Thread: Iraqi/Dinar news until March 1st, 2007

Originally Posted by snottynose

The HCL is all over fox news!!! Their gonna get 1 bite at the
perverbial apple and they better get it right!!, because now more investers than
just us are going to be looking into cashing in, putting more pressure
on the NID, OMG, this investment just might clear the launch
:
---End Quote---
*With HCL Passed in Parliment Expect the DINARS to REVAL ANY DAY
NOW.:huge: *
***************

*With HCL Passed in Parliment Expect the DINARS to REVAL ANY DAY
NOW.:huge: *is this your quote or from fox news?

Barham Salih : Iraqi oil prove the fundamental principle

(Voice of Iraq) - 01 - 03-2007
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Barham Salih : the Iraqi oil proves essential principle is a title the people of the oil -

Deputy Prime Minister and Chairman of the Drafting Committee told <a Middle the Middle> : it is a draft Iraqi hundred%
London : Meena Aribi
Oil is the subject of thorny issues in Iraq , with the announcement of the approval of the Iraqi Council of Ministers on draft Iraqi oil, last Sunday the subject returned to the forefront once again. The Iraqi Deputy Prime Minister Barham Salih, , who presided over the drafting of the Iraqi oil, The project preserves the rights of Iraqi citizens, He told <Middle East> : <bill proves a basic principle, It is the property of the Iraqi people's oil, This means that the Iraqi citizens are shareholders in this sector, For the interest of the Iraqi citizen with him trying to cover this sector>. He said Saleh denied reports that the draft law Iraqi oil is a result of the American dictations, The draft formulated in English, saying : <this error. we have worked on the draft Iraqi hundred% and the language p mound>. He stressed that the oil bill is the result of consultation with experts Iraqis, He said the former Iraqi Oil Minister Thamir Algdba n basic component with the Minister of the oil resources in a Klim Kurdistan Robert Asti in his status. And the American role, Saleh said : American Ambassador Zalmay Khalilzad work to bring the AT consideration, But we did not put the letter does not do soon.
And across favor of a conviction that the Iraqi government Tuzi p functions develop the oil sector, saying : <oil sector will be administered by the Ministry of one or one person, but by the national oil policy, based on clear and the distribution of tasks between the regions and federal government to maximize imports and harnessed told citizens>. He added : the new Iraq is to be hoped that Iraq democratically exercising control agencies role, there contexts of economic performance. He continued : "I do not say that the law ideal, but in the context of the existing conditions in Iraq and the accumulation come to deal with, we have done pursuant not easy, we have a schedule full of challenges, with regard to the establishment of law and the laws concerning e, in a short period of time in Parliament. He called on the political parties to deal seriously with this Althad j, because Iraq among the many problems need to message Tum Anineh first to the Iraqis and our friends abroad, we are able to raise the Fooitna and come out with what is m Fidel for each. He said that Saleh <this Act meets the demands foundation Yeh components of the Iraqi I reiterate the need for partnership in the imports of oil and fair distribution. Secondly This Act directs towards ending a central the firm, which has controlled the oil sector, , which was a major problem in the development of ambition the oil sector, in appealing to the enormous oil reserves of Iraq. He added : law emphasizes the establishment of the future, that will determine his special law, part of the oil imports deposited in the Fund as non - e models in Kuwait and Norway.

He pointed out that the law provides the environment update e with the participation of international oil companies, including interest believes Iraqi and benefit from the expertise foreign and private investment. He added : Iraqi production of about two million barrels a day did not% Iraqi production exceeded 3.5 million barrels per day. While the estimates indicate that the reserve Iraqi exceed two hundred billion barrels. In spite of the cost to produce relatively few useless i Iraqi. And as a squadron of the draft, it begins by emphasizing that <Article 111 of Aldsto t states that oil and gas is the property of all the Iraqi people in all regions and governorates>. And add in its second draft : <this Act applies to oil operations in all m spokesman of Iraq>, including the Kurdistan region of Iraq. It is expected that paves <the federal oil - and gas-> b the presidency of the Prime Minister and comprising representatives of the Territories and the sins purchase of oil and finance, in addition to experts from the affairs of the oil-for Adoption oil policy. Regarding the claim modeling oil contracts for approval by the Council Deputies, Saleh said : <this matter is subject to the decision of the Federal oil and gas, but no doubt subject to the control of the legislative body>.

