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

A mall project at $ 120 million in Arbil

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

18 April 2007 (Iraq Directory)

Kurdistan Company for real estate development presented late last week the specifications draft for the construction of a mall in Kurdistan valued at $ 120 million and on an area of 104000 square meters; it is expected to be completed in a maximum of 4 years. According to the plan proposed, the mall will include a global hotel accommodating 300 beds, a commercial offices complex, big retail market, large shopping center, three buildings of residential apartments and a recreational area.

The Center is located near the international airport of Arbil and the new United Nations campus; it can be reached easily through a network of new roads. Bayan Sami Abdel Rahman, head of the board of directors of the Kurdistan Company for real estate development, said in a statement that starting this project, which is considered one of the largest real estate projects, is part of the growing economic activity in Kurdistan.

The mall is scheduled to provide business facilities and services on a global level for the growing number of multinational companies that seek to stabilize a foothold in Kurdistan. It is noteworthy that the Kurdistan Company for real estate development is a joint project between the National Real Estate Company, which is one of the largest real estate companies listed in the Kuwaiti stock market, and the Kurdistan Development Authority, which works to promote the Kurdistan region amid global investment companies.

The projects of the National Real Estate Company include the establishment and management of real estate Kuwait area of free trade and the construction and management of the resort Heights and Al-Sharq Market, both in Kuwait.

The Declaration on Erbil International Hotel included speeches of Osama Al-Bader, Director of the project, and Sheriff Kamal, Director of the National Engineering Company buildings. The occasion was also attended by a number of ministers and officials of the government of Kurdistan region and prominent representatives of the banking sector, the construction sector, the private sector and a number of international journalists.

Oil, gas law national achievement for Iraqis - minister

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

19 April 2007 (Voices of Iraq)

Iraqi Oil Minister Hussein al-Shahrestani said on Wednesday the enactment of an oil and gas law is a national achievement for Iraq’s people, underlining that it would have a positive affect on Iraq’s unity.

"The law tops Iraqis' interests and its clauses are based on realizing national interests," the state-run al-Iraqia satellite channel quoted the minister as saying during a forum held in Dubai, United Arab Emirates, on Wednesday.

"The oil and gas law consists of 43 clauses and four articles," the minister said in the forum, which was attended by deputy parliamentary speaker, Khaled al-Attiya, and a number of Iraqi lawmakers.

"The law stipulates that the cabinet will be responsible for approving federal oil policy and supervising drilling, extracting, producing and marketing oil," al-Shahrestani also said.

"To fulfill these responsibilities, the federal council for oil and gas will be established," the minister stated.

"The council consists of the oil, finance and planning ministers, the federal government, the governor of the Central Bank, a representative of each province where production capacity exceeds 100,000 barrels per day, and a number of Iraqi experts," he added.

"The council will be assigned to make federal oil policies and production plans, grant licenses for drilling, and to sign contracts," al-Sharestani noted.

"An office of Iraqi independent experts will also help the council to fulfill its work," he highlighted.

"Licenses for drilling will be granted for four years," the minister said, noting that in the case where oil and gas are found in the field, the council will grant a license for two years for estimating production, and sign a contract for 20 years to produce oil and develop oil fields," the oil minister concluded.

Iraq offers industrial projects worth $750m

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

18 April 2007 (Iraq Development Program)

As part of the Ministry of Industry’s programme to develop the sector and increase its capacity, Iraq has offered 12 projects to international companies. The projects are in cement, steel, petrochemicals, fertilisers, glass, paper, and automobiles.

In a press conference, Minister Fawzy Al-Hariri said the foremost condition that must be met is guaranteeing the rights of the workers at these plants. This is the priority when coming to sign with a foreign investor. The Minster also detailed the estimated amounts required to revitalise each of the industrial plants.

The glass factory in Ramadi will need approximately US$50m, the petrochemicals production company will need approximately US$120m, the iron and steel company in Basra will need US$220m, and the four cement plants in west of Iraq, west of Mosul, Karbala, and Muthanna will need approximately US$360m. Al-Hariri also invited investments in the textile industry.

The Minister stated that the investment period is between 10 and 20 years and that preference will be given to offers that best serve Iraq’s economic interests, the ministry, and the workers.

World Bank, the Republic of Iraq Sign Agreement to Finance the Emergency Electricity Reconstruction Project

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

18 April 2007 (The World Bank Group)

The World Bank, represented by Daniela Gressani, Regional Vice president, Middle East and North Africa, and the Government of Iraq, represented by Minister of Finance Baker Solagh Jabr Al-Zubiedi, signed a credit agreement today to finance the Emergency Electricity Reconstruction Project. The credit amount is US$124 million.

The project's objective is to restore the base load generating capacity of Units 2 and 3 of the Hartha Power Station to 400 MW. The project will also help lay the groundwork for improved power system planning by building the capacity of the Ministry of Electricity to prepare, implement, and operate current and future projects.

“We are delighted to sign this project agreement today. This is an important project that addresses one of the constraints to the Iraq economy by supporting electricity services. We hope that this project is implemented and delivered without delays in order to help Iraq provide a reliable supply of electricity to the entire population”, stated Daniela Gressani.

