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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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    Dumping Iraq with 2.4 billion kilos of red apples.. An expert evaluates the Lebanese proposal "oil f

    Rocky
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    Dumping Iraq with 2.4 billion kilos of red apples.. An expert evaluates the Lebanese proposal "oil f Empty Dumping Iraq with 2.4 billion kilos of red apples.. An expert evaluates the Lebanese proposal "oil f

    Post by Rocky Sun 07 Aug 2022, 5:19 am

    Dumping Iraq with 2.4 billion kilos of red apples.. An expert evaluates the Lebanese proposal "oil for apples"

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    On Sunday, Professor of Economics at Basra University, Nabil Al-Marsoumi, evaluated Lebanon's proposal to trade black oil for exporting red apples  to Iraq.
    Al-Marsoumi said in a Facebook post, “ Lebanon wants to exchange heavy fuel oil, or what is known as black oil imported from Iraq, for Lebanese apples. According to the following figures, the proposed Lebanese formula can be evaluated :
    The amount of black oil = one million tons
    Price per ton = 600 dollars
    The value of black oil exported to Lebanon = 600 million dollars
    The price of a kilo of apples imported from Lebanon = a quarter of a dollar
    The price of a ton of imported Lebanese apples = 250 dollars
    He added, "This means that Iraq will export one million tons of black oil in exchange for 2.4 billion kilograms of Lebanese apples , and this means flooding Iraq with apples because it is unreasonable for Iraq to consume about 7 million kilograms of imported apples daily!! Note The annual consumption of all fruits by Iraqis does not exceed 2.5 billion kilograms.
    Accordingly, the Lebanese proposal, according to the expert, appears to be "impractical, useless, and cannot be implemented in practice. It is better to continue with the previous agreement if Iraq actually received the value of what it had previously exported of black oil to Lebanon."
     The previous Iraqi-Lebanese agreement included the following :
    1-  Selling fuel oil at the rate of one million tons annually according to the price approved by the Iraqi Oil Marketing Company SOMO in the month of loading the shipment. With the aim of changing the specifications for use by the Lebanese government .
    2- The sale process shall be regulated according to what is signed between the Ethnic Oil Marketing Company and the Lebanese government authority, provided that the buyer is an entity belonging to the Lebanese state .
    3- The Iraqi Ministry of Finance authorizes the Central Bank of Iraq to open and manage a bank account with the Banque du Liban in US dollars for the purposes of the agreement exclusively .
    4- Heavy fuel oil is supplied after opening an unconfirmed documentary credit in the name of one of the Lebanese government agencies or the Electricity of Lebanon Company through the Bank of Lebanon in favor of the Central Bank of Iraq on behalf of the Iraqi Oil Marketing Company to supply one million tons of that material according to the deferred payment mechanism after one year One from the date of accepting the shipping documents so that the full value of the documents is paid into the account of the Central Bank of Iraq opened with the Banque du Liban .
    5- The balance of the Central Bank of Iraq with the Banque du Liban is transferred to a bank deposit for a period of one year, and it is automatically renewed by agreement of the two parties .
    6-  The Iraqi side will exclusively use the above account balance in whole or in part in accordance with the mechanism that will be agreed upon with the Lebanese side for the purpose of purchasing goods and services for the benefit of the Iraqi ministries and institutions, provided that the Bank of Lebanon ensures that the Lebanese authorities that provide services to the Iraqi side receive their dues using payment orders or Cash in the local currency upon request, and from the balance accumulated in the account of the Central Bank of Iraq opened for the purpose of implementing this agreement with the Banque du Liban, and according to the exchange platform price or the parallel market price approved by the Banque du Liban .
    7- The account of the Central Bank of Iraq shall be exempted from any taxes imposed or that may be imposed on bank accounts in the Lebanese Republic .

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    Added 08/07/2022 - 11:29 AM
    Update 08/07/2022 - 1:18 PM


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