Thread: Iraq/Dinar News up until March 18th Midnight ctz

Prime Minister General Commander of the Armed Forces of Mr. Nouri Kamel al-Maliki that the time has come to enjoy the Anbar province stable and secure life and a better economic position after his efforts to shoulder their responsibilities and expel terrorists and strangers and join the process of construction, reconstruction and national reconciliation.


وقد ظة.He arrived Mr. Prime Minister, General Commander of the armed forces of Anbar province Tuesday morning on a visit during which he briefed on the security situation and to maintain the level of services offered to citizens in the city of Ramadi and the districts and their conservation.
وكان.It was in the reception Mr. Prime Minister, the Governor and the members of the Anbar governorate officials and tribal chieftains and the awakening of Anbar, the military leaders.

واشاد .He praised sovereignty improved security situation in the city and dealing with the terrorists, and the role of men of the tribes in Anbar, and specifically the awakening of Anbar, which has become a good example in imposing security and stability and a model for national cohesion in the terrorists and Altkverein.

وشملت.The visit included the headquarters of the 7th Infantry Division in the center of the city of Ramadi, the main operations room in the province.

ودعا .He called Mr. Prime Minister, officials in Al-Anbar governorate to take advantage of the allocations set by the government for reconstruction, and development of services and the absorption of the youth in the conservation work projects, and joining the army and the police, also drew sovereignty set up a committee to speed up the release of detainees who were found guilty of crimes.

عامل،And Mr. Prime Minister, is a hospital room for 400 beds and pay the amount for the rehabilitation of the glass plant and increase its workforce hands to a range of 2000 to 3000 workers,

.Jewish sovereignty providing material ration card, medicine and fuel support for the security forces.

كما قبل .The Prime Minister is also Commander-in-Chief of the Armed Forces regardless of the salary pensions families of the martyrs of the armed forces and compensate the affected civilian and military, and increasing the number of employees of the seventh division in the coming months in addition to the exchange allocations gravity value dinars (160.000) to employees of band starting next month. ?? what does that statement mean?
.And through officials in the province, tribal chiefs applauded the visit, and their appreciation for the great support offered by Mr. Prime Minister, to consolidate security and stability in the province.
المقالComments received on the news / article

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Department of Public Information • News and Media Division • New York

MEETING TO REVIEW INTERNATIONAL COMPACT WITH IRAQ AT HEADQUARTERS ON 16 MARCH


The following statement was issued today by the Spokesperson for UN Secretary-General Ban Ki-moon:



In accordance with the United Nations mandate under Security Council resolution 1546 (2004) to assist in the reconstruction and recovery of Iraq, the Secretary-General will convene a meeting at United Nations Headquarters this Friday, 16 March, to bring the Government of Iraq and the international community together to review the substantive progress made in the development of the International Compact with Iraq. Adel Abdul Mahdi, Vice-President of Iraq, will lead Iraq’s delegation and brief participants. All Member States and representatives of multilateral institutions have been invited to attend.

Together with the Government of Iraq, the United Nations continues to serve as co-chair of the International Compact with Iraq. The Secretary-General recently appointed Ibrahim Gambari to be his Special Adviser for the Compact, and he will serve as United Nations co-chair.

The Secretary-General looks forward to the participation of the broader international community at Friday’s meeting to help put Iraq on a credible path towards sustainable development and economic prosperity.

Iraq Oil, Gas, Petrochemical & Electricity Summit

28-30 May 2007, Amman, Jordan28-30 May 2007, Amman, Jordan
In collaboration with the Iraqi Government, the Iraq Development Program (IDP) is proud to announce the official Iraq Oil, Gas, Petrochemical & Electricity Summit.In collaboration with the Iraqi government, the Iraq Development Program (IDP) is proud to announce the official Iraq Oil, Gas, Petrochemical & Electricity Summit. For the most important sectors of the Iraqi economy, this historic landmark event will be the first of its kind since the formation of the new Unity Government.For the most important sectors of the Iraqi economy, this historic landmark event will be the first of its kind since the formation of the new Unity government.



