Thread: Kurdistan Economy

Kurdish regional government mired in corruption, says Kurdish opposition figure

The Kurdish regional government is involved in smuggling, nepotism and massive corruption, according to a senior Kurdish opposition figure.

Latif Mustafa of the Kurdish Change List, the most powerful Kurdish opposition party in the region, said public and government posts were only being held in the region by the relatives and cronies of the Kurdish parties in power.

The Change list has 25 deputies in the 111-member Kurdish parliament. The regional government is dominated by the Kurdistan Democratic Party (KDP) of Massoud Barzani, the region’s head, and the Patriotic Union of Kurdistan (PUK) of Jalal Talabani, the Iraqi President. The Change List has snatched control of the Kurdish city Sulaimaniya from PUK’s. The semi-independent Kurdish region consists of three provinces: Arbil, Sulaimaniya and Dahouk.

“There is smuggling of oil which is carried out through tankers to neighboring states,” Mustafa told Azzaman.

“Financial corruption is spread in the Kurdish region. The evidence is the fact that the general budget was not presented to the parliament in the past years. Nobody knows how (public) money is being spent,” he added.

Mustafa said the ruling Kurdish parties “dole out important positions in the light of party loyalty and not professional efficiency, the reason that has lead to administrative and financial corruption.”

He accused PUK and KDP of raising slogans and implementing policies putting party loyalty above loyalty to the state.

“For these reasons the (Kurdish) regional government is not democratic,” he added.

The Change List says it wants full transparency in the Kurdish region where, it claims, corruptions is even worse than in the central and southern parts of Iraq. The regional government denies Mustafa’s accusations, saying he has no evidence to prove them.

“The democratic system in the Kurdish region permits freedom of expression. The hurling of accusations must be accompanied by evidence,” said Muhsen Saadoun, a leader of the PUK-KDP alliance.

http://www.azzaman.com/english/index...05-09\kurd.htm

Iraq Kurdish oil exports deal could come soon

A deal between Iraq's central government in Baghdad and the semi-autonomous northern Kurdish region to restart oil exports could come within days, Iraq's deputy oil minister said on Tuesday.

The Iraqi government deems independent contracts signed by the Kurdish Regional Government with around two dozen companies to be illegal.

Paying international oil firms such as Norway's DNO and Turkey's Genel Enerji is a main hurdle to relaunching exports from Kurdish oilfields.

"It (a deal) could be within days from now," Deputy Oil Minister Abdul Kareem Luaibi told Reuters on the sidelines of an energy event in Qatar's capital.

"We hope to start exports soon."

Luaibi said the speed of the deal would depend on how quickly a committee studying the costs incurred by companies in developing Kurdish oilfields came to its conclusions.

Exports from two fields, Taq Taq and Tawke, occurred briefly last summer, only to be suspended when Baghdad refused to pay the firms and the KRG declined to cover their costs from its share of national oil revenues.

DNO gave no guidance as to when it might restart exports from Iraq when it reported first-quarter results on Tuesday. But it has said it can quickly ramp up to 50,000 barrels per day output from Tawke once it gains an export licence.

Iraq's minority Kurds enjoy virtual autonomy in the northern region but are embroiled in disputes over land, oil and power with majority Arabs.

Iraq concluded multibillion-dollar deals with global oil majors in recent months to more than quadruple national output capacity from 2.5 million barrels per day.

Luaibi said Iraq hoped to export 2.3 million barrels per day next year. "Right now we're at around 2 million barrels per day," he said.

Luaibi also said no date had been set for signing a final contract with China's CNOOC and Sinochem to develop the 2.5-billion barrel Maysan oilfield complex. He said CNOOC had asked for more time to talk to its partners.

"It all depends on them. We are ready from our side," Luaibi said.

The parties signed a preliminary deal weeks ago after the companies accepted the government's proposed remuneration fee of $2.30 for every additional barrel of oil produced.

The production plateau for the field is 400,000 to 450,000 barrels per day, Luaibi said.

On a stalled deal for the Nassiriya field, Luaibi said Iraq would try to restart talks with Japan's Nippon Oil Corp but tough conditions on financing the project made it difficult to reach a deal.

