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  1. #791
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    Merchantbridge Finalise US $220m Investment In Iraq's Karbala Cement Plant

    International private equity group, MerchantBridge, and partner Lafarge assume control of Karbala Cement Plant. This US$ 220 million transaction marks the region's largest private equity deal this year

    Signalling the conclusion of five years of preparatory work, MerchantBridge, a leading private equity group with diverse interests operating from offices in Iraq, Lebanon, UAE, KSA and the UK, together with their partners Lafarge, assumed official control through a handover process which concluded yesterday. The partners now take on full operations and management of the plant from the Government of Iraq under a 15 year lease agreement.

    The Karbala Cement Plant currently produces less than 300,000 tons of cement per annum. MerchantBridge and its partner Lafarge are set to increase annual production to 2 million tons within 30 months. This investment will contribute to the rapid growth of the Iraqi economy and spearheads the ever-increasing foreign direct investments in various sectors.

    Speaking from MerchantBridge's offices in Iraq, Basil al Rahim, CEO, said: "This is an important milestone for MerchantBridge in Iraq. It demonstrates that commitment, creative thinking and dedication, the hallmarks of our operations around the world, can overcome even the most challenging of environments. This deal clearly positions MerchantBridge as the leader in the field of direct investments in Iraq and we expect that the Karbala deal will be one of a number to follow in the coming months that will further reinforce our status in Iraq and across the wider Middle East region."

    MerchantBridge is the largest private investor to date in Iraq with current investments of over US$1.5 billion in debt and equity.

    Speaking on behalf of the Government of Iraq, Sayed Nasser Idriss, the Chairman of the South Cement Company said: "We are proud to have been involved in a process that attracted such a prestigious investor to Karbala in particular and we look forward to working with MerchantBridge on future opportunities in our country. There is a 30-year reconstruction deficit in Iraq and MerchantBridge's ability to understand our operating environment marks them out as a unique player."

    http://www.zawya.com/Story.cfm/sidZAWYA20101002080127/Merchantbridge%20Finalise%20%24220M%20Investment%2 0In%20Iraq%20Cement%20Plant

  2. #792
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    Iraqi insurgents threaten oil industry

    The chief of security in southern Iraq, where two-thirds of Iraq's oil reserves lie, has warned that a resurgent Islamist militant organization allied with al-Qaida is expected to target the oil industry, the key to the country's reconstruction.

    "We have received information indicating that there is a plan to target a number of oil facilities," Ali al-Maliki, president of the Security Committee of the Basra Governorate Council, was quoted as saying by the pan-Arab Asharq al-Awsat newspaper.

    "The security agencies in the governorate are dealing with this information with extreme interest and a new security plan has been laid down to properly protect these facilities."

    Maliki said the plan targeting oil facilities had been drawn up by the Islamic State of Iraq, closely linked with al-Qaida in Iraq.

    ISI was thought to have been dealt a death blow in April when its leader, Abu Omar al-Baghdadi, and its military commander, Abu Hamza al-Muhajr, were killed.

    The organization, like AQI, had been further weakened since 2007 by the defection of thousands of Sunni tribesmen who joined U.S.-organized Sahwa (Awakening) Councils and turned on the jihadists, killing or capturing hundreds of them.

    But a recent spate of major attacks on government buildings, military bases and Sahwa leaders as well as suicide bombings of crowded markets and mosques has underlined that these jihadist groups remain a potent force capable of mounting complex operations.

    In the fierce, multi-faceted insurgency that followed the 2003 U.S. invasion, the oil industry, Iraq's economic lifeline, came under intense attack that reduced production -- and vital exports -- to a trickle.

    That, in turn, caused immense hardship by slashing electrical output, which affected every facet of life, from heating to sewage.

    "In the context of the … withdrawal of U.S. troops, the continuing political impasse in Baghdad and increasing concerns surrounding Iranian influence on Arab Sunnis, it is expected that al-Qaida will link its activities in Iraq with its global objectives," said Arab analyst Murad Batal al-Shishani.

    These include Osama bin Laden's repeated calls for economic war against the United States and its regional allies.

