Thread: Iraqi/Dinar News before 3-12-2007 7:45PM CentralTimeZone

http://www.iraqdirectory.com/DisplayNews.aspx?id=3353

Wall Street drools over prospect of capturing Iraq oil wealth
Bay Area Indymedia - [07/03/2007]
The Iraqi cabinet’s adoption last week of a law creating the legal framework for turning over the country’s oil wealth to American corporations has touched off a chorus of salutes from the Bush administration, congressional Democrats and the corporate-controlled American media.
Perhaps the crassest expression of money-grubbing glee came in the Wall Street Journal, which published an article March 4 celebrating the unlocking of untold riches, including “dozens of untouched oil fields loaded with proven reserves and scores of exploration blocks that may prove a magnet to international oil companies.”

The draft law lists 51 oil fields, 27 in production and the balance with proven reserves, as well as 65 exploration blocks. The fallow fields and exploration blocks are located in every region of the country, while the working fields are concentrated in the northern region around Kirkuk and in the southern region near the border with Kuwait. Citing a cabinet document, the Journal reported that “Iraqi officials must first agree to the framework of contracts to be used when negotiating with foreign oil companies by March 15 if the country’s draft hydrocarbons law is to be submitted to parliament for its approval.”

The draft law calls for reviewing and renegotiating contracts with Russian, French and Chinese oil producers, signed under Saddam Hussein. These countries, which initially opposed the US invasion, are expected to be cut out of any lucrative oil deals in favor of American and British companies.

The government of Prime Minister Nouri al-Maliki endorsed the draft law February 26, after months of bitter conflicts among the representatives of rival bourgeois factions within Iraq—Kurdish, Sunni and Shiite—over the terms of the deal. Approval is likely in the Iraqi parliament, although not certain, as news of the agreement is sure to provoke widespread popular outrage over the sell-off of the country’s most valuable resource.

The cabinet conflict revolved around two related issues: Kurdish determination to hold onto Kirkuk, a city of mixed Arab, Kurdish and Turkomen population that is the center of the northern branch of Iraq’s oil industry; and the Sunni demand for revenue-sharing at the national rather than regional level, since the proven oil reserves are largely in the Shiite and Kurdish populated areas, with relatively little in the central and western provinces where most Sunnis live.

Neither issue was completely settled, but the formula agreed upon under heavy pressure from outgoing US Ambassador Zalmay Khalilzad, who reportedly dictated the final terms, provides rather more concessions to the Sunnis, largely at the expense of the Kurds.

In public, the Bush administration and congressional leaders of both parties have cited the working out of inter-ethnic compromises as the main purpose of the oil legislation. In reality, however, the Bush administration sought an agreement on whatever terms it could impose, so that the Iraqi oil industry could be placed on legal foundations suitable for opening it up to foreign (and largely American) capital.

Iraq Oil Contract Framework To Be Set By Mar 15 -Document
Sunday, Mar 04, 2007

By Hassan Hafidh

Of DOW JONES NEWSWIRES

Iraqi officials must first agree the framework of contracts to be used when negotiating with foreign oil companies by March 15 if the country's draft hydrocarbons law is to be submitted to parliament for its approval, according to a cabinet document seen by Dow Jones Newswires.

The draft hydrocarbon law, seen as essential to spur development of the country's ageing and conflict-damaged energy industry, was endorsed by the Iraqi cabinet on Feb. 27 and it referred in general terms to the types of contracts that Baghdad and regional governments could sign with foreign companies.

The contracts include those covering services and exploration risk, as well as Iraq's equivalent of production-sharing agreements.

"The oil and gas law and their four appendixes will be presented to the council of deputies after agreeing on general conditions and principles of contract models," the document says.

The Iraqi cabinet endorsed the draft oil law Monday. It is seen as crucial in helping to heal the country's sectarian divisions and to clear the way for foreign companies to invest in Iraq's vast oil reserves, the world third largest.

To become law the draft needs to be approved by the country's parliament, which is likely to debate it later this month. The government hopes the parliament will approve the law by the end of this month.

The draft law seen by Dow Jones Newswires states the Iraqi Oil MinistryOil Ministry should set contractual frameworks and that a federal oil and gas council needs to endorse them after consulting the regions.

