Category: Business & Finance

The Ministry of Electricity and the French company Total signed two contracts today, Monday, to produce 1,000 megawatts of solar energy in Basra.

A statement by the Ministry said, ‘Minister of Electricity Ziad Ali Fadel sponsored the signing of two important contracts between the companies of the Ministry of Electricity and the French company Total Energies, stipulating the production of 1,000 megawatts of solar energy in Basra Governorate, which contributes to enhancing Iraq’s electrical capacity and providing renewable energy sources.’ þ

The statement added that the French company will establish a solar power station in the Artawi field in Basra Governorate, in four stages and for a period of two years. In each stage, the national system will be equipped with 250 megawatts of energy.

The statement explained, ‘The Minister of Electricity spoke after concluding the two contracts about the advantages of shifting towards renewable energies in strengthening the country’s electrical infrastructure and achievin
g energy self-sufficiency,’ praising ‘the efforts of the committees formed for this purpose in overcoming the obstacles of red tape, completing the land lease requirements, and obtaining Approvals of ministries and government institutions

Last year, the federal government signed a contract with Total under the auspices of Prime Minister Muhammad Shiaa Al-Sudani, which included a package of oil and gas projects and solar energy production for a period of 25 years. Following that, the Ministry of Electricity formed technical committees to follow up on procedures with the relevant ministries and the foreign company. It resulted in the signing of contracts between the two sides, including the two contracts concluded today. The first contract includes leasing the land for the solar energy project between the General Company for Energy Production/Southern Region and Total Energies, while the second includes the signing of the connection contract with the electrical network between the General Company for Energy Tr
ansport/Southern Region and Total Company.’

Source: National Iraqi News Agency

The exchange rates of the dollar against the dinar increased slightly on Monday morning in Baghdad, Basra and Erbil.

Below is a list of dollar selling prices:

$100 = 148.00 dinars in Baghdad

$100 = 148,000 dinars in Basra

$100 = 147,700 dinars in Erbil.

Source: National Iraqi News Agency

Oil prices fell in early Asian trading, today, Monday, with tension easing in the Middle East, after Israel withdrew more of its soldiers from the southern Gaza Strip and pledged to hold new talks on a possible ceasefire in the conflict that has been going on for six months.

Brent crude futures fell more than $2 to $88.95 per barrel, and US West Texas Intermediate crude futures fell more than $2 to $84.73 per barrel.

Israel and Hamas sent two delegations to Egypt to hold new talks on a possible ceasefire before the Eid holiday, which eased tension in the Middle East, pushing oil prices to rise more than 4% last week due to fears of supply disruptions.

Source: National Iraqi News Agency

The Minister of Transport, Razzaq Muhaibas, held a round of discussions in Tehran yesterday evening with his counterpart, the Iranian Minister of Roads and Urban Development, Mehrdad Badrbash, in the presence of the Iraqi ambassador to Tehran, Naseer Abdul Mohsen.

During the meeting, technical issues related to the Basra-Shalamcheh railway link project, for transporting passengers and visitors, were discussed.

Source: National Iraqi News Agency

Manama, Bahrain All Share Index has closed at 2,022.31 points, marking an increase of 1.41 points above the previous closing.

This increase was due to the rise in the communication services sector and the financial sector.

Bahrain Islamic Index closed at 785.84 points, marking an increase of 2.16 points above the previous closing.

Results indicated that 41 equity transactions took place with a volume of 770,170 worth BD 189,422.

Investors traded mainly in the Financial Sector, representing 72.44% of the total value of securities traded.

Source:Bahrain News Agency

Singapore, Gold prices extended their record rally on Monday, steered by speculative buying and persistent tensions in the Middle East, which overshadowed strong U.S. payrolls number last week.

Spot gold was up 0.3% at $2,335.73 per ounce, as of 0646 GMT, after hitting a record high of $2,353.79 earlier in the session. U.S. gold futures gained 0.4% to $2,354.50.

Spot silver was up 1.1% at $27.77 per ounce, platinum edged 0.1% higher at $927.78 and palladium gained 0.2% at $1,001.76.

Source:Bahrain News Agency

Manama, The Central Bank of Bahrain (CBB) announces that the monthly issue of the Sukuk Al Salam Islamic securities, has been Fully Subscribed by 100%.

Subscriptions worth BD 43 million were received for the BD 43 million issue, which carries maturity of 91 days.

The expected return on the issue, which begins on April 10 and matures on July 10, is 5.90% compared to 5.85% of the previous issue on March 13.

The Sukuk Al Salam are issued by the CBB on behalf of the Government of the Kingdom of Bahrain.

This is issue No.276 (BH000623H970) of the short-term Sukuk Al Salam series.

Source:Bahrain News Agency

The Ministry of Oil announced, today, Monday, the completion of drilling a new oil well with a depth of 1,810 meters in the Bay Hassan oil field, west of Kirkuk Governorate.

It said in a statement, ‘The staff of the Iraqi Drilling Company completed the drilling of the oil well ‘Bay Hassan / 199′ in the Bay Hassan oil field, west of Kirkuk, for the benefit of the North Oil Company.’

It explained that “the well drilling operations were carried out at a depth of 1810 meters using the IDC 222 drilling rig with 1000 horsepower.”

Source: National Iraqi News Agency

Government Spokesman Bassem Al-Awadi announced, today, Monday, that the external debt has decreased to about 9 billion dollars during the current year.

Al-Awadi said in a statement: ‘As an emphasis from the government on transparency in economic work, and informing public opinion and national and international media about Iraqi economic performance, and in light of the Council of Ministers’ approval of the recommendations of the Diwani Order Committee 23942, related to regulating external borrowing and structuring Iraqi public external debt, The government took a series of executive measures and adopted a package of financial decisions, which resulted in reducing the external public debt by more than 50%, bringing the debt down from $19.729 billion in late 2022, to $15.976 billion in 2023, reaching approximately $8.9 billion in the current year.’

He added: “These financial steps, (which included stopping a number of borrowing operations due to their delay and unproductivity, organizing and managing debts an
d auditing them, and restructuring some debts and directing them to create strategic projects), aim to prevent the Iraqi economy from mortgaging obligations that may affect, in the future, the political decision.” Or in the path of national development, which coincides with an urban renaissance and infrastructure reconstruction, which opens the way to a promising future and a revitalized economy, in which our current and future generations perform best and obtain the greatest opportunities.

Al-Awadi stressed that with these firm steps, the government renews its determination to continue making a qualitative shift in the Iraqi economy, in parallel with tangible development in the services, infrastructure and social care sectors, which are all the pillars required to meet the aspirations of our people throughout Iraq, and implement the government program with its priorities. and its targets.’

Source: National Iraqi News Agency

Manama, Bahrain All Share Index has closed at 2,020.90 points, marking a decrease of 0.65 points below the previous closing.

This decrease was due to the drop in the communication services sector, the consumer discretionary sector and the financial sector.

Bahrain Islamic Index closed at 783.68 points, marking a decrease of 2.97 points below the previous closing.

Results indicated that 53 equity transactions took place with a volume of 1,133,990 worth BD 326,520.

Investors traded mainly in the financial sector, representing 74.37% of the total value of securities traded.

Source: Bahrain News Agency