Thread: Iraq/Dinar News. before Febuary 2nd 2006

The new draft hydrocarbons law will pave the way for 'transparent and fair' competition, oil minister says
International Herald Tribune - [22/01/2007]

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 seeks to restore the confidence of global oil companies in the national industry.

The oil minister, Hussain al-Shahristani, said that new oil fields will be added as new tenders will be issued according to this law for global oil 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 say how long the law will take to be approved by the parliament and did not release more details about the negotiating mechanisms the ministry will adopt for dealing with global companies.

The oil minister also cautioned that attacks against oil installations and employees were increasing, saying that 289 oil employees were killed over the past year and 179 others were wounded.

"The ministry is always suffering from these terrorist attacks. I call upon all honest people to cooperate with the oil ministry in order to find those who are attacking the employees of this sector and provide us with any related information," he said.

Insurgents have frequently targeted oil facilities, pipelines and employees, disrupting exports and efforts to modernize the industry.

The new law, if approved, is expected to encourage foreign oil companies with their huge investment clout and technology to quickly 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.

The oil minister stressed that all Iraqis will share in the benefits amid concern by many Sunnis that they will lose out as the country's two chief oil region — in southern and northern Iraq — are dominated by Shiites and Kurds, who want regional control over oil production and revenues.

Iraq's Sunni Muslims and much of the Baghdad government want to maintain national control over Iraq's petroleum resources as was the case during former leader Saddam Hussein's Sunni-dominated regime.

"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 told The Associated Press that the law stresses that all oil revenues will go to a central fund, then will be distributed to all Iraqis in all regions and provinces according to their populations.

Jihad added that the law provided for all oil contracts signed by Saddam's regime or by the semiautonomous northern government of Kurdistan to be reviewed and amended if needed.

Iraq's proven oil reserves stand at about 115 billion barrels, the world's third largest after Saudi Arabia and Iran.

On a technical matter, al-Shahristani said that a new metering system to track oil and gas flows from Iraq's southern export ports has been fixed.

Iraq's economy has been severely weakened by oil smuggling to neighboring countries, a problem that could be checked in part by the presence of a metering system. The smuggling has created a fuel crisis that leads to occasional shortages even though Iraq is one of the world's leading producers of oil.

Some experts believe that oil smuggling may be funding Iraq's insurgency.

concerning the article U.S.-tailored Iraqi Oil Alarm for Producers, Consumers
By Nicola Nasser

650 thousand dead ? ? since march 2003 ------- AIN'T NO WAY

Originally Posted by wellwishes

Actually that's incorrect. Iraq alone had $800 Billion in gold reserves....approximately 80 tons at 1980's prices. That article has been quoted with a link, several times in this forum and others....It's fact. This is where most European and MidEast countries stored their gold for currency backing, so it would be a whole lot more than 4 tons....Similar to our Fort Knox, but bigger.

I also don't see how you read the other article to mean smaller notes when they go on to mention return to the value prior to the 1990's. That's clearly in the 1:3+ range....they even specifically refer to 3+. I will agree that getting there is a different issue altogether. However, they clearly state this as their goal.

Please prove to me that Iraq has 80 tons of gold. I've searched the forum but only come up with the 4 ton threads.
I would really appreciate a link.

Pre 1990 has smaller denoms.

Interesting,

As for 80 tons of gold, no way, never way, never would be, this is way out there and totally impossible. We know there were articles of gold, but as was mentioned, 4 tons was all that was mentioned. We also know there were assets hidden by Saddam and his cronies, but much of the gold has already been located, and it only amounted to a couple more tons, so I doubt there will be more than 7 tons when all is accounted for.

Good luck to all, Mike

Originally Posted by Inscrutable

Please prove to me that Iraq has 80 tons of gold. I've searched the forum but only come up with the 4 ton threads.
I would really appreciate a link.

Pre 1990 has smaller denoms.

I believe we lost the archives after the DDOS attack. However, I am sure someone saved the article with the link....It was definitely $800 billion in gold reserves SPECIFICALLY for backing the Iraqi currency.

In fact SGS made a statement after the post about the fact that Iraq's currency was obviously fully backed and that the $3.22 was not arbitrary.

....Someone??? Anyone with the article please post it.

This is fact....$800 billion in gold. Translate that into 1980's prices, which ranged from $300 - $400/oz and you get approximately 80 tons.

Originally Posted by Offshore-Wealth.com

Interesting,

As for 80 tons of gold, no way, never way, never would be, this is way out there and totally impossible. We know there were articles of gold, but as was mentioned, 4 tons was all that was mentioned. We also know there were assets hidden by Saddam and his cronies, but much of the gold has already been located, and it only amounted to a couple more tons, so I doubt there will be more than 7 tons when all is accounted for.

Good luck to all, Mike

No it's not way out there....It was posted several times....$800 billion in gold. In the 1980's that's approximately 80 tons. Today that's approximately $1.5 Trillion.

I am not speaking of the lost gold found within Iraq and elsewhere. I am speaking of gold which is stored at the Swiss Depository to back a particular countries currency. Any country today whose currency is still on the gold standard would need far more than 4 tons to so.

Anyway. I was shocked also. But I read and reread that article....Definitely $800 billion at 1980's prices.

Originally Posted by wellwishes

I believe we lost the archives after the DDOS attack. However, I am sure someone saved the article with the link....It was definitely $800 billion in gold reserves SPECIFICALLY for backing the Iraqi currency.

In fact SGS made a statement after the post about the fact that Iraq's currency was obviously fully backed and that the $3.22 was not arbitrary.

....Someone??? Anyone with the article please post it.

This is fact....$800 billion in gold. Translate that into 1980's prices, which ranged from $300 - $400/oz and you get approximately 80 tons.

I can't help with the amount of gold discussed in that article but I believe it was $onedaysoon$ that posted it back in the fall.

80 tons is 160,000 lbs of gold multiplied by 16 oz per pound is 2,560,000 oz of gold multiplied by oh... lets just say $400 per oz that's $1,024,000,000.

Some one correct me if I'm wrong but that's only a little over 1 billion dollars but hey.. that's still a lot of gold.

Anyway, I don't think there is any plan for Iraq to back the Dinar with gold. Is there any country today that backs their currency with gold? I'm thinking that most all if not all countries prefer a fiat system which is much easier to manipulate.

Besides all this, Iraq has the resources to develope a very strong economy not only with its huge potential oil industry but various other industries that will do much to support the Dinar. Just my opinion.

This is all I have about the gold

Translated version of http://al-moharer.net/moh198/fouad198a.htm


Iraq is in part supporting its economy by the gold reserves
and other assets it stole from Kuwait during the Gulf War. It
is estimated by Intelligence reports that Iraq stole $4
billion in gold from Kuwaiti government coffers.
Iraq Sanctions Case

Originally Posted by papa02

Now on CNBC channell 355 direct Tv. News about iraqui dinar.

Papo2 could you post the details of that report. I was away freom my puter and home and did not get a chance to see it. Thanks BOB


RODNEY EWALT. When calculating the price of gold gold is measured by the troy ounce. 12 troy oz to the dollar. I be leave that is correct. BOB