Thread: Iraq/Dinar News up until March 28th 8PM CT.

Does anyone have any info on Chase providing loans using Dinar as collateral?
If this is the real deal I will take out a loan immediately and pay off some of my bills. I have the number of one of the Chase tellers that works where I purchased my dinar. I will call him tomorrow and let all of you know!
I hope that It is true!!!!!!!!!!!!!!!!

Originally Posted by ordinaryseawoman

Yeah, these are loans to be given to individuals. My point is that in the past we've always seen these loans talked about in terms of dinars, period-- as in the amount of the loan is 10 million dinars. This kind of statement is bad because it doesn't allow for a revalue of the dinar.

The statement "the VALUE of 10 million dinars" is good for us because it allows for future changes in the value of the dinar. the loan will be worth approx $7,8305.85 (thanks for doing the math inquisitive1) regardless of what the dinar exchange rate is at the time of disbursement.

I really don't understand why more people aren't picking up on this statement made by the Minister of Labor and Social Affairs...




I'm liking it. bananas seem to like it too... OSWoman

I like the "VALUE" word as well in addition to the fact that they are implementing these loans that have been on the table for some time.

Hate to be a downer guys, but if this is true, which I highly doubt, I wouldn't touch it with a ten foot pole. We've always heard, don't spend more than you can afford to lose, and I think that goes hand in hand with this.
Remember, this is in all honesty, not a sweet, kind investment. It is a mean, hardnosed gamble.

Originally Posted by www.xealthy.com

Does anyone have any info on Chase providing loans using Dinar as collateral?
If this is the real deal I will take out a loan immediately and pay off some of my bills. I have the number of one of the Chase tellers that works where I purchased my dinar. I will call him tomorrow and let all of you know!
I hope that It is true!!!!!!!!!!!!!!!!

Bank loans are traditionally negotiated on an individual case by case basis, based on you, your history and situation.

Economic Planning : attribute the low level of project delivery to the leaders based on the implementation
24.03.07
BAGHDAD - Omar Abdel-Latif

Alija the Ministry of Planning and Development Cooperation low levels of achievement in the draft plan of investment to inefficient leadership based on the implementation of these actions. The Director-General of the Department of Planning and Construction and Housing Ministry said the beautiful lights built in a statement summarized by the (morning)

On the sidelines of the conference held by the Ministries of Finance and Planning on accelerating the implementation of the budget and investment projects for 2007 : The leaders assumed positions on the implementation of projects in some ministries and governorates neo-era work that caused confusion in the course of the work.

It added that the lack of clarity of vision and multiple directions and instructions, have in some cases contributed to the low rates of achievement, stating that the Ministry of Health and modern ministries I have a very clear decline in the rates of completion of the projects.

From his part, Minister of Planning and Development Cooperation in the Conference itself was surprised at the modest rate of achievement made in the draft investment plan through 2006. He said : "We were surprised at the end of last year to the completion of modest proportions of some ministries and governorates in the draft investment plan.

With ills Deputy Prime Minister Barham Ahmad Salih in a speech he delivered at the conference the cause of low rates of achievement in the project to delay, which was accompanied by the formation of the government as well as the worsening security situation in some provinces, especially the capital, Baghdad.

He added that the current government has a significant obligations such as shifting economic, which is a necessary condition for the provision of employment opportunities and easing the security crisis, as well as raising the level of services to citizens who had suffered in the past three years.

The Council of Ministers has approved a project submitted by the Ministry of Planning and Development Cooperation to achieve efficiency and speed in the implementation of investment projects after obtaining the opinion of the ministries in order to address the constraints and the reasons for the lag in implementation and delivery during the period set aside for the advancement of the Iraqi economy

http://64.233.179.104/translate_c?hl...%26sid%3D39259

Kurds set to boost Iraq oil output
LONDON, 24 March 2007 (Gulf Daily News)

Iraq's Kurdish regional government expects to sign deals with at least 10 foreign oil firms by the end of the year, it said yesterday, as it strives to increase output by 1 million barrels per day over five years.

Ashti Hawrami, minister of natural resources in the semi-autonomous Kurdistan Regional Government, said five production sharing agreements have already been signed with the details to be released in the next few weeks.

The companies involved include Norway's DNO, Turkey's Genel Enerji together with Addax Petroleum and Canada's Heritage Oil and Western Oil Sands.

"We are in discussions with a number of other companies and they are ready to come in," Hawrami told a briefing for potential investors in London. "We are holding things back, not them."