^click on image to view larger map^^ Click on image to view larger map ^
Iraq has the world’s second largest proven oil reserves and the Government is now finalising its new hydrocarbon laws, following the declaration of the investment laws for the extractive industries.Iraq has the world's second largest proven oil reserves and the government is now finalizing its new hydrocarbon laws, following the declaration of the investment laws for the extractive industries. The timing of this Summit could not be better.The timing of this Summit could not be better.

The key decision makers from the Iraqi Government will be participating with the full intent of establishing relationships and entering into contractual negotiations with all international operators wishing to be part of both the upstream and downstream sectors.The key decision makers from the Iraqi government will be participating with the full intent of establishing relationships and entering into contractual negotiations with all international operators wishing to be part of both the upstream and downstream sectors.



This Summit represents an unmissable opportunity to sit face-to-face with the key ministerial decision makers all under one roof at the same time.This Summit represents an unmissable opportunity to sit face-to-face with the key ministerial decision makers all under one roof at the same time. They will include:They will include :
Ministry of OilMinistry of Oil
State operating companies: Oil Projects Company, Oil Exploration Company, North Oil Company, South Oil Company, Pipelines Company, North Midland & South Refining Companies, North & South Gas Companies, Iraq Drilling Co.State operating companies : Oil Projects Company, Oil Exploration Company, North Oil Company, South Oil Company, Pipelines Company, North & South Midland Refining Companies, North & South Gas Companies, Iraq Drilling Co..

Ministry of Industry & MineralsMinistry of Industry & Minerals
State Company for PetrochemicalsState Company for Petrochemicals

Ministry of ElectricityMinistry of Electricity
Iraq Energy CouncilIraq Energy Council
Prime Ministers OfficePrime Ministers Office
Investment Promotion AgencyInvestment Promotion Agency
Kurdistan Regional GovernmentKurdistan Regional government
Ministry for Natural Resources, Office of the PresidentMinistry for Natural Resources, Office of the President



Government representation will include the Ministers, Deputy Ministers and Director Generals.Government representation will include the Ministers, Deputy Ministers and Director Generals.

Each Ministry will also be represented by the respective head of the Iraq Reconstruction Management Office (IRMO).Each Ministry will also be represented by the respective head of the Iraq Reconstruction Management Office (IRMO).

Other leading international bodies will be in attendance, such as UNIDO and the World Bank.Other leading international bodies will be in attendance, such as UNIDO and the World Bank. The Iraqi Government will also be making direct personal invitations to GCC and international energy and oil ministers.The Iraqi government will also be making direct personal invitations to GCC and international energy and oil ministers.




Key ContentKey Content

Each Iraqi Government Ministry will be presenting details of their key projects, contracts and areas of investment.Each Iraqi government Ministry will be presenting details of their key projects, contracts and areas of investment.



Oil & GasOil & Gas
• Full details of new hydrocarbon laws• Full details of new hydrocarbon laws
• Announcement of most up-to-date geological and seismic studies• Announcement of most up-to-date geological and seismic studies
• Special announcement on Iraqi gas reserves and concession opportunities• Special announcement on Iraqi gas reserves and concession opportunities
• Drilling and exploration rights• Drilling and exploration rights
• Refineries, oil depots, pipelines and storage tanks• Refineries, oil depots, pipelines and storage tanks
• Crude oil marketing to the international community• dispersed oil marketing to the international community
• Details of Northern oil operations, including Kirkuk, Nineveh, Erbil and Diyalla• Details of Northern oil operations, including needing roads, Nineveh, Erbil and Diyalla
• Management of the 29 central and southern oil fields• Management of the 29 central and southern oil fields
• Oil refinery operations and new contract and investment opportunities• Oil refinery operations and new contract and investment opportunities
• Pumping stations and pipeline distribution• Pumping stations and pipeline distribution
• Technological innovations for the future of Iraq’s hydrocarbon industry• Technological innovations for the future of reads hydrocarbon industry

