logo
Beyond Iran: Iraq secures gas alternatives with new fields, terminal

Beyond Iran: Iraq secures gas alternatives with new fields, terminal

Shafaq News01-05-2025

Shafaq News/ Iraq has completed 2D and 3D seismic surveys at the Naft Khana oil field in Diyala, paving the way for exploratory drilling under the fifth licensing round, Deputy Oil Minister for Extraction Affairs Basim Mohammed Khudair announced Thursday.
Speaking at a press conference, Khudair described the field as a 'promising site for oil and gas development,' stating that the project, carried out by Iraqi teams on behalf of the Chinese firm Geo-Jade, is now entering the drilling phase, with plans underway to draft a full development strategy aimed at boosting national energy output.
'The government seeks to transform all provinces into oil-producing regions as part of a broader energy strategy, which also targets an end to gas flaring and expansion of current oil blocks.'
On the gas supply front, he revealed that Iraq is finalizing agreements to establish a floating terminal to diversify its sources, clarifying, 'We are prepared to offset any decline in Iranian gas by activating new fields or importing through this terminal.'
Khudair also underscored the strategic importance of the Mansouriya gas field, which has been awarded for development, projecting production to exceed 400 million cubic feet per day

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

China 'firmly rejects' US claims it violated Geneva tariffs deal
China 'firmly rejects' US claims it violated Geneva tariffs deal

Iraqi News

timean hour ago

  • Iraqi News

China 'firmly rejects' US claims it violated Geneva tariffs deal

INA- sources China said Monday it "firmly rejects" US claims that it had violated a sweeping tariffs deal, as tensions between the two economic superpowers showed signs of ratcheting back up. Beijing and Washington last month agreed to slash staggeringly high tariffs on each other for 90 days after talks between top officials in Geneva. But top Washington officials last week accused China of violating the deal, with Commerce Secretary Howard Lutnick saying Beijing was "slow-rolling" the agreement in comments to "Fox News Sunday". China hit back Monday, saying Washington "has made bogus charges and unreasonably accused China of violating the consensus, which is seriously contrary to the facts". "China firmly rejects these unreasonable accusations," its commerce ministry said in a statement. US President Donald Trump said last week that China had "totally violated" the deal, without providing details. Beijing's commerce ministry said it "has been firm in safeguarding its rights and interests, and sincere in implementing the consensus". It fired back that Washington "has successively introduced a number of discriminatory restrictive measures against China" since the Geneva talks. The ministry cited export controls on artificial intelligence chips, curbs on the sale of chip design software and the revocation of Chinese student visas in the United States. "We urge the US to meet China halfway, immediately correct its wrongful actions, and jointly uphold the consensus from the Geneva trade talks," the ministry said. If not, "China will continue to resolutely take strong measures to uphold its legitimate rights and interests," it added. Trump-Xi talks? US officials have said they are frustrated by what they see as Chinese foot-dragging on approving export licences for rare earths and other elements needed to make cars and chips. But Washington's Treasury Secretary Scott Bessent looked to ease the pressure on Sunday, saying the two sides could arrange a call between their respective heads of state to resolve their differences. "I'm confident... this will be ironed out" in a call between Trump and Chinese President Xi Jinping, Bessent said on CBS's "Face the Nation". He added, however, that China was "withholding some of the products that they agreed to release", including rare earths. On when a Trump-Xi call could take place, Bessent said: "I believe we will see something very soon." China has been less forthcoming, and the commerce ministry's statement on Monday did not mention any planned conversations between the two leaders. The Geneva deal was "an important consensus reached by the two sides on the principle of mutual respect and equality, and its results were hard-won", the ministry said. It warned Washington against "going its own way and continuing to harm China's interests". Global stocks finished mixed on Friday after Trump made his social media post accusing Beijing. The Hong Kong stock exchange was down around 2 percent shortly after opening on Monday.