    In an analysis for the Jamestown Foundation, a Washington think tank that monitors global security, al-Shishani wrote:

    "If al-Qaida targeted oil facilities in Iraq, as predicted by Ali al-Maliki, it would deepen the crisis of the state on one hand by increasing social tensions and frustration by affecting oil-related energy supplies such as electricity, gas and fuel, while on the other hand affecting the international dimension of Iraq's oil industry, for example oil prices and foreign investment in Iraq."

    Iraq's southern fields would be a prime target. Many of the international energy giants awarded 20-year production contracts in Iraq's biggest oil fields will be located there and along the eastern border with Iran.

    Baghdad plans to boost production from 2.4 million barrels a day to 10 million-12 million bpd over the next six years to pay for the massive reconstruction needed to make Iraq a top oil producer.

    Sabotaging those fields or driving off the oil companies would cripple U.S. efforts to turn Iraq into a functioning democracy and cut off a major source of oil.

    Iraq has proven oil reserves of around 115 billion barrels but twice as much is believed to remain unexplored and untapped -- making Iraq the big prize as other producers' reserves are dwindling, a strategic asset of immense importance.

    Without foreign investment, expanding Iraq's oil potential cannot be realized.

    Indeed, a recent posting on a jihadist Web site by an activist calling himself Abu Abdullah al-Batar, specifically called for attacks on the foreign companies, including BP, Total of France and others, "which are investing in developing the oil fields of southern and northern Rumaila, Majnoon and Halfaya."

    Al-Batar urged ISI to hit Iraq's oil infrastructure "to break the backbone of the Iraqi rafidah" -- meaning the "rejectionist," or Iranian-backed, Shiite-dominated -- "government … because oil revenues are the lifeblood of this government."

    Al-Shishani concluded that "targeting oil facilities seems to be a strategic alternative for the Salafi-jihadis to enable the continuation of their war against the United States and the West while punishing the national government.

    "This could, by increasing frustration among Iraqis, help ISI/al-Qaida regain its lost locations inside Iraq."

    http://www.upi.com/Science_News/Reso...9201285952825/

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  4. #793
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    Now if only the dinar could increase as much!


    Quote Originally Posted by Seaview View Post
    Iraq to announce big rise in oil reserves Monday
    Iraq will announce on Monday a "big increase" in its oil reserves, currently 115 billion barrels, a spokesman for the oil ministry said on Thursday.

    Iraq's crude reserves are the world's third largest but its production lags. The government has signed a series of deals with oil majors to ramp up output capacity to about 12 million barrels per day from around 2.5 million bpd now.

    "The oil minister will announce on Monday a new higher figure for Iraq's crude reserves and it will include a big increase compared to the old figure of around 115 billion barrels," Oil Ministry spokesman Asim Jihad said.

    Companies such as US giant ExxonMobil, Britain's BP, Royal Dutch Shell, Russia's Lukoil, Eni of Italy and China's CNPC have signed on to develop Iraq's rich oilfields.

    The government needs to boost oil revenues to rebuild after years of war, international sanctions and neglect.

    Jihad said Oil Minister Hussain al-Shahristani would hold a news conference on Monday to announce the new figure.

    "The big increase ... is going to be an incentive and encouragement to more oil companies to come and work in Iraq," he said.

    The Iraqi government has said in the past it believes actual reserves could be up to three times as high as the current figure.

    "The new figure will be very important to Iraq," Jihad quoted Shahristani as saying. (Reuters)

    http://www.arabianbusiness.com/59827...eserves-monday

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  6. #794
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    Saudi Arabia denies that they may have expressed satisfaction at the nomination of al-Maliki

    Saudi Arabia denied that they may have expressed satisfaction at the nomination of Prime Minister Nuri al- Maliki for a second term. The news agency said that Saudi Arabia "a Saudi official source denied What some of the Iraqi media that Saudi Arabia expressed satisfaction at the nomination of Prime Minister Nuri outgoing Nuri al-Maliki for a second term."

    The agency quoted the source as saying that "Saudi Arabia has not pronounced itself on this subject, either closely or remotely, from its principle that it never is always a non-interference in the internal affairs of any country and that what has been handed down lie is no truth to it."

