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raq News – Several Former Officials Indicted as Abadi Cleans House

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Iraq Reports – Former Administration Officials Charged

Iraq has undergone a number of changes over the past month, which will bring stability to the country. Prime Minister Haider al-Abadi is taking new measures to bring an end to corruption and grow the Iraqi oil industry. Among the measures he has taken include indicting several former government officials.

Iraq News – Several Former Officials Indicted as Abadi Cleans House

Iraqi officials recognize that a number of domestic problems have contributed to the instability in the region. The Abadi Administration has unveiled a number of new reforms to earn the trust of his citizens. Abadi appears confident that his actions will improve sentiments throughout the country, which will make Iraq a more attractive region for foreign investors.

Abadi Indicts Former Government Officials

Abadi’s predecessor, Nouri al-Maliki, has been heavily criticized for his positions in Iraq. Abadi has been investigating the practices of many former members of Maliki’s cabinet. After months of lingering suspicions, he has confirmed that many of the allegations against the former prime minister’s staff have been corroborated.

The Commission of Integrity has reported that Karim Aftan al-Jumaili, former Minister of Electricity, was among the suspects that were indicted. Abadi’s administration wasn’t the only group that suspected Jumaili of corruption. Former MP Odai Awad had accused the former Minister of Electricity of nearly 30 acts of corruption.

The indictments should restore faith in the government. During Maliki’s regime, many citizens feared that Iraq was slowly returning to authoritarianism. They may feel more confident in the government if they see that corrupt officials are held accountable.

Central Government Addresses Tensions in Kurdistan

Political instability in Kurdistan has been one of the biggest challenges that Iraq has faced over the past several years. The problems arose after the newly elected government removed several officials from the opposing party from office. The region has faced growing unrest over the past couple of months as the Goran and Democratic parties continue their feud.

The central government recognizes the rifts between the two groups. They are trying to ease the tensions within the Kurdistan Regional Government. The central government’s efforts will be necessary to improve sentiments in other parts of Iraq, since turmoil in Kurdistan often extends to other parts of the country.

Oil and Energy – Iraqi Troops Expel ISIS from Key Oil Refinery

While Iraq is gradually trying to taper its dependence on the oil industry, oil still remains the country’s primary source of revenue. Iraqi officials are trying to boost oil production and forge new contracts as oil prices gradually begin to rebound. They have made significant progress on both fronts over the past several weeks.

South Africa Considers Collaborating With Iraqi Oil Producers

South Africa officials recently announced that demand for oil within their borders is growing rapidly. The   Strategic Fuel Fund (SFF) believes that Iraq is the best oil producing nation to collaborate with. South Africa intends to import 24 million barrels of oil from Iraq every year.

An Iraqi diplomat stationed in Pretoria said that the original proposal was to import even higher volumes of oil. The level of imports could be increased in the future if the quantity is insufficient to meet the needs of South African businesses and consumers.

“The request is with our state oil company SOMO, they have sent us messages to say the request has been approved in principle,” said the diplomat.

Iraqi Forces Reoccupy Baiji Refinery

Iraqi forces have reportedly retaken the Baiji refinery from ISIS. The refinery was significantly damaged during the battle and may take a long time to rebuild. However, Iraq is still better off with the facilities under its control.

Kuwait Considers Importing Gas from Iraq

While oil is the backbone of the Iraqi energy industry, the country is gradually expanding its gas export business. Iraq is exploring new partnerships with other Middle Eastern countries that have more limited oil reserves. Iraqi officials have reached a tentative agreement with Kuwait, which would involve Iraq exporting large quantities of gas to its neighbor.

Nizar Al-Adsani, head of the Kuwait Petroleum Corporation, expects the details to be finalized in the near future. “Kuwait is in need of gas for power plants … [but] up until now we have not agreed on the quantities and prices.” Adsani told reporters.

Rising Oil Prices Lift Hopes for Iraq

Declining oil prices nearly crippled the government last year. Prices have slowly and steadily risen over the past month, which renews hope that the economy is beginning to rebound. Uticensis Risk Services believes that rising oil prices will strengthen the Iraqi economy, which means the new budget proposals will be more accurate than similar figures from 2015.

Read full story by clicking here at Dinar Value and Exchange Rate –Sustained Oil Rebound Would Avert Dinar Devaluation

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