PetrochemicalsPetrochemicals
• Refinery and petrochemical integration• Refinery and petrochemical integration
• Feedstocks flexibility and availability for petrochemical production• Feedstocks flexibility and availability for petrochemical production
• New world scale petrochemical project• New world scale petrochemical project
• Petrochemical complex #1 Basra• Petrochemical complex petrol # 1
• Petrochemical complex #2 (refinery-integrated) Mussayab• Petrochemical complex # 2 (refinery-integrated) Mussayab
• South Fertiliser – Basra• South FPC-petrol
• North Fertiliser – Baji• North FPC - Baji
• Sawary Resins Company – Baghdad• Sawary Resins Company-Baghdad

ElectricityElectricity
• Refinery and electricity integration• Refinery and electricity integration
• Petrochemical and electricity integration• Petrochemical and electricity integration
• Annual protective maintenance for generation units• Annual maintenance for protective generation units
• Investment in new power production facilities• Investment in new power production facilities
• Rehabilitation of older generation units• Rehabilitation of older generation units
• Stability of the power and transmission systems• Stability of the power and transmission systems
• Construction of new transforming stations and power lines• Construction of new transforming stations and power lines

Special Security BriefingSpecial Security Briefing

Iraq’s oil and electricity security is of paramount importance to its political and economic stability, with huge resources in place to ensure that these most vital industries are protected to the highest possible standards.Reads oil and electricity security is of paramount importance to its political and economic stability, with huge resources in place to ensure that these most vital industries are protected to the highest possible standards.

Insurgent and terrorist attacks are a daily threat to oil pipelines, refineries, petrochemical and fertiliser plants, oil tankers, storage facilities, electricity generation plants, transforming units and power lines.Insurgent and terrorist attacks are a daily threat to oil pipelines, refineries, petrochemical and fertilizer plants, oil tankers, storage facilities, electricity generation plants, transforming units and power lines.

The Iraq Oil, Gas, Petrochemical & Electricityl Summit will run a parallel briefing led by the security heads for the oil, petrochemical and electricity sectors.The Iraq Oil, Gas, Petrochemical & Electricityl Summit will run a parallel briefing led by the heads security for the oil, petrochemical and electricity sectors. This will enable private security companies and defence contractors along with suppliers to present the best in breed products and services to these key decision makers.This will enable private security companies and defense contractors along with suppliers to present the best in breed products and services to these key decision makers.


Registering for the summitRegistering for the summit

To register for the Iraq OGPE Summit, please select from the list of options below, or request a call back from the IDP team, who'll be happy to help work out the best option for you.To register for the Iraq OGPE Summit, please select from the list of options below, or request a call back from the IDP team, who'll be happy to help work out the best option for you



Iraq Oil, Gas, Petrochemical & Electricity Summit

The Iraqi Cabinet's approval of a draft law privatizing the country's oil industry was hailed as a political milestone by the Bush Administration last month, but critics are now blasting a House bill that makes the law a precondition for continued U.S. military support.

Congressman Dennis Kucinich (D-OH) called for the removal of the Iraqi hydrocarbon law, as it is called, from a supplemental war appropriations bill to be considered on the House floor next week, saying that the law "is a concerted effort to ensure that American oil companies are granted access to Iraqi oil fields."

The hydrocarbons law, which must still be passed by the Iraqi parliament, is one of six "performance measures" that Baghdad would have to meet in order to receive more funding from Congress this year, UPI reports. Failure by the Iraqi parliament to meet these benchmarks would result in redeployment of U.S. troops.

Kucinich called for reconsideration of the benchmark in a Monday letter to House Appropriations Chairman David Obey (D-WI) and plans to propose an amendment on the House floor next week that would remove it from the supplemental. By requiring enactment of the law by the Iraqi government, "democrats will be instrumental in privatizing Iraqi oil," his website quoted him as saying.

Kucinich's amendment "in all likelihood is not going to get past the Rules Committee," a congressional staffer told Iraqslogger.com, adding that the Congressman had not actively sought his colleagues' support for the amendment.

As Iraqslogger reported previously, the draft hydrocarbon law empowers Iraq's regional governments to negotiate production contracts with international oil companies, while calling for national distribution of oil revenues on a per capita basis.

