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

Turkey-Iraq oil crisis ends
Turkey-Iraq oil crisis ends
Sabah Turkey - [01/02/2007]


Iraq National Oil Co. SOMO has sent an official statement to the Turkish Undersecretariat of Foreign Trade and stated that former provisions are still in effect and they will continue transporting oil to Turkey with former provisions.

Menawhile, Iraqi Minister of Energy Kerim Vahid has called Turkish Minister of State Kür؛at Tüzmen and given guaranty on the "former provisions" issue.

On January 28, Iraqi National Oil Co. SOMO, had sent a statement to Turkish companies delivering petrol products, and said "in order to continue business, speak to the authorities in the northern states." SOMO had not accepted the requests of Turkish companies, who export petroleum products to Iraq, and whose contracts have expired to sign a new contract. Ankara had reacted to the condition set forth by Iraq's national petrol company to contact the regional government in northern Iraq.

Originally Posted by Offshore-Wealth.com

Good question,

As confusing as it has been made out to be with all the recycled news articles of late, the issue involving HCL has always been related to constitutional issues, hence, amendments are being mentioned. The HCL has been set since introduced by the Kurd's, but the issue has been based on existing oil, vs. yet to be found oil, and this is an issue with how constitution is written, not the HCL.

HCL is about fair distribution issues, percentages and where all profits go and are handled. The oil within Kurdistan is a constiturional issue of control and who has the right to contract who are determined by same, but revenues still go to central gov. Since Kurd's drafter HCL to start with, and since the constitution was written before HCL, amendments are proposed, so this is where it gets confusing when reading all these recycled news articles which do not break out these issues clearly enough for proper translations. The HCL is set in stone, the constitution is what needs to be ammended to coordinate with HCL agreement. Hope that clears it up a little better for you.

Good luck to all, Mike

Thanks Mike, Neno and CDN Scrooge for your responses. I do understand that the amendments are to the Constitution. Sorry if I was not clear about that. My understanding is that what we are seeing is discussion and coming to agreements on the amendments. What I have been told is that those amendments could take months to go through the process and be finalized even after everyone is in agreement. I just don't know enough about the process to be certain about the timeline. I hope for everyone's sake that what I'm hearing is wrong and that it's just a matter of voting and signing the amendments into law.

Thanks again for your input.

Brabus

Wasn't there an agreement that no changes would be made to the constitution for 18 months regardless?

Some talk from July of ammendements.
Weak Viability: The Iraqi Federal State and the Constitutional Amendment Process by Jonathan Morrow: Special Reports: U.S. Institute of Peace

Originally Posted by BrabusSV12S

Thanks Mike, Neno and CDN Scrooge for your responses. I do understand that the amendments are to the Constitution. Sorry if I was not clear about that. My understanding is that what we are seeing is discussion and coming to agreements on the amendments. What I have been told is that those amendments could take months to go through the process and be finalized even after everyone is in agreement. I just don't know enough about the process to be certain about the timeline. I hope for everyone's sake that what I'm hearing is wrong and that it's just a matter of voting and signing the amendments into law.

Thanks again for your input.

Brabus

Again, I understand, that it has to be enacted (all Laws) by the WTO meeting. (which artilces done stated) Admendments agreed on or not. What ever the case with the Admendments, they can be added later to the Laws, Constitution, what ever at a later date (with no hold-up of enacting them). But my understanding again, no matter what, that meeting is the deadline.

Now my understanding of if not, then by the Budget release deadline of the 1st of March. I have no proof of any of it. (except thru the artilces & others) But that is my understanding of it them.

So I hope my understanding complies now with yours and we see this by the 7th and if not, the 1st. But the 7th is the more likely. Only time as we all know, is what will confirm it all.

So when is the new fiscal year begin? If it is soon that would be great. Been waiting a long time. $1.29 to the USD would be great.

Heck at this point I would be happy with .33.

Originally Posted by Cdn Scrooge

With regards to the debate surrounding the calculation of the 1.29 rate how about this approach.....

Maybe the CBI believes the NID should be equal in value to the Euro, but due to the US involvement in their resurrection as a country they wish to peg the NID to the USD. Therefore we have 1 NID = 1 Euro = 1.29 USD.

