Thread: Iraq/Dinar News until April 26, 2007 Midnight cst.

Minister of Finance reviews the challenges of the economic situation in the country





خلال الدوليDuring his participation in the meeting of Governors of the World Bank
بغداد - وكالاتBaghdad-Agencies
فيهاChaired Professor Baqir Jabr al-Zubaydi, Minister of Finance Iraqi delegation to attend a meeting of Governors of the World Bank held in Washington. The Minister of Finance speech at the beginning of the meeting in which he thanked the International Monetary Fund for hosting the Iraqi delegation, pointing out




.Recent economic developments in Iraq, explaining the reasons for not implementing the budget to achieve ratios for 2006 which amounted to the highest implementation rates for the ministries of 50% due to the security situation which greatly impaired the Iraqi and foreign companies from entering into contracts or contracts processing, as well as a lack of flexibility and instructions to execute the contracts that The inherited from the former regime has released funds in the 2006 budget in the month of July of that same year, which means that ministries did not take enough time to implement their budgets and the lack of expertise and lack of moderation Cadres capable of implementing projects thus leading to delays in the implementation of the Economic Commission chaired by the Deputy Prime Minister Barham Ahmed Salih take measures to accelerate the implementation of the budget and encourage units expenditure on implementation why funds launched soon to ratify the 2007 budget at the end of the second month and that the budget of 2007 in the text of Article 14 that the ministries will implement 25% of their budgets until in July 2007 allocations will be transferred to other ministries capable of implementation has been held by the Ministry of Finance recently held a nine out of the service ministries and attended by 80% of the staff of the Ministry of Finance to discuss those ministries in the implementation of projects has surprised us by the Minister of Communications that he had carried out 90% of its budget for 2007 At the end of his speech Minister that the current financial year will be much better than the previous year's rate of implementation of the budget. The Minister of Finance on the subject of Iraqi debt extinguish that there are good signs from Saudi Arabia to discuss the Iraqi debt extinguishment stressing that the ratio of debt reduction to 80% instead of 100% is the percentage unacceptable to the Iraqis because these debt and spin on the phrase amounts to support a war with Iran, Saddam DISCORD a point and a very important point for us and the Iraqi citizen. .He Sinan Shabibi governor of the Central Bank of Iraq one of the members of the Iraqi delegation that there are good developments such as the inflation rate, which is currently 23%, stressing that there is a difference in the level of interaction with debts of Iraq and asked the Iraqi Central Bank governor says that the International Monetary Fund to exempt Iraq from its debts subject matter Fund and encourage and help Iraq and the Fund to complete their programs in Iraq. .The Chief of Staff Mr. Khan IMF optimism Fund of good economic policy in Iraq and here that Iraq's record of achievements, stressing the need to reduce inflation and economic implementation of the budget and raising rates, especially the implementation of the investment budget for the oil sector to increase production rates, pointing out that next September will Iraq the Convention (SBA) from September 2007 to December 2008 in order to enjoy exemptions provided by the Paris Club comes this Convention after the first agreement and the implementation of each of Iraq requires. .The IMF suggested that there be a brief meeting in Amman end of this month and another meeting in mid-May to discuss Article IV of the Convention and the completion of the current program, promised the International Monetary Fund announced that the economic developments in Iraq in Sharm el-Sheikh meeting, where support Iraq's economic confident steps despite all the challenges facing Iraqi and economic policy is working smoothly with the Fund reported that the World Bank. The meeting was attended by Sinan Shabibi governor of the Iraqi Central Bank and advisor to the Vice-President and Deputy Governor of the Central Bank and advisor of the Office of the Deputy Prime Minister and senior officials from the International Monetary Fund.

Translated version of http://www.alsabaah.com/

the International Covenant





لاقتصـاديSabah Economic
.With the start of the countdown for the timing of the International Covenant Iraq Attention is on the third of May next to Sharm El-Sheikh to see how serious States, which had been cut back to Iraq grant more than 50 billion dollars at the Madrid conference late 2003.