But other provisions in the law undercut this revenue-sharing plan, opening Iraq's oilfields to foreign control, writes Antonia Juhasz in a New York Times op-ed:

"The law would transform Iraq's oil industry from a nationalized model closed to American oil companies except for limited (although highly lucrative) marketing contracts, into a commercial industry, all-but-privatized, that is fully open to all international oil companies. The Iraq National Oil Company would have exclusive control of just 17 of Iraq's 80 known oil fields, leaving two-thirds of known — and all of its as yet undiscovered — fields open to foreign control."

The draft legislation is expected to encounter stiff opposition in Parliament from the Iraqi Accordance Front and the Iraqi National slate, as well as Iraq's oil unions, which represent tens of thousands of workers, UPI reports.

The Bush Administration "has been aggressive in shepherding the oil law towards passage," writes The New York Times' Juhaz, and has made the law a performance benchmark for the government of Prime Minister Nuri al-Maliki.

It's not clear whether Kucinich's proposal to strike the law will garner much attention on the House floor, as no one in Congress has yet publicly supported him. Robert Naiman writes in the Huffington Post, "It's quite plausible that with a little public attention and lobbying, this amendment could pass."

IraqSlogger: Congressman Seeks to Scrap Iraqi Oil Law

Originally Posted by mewannapeg

The Iraqi Cabinet's approval of a draft law privatizing the country's oil industry was hailed as a political milestone by the Bush Administration last month, but critics are now blasting a House bill that makes the law a precondition for continued U.S. military support.

Congressman Dennis Kucinich (D-OH) called for the removal of the Iraqi hydrocarbon law, as it is called, from a supplemental war appropriations bill to be considered on the House floor next week, saying that the law "is a concerted effort to ensure that American oil companies are granted access to Iraqi oil fields."

The hydrocarbons law, which must still be passed by the Iraqi parliament, is one of six "performance measures" that Baghdad would have to meet in order to receive more funding from Congress this year, UPI reports. Failure by the Iraqi parliament to meet these benchmarks would result in redeployment of U.S. troops.

Kucinich called for reconsideration of the benchmark in a Monday letter to House Appropriations Chairman David Obey (D-WI) and plans to propose an amendment on the House floor next week that would remove it from the supplemental. By requiring enactment of the law by the Iraqi government, "democrats will be instrumental in privatizing Iraqi oil," his website quoted him as saying.

Kucinich's amendment "in all likelihood is not going to get past the Rules Committee," a congressional staffer told Iraqslogger.com, adding that the Congressman had not actively sought his colleagues' support for the amendment.

As Iraqslogger reported previously, the draft hydrocarbon law empowers Iraq's regional governments to negotiate production contracts with international oil companies, while calling for national distribution of oil revenues on a per capita basis.

But other provisions in the law undercut this revenue-sharing plan, opening Iraq's oilfields to foreign control, writes Antonia Juhasz in a New York Times op-ed:

"The law would transform Iraq's oil industry from a nationalized model closed to American oil companies except for limited (although highly lucrative) marketing contracts, into a commercial industry, all-but-privatized, that is fully open to all international oil companies. The Iraq National Oil Company would have exclusive control of just 17 of Iraq's 80 known oil fields, leaving two-thirds of known — and all of its as yet undiscovered — fields open to foreign control."

The draft legislation is expected to encounter stiff opposition in Parliament from the Iraqi Accordance Front and the Iraqi National slate, as well as Iraq's oil unions, which represent tens of thousands of workers, UPI reports.

The Bush Administration "has been aggressive in shepherding the oil law towards passage," writes The New York Times' Juhaz, and has made the law a performance benchmark for the government of Prime Minister Nuri al-Maliki.

It's not clear whether Kucinich's proposal to strike the law will garner much attention on the House floor, as no one in Congress has yet publicly supported him. Robert Naiman writes in the Huffington Post, "It's quite plausible that with a little public attention and lobbying, this amendment could pass."

IraqSlogger: Congressman Seeks to Scrap Iraqi Oil Law

Go luck Dennis! Go buy some Dinar instead.