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A government delegation negotiating the International Monetary Fund on debt pw refined

- 28 / 02 / 2007-13:07

Participating Oil Minister Hussein Shahrastani beginning of the month pain before the government delegation in charge of negotiations with Sando s IMF to reduce and cancel the debt of Iraq, comprising thousands d also the Minister of Finance and the Central Bank Governor.

A source in the ministry "that these negotiations is the joule e with two representatives of the International Monetary Fund and would Might my reconsider some prices, the ministry announced P j timely. "

Saying that he had "In the last meeting, which was held before more than u mutual audit was in Paris where good and the Fund Iraq is committed to the reforms needed. " And raising the prices of oil derivatives, the source said, "The shelf p prices of oil derivatives comes to reduce indebtedness of enormous on Iraq due to the policy of the former regime, where Tass told Iraq's debts only to the members of the Paris Club (140) billion dollars. "

It is noteworthy that Iraq entered into negotiations with many of the complex father AIPAC creditor was agreed to cancel (80%) of this Aldeo n and in stages, provided by Iraq to carry out due Sadeh in the overall and his only Qatsadi and not be a Head t in the wealth. It was agreed to cancel certain percentage of the debt amounted to so far (60%) and the remainder (20%), as required by the International Monetary Fund raising his Creditor nations confirming that Iraq is committed to the implementation of economic reforms, including a modified products prices for oil. It is noteworthy that the fund had urged Iraq to lift the prices of j large percentages to be parallel with the market rates% pw for Mia.

FACTBOX - Iraqi oil investment law

• The law will now be presented to parliament for approval. Deputy Prime Minister Barham Salih said political leaders have pledged to have it passed and enacted by the end of May.

• Iraq's two national oil companies will be turned into a holding company with operational affiliates to manage different aspects of the industry.

• The new national oil company INOC will be in charge of boosting exports and production.

• The law does not state the form of contracts Iraq will make with international firms.

• Oil policy will be set at the national level by a Federal Council of Oil and Gas.

• The oil ministry will be restructured and transformed into a regulatory body.

• All revenues will be deposited in a single national account and then distributed by population.

• Existing contracts signed by the Kurdish Regional Government will be reviewed by the KRG to be made consistent with the premise of the law. A commission of independent experts will ratify consistency in case of contention.

• Negotiations can be conducted by the regional authority in accordance with procedures and guidelines established by the Federal Council of Oil and Gas. The negotiations and contracts will have to be based on the main criteria of maximising revenues for Iraqi people.

source: arabianbusinessnews.com

Banks urged to play the SME card
by the staff writer on Thursday, 01 March 2007 Visa has urged Middle East banks to tap into the small business segment by providing customised commercial payment cards.

At Visa's Small Business Card Marketing Workshop, held in Dubai last month, Viktorija Bird, head of commercial solutions, Visa International, highlighted the benefits to banks of targeting the under-served SME segment.

Bird said: "Within the commercial portfolio there is a business card and a corporate card, usually for large multinational or large local companies, of which quite a few are based in the UAE, and there are purchasing cards which are used for procurement purposes, again for large corporations.

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"On a global basis, small business offering Visa cards have been the driving force behind the commercial product overall - partly because it's quite a profitable product for banks."

Visa estimates that more than 50% of the world population works for small to medium size businesses and they generate more than half of global GDP.

Visa has produced training materials to assist banks in launching company payment cards in the region and is operating a series of events focused on small business opportunities. More than 20 delegates from 10 different regional and global financial institutions attended the UAE session.

