Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by Cyberkhan

No,

The ISX is being automated so it has the capability to handle the types of orders that will be forthcoming with an international trading market. In its current platform no traders would bother with the exchange. They are not able to control when there trades take place.

The RV is more than likely tied into the HCL and the FIL. The distributions to the citizens will become excessive to the point of hyperinflation and a mass flooding of currency into the open market. While the oil is purchased in American Dollars the distributions to the citizens will be in dinar (no link but simply common sense) If 3500 dinar is distributed to every adult citizen every year you are talking about a significant flood into the market place at the current rates.

Dollarization is what they are trying to avoid. This would only hinder that process.

JMO

Hope that this helps

you mean $3500 monthly (US)......right? whatever that would be in dinar

Dinartrade Was $830/mil Last Saturday; Now $855

Originally Posted by Lakeway

Can you break that down for me SGS?? what are ya getting at here?

I am psyched......Go Baby Go!!!

that is the auction broke down so you can see what went where.

12-21-2006 7:34 AM EST

(Updates an item timed at 1039 GMT with background.)

The prime minister of the Kurdistan Regional Government in northern Iraq, Nechirvan Barzani, said he has reached an agreement with the federal government on the control of oil in the region, a major source of friction between the Kurds and Baghdad and a stumbling block that was delaying the issuance of a crucial hydrocarbon law.

Barzani also said that the Iraqi federal government would discuss in a few days a final draft of an Iraqi hydrocarbon law before sending it to the parliament in Baghdad for approval.

A hydrocarbon law is crucial for Iraq as a basis for international oil companies to begin discussions on investing in the country's under-exploited and run-down hydrocarbon sector and to generate much-needed reconstruction revenues for the country's coffers.

"After long discussions we have reached positive and good results on the issue of oil," Barzani told reporters in the Kurdish city of Erbil Wednesday night after concluding several days of talks in Baghdad.

The Kurds are pressing for control of oil resources in their northern territories and a significant share of oil revenue, which has provoked anger in Baghdad. Officials in the capital say oil resources across Iraq should be controlled by the federal government in Baghdad.

The issue of who should sign oil contracts with international companies in the Kurdistan region was the main sticking point preventing the federal hydrocarbon law from being accepted.

A preliminary draft copy of the law, obtained by Dow Jones Newswires earlier this month, stated that all oil contracts with international companies should be handled by the Iraqi Oil Ministry in Baghdad.

According to the new agreement reached between the Kurds and Baghdad, negotiations with international companies planning to invest in the Kurdistan region would be carried out by local officials along with a representative from the federal government in Baghdad, Barzani said.

Before a final signature of any contract, a draft copy would be sent to Baghdad for review and if the authorities in Baghdad agree on the details, the contract would be signed in Kurdistan with the company, he said.

Barzani said the federal government in Baghdad will set up a committee of experts to review and approve oil contracts.

He said it has been agreed that oil revenues should be distributed evenly among all Iraqis whether the oil produced in the north, center and south, a point already stated by the draft law.

Iraq has huge reserves, third only after Saudi Arabia and Iran. But its oil sector needs up to $20 billion in investments to raise crude oil production to 3 million barrels a day from below 2 million b/d at present.

The sticking point over a hydrocarbon had had always been the issue of how much control the regions should be given over resources in their areas.

Although Baghdad has been displeased with the fact that the Kurds have awarded contracts to oil minnows in the mostly unexplored northern part of Iraq, they are more worried it could set a precedent, particularly in the oil-rich south, where most of the country's giant hydrocarbon structures lie.

The four main principles for the draft law currently under debate remain the issue of federal versus regional control, the sharing of oil revenues, the types of contracts that are awarded and the formation of an Iraqi National Oil Company to handle the country's oil production, exports and exploration.

The Kurdish authority has already signed agreements with several small oil and gas companies, including U.S.-based Calibre Energy Inc. (CBRE), Norway's DetNorske Oljeselskap (DNO.OS) and Turkey's Petoil.

But without the hydrocarbon law, many of the large oil majors have been reluctant to make deals despite the huge oil prospects and relative security in northern Iraq.

Morningstar - Dow Jones & Company, Inc.: UPDATE:Iraq Kurdish PM: Oil Law Deal Reached With Baghdad

Iran is a completely different 'animal'...and they don't know how to play with others.

Originally Posted by rudutdo

Hi there,

Iran has more Oil than Iraq and there currency ratio is $1 to 9,000 Rial. Now I know nothing about currency exchange rates or anything like that. But if the Oil in Iraw is so significant to Iraq's RV then why have Iran got such crap ratio against the dollar?

Can anyone help me get my head round this one?

tim

Good questions,

It's called sanctions, as in restrictions, which may get worse with the whacko president they now have. Good sign is the moderates are starting to speak out, so next elections may be the turning point, so then a play on Iran currency will be worth a look. (g) Imagine starting this cycle of ups and downs all over again? LOL

Happy Holiday Season to all, Mike

Found this on that other forum (posted today 21 Dec 06)...very interesting...any thoughts?

I know this is not the place for this but I wanted to share an experience that happened today...