The Kurdistan Regional Government in the country's oil-rich north has been agitating for strong local control over contracts and energy revenue, though it recently agreed to the principles of the long-delayed proposed hydrocarbon law.

-By Hassan Hafidh, Dow Jones Newswires; + 962 777 612 111; [email protected]

(END) Dow Jones Newswires

Iraq Oil Contract Framework To Be Set By Mar 15 -Document - Zawya.com | Middle East Business News

Pursuing a Strategy for Success in Iraq
March 06, 2007 01:16 PM Eastern Time
WASHINGTON--(BUSINESS WIRE)--White House Press Office:

Today, President Bush Discussed The War On Terror In Remarks To The
American Legion's Annual Convention In Washington, DC. The President
discussed his strategy to achieve the goal of a democratic Iraq that
upholds the rule of law, respects the rights of its people, provides
security, and is an ally in the War on Terror.

-- The Fight In Iraq Is Part Of A Larger Struggle Against Extremism
That Is Unfolding Across The Broader Middle East. The extremists
are fighting to control Iraq so they can establish it as a base
from which to overthrow moderate governments in the region and plan
new attacks on the American people.

-- Now That The Battle For Baghdad Is Underway, Our Country Must Stand
Behind Our Troops And Do Everything We Can To Aid Their Success. If
American forces were to step back from Baghdad now, before it is
more secure, the scale and scope of attacks would increase and
intensify. Violence could spread across the entire country - and in
time, the entire region. The enemy could emerge from the chaos
emboldened - with new safe havens, new recruits, new resources, and
an even greater determination to harm our Nation.

The President Also Announced Former Senator Bob Dole And Former U.S.
Department Of Health And Human Services Secretary Donna Shalala Will
Serve As Co-Chairs Of The President's Commission On Care For America's
Returning Wounded Warriors. This Commission will conduct a
comprehensive review of the care America is providing our wounded
servicemen and women returning from the battlefield. It will examine
their treatment from the time they leave the battlefield through their
return to civilian life as veterans - so we can ensure we are meeting
their physical and mental health needs.

-- As This Commission Considers Long-Term Solutions, President Bush
Has Also Directed VA Secretary Jim Nicholson To Lead A Task Force
Of Seven Cabinet Members To Focus On And Respond To Immediate
Needs.

The New Way Forward In Iraq

The New Strategy In Iraq Is Markedly Different From Previous Efforts.
The strategy Multi-National Force in Iraq Commander General David
Petraeus is pursuing makes securing Baghdad our top priority, gives
our troops the reinforcements they need, and demands more from Iraq's
elected government. Tactics of the strategy include:

-- Establishing Over 40 "Joint Security Stations" Throughout Baghdad.
In the past, our forces would help Iraqis clear out neighborhoods
during the day, and then go back to their bases at night. This
time, we will hold the neighborhoods we have cleared by
establishing over 40 joint security stations throughout Baghdad.
These will be neighborhood outposts where U.S. and Iraqi forces are
jointly deployed 24 hours a day to secure the population, provide
emergency aid to local communities, and gather information to root
out extremist networks throughout the capital.

-- At The Same Time, Our Forces Will Continue To Train The Iraqi
Army And Police - So We Can Help Ensure That The Iraqi Forces
Left Behind Are Capable Of Providing The Security That Baghdad
Needs.

-- Ordering Reinforcements Of More Than 20,000 Additional Soldiers And
Marines To Iraq. The vast majority will go to Baghdad, where they
will help Iraqi forces to clear and secure neighborhoods, and
partner with Iraqi Army units. With Iraqis in the lead, our forces
will help secure the city by chasing down the terrorists,
insurgents, and roaming death squads.

-- Demanding More From Iraq's Elected Government. In addition to steps
they are taking to secure their capital, Iraq's leaders have
committed themselves to a series of political benchmarks - to
advance reconciliation, to share oil revenues among all of Iraq's
citizens, to put the wealth of Iraq into the rebuilding of Iraq, to
allow more Iraqis to re-enter their nation's civic life, to hold
local elections, and to take responsibility for security in every
Iraqi province. Iraqis have already begun to deliver on some of
these promises, and now Iraq's leaders must meet the other pledges
they have made.