Jean Burkhart, commercial solutions specialist, CEMA, said: "Globally the reported figures are US$190 billion in overall sale volume reported on Visa business cards and that includes both credit and debit products, so it is a very large business globally."

She added: "What we've seen globally is that banks that offer small business payment products to their customer base have increased loyalty from those customers to the financial institution. It enhances the overall relationship with the bank but it's also, by itself as a card product, much more profitable than consumer card products on average.

"Small businesses tend to spend more on payment card products, they have higher average transaction size, they generally have a lower risk profile on payment products and they tend to use them more at point of sale in merchants than consumers do."

Commercial payment cards for small businesses also enable SMEs to manage and monitor their cashflow more effectively, and to improve transparency

Death batters at doors of Iraq's universities
Published Date: February 28, 2007

BAGHDAD: The Iraqi minister was at a loss. "What can we do?" he asked in a trembling voice after a female suicide bomber detonated an explosive vest at a Baghdad business college, slaughtering 40 people. "We cannot search everybody," he said, recounting how the sectarian violence gripping the country has driven away students and teachers alike, threatening the futures of tens of thousands of young Iraqis. Higher Education Minister Abed Dhiab al-Ujaili, who describes himself as an "optimist" despite Iraq's relentless descent into chaos, said the blast came as students were preparing for examinations. Security officials said most of those killed in Sunday's blast at the entrance to Mustansiriyah University's School of Economy and Administration in eastern Baghdad were students.

Such acts of violence, linked to attacks in which lecturers and professors are deliberately targeted, have taken a heavy toll on higher education in war-ravaged Iraq, according to students and teaching staff. Nevertheless, Ujaili says student numbers have in fact increased to around 380,000, but he acknowledges that at least 195 university professors have been killed and another 60 kidnapped since the sectarian violence erupted a year ago.
Thousands more academics have fled the country, he said. With the academic year severely disrupted, the ministry has announced that mid-term exams that are due about now can be postponed if necessary. "We have a standard: the syllabus must be covered and the actual attendance must be at least 30 weeks of the year," Ujaili said. "We gave colleges the flexibility to choose the date for mid-term exams because some colleges were late." Daily bombings and mortar and gun attacks in Baghdad have made students and teachers fear for their lives. In Baghdad universities, class attendance varies from 20 to 70 per cent, depending on the perceived danger level. "It is not good," a university lecturer from the University of Baghdad, who asked not to be named, told AFP a few days before the School of Economy and Administration blast. "You know the circumstances. It is very difficult to work. The road is not safe, the university is not safe," added the 63-year-old lecturer. She risks going only once a week to give classes at her campus, one of five public universities in Baghdad, in a bid to minimise the dangers. "I usually change the day and I have a bodyguard," she said. When the universities are affected "society collapses," she added. "We need training very, very much because we were very closed (during Saddam Hussein's rule) and did not know what was happening in the world." She said her students, both Shiites and Sunnis, get along well. "The problem is political, it is not social. Students do get along. There is no problem to live together. This is Iraq-we already did so."

A political science student spelt out some of the hardships of trying to attain a degree in a country sliding towards civil war. "This year is very difficult. One of our professors was killed. We are very, very afraid. The university has received many threats, sometimes aimed at Sunnis, sometimes aimed at Shiites," said the 25-year-old third-year student who also asked not to be named. "I have a Sunni friend and we cannot leave each other," she added. Mohammed, 28, gave up his job as an assistant lecturer at the university because he said it was too dangerous. "It is not only the campus, it is also getting there. There are checkpoints where you show an identity card. We have to say where we come from, to which tribe we belong. This can be fatal." Higher Education Minister Ujaili said that because of the violence, his ministry was allowing "flexibility" in the system under which the university a student may attend is governed by grades. This, he said, has resulted in Sunnis fleeing mainly Shiite universities in Baghdad for Mosul, a Sunni city in northern Iraq, while Shiites are quitting the Sunni province of Anbar for Baghdad. The reverse is also taking place. "My brother was accepted in Mosul... one of the best universities in Iraq. But he did not go because he is scared. He will study in Kut," said one Shiite student. _ AFP

Kurds the winner in Iraq oil law
Ben Lando
UPI
February 28, 2007


WASHINGTON -- After nearly a year of negotiations, deadlocked on crucial issues of revenue sharing and control of oil fields, the Kurds seemed to have gotten what they wanted from Iraq's central government, in the hydrocarbon law approved by the Iraqi Cabinet Monday.

