The Iraqi Ministry of Interior has commissioned German-based Veridos to build and operate factory for the production of Iraqi security documents.

According to a statement from the company, it will provide Iraq with secure national ID cards and a reliable, consistent national register.

The entire production process of the documents will be in Iraqi hands. Equipped with state-of-the-art production technology and located close to Baghdad International Airport, the plant’s equipment will make it possible to implement all the latest security features in identity documents.

In the first phase, the complete production chain for passports was installed. The first production equipment for card production will soon be finished as well. After this most important and initial step, the value chain will be increased by adding production capabilities for other official documents, such as employee batches or drivers’ licenses.

The issuing of the new eID card was the initial step for establishing a reliable national register for the first time. Now the Ministry of Interior and Veridos are partnering to construct a new production site for the supply of Iraqi security documents: state-of-the-art eID cards and ePassports.

The country is now able to produce its own electronic ID cards and passports on site. Veridos will continue to provide related services and maintenance. All the required technical know-how is being transferred to local employees, creating more than 100 jobs for highly skilled workers from Iraq.

Interior Minister Qassim al Arraji and German Ambassador Dr. Cyrill Nunn took part in the ceremony that officially kicked off the next stage – the on-site production of ICAO* compliant passports in a highly secured compound of the new plant. For the Republic of Iraq, this new production site represents a significant milestone.

Qassim Al-Arraji, Interior Minister of the Republic of Iraq, said:

“The first security document manufacturing site with high-tech equipment is now to be built in our country, creating more than 100 jobs for highly skilled workers in and around the factory. We have already successfully implemented a state-of the-art electronic ID system with Veridos, including a pioneering national register. We are pleased to continue this productive partnership.”

Veridos is a joint venture between Giesecke & Devrient GmbH, of Munich, and Bundesdruckerei GmbH, Berlin

(Source: Veridos)

UK-based Aggreko (Middle East) and Iraq’s North Refineries Company have signed a contract for rental of temporary power generators to supply 15MW of power to Baiji Refinery as a first stage.

For Aggreko, the world’s largest supplier of temporary power, which also supplies South Refineries Company with 25MW,

This contract will help broaden the partnership between Aggreko, the world’s largest supplier of temporary power, and the Ministry of Oil and its affiliate companies, and is a demonstration of the collaboration between both entities.

Aggreko also supplies South Refineries Company with 25MW of power.

(Source: Eurogulf)

Irish-based Petrel Resources has said it is “re-establishing its Baghdad operations”.

In its interim statement for the six months ended 30 June 2018, the company said:

As we approach the end of 2018, Iraq is fitfully emerging from conflict, and again open for responsible business.  Baghdad has re-established its authority, by defeating Da’ech insurgents and recovering Kirkuk. 

“Pro-business parties won the 2018 elections.  While it proved difficult to form a National Government in 2018, which contributed to turbulent protests in southern Iraq during 2018, prospects are now more encouraging than at any time since 2010.

“Iraq has endured an almost continuous period of conflicts and/or sanctions since 1980, from which it is only now emerging.  Much trauma has been inflicted, as shown by the difficulties forming a government in 2018 and the protests in southern Iraq – a region generally supportive of Baghdad governments since 2005.

“Yet, despite 2018 difficulties, we believe Iraq is finally turning a corner: pro-business parties open to international investment polled well in the May 2018 general election.  But no one party holds a majority and, as of September 2018, negotiations on new government formation were ongoing.

“So far, the impact of this unrest on oil production from the southern fields has been limited, with August 2018 output stable at 4.65 million barrels daily (mmbod).  Internal demand of 0.8 mmbod leaves nearly 3.8 mmbod available for export – which has remained consistent despite infrastructural and decision-making challenges – though well below the 2008 target of 6.5 mmbod and the 2012 target of 8.5 mmbod.  Iraqi output is actually higher than immediately before the November 2016 OPEC + Russia cuts, and also higher than its current official OPEC quota of 4.444 mmbod.

“The Western Desert, where Petrel has an interest in exploration ground, is still impossible for international companies to effectively operate.

(Source: Petrel Resources)

Gulf Keystone Petroleum (GKP) has announced the appointment of Kimberley Wood as a Non-Executive Director with effect from 01 October 2018.

Kimberley Wood is a legal professional with 18 years’ experience and a specialist in the oil and gas sector.  Most recently she was Head of the Oil and Gas for EMEA at Norton Rose Fulbright LLP and remains a Senior Consultant for the firm. Throughout her career she has advised a wide range of companies in the sector, from small independents through to super majors.