Oil jumps after OPEC+ sticks to same output hike in July versus June
Oil jumps after OPEC+ sticks to same output hike in July versus June

Shafaq News

time2 hours ago

  • Shafaq News

Oil jumps after OPEC+ sticks to same output hike in July versus June

Shafaq News/ Oil prices rebounded more than $1 a barrel on Monday after producer group OPEC+ decided to increase output in July by the same amount as it did in each of the prior two months, which came as a relief to those who expected a bigger increase. Brent crude futures climbed $1.34, or 2.13%, to $64.12 a barrel by 0346 GMT after settling 0.9% lower on Friday. U.S. West Texas Intermediate crude was at $62.31 a barrel, up $1.52, or 2.5%, following a 0.3% decline in the previous session. Both contracts were down more than 1% last week. The Organization of the Petroleum Exporting Countries and their allies decided on Saturday to raise output by 411,000 barrels per day in July, the third month the group known as OPEC+ increased by the same amount, as it looks to wrestle back market share and punish over-producers. The group had been expected to discuss a bigger production hike. "Had they gone through with a surprise larger amount, then Monday's price open would have been pretty ugly indeed," analyst Harry Tchilinguirian of Onyx Capital Group wrote on LinkedIn. Oil traders said the 411,000-bpd output hike had already been priced into Brent and WTI futures. "The headline motive has centred on punishing OPEC+ members like Iraq and Kazakhstan that have persistently produced above their pledged quotas," said the Commonwealth Bank of Australia in a note on Monday. Kazakhstan has informed OPEC that it does not intend to reduce its oil production, according to a Thursday report by Russia's Interfax news agency citing Kazakhstan's deputy energy minister. Looking ahead, Goldman Sachs analysts anticipate OPEC+ will implement a final 0.41 million bpd production increase in August. "Relatively tight spot oil fundamentals, beats in hard global activity data, and seasonal summer support to oil demand suggest that the expected demand slowdown is unlikely to be sharp enough to stop raising production when deciding on August production levels on July 6th," the bank said in a note dated Sunday. Meanwhile, low levels of U.S. fuel inventories have stoked supply jitters ahead of expectations for an above-average hurricane season, analysts said. "More encouraging was a huge spike in gasoline implied demand going into what's considered the start of the U.S. driving season," ANZ analysts said in a note, adding that the gain of nearly 1 million bpd was the third-highest weekly increase in the last three years. Traders are also closely watching the impact of lower prices on U.S. crude production which hit an all-time high of 13.49 million bpd in March. Last week, the number of operating oil rigs in the U.S. fell for a fifth week, down four to 461, the lowest since November 2021, Baker Hughes said in its weekly report on Friday.

Modernising Iraq's Financial Infrastructure: The Rise of Digital Payments
Modernising Iraq's Financial Infrastructure: The Rise of Digital Payments