The passage appears to have ended, at least for now, the most difficult phase of creating and passing legislation aimed at governing all of Iraq's vast oil and natural gas reserves.

The Iraqi parliament still needs to approve the hydrocarbon law, backed by the majority Shiites, which is likely now that the Kurdistan regional government (KRG) has endorsed it.

Oil production is struggling in Iraq. Daily production last month averaged nearly a million barrels below the pre-war levels of 2.6 million barrels per day. Passage of the law is seen as the first step to the more than $20 billion of investment the sector needs.

According to the draft, revenue from oil sales will be pooled into a central government coffer and redistributed throughout the country by population, allaying concerns from the minority Sunnis they would be left with nothing.

The regions will have authority to negotiate and sign contracts, though within the contract guidelines set out in the law.

The KRG in the north, governing a region semi-autonomous since the end of the first Gulf War, has continued development of its oil sector during the current war that has stifled the rest of the country.

Claiming authority given it in the 2005 constitution, the KRG signed five exploration and development contracts with private international companies, deals made controversial when the Iraq oil ministry threatened not to honor them. The new law may have resolved the conflict.

The KRG also developed its own hydrocarbon law, and proposed federal legislation largely incorporated into the new law.

"If we go strictly by the Iraq constitution, the KRG is entitled to assume much greater powers over oil and gas," KRG Natural Resources Minister Ashti Hawrami said in a statement issued Monday by the KRG. "However, to make it work for all concerned, we had to be accommodating and pragmatic in our approach. I am pleased to say that almost all our ideas are now featured highly in the draft Federal Oil Law."

The draft law is less of an end-all deal, more like a framework for, and the first in, a regime of laws needed to govern Iraq's 115 billion barrels of proven oil reserves - the third-highest in the world - and 111 trillion cubic feet of gas.

The "annexes" to the draft law, as Hawrami calls them, include detailing authority to territories and oil fields to the regions, the Iraq oil ministry and the Iraq National Oil Co.; the model and guidelines for contracts; and a law setting the terms of collecting revenues and mechanisms for redistributing them.

These issues have yet to be decided and, Hawrami said, "will also be agreed upon before submitting the whole package to the Council of Representatives."

But those agreements, collectively inferred as afterthoughts in negotiations now that the first compromise has been reached, are the thorn that kept the central government and the KRG from shaking hands in the past.

The Kurds fear a strong central government could deprive them of development, as happened under the Saddam Hussein regime. So they have demanded an automatic redistribution of revenue, away from sectarian whims, and at a percentage that appeared to have outweighed its proportion of the population (though a census will need to be conducted before real numbers can be confirmed).

And, citing historical wrongs and the 2005 constitution, the KRG demanded control over all new oil development.

"Kurdistan will be guaranteed a share of pooled revenue proportionate to its population," Hawrami said. "The Kurdistan regional government will, of course, retain the power to sign contracts for petroleum exploration and development in the Kurdistan region."

A federal oil and gas council, which the KRG pushed for, will serve as a non-binding arbiter of disagreements.

Hawrami said a "panel of experts" named by the council will be allowed to review KRG contracts, though the contracts will not be stopped. The KRG will not sign any new deals until the law is passed.

As for Kirkuk, the city of 11 billion barrels of oil reserves which Kurds claim to be historically theirs but outside the official KRG border, "the Iraq National Oil Co. ... will continue to manage the current producing fields," Hawrami said. A controversial referendum to be held by year's end will be conducted prior to "further activities."