The Iraqi Government And Coalition Forces Have Made Initial Progress,
And More Is To Come

The Plan General Petraeus Is Executing Is In Its Very Early Stages,
But There Are Some Encouraging Signs. General Petraeus arrived in
Baghdad in early February, and it is far too early to judge the
success of his operation. However, Iraqi and U.S. forces are making
gradual but important progress:

-- The Iraqi government has completed the deployment of three
additional Iraqi Army brigades to the capital. These additional
forces join the nine National Police and seven Iraqi Army brigades
already in the Greater Baghdad area.

-- Iraq's leaders have lifted restrictions on Iraqi and Coalition
forces that prevented them from going into certain areas, and U.S.
and Iraqi troops are now pursuing the enemy in neighborhoods like
Sadr City, where our operations were once restricted.

-- About half of the joint security stations have been established in
neighborhoods across Baghdad.

-- Iraqi and U.S. forces have rounded up more than 700 people
affiliated with Shia extremists and have recovered large weapons
caches, including mortar weapons systems and rocket-propelled
grenades.

-- Iraqi and U.S. forces have launched successful operations against
Sunni extremists, recently killing al Qaida terrorists in Baghdad,
who were responsible for numerous bomb attacks.

-- In the past two weeks, U.S. and Iraqi forces have uncovered large
stockpiles of Explosively Formed Projectiles (EFPs), which are used
by extremist groups to attack our troops.

Iraqis Are Beginning To Deliver On Benchmarks To Achieve Political
Reconciliation.

-- Iraq's Council of Ministers approved a national hydrocarbon law
that provides for an equitable distribution of oil revenues
throughout the country. The draft law will need to be enacted by
the Iraqi Council of Representatives when it returns from recess,
but the prospects for passage are excellent because all the major
parliamentary blocs are represented in the cabinet.

-- Last month, the Iraqi government approved a $41 billion budget that
includes $10 billion dollars for reconstruction and capital
investment.

-- Iraq's leaders must meet the other pledges they have made. These
include:

1) Narrowing the limitations of the de-Baathification law;

2) Establishing the framework and setting a date for provincial
elections; and

3) Pursuing the constitutional review process.

To Succeed, Iraq's Leaders Need The International Community's Help.
The United States supports the Iraqi government as it pursues an
international initiative to build diplomatic, economic, and security
support for its young democracy. Last week, the Iraqis announced that
they will hold a conference in Baghdad that will include officials
from Iraq's neighboring countries, as well as the permanent members of
the United Nations Security Council, the Arab League, and the
Organization of the Islamic Conference. It will be followed in April
by a second conference that includes Secretary of State Condoleezza
Rice and her counterparts from around the world.

Pursuing a Strategy for Success in Iraq

cnbc rex tillerson from exxon was interviewed on the large stock buyback of exxon,he mentioned every imerging market but iraq and exxons stock is up 1.57 This was aired 1-30 est march 7 and will be back at 4 for the 2nd part of the interview

Originally Posted by Mike5200

Glimmer of hope for Baghdad
By Amir Taheri, Special to Gulf News



On March 10, Baghdad will host the largest gathering of foreign diplomats it has seen since the 1970s. With more than 200 diplomats representing 70 nations, including all major powers, the gathering is a target of choice for opponents of new Iraq.

Two insurgent groups have warned they would not allow the conference to convene.

Called by the Iraqi government, the conference offers the international community, especially the Arab states, an opportunity to end their unofficial boycott of new Iraq. It also provides an early test for the new plan to secure Baghdad with the help of more than 20,000 additional American troops.

Holding the conference a month after the plan was launched is a gesture of defiance towards terror groups who have promised to challenge any move to normalise the capital.

Iraqi Prime Minister Nouri Al Maliki called the conference after receiving assurances from two men who may hold the key to the future of Iraq.

One is Lt General David Petraeus, the new commander of the US-led multinational force, who took charge last month. The other is Major General Abboud Qanbar, the Iraqi commander in Baghdad.

Despite being under the limelight of Congressional and media scrutiny for weeks, Petraeus is still regarded as a hard man to read.

He evokes a mixture of admiration and envy within the American military elite.

One recently retired American general, speaking off-the-record last week, described Petraeus as "a precocious general" who had "new ideas" and wanted "to do things differently". Well, maybe that is not a bad thing, seeing that old ways of doing things seem to have trouble with new forms of asymmetric war.

If Petraeus is still a relative unknown, his Iraqi partner Qanbar is even more of an enigma.