وإذ .Looking at this conference into prospective, we hope that donor states will fulfill their pledges alleged to Iraq in the context of building a high-level economic program sponsored by the United Nations would restructure the Iraqi economy and relieving them of distortions floating on the surface a light political and economic reforms wholesome and appropriate for the process of gradual transformation and integration with the global economy and striving to leave the effects of the heavy legacy that resulted from the change in the political system previously embodied in varying terrible emptiness of intellectual isolationism and isolation from the outside world and the achievements of the age.
.As we think of the International Conference to be held in Sharm el-Sheikh shortly activate those international obligations previously granted to Iraq requires about this set of economic reforms which have on Iraq so that the confidence and support of those actually without delay like that happened with the commitments made at the donors in Madrid in 2003 and before those commitments must look at the economic dilemmas some of which date back to the legacy of the past and explained the word legacy of wars and economic blockade, mismanagement and others arose and worsened during the past four years, the most dangerous situation attrition material and humanitarian costing the country dearly very well about the phenomena of unemployment, poverty and deterioration of basic services requires a profound economic reform and comprehensive reform that did not materialize, as it is right unless there is radical and comprehensive treatment of those aforementioned dilemmas and economic vision and thought-based scientific and economic reality of the current Iraq possesses diverse resource base is to having the third largest oil reserve in the world, gas and mineral wealth, as well as significant presence abundant water resources and manpower has been estimated according to the latest statistics of the Ministry of Planning b (7) million people and large domestic market if invested these resources that are not owned by others, it would have enormous benefits and opens wide prospects for the restoration of Iraq's former economic position which language in the 1970s, but the attainment of this overriding objective requires radical transformations Perhaps in the forefront of ending the state of internal conflicts because of the security situation and transform hateful Iraqi economy and gradually and not in a sudden shock from a centralized under the control of the state economy to a dynamic tends based mechanisms of the market economy the liberalization of the economy as well as the adoption of the current overemphasis on oil and make it economical diverse sources.
واذا .If Mathakk therefore believe that the Amberrollahjah donor countries pledged earlier to support Iraq and its reconstruction of the delay and procrastination and then the results will be in the upcoming Conference of the International fruitful and sincere convert words into reality Madrid practical and concrete in the new era and become the veto International to the International Covenant word and deed .. Although Lets.

Translated version of http://www.alsabaah.com/

Originally Posted by Lunar

Economic : Is a draft bill will be presented to Parliament oil?
21.04.07

Boredom debate before in Dubai
Baghdad-Sabah.

Expected presentation on the new oil law of Parliament, which aims to attract foreign investment, which is estimated at billions of dollars this week. This was announced by the Iraqi Oil Minister, Dr.. Hussein Shahrastani said in a press statement in Dubai on the sidelines of the discussion of the law.

By 60 members of the Iraqi parliament and experts at a meeting in the UAE last Wednesday to discuss the contents of the law that would grant the right of the Non negotiation with international companies to develop oil fields.

He pointed out that political blocs in parliament agreed to attempt to pass the bill before the end of the month.

The minister had said last month in the mid us that the Cabinet had approved the bill unanimously.

Iraq aims to produce more than three million barrels of oil a day this year, and facing the oil industry in Iraq, acts of sabotage and outdated infrastructure for the production of two million barrels per day.

The law requires distributing oil wealth in accordance with the proportions of the population as well as to revitalize national oil company dissolved since the 1980s and which will be responsible for production and export.

And Iraq has the third largest proven oil reserves in the world after Saudi Arabia, estimated at (115) billion barrels, and oil is the main source of income in Iraq, the issue now 1.6 million barrels per day, Iraq needs foreign investments of billions of dollars to revive the oil industry.

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Originally Posted by rvalreadydang

Is a draft bill will be presented to Parliament oil?