Despite what appears to be an agreement, Hawrami set a window of two months for action.

"If in two months time the law is still under debate by the Council of Representatives, then we will be reasonable about it and maintain support for the process being completed. However, if the oil law is still facing difficulties and the annexes and the Revenue Sharing Law have not been agreed," Hawrami said, "then that would be unfortunate, as we will be facing a new situation and we will have to review our options again."

An official in the KRG's Washington office said Tuesday negotiations are ongoing.

Iraq oil law boosts Kurdish ambitions
AFP

February 27, 2007


BAGHDAD -- Iraq's new draft oil law has been hailed as a victory for Iraqi unity but, in the short term at least, the autonomous region of Kurdistan is likely to benefit the most, experts say.

While the bill is the fruit of a hard-fought compromise and will centralize oil revenues in Baghdad, it gives legal sanction to the Kurds' ambitious program to develop their own energy resources.

Meanwhile, the violence raging in Arab communities will continue to scare off international oil firms thinking of investing in southern Iraq.

"The Kurds have largely achieved what they had set out to achieve," said Alex Munton, a research analyst at the Edinburgh-based energy consultancy Wood Mackenzie who has been following the negotiations.

Under the terms of the oil law, which is expected to go before parliament in the next two months, Iraq's oil industry will be overseen by a Federal Oil Council and an independent national oil firm.

Revenue will be concentrated in a federal account, and redistributed to provinces on the basis of their populations, which would give the Kurds around 18 to 20 percent of the national cake.

This represents a concession from the Kurdistan regional government, which wanted to retain revenues from newly-developed fields on its territory, but in return they have won the right to oversee development.

"The initial contracts will be the responsibility of the government of Kurdistan then, within a certain period, these shall be sent to a federal committee," said Kurdish government spokesman Khalid Saleh.

"If the contract complies with the criteria, it will be implemented. If the committee has comments on it, it will be referred to a technical committee - not a political committee - for assessment," he said.

In practice, this means the Kurds can lock in the progress they have made in luring in foreign capital and push ahead with oil exploration in the only area of Iraq which investors see as relatively safe.

A Norwegian oil firm, DNO, came to an agreement with Kurdish authorities even before the US-led invasion of Iraq of March 2003, and last year confirmed that it had struck oil in Tawke.

Tawke's wells could soon pump 50,000 barrels of crude per day for the firm, and this, combined with the reassurance offered by the new oil law, could spark wider enthusiasm for Kurdish oil, Munton said.

In agreeing under the new oil law to place their revenue in Iraq's federal account, "what appears to have happened is that the Kurds have had their previous contracts confirmed," he said.

"What this means for the Kurds is quite significant. This will create greater legal certainty with respect to the contracts that have been issued."

Already, aside from the adventurous Norwegians, some Turkish and Canadian firms have shown an interest in Kurdish oil. But what of the rest of Iraq, where the ongoing war has stifled any sign of investment?

"Under the approved law, oil will become a tool that will help unify Iraq and give all Iraqis a shared stake in their country's future," said US ambassador Zalmay Khalilzad in his reaction to the draft.

"This draft legislation provides the legal framework to allow international investment in the Iraqi oil and gas sectors," he said, on an optimistic note.

Before the US invasion of Iraq, critics of the policy often accused the White House of wanting to steal Iraq's oil for its own firms. In reality, however, US and UK oil giants have been reluctant to get involved.

"The main thing is the security context in central and southern Iraq, and until there is a perception that it has improved drastically, none of the major companies will be getting heavily involved," warned Munton.

In the meantime it is not US majors, but their state-owned competitors from traditional rivals China and Russia that have shown the most interest, seeking to reactivate deals sealed under ousted dictator Saddam Hussein.