The two men have what might be the most difficult task assigned to military commanders in recent history.

They have to work with two dysfunctional governments that, in turn, have to fight hostile legislatures and media. They know that well-organised opponents of new Iraq are determined to portray any setback as proof that the war is lost.

The same retired US general, who spoke of Petraeus with grudging admiration, says he is "impressed and surprised" by Qanbar's performance.

"The guy seems to be the right man in the right place at the right time," said the retired general. "All the feedback on him is positive."

That opinion is shared by some in the Iraqi military elite, including many generals purged under the new regime's de-Baathification programme.

In interviews with the Baghdad daily Al Mada (Perspective), several former Iraqi generals said they were "confident" that Qanbar was "the man needed to clear Baghdad" of terrorists and death-squads.

But is Qanbar the "saviour" (munqidh) that some Baghdadis, desperate for normality, seem to imagine?

Qanbar has some positive features. He is one of the few Shiite soldiers to rise to positions of command in the Iraqi army under the Baath party. Born in Amarah, he comes from the same tribe as Al Maliki and thus is trusted by him. Many purged army officers see Qanbar's return to service as a sign that they, too, might be invited to re-enlist.

Serious error

The Iraqi army has always been the key non-sectarian institution preserving the concept of statehood in a land of different ethnic and religious communities.

Its dissolution was a serious error and its reconstitution, in the service of an elected government, could reassure the aggrieved Arab Sunnis and secularists that new Iraq will not be a Shiite sectarian state.

The success of the Baghdad plan, based on US President George W. Bush's "surge" strategy, depends on too many imponderables beyond the control of Petraeus and Qanbar.

So far only a fifth of the troops promised have arrived, and even fewer have been deployed. The new US Congress may cut funding for the "surge" or impose such constraints on the use of American troops as to render them meaningless in practical terms.

So far, however, things seem to have gone better than expected.

To start with, Iraqi units assigned to Qanbar have all shown up and seem to be performing well. This is in contrast with previous attempts to secure Baghdad when only 10 per cent of Iraqi units promised showed up.

By the time the new build up is complete, Qanbar will have 10 Iraqi brigades in and around Baghdad. Contrary to claims by opponents of new Iraq that the plan would depend on Kurdish units, only 15 per cent of the troops used are Kurds.

There has also been a sharp drop in sectarian killings. More importantly, perhaps, the insurgents appear to have all but stopped infantry style attacks on Iraqi and US positions.

According to Iraqi and US sources, the deployment of new units in Baghdad has persuaded many fence-sitters to stop hedging their bets. Intelligence tip-offs in the five most terrorist-infested districts of the capital have risen four-fold since February.

According to US and Iraqi sources more than 2,000 insurgents and terrorists have been killed and a further 8,000 captured.

Sign

Another sign that the new plan may be working is the virtual disappearance of Moqtada Al Sadr's Mehdi Army, described by some opponents of new Iraq as "the strongest military force in the country".

Al Sadr remains in Iran while more than 100 of his key associates are under arrest. Accompanied by US troops, Qanbar's units control Sadr City, the fugitive's stronghold.

Perhaps the most important sign of confidence in the new plan is Qanbar's invitation to families who have fled to return. Since 2005 an estimated 60,000 Baghdadi families, both Sunnis, Shiites and Christians, have been driven out of their homes in what amounts to ethnic cleansing through intimidation.

Qanbar has declared all seizure of property in Baghdad to be illegal and promised to remove squatters. In the past two weeks some 700 families, mostly Sunnis, have regained their homes in Baghdad.

In recent days Baghdadis have seen Qanbar walking along Haifa Street, the heart of the capital's badlands. They have also seen Al Maliki venture out of the "Green Zone" to press flesh in a campaign-style walkabout, the first by an Iraqi prime minister since 2004.

Does this mean that Petraeus and Qanbar have already succeeded?

It is too early to tell.

What is certain, however, is that they have shown that, given the will and the means, success is possible.

Iranian author Amir Taheri is based in Europe.

i suggest everyone read this article. good information here!!

Talabani may skip Iraq security conference


AMMAN, March 6, 2007 (AFP) - Iraqi President Jalal Talabani, recovering from exhaustion and dehydration in a Jordan hospital, may not attend an international security conference later this week, a close aide said Tuesday.