في دبيBoredom debate before in Dubai
بغداد - الصباحBaghdad-Sabah.
من د.Expected presentation on the new oil law of Parliament, which aims to attract foreign investment, which is estimated at billions of dollars this week. This was announced by the Iraqi Oil Minister, Dr.. دبيانونHussein Shahrastani said in a press statement in Dubai on the sidelines of the discussion of the law




من.By 60 members of the Iraqi parliament and experts at a meeting in the UAE last Wednesday to discuss the contents of the law that would grant the right of the Non negotiation with international companies to develop oil fields.
.He pointed out that political blocs in parliament agreed to attempt to pass the bill before the end of the month.
وكان.The minister had said last month in the mid us that the Cabinet had approved the bill unanimously.
.Iraq aims to produce more than three million barrels of oil a day this year, and facing the oil industry in Iraq, acts of sabotage and outdated infrastructure for the production of two million barrels per day.
.The law requires distributing oil wealth in accordance with the proportions of the population as well as to revitalize national oil company dissolved since the 1980s and which will be responsible for production and export.
.And Iraq has the third largest proven oil reserves in the world after Saudi Arabia, estimated at (115) billion barrels, and oil is the main source of income in Iraq, the issue now 1.6 million barrels per day, Iraq needs foreign investments of billions of dollars to revive the oil industry
Translated version of http://www.alsabaah.com/

....At least they said they'd try to attempt to pass the bill hope they don't strain themselves....

Just jokin'! Whooooopeeeeeee!

"However, the Iraq Atlas estimates indicate that given a stable political and civil environment, Iraq has the potential to produce four million barrels a day in the near term if necessary investments are made in repairing and modernizing facilities."
__________________________________________________ ____________
Iraq's oil production capacity could double, report says
__________________________________________________ ____________Saturday, April 21st 2007

IHS, Inc., has announced the upcoming launch of the Iraq Atlas - a detailed analysis of oil reserves, production and development opportunities.
According to IHS, the Iraq Atlas - which will be available May 9 - "is a unique overview of all known prospects and fields in Iraq." The Iraq Atlas estimates oil reserves in Iraq at up to 116 billion barrels, ranking Iraq third internationally. The Iraq Atlas estimates that there could potentially be another 100 billion barrels of oil in the Western Desert of Iraq.

A total of 435 undrilled prospects and non-commercial discoveries, and 81 producing fields and commercial discoveries are included in the Iraq Atlas. Reservoirs have been re evaluated using new information and all field reserves and production numbers have been reassessed and validated. In particular, the Iraq Atlas reviews:

• All proven and in-place reserves by reservoir, including cumulative production figures;

• Estimates of remaining recoverable oil and gas reserves by reservoir by the end 2006;

• Location maps and structure maps for fields and prospects, along with maps of the new bidding round blocks;

• New discoveries in Iraqi Kurdistan, along with a guide to exploration in this region;

• The Western Desert of Iraq, which is believed to hold exploration potential of approximately 100 billion barrels of oil and a large amount of gas;

• and a complete review of the stratigraphy for all discoveries in Iraq, including test results and stratigraphic columns and cross sections.

"The market has not had access to this level of data and analysis on Iraq's oil reserves and production capabilities for many years," Ron Mobed, president and chief operating officer of the energy segment of IHS, said. "Clearly, the sourcing of accurate data is invaluable in planning, negotiating and contracting for the rebuilding of Iraq's oil infrastructure. While a few companies may have selected data based on cooperative agreements, most are basing investigations of geological, cost and risk considerations on older and less detailed data. With the Iraq Atlas investors are now able to assess both exploration and field partnership opportunities in the region, and IHS is well placed to advise them on such opportunities."

"In 2007, the Iraqi government is expected to launch a bid round for 65 exploration blocks and 78 fields are also to be offered for development," Mobed added. "The Iraq Atlas will help companies evaluate these blocks and fields quickly and accurately."