Iraq said in February it planned to develop the Nassiriya field, which is listed as having reserves of under 5 billion barrels, on its own after months of talks with Nippon.

The Iraqi government is hoping the spate of recent oil deals will generate cash needed to rebuild the nation's shattered economy and infrastructure after years of war, sanctions and economic decline.

http://english.alrroya.com/content/i...ould-come-soon

Swiss desire to invest in the Kurdistan Region

Governor of the Arbil Nawzad Hadi, Wednesday, the Swiss ambassador in Damascus of his country was ready implementation of investment projects in the Kurdistan region.

The Hadi told (Voices of Iraq) that the Swiss ambassador in Damascus Martin Ashbachar arrived in Erbil on an official visit to see the boom is the provincial capital and other cities and explore the possibility of investment of Swiss companies in Kurdistan, noting that the Swiss delegation expressed the readiness of his country's investment in the region in general and Irbil in particular.

He explained that he had informed the visiting delegation during the meeting with him (Wednesday) the willingness of the region to provide the necessary facilities for Swiss companies to encourage them to contribute to the development of the region, especially with so many opportunities for women because of its status and evolution.

According to Ambassador Ashbachar that his visit was positive, where they exchanged views on ways the participation of Swiss companies the implementation of investment projects in the region.

http://radionawa.com/Ar/NewsDetailN....156&LinkID=155

Kurdistan full of promising investment opportunities - UAE businessmen

Emirati businessmen said that there are promising investment opportunities in Kurdistan region, mainly in tourism, real estate, oil and agriculture sectors.

A total of 41 Emirati businessmen and economic figures took part in the trade forum held in Arbil, with the participation of Prime Minister of Kurdistan Barham Saleh.

"There are several opportunities in energy, hotel and tourism sectors in Kurdistan region," Hamied bin Salem, director of the Umm al-Quween Chamber of Commerce, told Aswat al-Iraq news agency.

UAE Minister of Foreign Trade Sheikha Lubna Al-Qassimi has underlined the UAE's interest in furthering relations with Iraqi Kurdistan region.

"The strong brotherly ties between the United Arab Emirates and Iraq have witnessed positive activities during the past few months", Lubna said in a speech before the Emirati - Iraqi Businessmen Forum here in Arbil in presence of Prime Minister of Kurdistan Region Barham Saleh and a large number of representatives of UAE and Kurdistani businesses and agencies.

The forum provided an opportunity for the Emirati minister to express "appreciation and admiration for the pace of economic reform and the opening up of Iraq in general, and the Kurdistan region in particular, despite the adversities and challenges they are faced
As the UAE exports to the Iraqi market rose in 2009 by 41% in comparison with 2008 reaching USD 4.241 billion, Iraq's exports to the UAE market grew by 952% reaching USD 778 million, according to Sheikha Lubna.

http://www.zawya.com/Story.cfm/sidZA...%20businessmen

Kurdistan Regional Government involved in an investment conference in the UK

A delegation from the Kurdistan Regional Government led by Prime Minister and seven ministers, at an investment conference in the UK, according to an announcement Fathi Mohammed Commercial Counsellor at the Ministry of Trade and Industry provincial government.

Mohammed told reporters today: "The delegation, who heads the 13 month to London, will consist of the Prime Minister Barham Ahmad Saleh province and seven ministers, 16 advisers and a number of general managers."

He added: "The investment conference will be held on 15 and 16 of this month in the British capital London."

The Kurdish delegation will participate in the conference to demand from British companies to participate, provide information and experience of British businessmen for businessmen in the region, through seminars and open training courses

http://iraq-beituna.net/iba/index.ph...55-45&Itemid=2

About 1200 foreign companies investing in Kurdistan

The Director General of Commerce, the Ministry of Commerce and Industry, the Kurdistan Regional Government To 1200 are a foreign company invest in the Kurdistan region, adding that these investments include various economic aspects, according to a statement of the Government of the Territory.

The statement quoted Aziz Ibrahim as saying that "foreign companies are investing their money in coordination with the merchants and owners of capital in the region, as there are companies working on their own without partnering with other parties within the region," noting that "the number of companies officially registered with the Ministry of Trade Report 1200 companies ".