Production under the existing five contracts was estimated at 200,000 bpd. Additional foreign investment in the next five years was expected to boost output of new oil by another 800,000 bpd in the next five years. Hawrami said the government was also set to sign several exploration agreements. "I have six or seven contracts to be signed on my desk," he said.

------------------------------

"HAVE BEEN ALREADY SIGNED"??
....and the details will be published in a few weeks...wouldn't this imply that there is an exchange rate set for IQD in these contracts?

International
Iraq's Wildcats
Christopher Helman, 01.08.07


Company of the Year: AT&T
The Best of the Best
Control Freaks
Complete Contents

By This Author
With violence raging, some American investors are drilling for oil in the Kurdish-controlled north. Are they nuts?

Very quietly in September, under the watchful eye of the Kurdish Oil Protection Force, a crew funded by Prime Natural Resources of Houston started drilling for crude in northern Iraq. The idea was to reach a target depth of 9,500 feet in a Bina Bawi field around New Year's and uncork what seismic studies indicate could be 500 million barrels of oil. Success would make Prime and its partners the first Americans to find new oil in post-Saddam Iraq.

Long before ExxonMobil (nyse: XOM - news - people ), BP (nyse: BP - news - people ) and Chevron (nyse: CVX - news - people ) pile on, Prime is making an audacious move at a very delicate time. The dispute over hydrocarbons is very much at the heart of the civil war raging in Iraq: Sunnis, who ruled under Saddam, want their share of oil riches, which mostly lie in the Kurdish-controlled north and the Shiite south. The factions seem close to a federal law over how to distribute petro revenues--which might tamp down the violence--but are hung up on who would have final say, the feds or the regional government. Until that's settled, Uncle Sam doesn't want any oil company, American or otherwise, cutting deals with any group. The State Department said as much to Prentis B. Tomlinson, chief executive of Calibre Energy, one of Prime's partners, when it summoned him for a scolding in the fall. "My response was, 'I wish you had called me before we had made the investment,'" winks Tomlinson, 64. "Still, there's no law that precludes us from being there."

But there is the lure of relatively quick and hefty profits. Early investors in Calibre, an o-t-c bulletin board stock with minimal operations (it lost $1.9 million on revenue of $21,000 in 2005), stand to pocket $100 million or so if a new stock offering becomes effective early this year. And there are other western investors in Iraqi Kurdistan. Adjacent to the ridge formation that marks Bina Bawi is a field called Taq Taq, where a Swiss-Canadian outfit, Addax Petroleum, says it found 2 billion barrels in September. Last April Norwegian explorer DNO hit pay dirt--330 million barrels in the Tawke field. Other prospectors include Canada's Heritage Oil and Western Oil Sands.

Where is Big Oil? "The supermajors won't go in yet; they can't afford the headlines. What workers would they send there, and who would be willing to break the news to their family when they got killed?" asks Peter Newman, head of the oil and gas practice of Deloitte & Touche. "Plus, these projects are too small for the big guys."

Since 2003 there have been 375-plus attacks on Iraq oil assets: pipelines blown up, engineers shot, fuel trucks set on fire. Iraq's oil output is down from a prewar 2.5 million barrels per day to 1.9 million. Considering that Iraq's estimated reserves of 150 billion barrels are second only to Saudi Arabia's, oil economists think Iraq could easily produce 5 million barrels a day for many years. While the Kurdish areas are safer than the rest of Iraq, roughly half the nation's postwar oil production deficit is traced to the very area where the wildcats are drilling. Seventy-five miles from Bina Bawi runs Iraq's biggest export route, the Kirkuk-to-Ceyhan pipeline. Before the war it carried 900,000 barrels a day from northern Iraq to Turkey's Mediterranean coast. Today it's lucky to do 500,000.

Oil was first discovered in Kirkuk in 1927 by the Turkish Petroleum Co. Its estimated 10-billion-barrel reserve caught the attention of Saddam, who in the mid-1970s began "cleansing" the area of Kurds, replacing them with Sunni Arabs. Since the U.S. invasion the Kurds have been moving back, and reclaiming petroleum assets, partly by letting foreign oil companies drill near Kirkuk.

Not that this settles the matter of who owns what oilfield. Oil Minister Hussein al-Shahristani, a Shia, insists that Baghdad will not recognize any contract between foreign oil companies and the Kurdistan Regional Government (KRG). Nechirvan Barzani, prime minister of the KRG, counters that the Kurds, who compose 17% of Iraq's population, will secede if their authority over regional oilfields is eroded. "We don't believe a centralized oil policy has been successful since Iraq's inception," says Qubad Talabani, the KRG's ambassador to the U.S. and son of Iraq's president.

