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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The cost of importing oil from Argentina forces Iraq to change its course

    Rocky
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    • Post n°1

    The cost of importing oil from Argentina forces Iraq to change its course Empty The cost of importing oil from Argentina forces Iraq to change its course

    Post by Rocky Sat 12 Mar 2022, 8:18 am

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    The cost of importing oil from Argentina forces Iraq to change its course
    12 March 2022
    Ultra Iraq - Editorial Team
    The Citizens Investment Authority talked about the availability of edible oil produced by an investment company in the governorate that contracts with the Ministry of Commerce to supply it with more than 100,000 tons of it, in conjunction with the global scarcity of the material and the high cost of importing it.
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    The oil can be imported exclusively from Argentina, but it will be very expensive
    The head of the Babil Investment Authority, Muhammad Jassim Al-Zakum, said during a press conference that "without the existence of producing Al Dar oil and putting it on the market, its prices would have reached two or three times what is currently available."
    He pointed out that "Al-Rayyan Oil Factory, which was granted an investment license last year at a value of 250 billion dinars, will, upon completion, provide raw oil from soybeans with a high production capacity, with the aim of diversifying the sources of edible oil production."
    He stressed that "the main reasons for the rise in food prices, the most important of which is edible oil, is due to the fact that Russia and Ukraine produce 80 percent of the world's production of sunflower oil."
    For his part, the managing director of the Union Food Industries Company, Riyad Kazem Hussein, revealed to the official newspaper that "his company has completed a contract to supply the Ministry of Commerce with 36,300 tons of edible oil, and is continuing to prepare a second similar contract in the same quantity, and the quantities of what was handed over to the ministry amounted to 50 percent."
    He added that "there is a third contract with it in the same quantity, which will be started upon the completion of the second contract," stressing "the lack of availability of sunflower oil in all global markets, and although it can be imported exclusively from Argentina, but it will be at very high prices."
     On March 6, 2022, Trade Minister Alaa al-Jubouri [You must be registered and logged in to see this link.]
    Yesterday, the Food and Agriculture Organization of the United Nations (FAO) expected a rise in food prices from 8% to 20% due to the crisis in Ukraine.
    "Potential disruptions to the agricultural activities of these two major commodity sources (Russia and Ukraine) could seriously exacerbate global food insecurity," FAO said.
    And the UN warned that the rise will continue in the coming months, "when the repercussions of the conflict spread around the world."
    The Director General of the General Company for Foodstuff Trading in the ministry, Muhammad Hanoun, had said earlier that "Iraq has sufficient reserves of wheat until the start of the marketing season for this substance on the first of next April."
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