Law could help modernize Iraq oil sector
Economy Law could help modernize Iraq oil sector
BAGHDAD , Iraq
SyriaTimes
economy
22-1-2007
A new draft hydrocarbons law will pave the way for "transparent and fair" competition in bids to develop Iraq`s oil wealth, the oil minister said Sunday as he sought to restore the confidence of foreign investors.
The new law, if approved, is expected to encourage foreign oil companies with their investment clout and technology to modernize Iraq`s oil sector and meet the country`s goal of doubling the current crude production of 2.5 million barrels per day by 2010.
Iraq`s proven oil reserves stand at about 115 billion barrels, the world`s third largest after Saudi Arabia and Iran.
The oil minister, Hussain al-Shahristani, said new oil fields will be added as bids are submitted by foreign companies.
"The competition will be transparent and fair and companies will be chosen according to their modern technological capabilities to guarantee the highest benefits for Iraqis," al-Shahristani said at a news conference. "We will not consider their nationalities and we will ignore any contract doesn`t achieve the highest benefits."
Al-Shahristani refused to give a timeline for parliamentary action and did not say how the ministry would negotiate with foreign companies.
"The constitution states that oil and gas are for all Iraqis in all provinces and regions, and according to this conception we drafted this oil law to help promote Iraq`s unity and prosperity of its people," he said.
Last Thursday, the ministry`s spokesman Assem Jihad said the law would require that all oil revenues go to a central fund, then be distributed to Iraqis in every region and province according to population.
Voices of Iraq :: $ (Economy)
Books : dhrgham on Monday, January 22, 2007 5:11 PM-BT
إBig increase in the demand for the dollar and increase the participating banks
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)
The demand for dollar in the auction the Central Bank of Iraq at a meeting today, Monday, a big increase registered 104 million 40 thousand dollars to 50 million 755 thousand dollars at $ 54 million from a meeting yesterday, Sunday,.Such purchase orders between 18 million and 560 thousand dollars in cash and 85 million and 680 thousand dollars in the form of remittances outside the country, the Bank has full coverage at the exchange rate of 1298 dinars low two points on yesterday's exchange rate of 1300 dinars.
With the 16 banks submitted, the highest number of banks during the months participate in the meeting of one of the auction, bids for the sale of three million and 540 thousand dollars bought by the bank in full at the exchange rate reached 1296 dinars to the dollar.
He explained to Mr. Yasiri, one dealing with the bank, in a statement to the News Agency (Voices of Iraq) that the rise of independent circulation was expected with the clarity of the auction price policy and restricted to a limited number of points, so as to ensure greater stability of the market.
.Yasiri expected to remain at the level of good circulation and distinct seven days a week, stressing that he is not contained a drop to the level of circulation of over one hundred million barrier for more than two meetings per week, if it materializes, would be a quantum leap for the auction and more commitment to the Central Bank.
Translated version of http://www.aswataliraq.info/?newlang=ara