The project was approved on March 29, 2007 by the World Bank’s Board of Executive Directors.The overall project cost is estimated at US$150 million. The World Bank's credit of US$124 million is on standard IDA (International Development Association) terms with no interest, 35-year maturity, a 10-year grace period, and 0.75 percent service charge. The credit is accompanied by counterpart financing from the Government of Iraq of US$20 million and through parallel funding of US$6 from the World Bank-administered Iraq Trust Fund on grant terms.

“We are grateful to the World Bank for the support it is providing. This is the 4th IDA project that we sign with the World Bank and we look forward to the implementation of this project which will help our people in addressing a major constraint in their daily lives” concluded Mr. Al-Zubiedi at the signing ceremony.

Korea, Iraq to Expand Energy Ties

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

15 April 2007 (Korea Times)

President Roh Moo-hyun and Iraqi Prime Minister Nuri Kamal al-Maliki agreed Thursday to expand economic cooperation between South Korea and Iraq, especially in the fields of construction and education as well as in energy and resources.

In a summit at Chong Wa Dae, the two leaders expressed their expectations for substantial collaboration between the two countries in the economic fields, including information-technology (IT), South Korean officials said.

Roh and al-Maliki also discussed South Korea،¯s assistance for the rehabilitation efforts of the war-torn Middle East state, according to the presidential office.

``Our aid for Iraq،¯s reconstruction efforts and measures to help South Korean enterprises make inroads into the markets of the Middle East country were also discussed in addition to other matters of mutual concern,،¯،¯ Roh،¯s spokesman Yoon Seong-yong told reporters.

After the summit, officials from the two countries signed a memorandum of understanding (MOU) on oil and gas cooperation, to which South Korean officials attached great significance.

``It is a very rare occasion for Iraq to sign an MOU with an individual country,،¯،¯ Minister of Commerce, Industry and Energy Kim Young-ju said. ``It is very meaningful.،¯،¯

Al-Maliki, the highest-level official to visit South Korea since the inauguration of the new Iraqi government in May last year, arrived in Seoul on Wednesday for a three-day visit. He met with Prime Minister Han Duck-soo and attended a dinner hosted by Han last night.

His itinerary here also includes meetings with Prime Minister Han and other political and business leaders to discuss ways to enhance bilateral cooperation.

Accompanied by the ministers in charge of petroleum, power generation, industrial policy and urban planning, the Iraqi prime minister will also tour key industrial facilities in South Korea, according to the Ministry of Foreign Affairs and Trade.

Besides the government،¯s economic assistance to the war-devastated country, South Korea has maintained rehabilitation forces, the Zaytun Division, in the northern Iraqi city of Irbil since 2004.

Sadrist bloc withdrawal dominates Iraqi newspaper headlines for second day running
By Hamid al-Hamrani

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

Baghdad, 19 April 2007 (Voices of Iraq)

The news about the withdrawal of al-Sadr movement from the government dominated the headlines of Iraqi newspapers published on Wednesday, for the second day in a row.

Al-Dustour newspaper wrote, "In the name of Shiite leader Muqtada al-Sadr, Iraqi parliamentarians from the Sadrist bloc have decisively announced their withdrawal from the government, authorizing Prime Minister Nouri al-Maliki to choose qualified and competent ministers to fill in for the bloc's six ministers in a long-awaited cabinet reshuffle."

"With this decision, al-Sadr's followers threw the ball into the court of al-Maliki, who had expressed his reservations about some of the bloc's candidates, considering them to be less qualified than the current ministers," al-Dustour wrote in its editorial.

Al-Mada newspaper published two front page headlines that read, 'Substitutes for Sadrist ministers on al-Maliki's table,' and 'By proxy: al-Isawi for Health Ministry, al-Hakim for Agriculture and al-Waeli for Transportation.'

"Prime Minister Nouri al-Maliki formed a proxy committee to appoint Minister of State for Foreign Affairs Rafea al-Isawi as the new minister of health, Minister of State for National Dialogue Affairs Akram al-Hakim as the minister of agriculture, Minister of State for National Security Affairs Shirwan al-Waili as the minister of transportation, Minister of Human Rights Wijdan Mikhail as the minister of state for civil society affairs, Minister of State Hassan al-Sari as the minister of state for provincial affairs and Minister of Youth and Sports Jassim Mohammed Jafar as the minister of tourism and antiquities," the newspaper said.

Quoting a spokesman for the Sadrist bloc, Nassar al-Rubaie, al-Dustour wrote, "The bloc did not discuss or nominate substitute ministers," noting that Muqtada al-Sadr had indicated to the prime minister that all new ministers should be independent.

Devoting most of its front page to the news about the withdrawal of Sadrist ministers, al-Zaman newspaper published main headlines that read, 'Three Ministers from outside political blocs,' and 'Al-Askari: Al-Maliki suffers from the bad performance of ministries of health and transportation.' The newspaper quoted al-Maliki's advisor, Sami al-Askari, as ruling out the possibility that the Sadrist bloc would quit the United Iraqi Coalition (UIC). "The Sadrist bloc considers the UIC as their shelter, especially since they have concerns about the U.S.’s presence, which they believe is targeting them. The bloc needs support," al-Askari explained.