    He concluded his statement, the source, according to the agency, that "the issue of choosing a prime minister in Iraq are the Iraqi people and would only wish to brotherly Iraq security and stability."

    The National Alliance was officially announced on Friday, choosing the leader of a coalition of state law, Nuri al-Maliki, a candidate for prime minister, the absence of the Islamic Supreme Council, in a sign of rejection of Maliki's nomination despite the confirmation of continuity within the coalition.

    http://www.uragency.net/index.php?aa=news&id22=12430

  7. #795
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    State Law: We have passed an important stage and the most likely al-Maliki

    Confirmed the leading coalition of state law that Hussein al-Asadi the fortunes of Prime Minister of the outgoing Nuri al-Maliki is more fortunate in forming the next government.

    The al-Asadi said earlier that the National Alliance has formed a negotiating committee to negotiate with other political blocs such as the list of Iraq and a coalition of Kurdish blocs in order to form a government. He explained that the National Alliance has a meeting very recently with a coalition of Kurdish blocs to determine the positions of sovereign in the country Kalriasat three sovereign ministries, pointing to traverse a very important stage after Maliki's nomination by the National Alliance for the post of prime minister has begun a new phase which is the nature of the formation of the government.

    He added that the formation of the government by al-Maliki "has become very easy, because we need only to a group of the votes of a coalition Kurdish blocs even form a new government. He stated that the three presidencies to an absolute majority, while the prime minister only needs to 1+50 and we do not need to A third of the disabled, because just to get an absolute majority, we can form a government."

    And that the Supreme Council and the Virtue Party announced they were part of the National Alliance, and shall abide by its decisions, noting that the objection was by the Supreme Council and the Virtue Party and is Bkhchithma not enable the candidate of the National League passed in parliament, "and therefore falls right National Alliance to form a government in the phase Future, noting that these objective and fear but, realistically, is not justified."

    He pointed out that there is no divisions in the other lists Kaerakip, but there are signs indicating that some of the lists that fall under the Iraqi List, if insisted some of the leaders in the list not to participate in the government, they will be separated from the Iraqi List, because participation in the next government is very necessary for all Blocks.

    http://www.uragency.net/index.php?aa=news&id22=12433

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  9. #796
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    Preparations for the holding of negotiating rounds Iraq's accession to the WTO

    The Ministry of Commerce to enter into bilateral negotiations on accession to the WTO with the member states of the Organization on the commodity sector, especially after the completion of the initial presentation of trade in goods to the World Trade Organization as well as the services sector after the submission of the schedules of commitments on services.

    And the transfer of media source in the ministry for the Minister of Trade and Dr. Safaa net debt that the ministry Following the meetings of the Main Committee for the UN Conference on Trade and Development (Alankad) in addition to training courses and workshops that have met during this year as well as preparations for meetings of the Joint Consultative Group on International Trade Centre for the session (42) as well as Participate in the meetings of the Advisory Committee on Provincial Council Common Fund for Commodities.

    He added .. That the Department of Foreign Economic Relations in the ministry follows up reports of the annual meetings of the Ankad and the Common Fund for Commodities and complete the requirements to participate in the annual meetings of the Commission on Commercial Law of the United Nations and the follow-up to what comes out in addition to the follow-up to the ministerial session (25), which met in Istanbul to Kombk as well as follow-up activities of the Center South and other regional agreements and the outcome of the Summit of Economic and Social Development Arab, which was held in Kuwait and participate in meetings, conferences, seminars and workshops are included calls from regulators in the economic and trade fields.

    He noted that the Iraq completed all national commitments in the services sector into the WTO, especially after the completion of the five sectors during the current year in addition to his participation in courses and conferences organized by the World Trade Organization for the rehabilitation and building capabilities negotiating with Iraqi personnel, as well as follow-up with the relevant ministries for the purpose of completing drafts of bills relating to Accession and harmonization with the laws and the WTO agreements. He pointed to the contribution of administrative cadres in the administration of training courses and awareness sessions of the World Trade Organization to be held in Iraq, both within the ministry or in other ministries in order to raise awareness and rehabilitation.

    http://al-iraqnews.net/new/local-news/28149.html

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  11. #797
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    Source confirms that Iraq will protect his assets abroad the end of 2010

    A source at the Iraqi Central Bank for a move to protect Iraqi funds, from abroad , adding that contacts with the United Nations to determine the size of immunity to Iraqi funds.