It took more than a year of research to develop the Iraq Atlas using IHS software and a number of IHS and Iraqi geological and petroleum engineers with an average of more than 30 years of regional expertise in the Iraq exploration and production sector. The Iraq Atlas provides insight on investment issues and a host of other features across the geo-political and geological landscape.

According to the IHS announcement, "The Iraq Atlas estimate of up to another potential 100 billion barrels of oil reserves is largely based on the establishment of new play concepts in the Western Desert of Iraq, which have been generated from a recent study of the Western Arabian Platform. The Western Desert of Iraq is widely regarded as being substantially under explored with only one commercial discovery in the region largely because Iraq has had a surplus of oil to date and little incentive for exploration."

"Most of Iraq's oil production comes from the south of Iraq and is exported via the Persian Gulf because of repeated sabotage attacks on facilities in the north," Mohamed Zine, IHS regional manager for the Middle East, said. "This has resulted in a current production capacity of two million barrels of oil per day. However, the Iraq Atlas estimates indicate that given a stable political and civil environment, Iraq has the potential to produce four million barrels a day in the near term if necessary investments are made in repairing and modernizing facilities."
Zine added: "The cost to produce oil in some Iraq fields is less than $2 per barrel according to our estimates and investments involved in developing the fields are minimal."
http://www.portaliraq.com/news/Iraq%...__1112535.html

This was sent to me from my friend Sara...

Chevron confirmed as key sponsor of Iraq Oil, Gas, Petrochemical and Electricity Summit Sunday, April 15th 2007
Note: this is little surprise as Condi Rice sets on the Board of Directors for Chevron and oh by the way...as I found out...JPMorgan/Chase...
Little surprise but a real good sign of things to come...
Sara
__________________________________________________ ________
THE ARTICLE: April 15th 2007

Chevron has confirmed its role as a sponsor of the upcoming Iraq Oil, Gas, Petrochemical and Electricity Summit on May 28 to 30.
The summit has been organized to bring together key Iraq Government decision makers in the energy sector and international operators seeking partnership opportunities in both the upstream and downstream industry.

The summit will welcome representation from the Iraqi Ministries of Oil, Industry and Minerals and Electricity, as well as the Iraq Energy Council, Investment Promotion Agency and the Kurdistan Regional Government (KRG) Ministries for Natural Resources, Industry and Electricity. It will also host many of the state companies operating under the Iraqi Ministry of Oil and senior representatives from the Iraq Reconstruction Management Office (IRMO).

This historic landmark event will be the first of its kind for the most important sectors of the Iraqi economy, according to the recent announcement.

"With the world's second largest proven oil reserves, Iraq is well positioned to be a major contributor to global energy markets. International companies have the unique opportunity to help Iraq rebuild and develop its energy resources for the benefit of the Iraqi people. With the recent developments around a national hydrocarbon law, the timing of the summit could not be better."

Further information on Chevron can be found here.
http://www.portaliraq.com/news/Chevr...1112531 .html

Originally Posted by MOM2TWO

This will be Danny51 at the rv party!!!!

I could only hope to get that lucky!!

And then she sent me this...related to the articles I just posted...

From what I am reading is that this version worked out over the past couple of days, went to the center point of the Iraqi Oil Lobby (yes they do have), the Oil Workers Union and the Nationalists who were very concerned with the rates of profit that the foreign oil companies were to get (70% was a number given) and the length of contracts (up to 30-40 years) the new law seems to have been rewritten to make it more acceptable with profits in the 20-30% range and only 4 year contracts or a four year review on contracts - depending upon how you read the reports.
The Kurds main problem was/is with the section of the law that spells out (or doesn't) the contract process and more importantly, local control over the contract process to include regional oversight to approve or reject oil deal(s) within their region.