Originally Posted by PAn8tv

Open letter to Mr. President of the Chamber of Deputies on a draft law on new oil and gas
The news has been added on 3-13-2007, 9:7

Amman - WAI-DR. Tariq Abdul Wahab

Enclose below letter addressed to the House of Messrs. Iraqi experts in the field of oil sector was revived by the Preparatory Committee of the Amman symposium, which was held on February 17, 2007 on their reservations on the new law on oil Below are some items of this reservation :
Open-Letter -

Mr. Speaker of the Chamber of Deputies, the esteemed
Members of the House of Representatives respectable

Greetings, and after ...

A few days ago, the Cabinet approved a draft law on oil and gas and transmit to the Security Council for discussion and approval to legislation.
And in this regard, we, oil experts Iraqis living outside and inside Iraq, to emphasize the need for the country to the law that regulates the activity of the oil sector and ensure optimal investment of the oil wealth. However, having examined the detailed draft law and discussed in a seminar devoted to this purpose in Amman on February 17, 2007, it was noted that there were many gaps and ambiguities that should be drawn to and dealt with by the Security Council for the purpose of the provisions of this law will lead to the success of application transparency and efficiency and so as to achieve the supreme national interest.
And in a time when we wish to inform public opinion and civil society organizations on the draft law, along with oil cadres specialized in this field to study and enrichment before it is referred to the Security Council to discuss the legislation we reiterate our view that there is urgency in the approval in the light of current circumstances in which a complex our Aziz.
We have exited the symposium, which was held in Amman set of recommendations can be summarized as follows : -

(1) there is a marked urgency in the passage of the law at the present time, and prefer to wait until the completion of the amendments to the Constitution under Article (142), and in order to give more time to study and discuss it in a technical and professional. He noted the absence of an Iraqi specialized competencies which had the honor of the advancement in building the Iraqi oil industry known globally, as well as the absence of the views of civil society organizations and trade unions in the discussion and enrich the draft law during the period of preparation.
(2) orientation, which was supported by the draft law regarding the need to restructure the Ministry of Oil and the re-establishment of the Iraqi National Oil Company, taking into account the need for the clarity of responsibilities and lack of duplication.
(3) notes and a clear imbalance in the composition of the Federal Council of the oil and gas and the independent consultants should be avoided to ensure the efficient functioning and transparency and professionalism especially with regard to the assertion by taking into account all the components of the Iraqi people because of its consolidation of the principle of quotas, as well as a selection of the members the consultants and length of service.

(4) the need to reconsider the exception of private transfer and service of this law as preferred merged at the present time or work on the legislation of a special law in parallel interest in the law of oil and gas present.

(5) review of the powers granted to the regional body in order to balance the powers with the federal and develop controls to ensure compliance with federal and Medium Unit resolution to block foreign companies competing to penetrate the national ranks has seen this in the light of the forthcoming amendments to the Constitution.

(6) Nstekara that the motive for the issuance of such a law was based on raising production capacity of soliciting foreign investment, and in this aspect, we recommend that are planning to raise the energy gradually beginning to rehabilitate existing fields producing national effort (INOC), followed by the development of the giant fields already discovered - developed or produced in part and the scheduling priorities as Satha and development cost, regardless of their geographical location through service contracts with the companies and the Department of efficiency and technical capability, as needed, and to avoid entering long-term contracts with foreign companies at the present time.

(7) continue to actively prospecting through national effort, given the high rates of success and self-financing or through soft loans, especially for patches with high probabilities of success, and the limiting of contracts licenses in their exploration and development and production of low-lying areas with prospects of success.

(8) avoided long-term commitments with international companies in the contracts for exploration and development and production by providing airspace security appropriate to ensure that companies work force. And in all cases we recommend offer contracts with foreign companies to the Council for ratification.

(9) for the areas of finance, and in the light of the gradual ascent of the production rates for the whole of Iraq, it is proposed that the financing of the oil resources, essentially pay-term foreign sources of oil. As for the transfer, the services sector could provide the required funds to enter into a partnership (Joint Venture) with local and foreign parties as a need.

At the end of our mission, we would like to reiterate our readiness to contribute to the maturing of this important law and the relevant laws and are confident that the Security Council will deal with patriotic entrusted you and give priority to the national interest in the political and factional considerations at this historic juncture difficult it is going through our work and Aziz the slowdown in the issuance of enrichment necessary adjustments when required.


