Baghdad: Thursday’s newspapers highlight the Cabinet’s approval of a new mechanism for pricing crude oil and Iraq’s invitation to Turkish companies to explore investment opportunities in the country. The Iraqi Journalists Syndicate also condemned threats against the head of the Supreme Judicial Council, Faiq Zaidan.
According to National Iraqi News Agency, the semi-official Al-Sabah newspaper reported that the Iraqi government, led by Prime Minister Ali Falih al-Zaidi, has adopted several sovereign decisions aimed at restructuring the economy. These decisions, made during the fifteenth regular session of the Council of Ministers, involve critical sectors such as oil, finance, electricity, infrastructure, and international relations. As part of these measures, a recommendation for the purchase of crude oil was approved. This involves pricing set by the State Oil Marketing Company (SOMO) or the general budget, whichever is lower, with a 30% discount applied annually starting September 1, 2026. The financial im
plications will be reviewed, and the implementation is contingent upon lifting subsidies on petroleum product prices for all sectors, except those supplied exclusively to citizens like gasoline and kerosene.
The newspaper also detailed that the Council approved mechanisms for exporting Iraqi oil through both international and local companies, with contracts extending for three months starting September 1, 2026. Exceptional approvals were granted to increase export and import capacities, authorizing the Minister of Oil to establish additional transport routes and renew contracts as needed. The Council approved the commencement of rehabilitation projects for the IT2A station and supporting stations, ensuring timely supply of imported raw materials.
In a separate report, Al-Zaman newspaper highlighted Iraq’s invitation to Turkish companies to invest in projects such as airports, railways, energy, and agriculture. Prime Minister Ali Faleh al-Zaidi met with former Turkish Deputy Prime Minister Lutfi Elvan and di
scussed enhancing economic cooperation and bilateral partnerships. Al-Zaydi emphasized Iraq’s developmental progress and encouraged Turkish investment in airport construction, railway projects, metro line extensions, and energy sector developments.
Al-Zawraa newspaper, affiliated with the Iraqi Journalists Syndicate, reported the syndicate’s condemnation of threats against Faiq Zaidan, President of the Supreme Judicial Council. The syndicate’s statement described the threats as an attack on Iraq’s judiciary and emphasized Zaidan’s role in ensuring security and upholding Iraq’s sovereignty and stability.