How did Westerners get in? In 2002 Jalal Talabani, then president of the the Patriotic Union of Kurdistan (now president of Iraq), signed up Turkey's Petoil and Genel Enerji to the first production-sharing agreements, under which the Kurds were promised roughly half of any oil produced. Petoil is a small oil explorer that owns refineries and transports oil across Turkey, making it a natural recipient of Kurdish crude. But Petoil needed a partner to shoulder some of the risk and put up the cash to drill Bina Bawi.

A Texas mining consultant who had worked with Petoil years ago suggested that it meet with Richard Anderson, Prime's chief executive, to discuss a possible deal. Anderson, now 53, flew to Ankara to chat with Petoil Chairman Güntekin Köksal and General Manager Ali Ak. After several months of negotiations Prime in 2004 decided to contribute several million dollars for 50% of Petoil's stake in Bina Bawi and several Iraqi oil prospects. They called the new joint venture Pet-Prime. "We thought a U.S. company would be an ideal partner in that region, for political, technical and economical reasons," says Ak in an e-mail exchange. "Prime Natural Resources was the first company to show an interest." Prime later sold 20% of its stake to Calibre for $5.5 million and another 20% to Hillwood Energy--a unit of of Hillwood Development Co., headed by H. Ross Perot Jr.--for what's thought to be an equal amount.

Prime Natural Resources is a closely held, secretive company. Acquired a decade ago by the New York City hedge fund Elliott Associates, Prime has an old oil hand at the helm. Anderson has been with the company since 1998; before that, as the managing partner of Hein & Associates, he presided over the audit committees of oil services companies like Boots & Coots and Grant Geophysical (other-otc: GRNPQ.PK - news - people ). Taking advantage of high oil prices, Anderson has sold most of Prime's oil and gas fields in east Texas and the Gulf of Mexico; it retains a big stake in an oilfield in Colombia.

If successful, Bina Bawi will be Prime's biggest investment. It has spent tens of millions of dollars evaluating seismic data and funding drilling crews, mostly Turks, Kurds and Romanians. Larger outlays will come once they find oil--typically for such projects, $300 million or more in pipelines and processing plants over the next decade.

Addax (latest-12-month sales: $2 billion) has already spent $124 million. A source close to the Taq Taq project says the company will have to shell out $3 billion over the next ten years to build out the infrastructure in order to get at its 45% interest in an estimated 2.7 billion barrels. (It recently expanded its agreement with the Kurds to include exploration in the Kewa Chirmila prospect, thought to hold 650 million barrels of oil.) This year the KRG intends to export some production from the project to the regional market. Headquartered in Geneva, Switzerland and listed on the Toronto exchange, Addax is accustomed to working in tough places; it's in Nigeria alongside Shell and Chevron. Its partner in northern Iraq, Genel Enerji, is a division of Turkey's powerful Cukurova Group conglomerate, controlled by Chairman Mehmet Emin Karamehmet.

DNO has anted up approximately $100 million for three exploration deals in northern Iraq. That's bought a 55% share of any production, though it has to foot all the bills. With annual revenue of $300 million or so, DNO has interests in Yemen, Equatorial Guinea, Mozambique and Norway's continental shelf.

Few stand to make more money than early investors at Calibre Energy of Washington, D.C. Before wildcatting in Iraq, Calibre was a tiny energy company controlled by veteran oilman Prentis Tomlinson, with a handful of oil and gas prospects in Texas. Over the last 30 years Tomlinson has operated a dozen companies, some of which flamed out. In the late 1990s Benz Energy, a Vancouver-exchange-listed exploration company, stumbled while developing the Oakvale gas field in Mississippi but stayed alive by selling assets to Prime Natural Resources. A few properties were held by Calibre, formed in 2005 and taken public in January 2006 in a reverse merger with a listed shell company called Hardwood Doors & Milling Specialties. After raising $18 million or so in several private placements, Calibre bought its stake in the Bina Bawi project in September.

With little more than a handful of wells in Texas, Calibre is still a very useful vehicle to its backers. In October it filed a prospectus with the Securities & Exchange Commission to sell 71 million shares bought by 160 early investors but never traded on the market. (Only 4 million Calibre shares change hands today.) The offering is timed to coincide with the end of drilling at Bina Bawi. Tomlinson, whose 20 million shares are worth a recent $52 million, says neither he nor any directors intend to sell in the offering. But what could the early investors reap? They paid $19.5 million for a total of 41.5 million shares and warrants. Average cost per share: 47 cents. Says Tomlinson, "It's a unique opportunity, with a very narrow window."