So keeping the NID around the 1290 level means that the removal of the 3 zeros puts the NID at the value of the Euro, not the USD.

Of course, the whole situation regarding the numbers may just be coincidence, but we will find out when the reval finally takes place.

Just my thoughts as to this being a possibility.

I am all for $1.29 and see no obstacles to an r/v at that rate. However, if you won't get there by scooting the decimal. It works like this:

Right now
1 USD = 1290 IQD or 1 IQD = .0007751 USD
move the decimal over 3 spots gets you
1 USD = 1.290 IQD or 1 IQD = .7751 USD

So as you can see a decimal move or three spaces, at the current rate makes each Dinar worth about 77 cents.

Perhaps we should make this sticky, about every couple of weeks this math thing keeps popping up and people keep saying a decimal move is going to make the dinar worth $1.29. This is not the case.

I would not be at all surprised at an r/v of $1.29 I am not saying that this is not likely or that they can't do it. They can do whatever they want and I believe that $1.29 is a possibility and a good thing. However they will not get there by shifting the decimal over three spaces.

Peace
Michael
aspiotisdesign.com

Originally Posted by BrabusSV12S

Thanks Mike, Neno and CDN Scrooge for your responses. I do understand that the amendments are to the Constitution. Sorry if I was not clear about that. My understanding is that what we are seeing is discussion and coming to agreements on the amendments. What I have been told is that those amendments could take months to go through the process and be finalized even after everyone is in agreement. I just don't know enough about the process to be certain about the timeline. I hope for everyone's sake that what I'm hearing is wrong and that it's just a matter of voting and signing the amendments into law.

Thanks again for your input.

Brabus

To clarify,

What we are seeing regarding amendments is about oil not yet out of the ground, so we are talking about future issues here, not current. So there is no concern for delays, these amendments over new oil and who has the rights to contract and who has the right to agreements have nothing to do with what is now finalized with HCL. That is how I heard it from oil contacts in Kurdistan.

Good luck to all, Mike

Iraq oil negotiations begin again

BAGHDAD, Feb. 1 Iraqi oil law negotiations have begun again as a Kurdistan delegation arrived in Baghdad amid speculation over the law's status.

The Voices of Iraq news agency reports the team representing the Kurdistan Regional Government is in Baghdad this week to make progress on the few remaining sticking points on a national hydrocarbon law governing oil and natural-gas development in the country.


A Kurdish delegation led by Kurdistan Natural Resources Minister Ashti Haurami is currently on a visit to Baghdad to resume negotiations with the federal government on working out a final draft for the oil draft law, KRG spokesman Khaled Saleh said. Iraq has some of the largest oil reserves in the world, but development has been slowed by facilities in disrepair and enduring war and attacks.

The law has been touted as a way to increase investment in the country and setting the ground rules for signing contracts, though the increased security situation would prevent any real boots or dollars on the ground.

But the central government and the Kurds in the semiautonomous north have yet to agree on who would have final say over contracts and the exact percentage of and mechanism for oil revenue disbursement.

Officials of the Iraq Oil Ministry had said the deal had been reached, a claim KRG Prime Minister Nigervan Barazani immediately denied.

Iraq produces about 2 million barrels a day currently, down from the nearly 2.6 million barrels daily before the war.


Copyright 2007 by UPI

Rasheed Bank take new measures to facilitate the functioning of the
(Voice of Iraq) - 01-02-2007 shall Sotaliraq.com

The Republic of Iraq
Council of Ministers-the governmental communications
Media Relations
A press statement / Press Release
Thursday 2 - 1-2007
Rasheed Bank take new measures to facilitate the functioning of the branches in hot spots
The Bank of rational new procedures to facilitate the functioning of the branches of the bank committee, which fall within the heated areas and the overall management of the bank that it is studying the integration of the branches that fall within those areas or transfer to another building branches and in relation to the Bank is seeking to raise the efficiency of the staff and develop the performance of the banking operations through the establishment of several training courses for the current year in the areas of finance.
The accounting, economic, administrative as well as the private sphere of electronic files and works Bank is currently preparing a special study for the restructuring of the bank and to activate the role of the observer to comply with the purpose of detecting negative situations firsthand and addressed.

Sotaliraq.com