Ibrahim explained that "this indicates the development sector of the economy and investment in the province of Kurdistan."

For his part, Chairman of Directors of Majdal FACCO Italian specialized in poultry and GUY Vinko that "the regions of the province of Kurdistan has atmosphere are good for poultry, and that the industry be very successful in such an atmosphere," pointing to the existence of "great confidence in the market in the region, and we hope that our investments continue here."

Witness the Kurdistan region, since a few years, economic activity and accompanied by a broad influx of large global corporations to start investing in it.

Observers believe that the main causes of demand for foreign companies to Kurdistan is stability, security and political situation in which, together with the provincial government attempts to encourage investment and the investment law is the activation of the most influential of these attempts on the movement of trade and attract foreign capital.

http://www.uragency.net/index.php?aa=news&id22=8328

Kurd delegation in London for Investment Conference

A Kurd high-ranking delegation, headed by Kurdistan Prime Minister Barham Salih, has arrived in London to participate in the region’s investment conference there.

“The delegation arrived in London yesterday,” said a release posted on Tuesday at the Kurdistan Regional Cabinet’s website.

It noted that the conference will last for two days, from June 15 to 16, 2010.

On June 13, a Kurd governmental source told Aswat al-Iraq news agency that the conference will discuss methods to develop the economy and trade in Kurdistan. He pointed out that a number of British investors and businessmen will attend the meeting. “The conference will invite British companies to work in Kurdistan,” the source added.

http://en.aswataliraq.info/?p=133246

Barham Saleh: We will make Kurdistan an important commercial center in the Middle East

LONDON: Prime Minister of the Kurdistan region, Barham Salih, has opened in London, Trade and Investment Conference in Kurdistan region of Iraq, said foreign investors are now promising opportunities for investment in faster and more economically developed areas in Iraq, and political stability.

This came in a speech in favor of the opening session of the (development and investment -2010) on 06.15.2010 where he will hold in the British capital London.

Saleh said in his speech: "The Kurdistan Region, compared with the rest of Iraq safe area and a stable and evolving politically and economically significant, as it offers significant opportunities for investors and foreign companies.

He pointed in the same context to the facilities provided by the Kurdistan Regional Government in the field of investment and contracting with foreign companies in order to preserve the interests of companies and foreign enterprises operating in Kurdistan.

Dr. Saleh announced in the word itself, "has played an important role of foreign companies in achieving economic achievements in the Kurdistan region and through participation in strategic projects in the province.

He pointed out in the same context that "the Kurdistan Regional Government welcomes any foreign company want to Almcharkmp in the development of the private sector and the development of commercial traffic in the region that we want him to be a gateway to Iraq safe and commercial center in the region

In another aspect of his speech, Dr. Barham Saleh, said that his government wants during the meeting, the economic expansion of its relations with groups and corporations in global economic, adding that his officials were working to build long-term relationships with international companies in order to rebuild the infrastructure of the Kurdistan region and make it dynamic region of the Middle East.

And Saleh stressed that "the Kurdistan Regional Government welcomes the international companies wishing to invest in the region and supporting the private sector and seeks to develop the prospects for trade and more investment-friendly day after day and this would make the region a center of trade and ages, and a gateway to all parts of Iraq".

He said that "the desire of the Kurdistan Regional Government in accelerating the expansion of construction, the representatives they settle in London today to extend the invitations directly to the group's international economic work with the long-term areas of construction in the region to make it an economic leader in the Middle East."

For his part, has demanded that British Foreign Secretary William Haig in a speech to businessmen and British investors to exploit investment opportunities in Kurdistan Region and contribute to the reconstruction and development achieved in Iraq and the region as well. He noted that since 2003, and the Kurdistan Region of Iraq to achieve political and economic successes of the task until it became quickly a trade center and an important investment.

He expressed the hope that this Conference is an opportunity for British companies to work in Kurdistan, and strengthening economic relations between the parties.