The Central Government gave the Kurds a verbal agreement on the last draft to get their approval...Maybe, this time they got more...more importantly, as they are near a shooting war with Turkey and Turkey Generals announcing timetables for military strikes within Iraqi Kurdastan...it may be that they now feel a need for a strong central government to ride to their aid if Turkey does attack...

In my opinion the Iraqi Government has been told the realitiy that unless they are going into the 1-4 May Meetings with all their ducks in a row...they are out! We will have to explore other political options to include disolving the current government or turn a blind eye to a coupe...

Look and see at the media attention and spin this event is generating...even the US Treasury issued a press release on the event...this is being spinned as the Mother of all political/economic meetings of our generation...Do you think we will have or would take the political chance of having Dear Connie left standing at the alter by the Iraqis...This thing is being spun too greatly that we have not already made sure that all the deals are signed, seal and only need to be signed in front of the World's Media...If so, Connie's President will win the victory he proclaimed years ago and his real victory will be the political destruction of the Democratic Party...and may well insure him a place in the history books as having been right....

So in crunch time...painting into a hopeless corner...the Iraqis usually do come through...or go on vacation...but, this time I think that they will...because if they don't, the current leadership has no tomorrow...and, thus, saddly no more paid vacations...only a quick retirement...Thank God they did get the Pention Law passed...

Sara

"The Central Government gave the Kurds a verbal agreement on the last draft to get their approval...Maybe, this time they got more...more importantly, as they are near a shoot war with Turkey and Turkey Generals announcing timetables for military strikes within Iraqi Kurdastan...it may be that they now feel a need for a strong central government to ride to their aid if Turkey does attack..."

She sent me this article as proof of her point:

U.S. official criticizes Iraqi Kurds
David Satterfield, senior adviser to Secretary of State
told the pan-Arab satellite channel Al-Arabiya that Iraqi Kurds are not doing enough to stop violence on Iraq's northern border with Turkey. He said the U.S. was mediating in talks between the Iraqis and Turks over the feud.
Earlier this month, Massoud Barzani, leader of the Kurdish autonomous region in northern Iraq, threatened that Iraq's Kurds would retaliate if Turkey persisted in "interfering" in Iraqi affairs, particularly regarding the oil-rich Kirkuk city. Ankara does not want to see Kirkuk under control of the Kurds, fearing that would strengthen them.
Barzani said Iraqi Kurds could strike back and intervene in Turkey's southeast where the region's Kurdish majority has been fighting for decades against Turkish security forces for autonomy.
The U.S. State Department has scolded Barzani over the threats.
"We have a dialogue, a trilateral dialogue" going on, to resolve the crisis, said Satterfield said who spoke from the Saudi capital, Riyadh,
He expressed U.S. concerns over the presence of the insurgent Kurdistan Workers Party, PKK, along the border between Iraq and Turkey, a close U.S. ally.
Ankara says the PKK use bases in northern Iraq to launch attacks into southern Turkey. Turkey is growing angry over the failure of U.S. and Iraqi forces to curb the attacks. The Turkish military claims as many as 3,800 rebels are based just across the border in Iraq and that as many as 2,300 more operate inside Turkey.
"The Kurdish leadership must do more to address this problem of terror and terrorism," Satterfield told Al-Arabiya.
More than 37,000 people have been killed in fighting between Turkish security forces and Kurdish rebels since 1984, most of them in the southeastern region bordering Iraq. Turkey fears that any moves toward greater independence for Kurds in northern Iraq could incite Turkey's own estimated 14 million Kurds to outright rebellion.
Turkish Gen. Yasar Buyukanit recently asked the government for a permission to attack Kurdish guerrillas inside Iraq, a request that has strained relations between Ankara and Washington.
Any Turkish military incursion into northern Iraq would put the already over-stretched U.S. military in the middle of a fight between two crucial partners, and Washington has urged Turkish restraint.

http://news.yahoo.com/s/ap/20070422/...iraq_turkey_us