    The chancellor said the Central Bank of Iraq the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the Iraqi money will bail out of Baghdad for the United Nations end of the year, and not for this relationship to remain Iraq under Chapter VII.

    The Ministerial Committee set up by the Iraqi Council of Ministers indicated that they work for the implementation of Security Council resolution No. 1905 issued on 21 December 2009

    http://radionawa.com/Ar/NewsDetailN....222&LinkID=155

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  13. #798
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    Oil Minister: Iraqi oil reserves under the ground of 505 billion barrels

    Contract and Oil Minister Hussain al-Shahristani morning press conference in which he talked about oil reserves in Iraq and contracts concluded by the ministry with international companies and their contribution to increased production of crude oil.

    Shahristani said during the conference That the task of counting the oil reserves in Iraq carried out in cooperation with international oil companies that contracted with the ministry to develop oil production.

    He confirmed that the reserve total in Iraq has 505 billion barrels with the exception of the reserve is located in the Kurdistan region, pointing out that the reserve can be increased in the event of continuing exploration of the reservoirs of the new oil because there are fields yet to be discovered in addition to that there are oil deposits in wells discovered are not drilled After.

    Shahristani said that " the amount of oil reserves recoverable stands now at 143.1 billion barrels . "

    He said al-Shahristani said that "existing oil wells now, the percentage of oil extraction, 50 %."


    http://al-iraqnews.net/new/local-news/28177.html

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  15. #799
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    Major American company visits Iraq

    Major U.S. company is visiting Baghdad to discuss possible projects in Iraq, the media coordinator of the U.S. embassy in Baghdad said on Monday.

    “The company will hold a press conference in the embassy on Tuesday (Oct. 5) to explain its goals and the projects it plans to implement in Iraq,” Saher al-Taweel told Aswat al-Iraq news agency.

    “The conference will see the participation of senior Iraqi and U.S. officials, including Deputy Premier Nouri Shawis and U.S. Ambassador James Jeffrey,” he added.

    The CNN had said early this month that the U.S. Department of Commerce is leading a trade mission to Iraq in October, the first such effort since the end of the U.S. combat mission there.

    “Representatives from 15 American companies, including General Electric and Boeing Corp., are part of the delegation. The businesses generally provide infrastructure-related services such as cargo transport, helicopters and construction,” CNN reported.

    Only one energy company, Wamar Engineering, is a part of the delegation, though a Commerce Department official said many U.S.-based oil companies interested in business in Iraq already have a presence there.

    http://en.aswataliraq.info/?p=137572

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    2nd October 2010

    Iraqi economic : loss of a counterfeit currency value of the dinar

    Iraqi economic thought, said on Saturday that the Iraqi dinar was worth because of the increased regional cases of counterfeit currency.

    A member of the "Economists" Samir al-Janabi, told the Kurdish news agency that "the Iraqi dinar has real value because of the increased fraud and proliferation of banks and private Iraqi government, which confused the Iraqi economy are substantial."

    He explained that "the Iraqi Central Bank is required to establish tight controls for non-entry of counterfeit currency to the government and private banks and accounting staff who enter and deceive the citizens."

    Janabi said "There are officials within the Iraqi banks are in the process forging currency and integrated into the banks by taking advantage of their influence in these banks."

    He added that "the continuation of this phenomenon affects the level of trust between the Iraqi government and international companies that deal with it."

    The Central Bank of Iraq that the recent warnings launched by the existence of large quantities of counterfeit currency in Iraqi dinars and U.S. dollars being traded in the local market do not reflect on the state of emergency experienced by the Iraqi economy and it will not affect the value of the Iraqi dinar.

    http://www.aknews.com/ar/aknews/2/185521/

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