With deep appreciation and respect


As fall below the names of the experts and officials of the oil sector, who have reservation on the new law.

The list of signatories of the letter to Messrs.
Brought to the House
Regarding (the Iraqi oil and gas)

T. name another ministry post
D 1. Ibrahim Abdul Karim Rashid, a former director general of oil
D 2. Akram right Bakr legal adviser
D 3. Thamer Ekeli former Director General of Oil
4 Hazim Sultan, director general of oil previously
5 Hassan Jawad jewelry director of phosphogypsum former oil
D 6. Khaled Shamari, an economic expert
7 Rajeh Mohiuddin Youssef former Director General of Oil
8 Raad Hassan al-Azzawi, a former assistant general manager of the oil
D 9. Riyad Skinner former university rector / geological consultant Higher Education
10 Saad Allah Alvatehi former Director General of Oil
11 Samir Kabbah an oil oil
12 Samir Zahron an oil oil
13 Saad Saleh Al-Zubaydi former Director General of Finance
Mohsen Sharif on 14 former Director General of Oil
15 Sabri Abdul Razak Kadim an oil oil
16 Saeb Bahgat, a former head of the oil engineers
17 am chosen legal expert oil
18 Sabah Yassin Awni financial adviser
19 Dia Shamkhi crying former Director General of Oil
20 Tariq Al-Ani former Director General of Oil
21 Tariq Rahim, an oil oil
22 Tariq Shafiq consultant / founding member (Enoch) oil
D 23. Talal Ashour Kanaan, a former director general of oil
24 Abdullah Younis charity adviser chemical industries former Industry
D 25. Abdul Elah reformed former Director General of Oil
26 Othman Abdul Baqi says former Director General of Oil
27 Issam Abdul Rahim Al-Chalabi, a former Minister of Oil
The 28 Jam former Director General of Oil
The 29 Rajab former Director General of Oil
30 Emad Mohamed Kabbah, the former director of Oil
31 Irfan Zaki Secretary former Director General of Oil
32 Azzam Bakr Yahya former Director General of Oil
33 Abdel-Salam Abdel-Aziz al-former director of Oil
T. name another ministry post
34 Ghazi Saber, the former Director General of Oil
35 Ghassan Ahmed Rasim director of the Legal Service of the former oil
36 Ghassan Alhdban former Director General of Oil
D 37. Faleh Hassan Al-Khayyat former Director General of Oil
38 Faleh Mohsin virgins head of the former oil
39 Frzedk mourning Under former Director General of Oil
40 Ghali Faisal Salman al-Tamimi, Undersecretary of the Minister / geological former Industry
41 Qassem Taqi Aribi, a former Minister of Oil
42 Qassim Abdul Wahab former head of oil geologists
43 Qahtan Hamid Al-Anbuge, Undersecretary of the former Minister of Oil
D 44. Full want to Mali financial adviser
To urge M. Karim 45. A former head of oil
46 Kamal al-oil economic expert
47 gesture Shadhan an oil oil
48 Luay record Bashi former director of Oil
D 49. Mahbub Chalabi, a geological consultant oil
50 Muhammad Ali Zaini an oil oil
51 Mohammed Mustafa al-Jabouri, a former Minister / Director of earlier trade / oil
D 52. Mohamed Mahmoud al-former industry
53 Muhammad Yunus Al-Obaidi, a former director general of oil
54 Mohamed Aboud Al-Saadi, a former oil
Mahmoud Hamid Ahmed 55 former Director General of Oil
56 minutes Mahmoud M. Paci. Chairman of the Foundation previously oil
57 forbid hospitality oil expert
58 pairs Abdel Moneim periodic Under former head of the oil
D 59. Mazen Mohammed Ali Gomaa, a former undersecretary of the Ministry of Oil
60 Nouri Ani former Director General of Oil
61 Walid Tawfiq Al-Dabbas, a financial expert former oil
________________________________________
Copyright © copies

You see, I think this is terribly wrong when "formers" are allowed to get into the way of an economic reform.