Ms. Wood was a Partner at Vinson & Elkins RLLP from February 2011 to April 2015, and was previously at Dewey & LeBoeuf LLP. She was included as an expert in Energy and Natural Resources in the 2018 “Expert Guide” series and Women in Business Law, 2018 and is a member of the Advisory Board to the City of London Geological Forum.

Ms. Wood is currently a Non-Executive Director of Africa Oil Corp., an E&P company listed on the TSX (Canada) and Nasdaq OMX (Stockholm), with assets in Kenya and Ethiopia and a member of the Lundin Group.

Following Ms. Wood’s appointment, the Board will review the composition of the Board Committees.

Jaap Huijskes, Gulf Keystone’s Non-Executive Chairman, said:

“We are pleased to welcome Kimberley to the Board of Gulf Keystone Petroleum. She is a highly respected legal practitioner who has been counselling Boards for the past two decades.  We very much look forward to Kimberly’s contribution, in particular in this exciting phase of investment and of markedly increasing production from Shaikan.”

(Source: GKP)

Governor of the Central Bank of Iraq: We plan to delete zeros from the local currency

By Rodao 17/9/2018


Different categories of Iraqi currency

Roudao – Erbil

The governor of the Central Bank, Ali Alaak, on Monday, the existence of a plan to delete zeros from the local currency, noting that "this plan needs to deliberate steps, so as not to be exploited in the fraud.

Al-Alak said in a statement to the official Sabah newspaper that "currencies with small categories, may lead the citizen to bid farewell to banks in the difficulty of storage."

He added that "the central bank has a future plan to restructure the Iraqi currency, including the deletion of zeros, but this plan needs to deliberate steps, and a stable situation in order not to be exploited in the work of fraud and others."

He explained that "the Central Bank has a reserve of foreign currency very comfortable, approaching close to $ 60 billion, compared to 43 trillion dinars, which means that it covers 170 percent of the size of the mass of cash."

On the launch of the currency of the category of 100 thousand dinars, the central bank governor pointed out that "these ideas are traded by the Central Bank, but at the present time regret it."

The central bank introduced in April a project to delete three zeros from the currency, in order to confront inflation and stimulate the economy, but was forced to stop because of the deterioration of the security and political situation in the country "to prevent manipulation and fraud of weak souls."

The Speaker of the Parliament sets a deadline for the election of the President of the Republic


The President of Parliament Mohamed Halboussi, on Tuesday, set a deadline for the election of the President of the Republic.

A parliamentary source told the Press: "The Speaker of the Parliament, during its meeting currently held, on the second of next October, a deadline for the selection of the President of the Republic."

On Tuesday, the House of Representatives held its second session under the chairmanship of Parliament Speaker Mohamed Halboussi.

In one month .. Iraq is achieving oil revenues more than 7 billion dollars

Iraq’s exports of crude oil rose last August to 111.61 million barrels, with revenues of $ 7.74 billion, according to a final statistic for the "Sumo Oil".

A spokesman for the Ministry of Oil Assem Jihad in a statement obtained by the agency [Media treasures] a copy of it, "the average price per barrel was 69.651 dollars."

Jihad added that "the exported quantities were loaded by 37 international companies, from the ports of Basra and Khor al-Amaya, and the single buoys on the Gulf."

He added that "the quantities of oil exported from the oil fields in central and southern Iraq only, and did not register the fields of Kirkuk any oil exports."

Iraq’s exports of crude oil amounted to 109.86 million barrels, with revenues amounted to 7.53 billion dollars last July

The Cabinet approves recommendations for the development of the Iraqi economy, most notably the establishment of an investment incubator

The head of Basra Investment Authority Ali Jasab said on Tuesday that the Cabinet approved recommendations for the development of the Iraqi economy, most notably the establishment of an investment incubator.

"A set of recommendations was approved by the Council of Ministers at its thirty-third regular session held at the end of last August, which aims to address the challenges facing the investment environment in Iraq," Jasab said in a statement obtained by the media agency.

He added that "the recommendations received from the General Secretariat included several aspects, including the revitalization of administrative procedures for investment operations and facilitate through a set of points, notably the establishment of an investment incubator with certain powers,

while the second axis included a set of recommendations for customs tariffs, the other axes summarized in facilitating the granting of features Government Involvement and Contracts and Tax File and Partnership with the Private Sector…2%D8%AA%D8%B5/

Siemens is preparing a plan to end the "electricity crisis" in Iraq


German energy company Siemens has prepared a plan to end Iraq’s power crisis by generating 11,000 megawatts.