"It is not one hundred percent sure that President Talabani will be able to attend the Baghdad conference," said Mullah Bakhtiar, who heads an Iraqi medical team monitoring Talabani's health in Jordan.

"The decision is not up to Talabani. His Jordanian doctors will have to decide," Bakhtiar said.

The March 10 conference in Baghdad, which is aimed at quelling the violence in Iraq, is set to include both the United States and neighbours of Iraq such as Iran and Syria, in a rare opportunity for the foes to sit down at one table.

"President Talabani is in excellent health and is in a hurry to leave hospital," Bakhtiar said.

"But the doctors are still opposed to it and have prohibited him from seeing anyone over the next 48 hours in order to ascertain his condition," he said.

"The doctors will decide within two or three days when he can leave hospital and if he must go elsewhere to complete his convalescence," Bakhtiar added.

Talabani, 74, was flown to Amman's King Hussein Medical Centre on February 25 from his home town of Suleimaniyah in northern Iraq, suffering from extreme fatigue and dehydration.

Talabani, a former Kurdish freedom fighter, on Thursday promised in an address broadcast on Iraqi television from his hospital that he will soon return to work.

The first non-Arab to lead a modern Arab majority state, Talabani became president in April 2005 after Iraq's first election since the US-led invasion overthrew dictator Saddam Hussein in 2003.

kt/hkb/txw

Iraq-president-Talabani-health-conference

Am I the only one seeing this - is it another smoke screen and the meeting is or already has taken place?

العراقKey : Governor of the Central Bank : This year's budget focused on increasing the volume of investment in Iraq


بغداد ـ علي جاسم:Baghdad : Ali Jasim
اوضح الدكتور سنان الشبيبي محافظ البنك المركزي بأن ميزانية هذا العام ميزانية استثمارية لانها ركزت على زيادت حجم الاستثمار.Dr. Sinan Shabibi Governor of the Central Bank that this year's budget, the budget investment because it focused on the size of the investment Ziada.
واكد الشبيبي بأن دور البنك المركزي يتمثل في معالجة الاختلال الذي سينجم عن عملية التنمية التي ستتمخض عن تغييرات في البنية الاقتصادية الارتكازية.And Shabibi said that the Central Bank's role is to address the imbalance resulting from the development process that will produce changes in the the economic infrastructure master.


مشيرا الى ان عمل البنك المركزي هو تحقيق التنمية في بيئة نقدية مستقرة من خلال الاهتمام بكل الوسائل والسياسات التي تحقق الاستقرار الاقتصادي واعتدال البيئة السوية ونسبة تضخم معتدل.He pointed out that the work of the Central Bank is to achieve development in a stable monetary attention through all means and policies achieve economic stability and moderation in the environment straight and moderate inflation rate.
وتابع: ان علاقتنا بالميزانية تتعلق بالحفاظ على مواردها، ويتم ذلك عن طريق مكافحة التضخم.He continued : "Our budget for the preservation of resources, and will be achieved through combat inflation.
مؤكدا بأن البنك قام بالعديد من الاجراءات ومنها رفع سعر صرف الدينار.Stressing that the bank had several measures including raising the exchange rate of the dinar.
مشيرا الى ان هذا الاجراء اثر على الميزانية من خلال التأثير على القدرة الشرائية للحكومة، وسيزداد من خلال معالجة التضخم.He pointed out that the impact of this action on the budget through the impact on the purchasing power of the government, will increase by addressing inflation.
واضاف الشبيبي: ان هذه السياسة ستعمل على زيادة الثقة بالدينار مما سيسحب نوعا من الاموال للقطاع المصرفي وترشيد الانفاق الحكومي لما له من تأثير على التضخم.He added Shabibi : Such a policy will increase the confidence dinars, which will pull some of the money to the banking sector and the rationalization of government spending for it the impact on inflation.
منوها الى ان هذا الاجراء يؤدي الى خفض اسعار سلع الاستيراد مثل استيراد القطاع الخاص واستيرادات الحكومة للتنمية التي تأتي من تحويل الدينار العراقي الى دولار.He indicated that this action will lead to the reduction of prices of import goods such as private sector imports and the import of the government's development comes the transfer of the Iraqi dinar to the dollar.
واضاف بأن هذه السياسة في الوقت الذي تضعف من قدرة الحكومة على شراء الدينار فإنها تقوي الدينارالعراقي الذي تملكه الحكومة.He added that this policy at the time weakens the ability of the government to buy the dinar, it strengthens Aldenarabraghi owned by the government.
مشيرا الى ان البنك يريد وسيلة تؤثر على السياسة الاقتصادية والنقدية من خلال جعل الدينار ذا قيمة وقوة.Pointing out that the bank wants as a means to affect the economic and monetary policy by making the dinar a valuable and powerful.

