained that “many of these laws are no longer valid for the current stage, such as Law No. 111 of 1969, as amended, which is still in effect and includes a paragraph related to a fine of 100 dinars.”

He pointed out the “importance of amending and updating laws in line with contemporary requirements and actual needs,” adding that “Article 28 of the Banking Law does not permit currency trading, which leads to the deterioration of the operations of banking institutions, which are the backbone of the economy.”

Al-Shaikhli continued, “It is necessary to review all economic and banking laws, including those enacted by Paul Bremer during the special circumstances of the invasion of Iraq, which are still in effect.”

Other experts believe that there is no longer time to enact new laws to reform the banking system, as this would require a long time. It would be better to work on updating existing laws based on the powers of the federal government and the Central Bank of Iraq.

In the same context, the Prime Minister’s economic advisor, Mazhar Mohammed Salih, told Shafaq News Agency that “the time is not right to amend the legal provisions related to banks, as this is a rigid and slow legislative issue. It is possible to arrange the economic and banking situation based on the current laws that include flexibility.”

According to Saleh, comprehensive legal reform requires a long time, but it could be pursued in the future. He explained that banking reform does not require new laws, as the laws already exist, and updating them falls under the responsibility of the government and the Central Bank, through a series of special measures within their mandate to modernize banking and financial policies.

The Central Bank of Iraq had previously contracted with Oliver Wyman to conduct reviews and studies related to the Iraqi banking sector as part of a plan to modernize and develop the sector.

The Iraqi banking sector faces a host of challenges, including corruption, red tape, and a failure to keep pace with technological advancements. Furthermore, the difficulty of integrating into the international banking system due to US sanctions is compounded by the lack of transparency.

Shafaq.com

$200 billion in trade between China and Iraq by 2024

The Chinese Embassy Counselor in Iraq, Xu Haifeng, confirmed on Wednesday that Iraq is a key partner for his country, noting that China imported approximately 64 million tons of crude oil from Iraq in 2024.

In a press conference held in Baghdad to mark the 80th anniversary of the victory over Japan, attended by a Shafaq News Agency correspondent, Haifeng said that Chinese companies have been operating in the energy sector in Iraq for many years, especially after 2003, and have contributed to the reconstruction of the oil sector and the export of crude oil to foreign markets. He stressed the readiness of both the Iraqi and Chinese sides to enhance cooperation in the fields of oil and electricity, with expectations of more diverse partnerships in the future.

The Chinese diplomat added that his country had invited 26 countries, including heads of government, parliaments, political leaders, and military leaders, to participate in China’s celebrations of its victory over Japan. He noted that the Chinese president emphasized in his speech that the Chinese people’s resistance was the first struggle against foreign aggression and contributed to saving human civilization. He affirmed his country’s commitment to working with the world to build a bright future for humanity.

Haifeng explained that China’s relations with its neighboring countries during World War II were intertwined, as the region’s peoples fought against Japanese aggression. In response to our correspondent, the Chinese diplomat noted that his country is now open to economic cooperation in Iraq through its companies operating in the energy, electricity, and communications sectors.

He pointed out that cooperation between China and Iraq includes combating terrorism, with Beijing providing training programs for Iraqi security forces.

The Chinese official concluded his remarks to the agency by pointing out that the volume of trade between the two sides reached approximately $200 billion in 2024. He explained that Chinese companies have also participated in the reconstruction of the Kurdistan Region’s economy, with financial cooperation expanding over the past two years.

Shafaq.com

Source: Iraqi retirees’ salaries postponed until September

An informed source reported on Wednesday that the disbursement of retirees’ salaries has been postponed until further notice.

The source told Shafaq News Agency that the salaries of civilian and military retirees for the current month of September have been postponed until further notice, which has not yet been announced, due to the lack of financial liquidity. He expected them to be distributed at the beginning of next week.

He added that it would have been more appropriate for the Ministry of Finance to borrow from government banks to cover the salaries of retirees who are in dire need of them, rather than granting loans under the so-called “initiative.”

The source also noted that the General Retirement Authority had announced four days ago a statement regarding the completion of the disbursement of retirees’ salaries for September, but that funding has not yet been received. He noted that retirees have what is known as a retirement fund, and the lack of financial liquidity is not expected to affect it.

Rafidain Bank announced this week the funding of the eighth tranche of Riyadah loans under the Central Bank of Iraq’s initiative, which amounts to between 20 and 100 million dinars.

Shafaq.com