Iraq Business

time6 hours ago

  • Iraq Business

Modernising Iraq's Financial Infrastructure: The Rise of Digital Payments

By Samer Khraishi, Regional Director for Account Management and Business Development, GCC, Iraq and Jordan at BPC. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Modernising Iraq's Financial Infrastructure: The Rise of Digital Payments Iraq's financial infrastructure has long been in need of significant transformation. With less than 20% of the population owning a bank account, Iraq has one of the lowest financial inclusion rates in the Middle East, paling in comparison to 54% in Saudi Arabia and 69% in the UAE. In an effort to close this gap, the Iraqi government and financial sector have focused on the adoption of digital payments, with over two trillion Iraqi dinars worth of e-payment transactions recorded in August 2024 alone. The growing shift towards digital-first payment solutions, enabled by partnerships with global fintech partners, is beginning to bridge the shortfall in financial inclusion and power economic growth across Iraq. Retiring Iraq's Legacy Infrastructure Iraq's financial sector has faced challenges in expanding its customer base and has experienced limited banking penetration, leaving a large portion of the population unbanked and dependent on informal financial systems. This low access to formal banking services has left many Iraqis unable to take advantage of modern financial products and services, reducing savings rates and fostering financial instability among individuals and businesses. Further compounding this issue is widespread reliance on outdated regulatory frameworks, disincentivising the adoption of modern financial technology including cloud-based solutions. In addition, Iraq's financial institutions are hampered by legacy systems often unable to support modern solutions, increasing the complexity of implementing faster, more secure digital payment platforms. Replacing legacy infrastructure will allow financial institutions to enhance transaction speed, strengthen fraud prevention efforts, and expand their services in line with international payment standards. Laying the Foundations for Digital Transformation Over the past few years, the Iraqi government has taken crucial steps to address these challenges and modernise the financial system of one of the fastest growing economies in the Middle East. The Ministry of Planning, in collaboration with the Central Bank of Iraq (CBI), recently introduced mandates requiring financial institutions to upgrade their digital and technical systems. These upgrades are intended to align Iraq's banking sector with international standards, especially in the key areas of fraud prevention, anti-money laundering (AML), and cybersecurity. In line with these modernisation efforts, the CBI is promoting digital financial services, particularly among younger age groups with higher smartphone adoption. This shift is expected to foster a generation more reliant on card payments and digital transactions, moving away from Iraq's dependency on cash. The CBI is also accelerating digital transformation by granting a higher number of licences to Payment Service Providers (PSPs) and introducing digital banking licences. These initiatives align with the CBI's goal of building a digital-first economy, paving the way for faster and more secure infrastructure in Iraq's financial industry. As part of these ongoing efforts, Iraqi banks are adopting advanced cybersecurity defences to combat rising cyber threats as the country embraces digital transformation. Key measures include encryption, multi-factor authentication, AI-driven threat detection, and real-time monitoring. Banks are also enhancing access control with biometric authentication, securing online transactions with encryption and tokenisation, and implementing Security Incident and Event Management (SIEM) systems. Protecting both institutions and their users from these threats is key to building trust in Iraq's digital financial infrastructure. Complementing these financial sector advancements, Iraq's e-government initiatives are digitalising public services, such as the Ministry of Interior's adoption of digital systems for processing visas and passports. Through collaboration between the Ministry of Interior and PSP partner Tabadul, Electronic Payment Gateways are being implemented, streamlining payments for e-visas and passports, and furthering the country's digital transformation. The Key Role of Fintech in Iraq's Digital Transformation Technology vendors are playing an essential role in Iraq's digital transformation journey. Companies like BPC, with global expertise and modern future-proven solutions, can help both startups and established financial institutions implement secure, scalable platforms that meet local regulatory requirements. In addition, banks and payment providers in Iraq are increasingly collaborating with global fintech partners to enhance their fraud prevention capabilities. By integrating fintech solutions into their systems, they can offer more secure and reliable services to their customers, monitoring and preventing threads from both local and international bad actors. For instance, Qi Card has enhanced its digital payment capabilities, allowing users to access government salaries and conduct transactions with biometric authentication. Similarly, Cihan Bank is pioneering mobile banking applications by providing customers with convenient access to their accounts. Public sector support has been strong with the Kurdistan Regional Government's MyAccount initiative so far registering over 600,000 civil servants with their own bank accounts. The initiative aims to ensure one million civil servants have their own bank accounts with around 1,000 ATMs available across the region. Additionally, BPC provides a platform that enables banks to issue digital payment cards, facilitate QR code payments, and enhance mobile banking solutions. These technologies are especially valuable in regions where access to traditional banking services is limited, helping to promote financial inclusion across the country. The Road Ahead for Iraq's Financial Infrastructure The introduction of mobile banking solutions, as demonstrated by fintechs including Zain Cash, has helped to bring financial services to underserved populations in Iraq. Zain Cash alone has onboarded over 1.2 million users, allowing them to make payments, send remittances, and conduct financial transactions without needing a traditional bank account. This growth in mobile wallets will to be a key driver in expanding access to financial services, particularly in rural areas where traditional banking infrastructure is limited, boating financial inclusion the country. Furthermore, modernising Iraq's financial systems could significantly boost economic growth. Digital payments can formalise Iraq's economy and bring small and medium-sized enterprises (SMEs) into the banking system, whilst also enabling access to key financial tools. With SMEs making up 88% of businesses in Iraq, providing them with access to digital finance promises spur economic development and transform the Iraqi economy. Click here to learn more about digital banking in The Middle East.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store