Translated version of ÌÑíÏÉ ÇáÕÈÇÍ ÇáÌÏíÏ - ãÍÇÝÙ ÇáÈäß ÇáãÑßÒí: ãíÒÇäíÉ åÐÇ ÇáÚÇã ÑßÒÊ Úáì ÒíÇÏÉ ÍÌã ÇáÇÓÊËãÇÑ Ýí ÇáÚÑÇÞ

Were in the moneyyyyyyyyyyyyyyyyy!!!!!!!!!!

Dr. Goweili stresses on the support of Arab Economic Unity Council of Iraq and the cause of the Division
Source : KUNA-07 / 03 / 2007

The Secretary-General of the Arab Economic Unity Council Dr. Ahmed Goweili here today on the Council's support of the Iraqi economy and the cause of his people in the the suffering and the difficult circumstances currently going through.

The Council's statement that Goweili met today with a delegation headed by Dr. UNHCR Iraqi Basil al-Azzawi, where the Council is keen on Iraq's stability and unity described and the achievement of security and stability.

The statement said that during the meeting discussed ways to develop economic and trade relations with Iraq and discussion of the most important economic projects and investment prepared by the Council through an Arab investment and the importance of the participation of the institutions of civil society and economic sectors of Egyptian support the Iraqi economy.

The Geweili keen to support the activities of civil society in Iraq in particular, focus on the issue of reconstruction of Iraq and the deployment of peace within He pointed out that arranging visits to the Office of the Iraqi delegation of the National Council for Human Rights and the National Council for Women in Egypt.

For his part, Dr. Al-Azzawi informed the Secretary-General of the Arab Economic Unity Council on the activities of UNHCR and the formation of the Iraqi and various special sections Iraqi General for companies and businessmen and their active role in building and the reconstruction of Iraq.

The statement said that the two sides stressed the possibility of opening new vistas for bilateral cooperation between UNHCR and the Arab Economic Unity Council and asked for the meeting as a step players contribute to opening new vistas and ways of cooperation between the Council and the Office of Iraq.

It is noteworthy that the Arab Economic Unity Council had systems in the month of December last exhibition and a forum for the reconstruction of Iraq attended by the Secretary-General Arab League Amr Moussa and Iraqi Foreign Minister Hoshyar Zebari, the Foreign Minister of Yemen Abu Bakr al-Qirbi.

She also visited Egypt, the Group of the territory of Kurdistan, led by Iraqi President's adviser for trade and discussed ways of promoting trade exchange between the men Business in the province with their Egyptian counterparts in the various sectors.

http://64.233.179.104/translate_c?hl...px%3Fid%3D3359

Originally Posted by Adster

http://www.iraqdirectory.com/DisplayNews.aspx?id=3353

Wall Street drools over prospect of capturing Iraq oil wealth
Bay Area Indymedia - [07/03/2007]
The Iraqi cabinet’s adoption last week of a law creating the legal framework for turning over the country’s oil wealth to American corporations has touched off a chorus of salutes from the Bush administration, congressional Democrats and the corporate-controlled American media.
Perhaps the crassest expression of money-grubbing glee came in the Wall Street Journal, which published an article March 4 celebrating the unlocking of untold riches, including “dozens of untouched oil fields loaded with proven reserves and scores of exploration blocks that may prove a magnet to international oil companies.”

The draft law lists 51 oil fields, 27 in production and the balance with proven reserves, as well as 65 exploration blocks. The fallow fields and exploration blocks are located in every region of the country, while the working fields are concentrated in the northern region around Kirkuk and in the southern region near the border with Kuwait. Citing a cabinet document, the Journal reported that “Iraqi officials must first agree to the framework of contracts to be used when negotiating with foreign oil companies by March 15 if the country’s draft hydrocarbons law is to be submitted to parliament for its approval.”