Ready, Aim, Drill
While war rages, a handful of Western outfits are risking capital--and life--to explore and produce plentiful oil. Uncle Sam and Iraqi feds hate side deals with the Kurds.


Iraq's Wildcats - Forbes.com

Three Iraqi files fae Riyadh summit
24.03.07
Baghdad, Mar. 24, P.. 1

Participation of the President Jalal Talabani at Riyadh summit gets special importance while he holds three sensitive files to stabilize situation in Iraq.

Records and include support to Recht Und Völkerrecht. Efforts.MP Abbas Bayati expects that the President would offer to Arab leaders three important files; security, economy and foreign relations.He added that security file includes support of law enforcement plan and control borders with Iraq, while economic file focuses on debts and compensations, while foreign file mentions accelerating Records of opening embassies and consulates besides English foreign support to Maliki's Recht Und Völkerrecht. And meetings which held in Baghdad.

ÌÑíÏÉ ÇáÕÈÇÍ - Three Iraqi files fae Riyadh summit

here is a line from the Iraqi Letter of Intent published on the IMF website:

http://www.imf.org/External/NP/LOI/2007/irq/022307.pdf

20. Due to delays in completing the 2005 CBI audit, the GoI was not able to recapitalize
the central bank to the stipulated ID 100 billion (structural benchmark for end-December
2006). We are committed to doing so in 2007 and the MoF has already sent a letter to the
CBI reflecting our commitment.

------------------------
100 billion IQD for recapitalization of CBI

Economic : economic expert call for the adoption of planning and expense of the economic feasibility
24.03.07

When the implementation of projects
Iraq is preparing for the biggest campaign of building and reconstruction
Baghdad Hassan spring

Expected to be launched campaigns in the reconstruction of Iraq after the results plan to impose law and order, which is expected and encouraged by the good citizens with signs in some of the direct economic expert warned on to the need to adopt planning and economic feasibility accounts ahead of the implementation of any project no matter how large or small size.

He criticized the economic expert Dr Ismail Hammadi Ebeid scientific outlook and the absence of proper planning associated with the preparation of projects to be implemented in many regions of Iraq.

He said in an interview with the (morning) that many of the supervisors of the project preparation old and new think that finance is the basis of the implementation of projects and this is a grave mistake as it precedes the process of allocating funds planning studies to determine the economic feasibility of such projects even of the nature of a service, such as roads, sewerage projects electricity and water purification etc..

Hammadi stressed the need for pre-financing operations and specialties physical depth studies in the economic and technical feasibility will clarify whether the project economically rewarding and meets the ambition and serve the community components.

He added economic studies which I mean taking into account the amounts required to agree on the implementation of the project and the period of time required and the ways and means of implementation.

The implementation entails simply transforming the project into construction entrusted with the task of implementing the fundamental pillars of the components of the project, either in parallel or in sequence, preferably through economic and supervisory experience long and keep me on the nature of the implementation of the projects are to be divided into several construction projects, taking into account the relationship with a view to speeding up the achievement and failure established to one company.
To this end, an economic expert on the importance of taking into account at the start of the preparation of plans of projects are very important and Maitalk by functional requirements of the project as it is useful material requirements without providing other important requirements.

I must refer to this connection, Dr. Hammadi goes on to say that the projects will need always to the resident engineer, which must be enjoying the efficiency and the ability to follow up implementation and accounting contractors, pointing out that this might ignored by some circles but deem detailed task of the joints in the process before all this As I noted at the outset the need to be planning for a great deal of efficiency, knowledge and Maitafo said on the surface it seems to me, is the approaching war and depart depending on the importance of the project, but far from the original concept schematic right which is subject to economic criteria known.

He pointed out that there are, inter alia, to be taken into account when the inclusion of projects prepared for the annual implementation of the most important as I know the supplies required at the implementation, including construction materials and the ease of access to the work site, and efficient staffing supervisor and then comes the question of providing allocations project material and understand the scientific analysis of the economic flour The three pillars are the financing, planning and execution but economists prefer to begin the planning process and then comes the role of other steps of output, physical and operational ..

This Maifrez the planned integration of Aigfl issue in the implementation of productive projects and take into account factors operating in terms of both human resources and efficiency or resources on the needs of these projects and this is an advanced and integrated in the economy can not be established laboratory for canning dates in the North as to make it possible that projects dam to provide electricity in the south, and so on.

Translated version of http://www.alsabaah.com/paper.php?source=akbar&page=37