Iran's president wishes Iraqi counterpart well by phone
Last Updated(Beijing Time):2007-02-27 15:07

Iranian President Mahmoud Ahmadinejad on Monday extended his best wishes to Iraqi President Jalal Talabani in a telephone conversation as the latter has suffered from extreme exhaustion and dehydration.
"I pray to God to bestow health upon you," Ahmadinejad was quoted as telling Talabani, Iran's official IRNA news agency reported.

The Iranian president hailed the significant role Talabani had played in the campaign against the Iraqi dictatorship and the victory of the Iraqi nation to develop democracy and freedom, IRNA said.

For his part, Talabani thanked his Iranian counterpart for his kind remarks and called for developing cooperation between the two nations given their current brotherly relations.

Talabani's office said on Monday that tests on the Iraqi president in neighboring Jordan showed that he has suffered from extreme exhaustion and dehydration but his health is normal and stable.

"The tests showed that his excellency was suffering from fatigue, that caused him to loss a lot of liquids from his body," his office said in a statement.

The statement also said the condition of the president is "normal and stable."

"The first results of the medical tests showed that his condition is completely normal and stable. There is no reason to worry," it said.

"His vital and basic parts are all in good condition," the statement said, adding that Talabani will do more medical tests to make sure of the details of his health.

"His excellency is in high spirits and fully conscious and communicates normally with others," it added.

On Sunday night, Talabani's office said in a statement that the73-year-old Kurdish leader had left to Amman to undergo medical tests.

Published: 01/03/2007 12:00 AM (UAE)

Baghdad security clampdown curbs abductions
By Basil Adas, Correspondent



Baghdad: The wave of kidnappings that had swept the Iraqi capital till a few days ago has been restricted after the implementation of the 'Imposing Law' security plan, according to citizens.

The captors are facing difficulties in carrying out their missions in Baghdad's suburbs, crowded with military and security barricades, they added.

The motives behind abductions ranged from the common demand for heavy ransom to assassination of the detainees, according to Iraqi residents.

Hadi, one of the former detainees and not his real name, told Gulf News: "My family owns properties and real estate. One day at 10.40am in October last year, I was driving my car to one of the stores my father owns.

"Everything was fine till I was taken aback by two cars blocking my way. Each car had three gunmen aiming their weapons towards me. They asked me to disembark from my car. I had no choice but to respond and surrender to their demand."

He added: "I was detained for 55 days. After continuous negotiations via cell phone, my family was able to reduce the amount of ransom from $100,000 (about Dh367,309) to $40,000 for my return."

Some of the abductions aim to sponsor armed groups. In the Sunni-majority city of Al Adhamiya, kidnapping has another aspect.

Captors tell the potential victim that if he doesn't pay the jihad payment, he will be abducted and then the bargains will start between them and his family.

Fakhri, an Iraqi citizen living in slums near Al Sarafiah bridge, told Gulf News: "I was told by three threat letters to pay $50,000 as a ransom for jihad. I didn't have that amount of money to pay.

"One day the kidnappers abducted me to put pressure on my family living outside Iraq. Finally we paid $30,000 as ransom for my release."

Except Al Qaida in Iraq, which is led by Abu Hamza Al Muhajir, and the Shiite militias, the sole purpose of the kidnappings is to turn the hostage before a court that issues the death sentence to him. Money, therefore, has no place in these groups' minds.

As in the case of Al Muhajir organisation, Shiite armed militias and specifically the Mehdi Army, have specific goals unless the kidnapped has Shiite roots.

Mustafa, an Iraqi citizen living in a rich neighbourhood in Baghdad, told Gulf News: "My mother's Shiite identity has kept me alive till now. After I was abducted by the Mehdi Army, I was sent to a neighbourhood close to an enclosure claimed to be a large dumping ground for bodies.

"After verifying my identity, they found out that my father is a Sunni from Mosul and my mother is from the Shiite Al Assadi clan."

He added: "The captors released me following the intervention of my mother's clan but not after I was beaten and tortured."

Several other Iraqi hostages, like Mustafa, had been kidnapped, but unlike him their fate ended in murder by the militias