In an article entitled, 'The polite withdrawal' in the same newspaper, Murtada al-Shahtour wrote, "Al-Sadr Movement finally decided to quit the government, following the withdrawal of the Fadila Islamic Party from the UIC. While Fadila members only quit the parliament with the Fadila ministers still in office, the withdrawal of the Sadrist bloc (from both the parliament and government) indicated a real concern for the Iraqi political process."

Focusing on the repercussions of the withdrawal of the Sadrist bloc, al-Mashriq newspaper quoted Nadim al-Jabri, a leading figure in the Fadila Islamic Party, as saying "The decision made by some blocs to quit the government will not necessarily affect the political process. It is a corrective action that the Fadila party had previously taken when it withdrew from the UIC and the government. It aimed to rectify the political process, not to undermine it."

Contract to import 5000 solar lightening systems

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

19 April 2007 (Al-Sabaah)

Ministry of electric power has said that it is about referring a contract to one of international companies specialized with solar lightening to import 5000 solar lightening systems to be distributed in main streets in Baghdad.

An authorized source in the ministry said that these systems would reach within two months after signing the contract within few coming days and ministry will use these advanced systems in main streets in Baghdad.

Tender Alert : Electrical Wire, Power and Distribution Equipment; Doura Thermal Plant Re-commissioning (Unit 5)

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

19 April 2007 (PortAl Iraq)

The Department of the Army, Project and Contracting Office, Joint Contracting Command - Iraq has issued a pre-solicitation notice for electric power generation work in Iraq. The close date is May 2.

LONDON, April 19 (KUNA) -- Iraq could hold almost twice as much oil in its reserves as had been thought, according to the most comprehensive independent study of its resources since the US-led invasion in 2003, it was revealed here Thursday.

The potential presence of a further 100 billion barrels in the western desert highlights the opportunity for Iraq to be one of the worlds biggest oil suppliers, and its attractions for international oil companies, if the conflict in the country can be resolved, the Financial Times newspaper said.

If confirmed, it would raise Iraq from the world's third largest source of oil reserves with 116 billion barrels to second place, behind Saudi Arabia and overtaking Iran. The study from the consultancy firm "IHS" also estimates that Iraq's production could be increased from its current rate of less than two million barrels a day to four million barrels a day within five years, if international investment begins to flow.

That would put Iraq in the top five oil-producing countries in the world, at current rates, the main business daily in Europe added.

The IHS study is based on data collected in Iraq both before and after the invasion, showing the oilfields' reserves and production history.

Its estimate is based on analysis of geological surveys.

Production costs in Iraq are low, particularly compared to the more complex offshore developments.

IHS estimates that they are less than two dollars a barrel. But the development of the industry depends on an improvement in the security environment, which remains very difficult.

Ron Mobed of IHS said, "Obviously the security situation is very bad, but when you look at the sub-surface opportunity, there isnt anywhere else like this. Geologically, it's right up there, a gold star opportunity."

Of Iraq's 78 oilfields identified as commercial by the government, only 27 are currently producing.

A further 25 are not yet developed but close to production, and 26 are not yet developed and far from production.

Iraq's government has estimated that it would need 20-25 billion dollars of investment from foreign companies to get production up to its full potential.

Article originally published by KUNA (Kuwait News Agency) 19-Apr-07

Originally Posted by PAn8tv

Oil, gas law national achievement for Iraqis - minister

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

19 April 2007 (Voices of Iraq)

Iraqi Oil Minister Hussein al-Shahrestani said on Wednesday the enactment of an oil and gas law is a national achievement for Iraq’s people, underlining that it would have a positive affect on Iraq’s unity.

"The law tops Iraqis' interests and its clauses are based on realizing national interests," the state-run al-Iraqia satellite channel quoted the minister as saying during a forum held in Dubai, United Arab Emirates, on Wednesday.

"The oil and gas law consists of 43 clauses and four articles," the minister said in the forum, which was attended by deputy parliamentary speaker, Khaled al-Attiya, and a number of Iraqi lawmakers.
"The law stipulates that the cabinet will be responsible for approving federal oil policy and supervising drilling, extracting, producing and marketing oil," al-Shahrestani also said.

"To fulfill these responsibilities, the federal council for oil and gas will be established," the minister stated.

"The council consists of the oil, finance and planning ministers, the federal government, the governor of the Central Bank, a representative of each province where production capacity exceeds 100,000 barrels per day, and a number of Iraqi experts," he added.

"The council will be assigned to make federal oil policies and production plans, grant licenses for drilling, and to sign contracts," al-Sharestani noted.

"An office of Iraqi independent experts will also help the council to fulfill its work," he highlighted.

"Licenses for drilling will be granted for four years," the minister said, noting that in the case where oil and gas are found in the field, the council will grant a license for two years for estimating production, and sign a contract for 20 years to produce oil and develop oil fields," the oil minister concluded.

Interesting...the Governor of the CBI will be part of the Federal Council of Oil and Gas...