Thread: Iraq/Dinar News Until 5/3/07 Midnight CST.

Interesting,

As we can see, Kuwait is not as economically flush as we were led to believe, the same is true with Saudi Arabia oil situation.

Kuwait: A proposed 615,000 barrel-a-day refinery in Kuwait was initially projected to cost around $6 billion, but the contractors came in with prices in excess of $15 billion. Part of the reason is that the cost of shallow-water drilling rigs has exploded from $50,000 a day just a few years ago to $200,000 a day now.

With peak oil impacting both, along with higher extraction costs as the oil is now low grade level which raises cost significantly. In Iraq, oil is sweet, so much so that the costs to extract are a mere fraction of the cost of extracting in Kuwait or Saudi Arabia.

With the hedging going on with both on forgiving debt, you can bet your last dollar it all comes down to economics, and they are afraid to give up debt as they will surely need every last dollar when the truth gets out on their faultering oil reserves. Sure is getting interesting, and I would not doubt any deal to forgive debt will be tied to reciprocal oil deals.

Good luck and health to all, Mike

, 27 Apr 2007
KRG MINISTRY OF NATURAL RESOURCES RESPONDS TO STATEMENTS FROM BAGHDAD DETERRING OIL INVESTMENT IN IRAQ

Today the KRG Minister of Natural Resources issued a statement responding to the lack of progress by the Iraq Federal Government in finalising the draft Oil and Gas Law for Iraq.

Officials from the Federal Government have recently issued documents, in the form of "Annexes" to the draft Law, attempting to give an unaccountable Iraq national oil company, "INOC", almost 93% of Iraq's proven petroleum reserves. They have said the draft Law and Annexes will be submitted to the Iraq Council of Representatives (Parliament). Those same officials stated at a public conference in Dubai last week that none of the petroleum fields to be given to INOC will be open to inward investment from outside Iraq.

These Annexes are unconstitutional and will not be supported by the KRG in the Federal Parliament. They breach requirements under the Iraq Constitution that the petroleum sector be developed through private investment, with Regional control over new petroleum fields, and joint development between Regions and the Federal Government of currently producing fields. The message the Annexes send is that Iraq is closed for business.

If an unaccountable and inefficient INOC is created with such a stranglehold on Iraq's oil, all the peoples of Iraq will suffer. All Iraqis should oppose this effort by the Baghdad officials to derail the development of their petroleum sector. No law can be passed in the Iraq Parliament without the KRG's support and no law can be passed in the Iraq Parliament which is contrary to the Constitution of Iraq.

Kurdistan will continue to exercise its full authority in the Kurdistan Region under the Constitution, including the negotiation of competitive Production Sharing Agreements with experienced international investors, for the benefit of all Iraqi people.

The Minister's statement can be downloaded here.

For the Ministry's comments on the Annexes, click here.

For the Ministry's analysis of the petroleum fields and blocks in the Annexes, click here.

Another version of the article that SGS found originally.

Statement-Prime Minister's Office

(Voice of Iraq) - 27-04-2007

The Prime Minister Nuri al-Maliki on the need to fully restore Iraq's role in international forums decent regional and international and Arabic. In this framework is that the sovereignty of all ministers to pave the way for Iraq's return to active participation in all international and regional bodies and Arab Betty left in the era of the former regime.

Ordered to pay debt and financial receivables, which prevent Iraq's participation in these forums and at all levels of political, economic and cultural, artistic, sports and other fields.

Sotaliraq.com - ÕæÊ ÇáÚÑÇÞ

Originally Posted by Offshore-Wealth.com

Interesting,

As we can see, Kuwait is not as economically flush as we were led to believe, the same is true with Saudi Arabia oil situation.

Kuwait: A proposed 615,000 barrel-a-day refinery in Kuwait was initially projected to cost around $6 billion, but the contractors came in with prices in excess of $15 billion. Part of the reason is that the cost of shallow-water drilling rigs has exploded from $50,000 a day just a few years ago to $200,000 a day now.

With peak oil impacting both, along with higher extraction costs as the oil is now low grade level which raises cost significantly. In Iraq, oil is sweet, so much so that the costs to extract are a mere fraction of the cost of extracting in Kuwait or Saudi Arabia.