"The company and the German government are working hard to contribute to the development of the electricity sector in Iraq," said Kaiser Siemens, Germany’s president.

"The company is working to complete the plans for the development of this sector. He added in statements to «morning» after meeting with Prime Minister d. Haidar Al-Abbadi said that "the company provided integrated solutions to the reality of the advancement of the electricity sector through short, medium and long-term plans.

" In turn, the company’s chief executive in Iraq, Musab al-Khatib, said that "the company has provided a road map for Iraq aimed at promoting the energy sector designed to meet the objectives of reconstruction of Iraq and support the requirements of economic development."

"The company is ready to support Iraq’s generating capacity with 11 thousand megawatts in order

to provide 23 million Iraqi citizens with electricity,

pointing out that this plan would

increase Iraq’s capacity to generate electricity by up to 50 percent."

Prime Minister Haider al-Abadi discussed with Siemens CEO the immediate improvements in supplying Iraq with electricity and the road map to develop the future of Iraq.

Iraq’s economy expected to rise 4 percent in 2019


Baghdad / Follow-up morning
A recent report issued by the Arab Monetary Fund, that there are many factors that are expected to affect the prospects for economic growth in Iraq beginning in 2019, the most important of which continues to improve the internal conditions, which enhances the levels of economic activity in the non-oil sector,

While the oil sector will benefit from the expected increase in production quantities beginning next year, which will enable commitment to future development projects of international
oil fields .

Growth rates between the report seen by the "morning" that the Iraqi economy is expected to achieve a growth rate of 1 percent this year and the next year to a range of 4 percent, supported by increases in oil production and the pace of improvement of internal conditions.

The general level of prices rose by 0.7 percent during the month of May compared to the same month of the previous year due to high prices of tobacco, clothing, footwear, health, transportation, education and miscellaneous goods and services.

Inflation expectations for inflation forecasts for 2018 and 2019 are expected to reach 1.7 percent and 1.8 percent in 2019.

"The year 2018 is expected to end with an inflation rate of 3 percent, while declining in 2019 To 1 percent in the GCC.

" As for inflation expectations in the Arab countries during 2018 and 2019, the general price level is expected to be affected by several internal and external factors.

At the internal level of the Arab countries, the inflation rate is expected to be affected by high aggregate demand levels and by the continued action taken by some countries to reform the support systems.

Taxes and fees , the
report added that the inflation rates in the Arab countries is affected by the imposition of taxes and raise government fees, as well as commodity imports, is also affected by some bullish trends in oil prices since the beginning of the year 2018.

The oil markets have seen significant gains during the first half of this year, which ended The mid-term basket rose by $ 18.2, compared with the average price recorded in the first half of 2017, up 36.3 percent.

The price of oil at the end of June 2018 to 72.22 dollars a barrel, which represents the highest level of oil prices in 3 years ago.

The inflation rate is expected to be about 11.4 percent in 2018; inflation in Arab countries is likely to decline in 2019 to 8.3 percent.

Oil exporters
In detail, for Arab oil exporters, inflation is expected to reach 7.6 percent in 2018, from 5.7 percent in 2017. In the 2019 forecast, inflation is likely to reach about 6 percent in that group.

Saudi Arabia ended the first half of 2018 with an inflation rate of 2.9 percent as a result of the introduction of VAT and the reform of energy products prices.

The Arab Monetary Fund is expected to reach 2.9 percent by the end of this year as a result of curbing inflation following a number of simultaneous economic reforms with the tax and oil prices.

In the UAE, inflation is expected to reach 3.5 percent in 2018 due to value added tax and selectivity, compared with a drop of 2.5 percent next year.

Kuwait is expected to witness inflation of 3.1 percent by the end of this year, to reach 2.5
percent in 2019 .

In Bahrain, the inflation rate is expected to reach 2.2 percent by the end of 2018 and by 3.5 percent by 2019.

The report focuses on rising inflation in Bahrain as a result of government measures due to the current economic crisis in Bahrain, as well as selective taxation and value added.

In Oman, inflation is expected to reach 2 percent by the end of 2018.
However, it is likely to rise to 3 percent by 2019 as a result of government policies to lower levels of support in society.