Participating in the conference, which lasts two days Trade representatives of a number of countries in the world in addition to high-level delegation from the Kurdistan Regional Government has in its membership: Ashti Hawrami, minister of natural resources, Sinan Celebi Minister of Trade and Industry and Dilawar Abdul Aziz, Minister of Higher Education and Scientific Research, Karim Sinjari, the interior minister, Jamil Suleiman, Minister of Agriculture and Water Resources and Falah Mustafa official Department of Foreign Affairs of the Government of the Territory and Hersh Muharram, Chairman of Investment in the Territory and a number of traders and investors from within and outside the region.

The conference aims to enhance the level of investment in the Kurdistan region and urged foreign companies to invest in the region and work to create an opportunity to define the chambers of commerce and industry in Kurdistan those in the world.

He said Dara Jalil Khayat Chairman of the Chamber of Commerce and Industry Erbil that "a group of leading British companies, known in various fields participated in the conference as well as wholesale provinces of the Kurdistan Region and the available investment opportunities for the implementation of a diverse portfolio in the region are displayed on these companies and urge them to come and invest in Kurdistan".

Earlier detection Director General of Commerce, Ministry of Commerce and Industry, Government of Kurdistan Aziz Ibrahim, the presence of 1200 companies of foreign invest 3 billion dollars in the Kurdistan region, adding that such investments cover various aspects of economic development.

"The foreign companies are investing their money in coordination with the merchants and owners of capital in the region as there are companies working on their own without the partnership with other parties within the region."

He explained that the number of foreign companies officially registered with the Ministry of Trade reached 1200 companies .. He said, "This confirms the development sector of the economy and investment in the province of Kurdistan."

The Kurdistan region is witnessing an economic activity for years and accompanied by a broad influx of large global corporations to start the investment in it.

Observers believe that the main causes of demand for foreign companies to Kurdistan is the security and political stability prevails in addition to the province's government to encourage investment, with activation of the investment law is one of the most influential of these attempts on the movement of trade and attract foreign capital.

And it was the ratification of the Law of the neo-liberal Istosmaralojunbi the region in June (June) 2006, where the law provides incentives for foreign investors such as the possibility of owning land and tax exemption for ten years and to provide easy way to send profits to the investor's country.

The Kurdistan region in an international airport in the cities of Arbil and Sulaymaniyah with direct flights to and from Europe and the Middle East. Has tabled the International Society of Air Transport IATA Flights to the Kurdistan Region, including Austrian Airlines, Lufthansa Airlines and Royal Jordanian, Gulf Air, Middle East Airlines Air MEA . Several airlines are currently contracting flights to the Kurdistan region of Europe and the Middle East.

http://www.alesbuyia.com/inp/view.asp?ID=12462

Gulf Keystone Warns of Delays

Gulf Keystone, the Kurdistan-focused oil explorer, has had to delay the drilling of its Shaikan-2 exploration well, after running into difficulties with its current Bijeel-1 well.

Mechanical problems were encountered when testing and evaluating the lower section of Bijeel-1. This has necessitated a sidetrack and re-drill of this portion of the well to “fully evaluate and test the remaining intervals, which is expected to take up to eight weeks to complete“.

Shaikan-2 will use the Weatherford 842 rig currently on location at Bijeel-1, so drilling at that location will be delayed; it is now expected to spud during the third quarter of 2010.

Gulf Keystone’s share price has not been significantly affected.

http://www.iraq-businessnews.com/?p=4860

Iraqi company plans to create a project contribute to the recovery of the banking sector in Kirkuk

Preparing the Iraqi company for financing small and medium enterprises contribute to create a project to revive the banking sector of Kirkuk province, and the fight against unemployment.

The Director of the Company Shirvan Anwar Mustafa during a meeting with Kirkuk governor Abdul Rahman Mustafa willingness "of his company to set up workshops for banks on a special program to establish a rule that can be built upon for a project of economic development bank."

For his part, called on the governor of Kirkuk "to study the project thoroughly to ensure its success and not fall into the errors of law, "stressing "the need for the city to the banking system is successful, especially in the area of investment."

The company was established to finance the Iraqi small and medium enterprises last year with the participation of nine community banks seeking to lend to small and medium enterprises through the banks to contribute to the company.

http://www.radiodijla.com/cgi-bin/ne...?id=2010-06-23