With the hedging going on with both on forgiving debt, you can bet your last dollar it all comes down to economics, and they are afraid to give up debt as they will surely need every last dollar when the truth gets out on their faultering oil reserves. Sure is getting interesting, and I would not doubt any deal to forgive debt will be tied to reciprocal oil deals.

Good luck and health to all, Mike

Very true Mike, both Kuwait and Saudi Arabia don't have the "sweet crude" quality of oil that Iraq does, and both have also seen the peak oil production days come and go and are now on the downswing. I think also the Kuwaiti's haven't forgotten the savage brutality that was inflicted upon them, if even for a short time, by Saddam's republican guard (I believe that's what they were called?). I also understand Iraq wanting the "forgiveness" of as many past debts as possible, but let's face it, they have gotten-what, close to 90% forgiven at this point? It seems to me the rest is mere pittance considering the oil producting powerhouse that Iraq will be. There's still alot of articles that suggest Iraq has the 3rd or 2nd largest reserves in the world, but from what we read right here at ROL it's likely that Iraq will be declared #1 in reserves shortly if not already in some "elite" circles.

The Secretary General of the United Nations Ban Ki Mun he would travel to Sharm el-Sheikh next week to preside over the international conference on Iraq reconstruction on the third of May next.
.He said that in a statement to reporters in New York after his return from a tour of Europe and the Middle East, that the international community should assist the people and government of Iraq to restore peace and security.

.He expressed the hope that the international community participate in the conference effectively.

.The Iraqi Vice President Adel Abdul Mahdi was introduced during a visit to New York ambitious five-year plan for boosting the economy across the country commitments for assistance and debt write-off.

Radio Sawa - الأمين العام للأمم المتØ*دة يترأس مؤتمر شرم الشيخ بشأن العراق

Originally Posted by mustang sally

, 27 Apr 2007
KRG MINISTRY OF NATURAL RESOURCES RESPONDS TO STATEMENTS FROM BAGHDAD DETERRING OIL INVESTMENT IN IRAQ

Today the KRG Minister of Natural Resources issued a statement responding to the lack of progress by the Iraq Federal Government in finalising the draft Oil and Gas Law for Iraq.

Officials from the Federal Government have recently issued documents, in the form of "Annexes" to the draft Law, attempting to give an unaccountable Iraq national oil company, "INOC", almost 93% of Iraq's proven petroleum reserves. They have said the draft Law and Annexes will be submitted to the Iraq Council of Representatives (Parliament). Those same officials stated at a public conference in Dubai last week that none of the petroleum fields to be given to INOC will be open to inward investment from outside Iraq.

These Annexes are unconstitutional and will not be supported by the KRG in the Federal Parliament. They breach requirements under the Iraq Constitution that the petroleum sector be developed through private investment, with Regional control over new petroleum fields, and joint development between Regions and the Federal Government of currently producing fields. The message the Annexes send is that Iraq is closed for business.

If an unaccountable and inefficient INOC is created with such a stranglehold on Iraq's oil, all the peoples of Iraq will suffer. All Iraqis should oppose this effort by the Baghdad officials to derail the development of their petroleum sector. No law can be passed in the Iraq Parliament without the KRG's support and no law can be passed in the Iraq Parliament which is contrary to the Constitution of Iraq.

Kurdistan will continue to exercise its full authority in the Kurdistan Region under the Constitution, including the negotiation of competitive Production Sharing Agreements with experienced international investors, for the benefit of all Iraqi people.

The Minister's statement can be downloaded here.

For the Ministry's comments on the Annexes, click here.

For the Ministry's analysis of the petroleum fields and blocks in the Annexes, click here.

Would you happen to have the link?? Thanks

Iraqi PM instructs debt settlement BE PAID OFF
Kuna site|Story page|Iraqi PM instructs debt settlement ...4/27/2007
POL-IRAQ-MALIKI-DEBTS
Iraqi PM instructs debt settlement

BAGHDAD, April 27 (KUNA) -- Iraqi Prime Minister Nouri al-Maliki instructed here Friday that all Iraq's debts to regional and international organizations be paid off.