That's because while these people may have good intentions, they are NOT qualified enough to decide how this new oil law will impact the economy.

They have a certain way to look at things, they are not open minded, they have been brain-washed in the Saddam era.

They do not know what "open market" is. While they know their stuff about OIL, they don't know how to market it, they don't know how to share it between all Iraqis, because THIS IS NEW to all of them.

It is their MENTALITY that makes them unfit to make decisions at this time, AND NOT THEIR KNOWLEDGE.

These are the people who are dangerous because they will pull back by bragging about their knowledge in the oil field and not allowing the right people to push the reform forward.

No wonder they are FORMERS!!

I don't know if it has been posted

OPEC Satisfied With Oil Prices
Wednesday, March 14, 2007

VIENNA, Austria (AP) -- OPEC ministers on Wednesday spoke out against pumping more crude into world markets, suggesting they favored present levels _ and prices _ despite jittery stock markets and concerns about the health of the global economy.

Ahead of Thursday's meeting by the 12 OPEC oil ministers, comments by the ministers of Nigeria and Kuwait reflected satisfaction on the part of the Organization of Petroleum Exporting Countries with present prices. While well off the record highs of over $78 last summer, a barrel of oil still costs around 40 percent more than in 2004.

Still, plunging stock markets have raised questions about the health of world economies, and with it the future prospects of strong crude demand, despite predictions that the world's appetite for OPEC oil is on the rise. Any prolonged economic downturn would curb the world's appetite for oil, and drive down prices.

Asian and European stocks fell Wednesday after Wall Street's second-biggest point drop in four years rattled already nervous markets. The tumble came just as international markets were recovering from sharp declines earlier this month amid concerns about overvalued stocks and a U.S. slowdown.

With recent forecasts pointing to increased crude consumption, however, oil ministers appeared to favor keeping the status quo when they convene on Thursday.

Total OPEC output last month averaged 30.2 million barrels _ 400,000 barrels less than OPEC should produce to meet world demand, said the IEA, the energy watchdog of the world's major industrialized countries. And _ barring the unexpected _ consumption is set to increase with the approach of the high-demand North American summer driving season.

Two cuts in the past four months have contributed to relative stability that has kept crude between $50 and $60 a barrel. Still, with benchmark crude prices Wednesday below $60 _ the red line for OPEC price hawks _ OPEC ministers appeared to be in no mood to pump more oil.

"I will strongly argue against this," said Nigerian Oil Minister Edmund Daukoru, when asked if the 12-nation organization would contemplate raising output.

On Wednesday, oil prices were down after U.S. petroleum inventory data showed an increase in crude stocks but declines in gasoline and distillate stocks, which include heating oil and diesel fuel. Light, sweet crude for April fell 29 cents to $57.64 a barrel on the New York Mercantile Exchange. April Brent on the ICE Futures exchange slipped 9 cents to $60.81.

Kuwait's oil minister, Sheik Ali Al Jarrah Al Sabah, also said his country supported keeping output levels where they are, and Shokri M. Ghanem, head of the National Oil Corp. of Libya, also suggested OPEC would opt for the status quo.

Al Sabah suggested the group could act if supplies became scarce ahead of the driving season, telling reporters: "If it's tight, OPEC will fill any gap." But he also refused to specify when any production increase could occur.

"I think they are all comfortable ... because prices are at their acceptable level," said independent oil analyst Kamel A. Al-Harami, former president of Q8, the retail arm of the Kuwait Petroleum Corp.

The 10 OPEC members bound by quotas agreed to total cuts of 1.7 million barrels a day in October and February. And while analysts say that the reductions have not been fully implemented, they have kept prices at levels OPEC feels comfortable with.

Iraq is not subject to the quotas. But raising hopes that the nation's battered oil sector may be heading toward some stability, oil minister Hussein al-Shahristani told Dow Jones Newswires he has been in discussions with oil giants Royal Dutch Shell PLC and Total SA over developing the country's vast oil resources, and that he expects a handful of projects to be put up for bidding later this year.