The draft law calls for reviewing and renegotiating contracts with Russian, French and Chinese oil producers, signed under Saddam Hussein. These countries, which initially opposed the US invasion, are expected to be cut out of any lucrative oil deals in favor of American and British companies.

The government of Prime Minister Nouri al-Maliki endorsed the draft law February 26, after months of bitter conflicts among the representatives of rival bourgeois factions within Iraq—Kurdish, Sunni and Shiite—over the terms of the deal. Approval is likely in the Iraqi parliament, although not certain, as news of the agreement is sure to provoke widespread popular outrage over the sell-off of the country’s most valuable resource.

The cabinet conflict revolved around two related issues: Kurdish determination to hold onto Kirkuk, a city of mixed Arab, Kurdish and Turkomen population that is the center of the northern branch of Iraq’s oil industry; and the Sunni demand for revenue-sharing at the national rather than regional level, since the proven oil reserves are largely in the Shiite and Kurdish populated areas, with relatively little in the central and western provinces where most Sunnis live.

Neither issue was completely settled, but the formula agreed upon under heavy pressure from outgoing US Ambassador Zalmay Khalilzad, who reportedly dictated the final terms, provides rather more concessions to the Sunnis, largely at the expense of the Kurds.

In public, the Bush administration and congressional leaders of both parties have cited the working out of inter-ethnic compromises as the main purpose of the oil legislation. In reality, however, the Bush administration sought an agreement on whatever terms it could impose, so that the Iraqi oil industry could be placed on legal foundations suitable for opening it up to foreign (and largely American) capital.

Great article Adam! Thanks!!

Economic indicators : the start of a new industrial sector in Iraq

Baghdad and agencies :

An American official to visit Baghdad : indications are that starting the industrial sector in Iraq again despite the devastation caused by the war, while the number of men the Americans, who accompany him they are ready to conclude deals in this area.
Deputy Assistant Secretary of Defense in charge of American companies, Paul Brinkley, will be during the months of the re-opening of a large number of factories State-owned.
The Brinkley tour in Iraq last week, accompanied by about 45 American businessmen.
He said : it was re-opened a factory for producing cars in Alexandria (about 40 km south of Baghdad), which led to the creation of jobs for the Iraqis. He pointed out that other plants will be re-opened soon.
The American official, who was speaking to reporters Saturday at the American Camp Victory base in the vicinity of Baghdad, said that he hopes that lead revitalize the industry to calm the situation in the city devastated by the violence.
He added : The security and economic prosperity go hand in hand, unemployment in Iraq contribute to feed frustration among the population and lead to expressing sympathy with the rebels.
The American official acknowledged that most factories in Iraq stopped working or slowed down since the American invasion of Iraq in 2003.
But he added that some of these factories, equipped with modern machines or have the equipment to a good degree of performance, such as those used in India and China, can be operated quickly.
He mentioned in this context, a growing number of companies in the oil, textile and heavy equipment, chemistry and electronics.
He added : The American government is cooperating with the Ministries of Finance and Industry and Deputy Prime Minister Barham Salih of the economy will be able to return to work and allows for thousands of people finding a job.
At the same time, the Office of the American official on the establishment of relations between businessmen of Iraqis and Americans.
He visited American official and businessmen who are accompanying him amid heightened protection to areas of Anbar, Alexandria, Irbil, where he met with contractors and farmers and Iraqis from all sects and nationalities.
They said they were surprised the possibilities existing in a country the size of a devastating and neglected industrial fabric.
The latest American official Fred Cook, "The Ministry of Industry controls the 200th site but these factories operate at ten% the capabilities.
He added : The ministry includes 196 thousand employees, but only part of them actually work and the rest either contractors or paid much less than it was before.
He said Mahdi rugs charge of the series "Golfsand Petroleum", which is based in Britain uncovered that the possibilities available in the petroleum industry the main source of foreign currency for Iraq, enormous.
He explained that his company submitted an offer for sale of liquefied gas, but awaits a green light from the authorities.
For his part, Julian Burns, deputy chairman of the British defense industry, "Bi mandate any Systems" to North America, he found in Iraqis, "the people feel proud and ready to conclude deals.
He, however, expressed concern that Iraq seems on the brink of civil war.
He said : I am retired general Force Land, visiting Iraq to hold trade deals, this in itself a message.

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