Al-Maliki's Office quoted him as stressing in a release that Iraq should restore its key role on the regional, Arab and international arenas.

The Iraqi prime minister told all Iraqi cabinet ministers that the way should be paved for Iraq's active involvement in all Arab and international bodies and organizations which it had split away from during the former ruling regime, it added.

Iraq needs to get back to all political, economic, cultural, artistic, sports and other activities regionally and internationally, the office quoted al-Maliki as requesting.

However, the release failed to mention the size of Iraq's debts or creditors or even Iraqi cabinet ministries which are to pay off Iraq's debts. (end) ahh.tm

Baghdad-file Press

.Dr. Abdul Hassan farmer Sudanese Minister of Trade that a plan and an integrated program to activate economic relations with the outside world, and activate the role of Iraq in the Arab economic organizations and international organizations.

ونقل .Transfer press statement issued by the minister as saying that this program includes the restoration of bilateral agreements and joint activation of the role of the joint committees between Iraq and the world as well as to develop business in Mlahkiat States to Iraq with the trade exchange to oversee those operations as well as research and investigation and audit of all previous conventions, the statement suitability for the new Iraqi reality.

و .And continued that the preceding months of the life of the government witnessed the activation of economic relations with both Korea and Iran, Japan, Australia and Syria and a number of Arab and foreign countries and also got agreements with these countries believe that the beginning of the road towards better economic relations with the outside world.

.He pointed out that the Sudanese ministry mulls over to Jean problem for the purpose of finding the best mechanisms for the development and upgrading of economic reality with the search for the best ways to reactivate the Iraqi economy through import and export operations in addition to developing the Iraqi private sector to take its role in building the Iraqi economy and secreted in many programs and joint exhibitions organized by the Ministry in coordination with organizations and companies are known.

وزير التجارة :خطة متكاملة لت�عيل العلاقات الاقتصادية مع العالم الخارجي

Originally Posted by motomachi

Iraqi PM instructs debt settlement BE PAID OFF
Kuna site|Story page|Iraqi PM instructs debt settlement ...4/27/2007
POL-IRAQ-MALIKI-DEBTS
Iraqi PM instructs debt settlement

BAGHDAD, April 27 (KUNA) -- Iraqi Prime Minister Nouri al-Maliki instructed here Friday that all Iraq's debts to regional and international organizations be paid off.

Al-Maliki's Office quoted him as stressing in a release that Iraq should restore its key role on the regional, Arab and international arenas.

The Iraqi prime minister told all Iraqi cabinet ministers that the way should be paved for Iraq's active involvement in all Arab and international bodies and organizations which it had split away from during the former ruling regime, it added.

Iraq needs to get back to all political, economic, cultural, artistic, sports and other activities regionally and internationally, the office quoted al-Maliki as requesting.

However, the release failed to mention the size of Iraq's debts or creditors or even Iraqi cabinet ministries which are to pay off Iraq's debts. (end) ahh.tm

I think this article is trying to say the same thing lol.....only the translation stinks.

The Prime Minister Nuri al-Maliki on the need to fully restore Iraq's role in international forums decent regional and international and Arabic. .In this framework is that the sovereignty of all ministers to pave the way for Iraq's return to active participation in all international and regional bodies and Arab Betty left in the era of the former regime. .Ordered to pay debt and financial receivables, which prevent Iraq's participation in these forums and at all levels of political, economic and cultural, artistic, sports and other fields.
http://64.233.179.104/translate_c?hl.../nhr0427i.html

He said that in a statement to reporters in New York after his return from a tour of Europe and the Middle East, that the international community should assist the people and government of Iraq to restore peace and security.

I think it's time we divide Iraq into 3 regions and let them restore their own peace and security. Put up walls and check points like Israeil has done. Since the wall has gone up the bomings have almost disappeared. The only thing that we hear about now are rockets and if it were me I would consider that an act of war and let them know anytime we are hit with a missile we will hit you back 10 times as much. Period. Since we won't take the hand cuffs of our soilders let them deal with it. I'm sick of hearing about their needs and allways negotiating with out results.
mrvgs.