I'm not for sure how to post this it is not a rumor and I am fairly new at this. My sister just left chase bank at 1 pm central today she went there to buy dinar to give as christmas gifts ( We purchased 5m about 3 weeks ago). The lady stated that at this time chase is no longer selling the dinar that they received the memo on thursday the woman showed the memo to my sister and it stated in big bold letters " We are no longer selling the iraqi dinar at this time send all customers to B of A. We may start selling again at a future date". My sister went down the street to B of A and the woman was puzzled said she could not find anything she then called the corporate office and they informed her that they do not sell at this time. Any thoughts...I called and talked to a woman at Chase and she said that this is not regional it is company wide and that they could not purchase the dinar any longer....I listed to part of my sisters conversation with chase and B of A by phone as she was talking to them I was as amazed and confused as she was...any thoughts?

Oil Law - Yahoo! News

The Nation
Wed Dec 20, 10:58 AM ET



The Nation -- Listening to the President's press conference just now, something caught my ear. In discussing the new "strategy forward," in Iraq, Bush mentioned that a key to unifying the country would be getting Iraq's new oil law passed. The idea is, I imagine, that once Iraq's new government has figured out how to equitably share oil revenues among various factions, everyone's going to get along just fine. Of course, along with bringing Iraqis together, the new law might just also provide a boon to American energy companies A win-win!

ADVERTISEMENT

As Antonia Juhasz shows in a new cover story for In These Times (not yet on line), and argued in the LA Times earlier this month, access to oil continues to drive US policy in Iraq:

From across the street. By BigWorm

Morningstar - Dow Jones & Company, Inc.: UPDATE:Iraq Kurdish PM: Oil Law Deal Reached With Baghdad

Originally Posted by Inscrutable

From across the street. By BigWorm

Morningstar - Dow Jones & Company, Inc.: UPDATE:Iraq Kurdish PM: Oil Law Deal Reached With Baghdad

Pasted link:

UPDATE:Iraq Kurdish PM: Oil Law Deal Reached With Baghdad


12-21-2006 7:34 AM EST

(Updates an item timed at 1039 GMT with background.)

The prime minister of the Kurdistan Regional Government in northern Iraq, Nechirvan Barzani, said he has reached an agreement with the federal government on the control of oil in the region, a major source of friction between the Kurds and Baghdad and a stumbling block that was delaying the issuance of a crucial hydrocarbon law.

Barzani also said that the Iraqi federal government would discuss in a few days a final draft of an Iraqi hydrocarbon law before sending it to the parliament in Baghdad for approval.

A hydrocarbon law is crucial for Iraq as a basis for international oil companies to begin discussions on investing in the country's under-exploited and run-down hydrocarbon sector and to generate much-needed reconstruction revenues for the country's coffers.

"After long discussions we have reached positive and good results on the issue of oil," Barzani told reporters in the Kurdish city of Erbil Wednesday night after concluding several days of talks in Baghdad.

The Kurds are pressing for control of oil resources in their northern territories and a significant share of oil revenue, which has provoked anger in Baghdad. Officials in the capital say oil resources across Iraq should be controlled by the federal government in Baghdad.

The issue of who should sign oil contracts with international companies in the Kurdistan region was the main sticking point preventing the federal hydrocarbon law from being accepted.

A preliminary draft copy of the law, obtained by Dow Jones Newswires earlier this month, stated that all oil contracts with international companies should be handled by the Iraqi Oil Ministry in Baghdad.

According to the new agreement reached between the Kurds and Baghdad, negotiations with international companies planning to invest in the Kurdistan region would be carried out by local officials along with a representative from the federal government in Baghdad, Barzani said.

Before a final signature of any contract, a draft copy would be sent to Baghdad for review and if the authorities in Baghdad agree on the details, the contract would be signed in Kurdistan with the company, he said.

Barzani said the federal government in Baghdad will set up a committee of experts to review and approve oil contracts.

He said it has been agreed that oil revenues should be distributed evenly among all Iraqis whether the oil produced in the north, center and south, a point already stated by the draft law.

Iraq has huge reserves, third only after Saudi Arabia and Iran. But its oil sector needs up to $20 billion in investments to raise crude oil production to 3 million barrels a day from below 2 million b/d at present.

The sticking point over a hydrocarbon had had always been the issue of how much control the regions should be given over resources in their areas.

Although Baghdad has been displeased with the fact that the Kurds have awarded contracts to oil minnows in the mostly unexplored northern part of Iraq, they are more worried it could set a precedent, particularly in the oil-rich south, where most of the country's giant hydrocarbon structures lie.

The four main principles for the draft law currently under debate remain the issue of federal versus regional control, the sharing of oil revenues, the types of contracts that are awarded and the formation of an Iraqi National Oil Company to handle the country's oil production, exports and exploration.

The Kurdish authority has already signed agreements with several small oil and gas companies, including U.S.-based Calibre Energy Inc. (CBRE), Norway's DetNorske Oljeselskap (DNO.OS) and Turkey's Petoil.

But without the hydrocarbon law, many of the large oil majors have been reluctant to make deals despite the huge oil prospects and relative security in northern Iraq.