U.S. government officials and Iraqi politicians have hailed a draft law that would allow foreign investment into the politically charged oil sector, saying it would be a start to rebuilding a war-torn industry.

They also hope that new oil revenue, distributed among the country's fractious regional, ethnic and religious groups, will underpin Baghdad's shaky central government.

But oil company executives have said the legislation remains too ambiguous to trigger any meaningful negotiations between companies and government officials.

If passed, the initiative would legally permit some sort of foreign participation in the oil sector. That in itself would be a very big step, because the country's oil wealth is politically sacred. The nationalization of the oil industry in the early 1970s under Saddam Hussein was a hugely popular move, and many Iraqis are still wary of foreigners exploiting their fields.

ConocoPhillips studying Iraq opportunity

Published on : Thu, 15 Mar 2007 00:06

By : Agencies

NEW YORK (AP) - ConocoPhillips said Wednesday it is talking with Iraq's oil ministry about possible projects, while continuing to work on plans to develop an Iraqi oil field in partnership with Russia's OAO Lukoil.

Chairman and Chief Executive James Mulva said the Houston-based company is continuing to look at development plans for Iraq's West Qurna field with Lukoil, in which ConocoPhillips holds close to a 20 percent stake. Lukoil's West Qurna deal initially dates to the Saddam Hussein era, and Mulva said he hopes it is affirmed.

'We have also done a lot of study and training, working directly with employees and members of the ministry within Iraq to see what ConocoPhillips can do ourselves,' he said in an interview after making a morning presentation to analysts in New York.

The company would require that several issues be resolved before it operates in the country, Mulva said.

At the top of the list is a new petroleum law defining what role international oil companies would have in developing Iraq's resources.

The Iraqi Cabinet last month approved a draft oil law that seeks a fair distribution of revenue among all Iraq's sectarian and ethnic groups and seeks to encourage international investment.

Many Iraqis fear the measure will effectively hand the country's major natural resources over to foreign oil companies. Supporters say the oil giants have the billions of dollars needed to upgrade the country's aging wells, pipelines and port.

'We are waiting for the new petroleum law to be passed,' Mulva said. 'There's good progress in that regard, and hopefully it will be completed in time,'

When asked what he meant by 'in time,' Mulva said weeks to several months.

Passage of the law, Mulva said, will give the No. 3 U.S. oil company a clearer picture of what opportunities it can pursue within Iraq.

Another requirement for ConocoPhillips, Mulva said, is improved security in Iraq.

'For security reasons, we haven't had our employees in Iraq,' Mulva said. The company would need positive assessments from the government and security firms for that to change, he said.

ConocoPhillips shares rose $1.32, or 2 percent, to close at $67.91 on the New York Stock Exchange. Shares have ranged between $54.90 and $74.89 over the past year.

Originally Posted by Jola

You see, I think this is terribly wrong when "formers" are allowed to get into the way of an economic reform.

That's because while these people may have good intentions, they are NOT qualified enough to decide how this new oil law will impact the economy.

They have a certain way to look at things, they are not open minded, they have been brain-washed in the Saddam era.

They do not know what "open market" is. While they know their stuff about OIL, they don't know how to market it, they don't know how to share it between all Iraqis, because THIS IS NEW to all of them.

It is their MENTALITY that makes them unfit to make decisions at this time, AND NOT THEIR KNOWLEDGE.

These are the people who are dangerous because they will pull back by bragging about their knowledge in the oil field and not allowing the right people to push the reform forward.

No wonder they are FORMERS!!

There were a few people on that list that caught my eye.

D 37. Faleh Hassan Al-Khayyat former Director General of Oil
38 Faleh Mohsin virgins head of the former oil
39 Frzedk mourning Under former Director General of Oil
40 Ghali Faisal Salman al-Tamimi, Undersecretary of the Minister / geological former Industry
41 Qassem Taqi Aribi, a former Minister of Oil
42 Qassim Abdul Wahab former head of oil geologists
43 Qahtan Hamid Al-Anbuge, Undersecretary of the former Minister of Oil
D 44. Full want to Mali financial adviser

Hey old boy, what happened to my post? Didn't like it? What up?

Thanks,

Scott