Thread: Archive Latest News - Think Tank - 01/01/08 - 14/04/08

Provinces Development projects allocations

Iraqi government decided to allocate 126 billion Dinars for Provinces Development projects for the current year in Dhi Qar Province. A source in the province’s council said that soon the implementation of more than 200 service project will be announced

Alsumaria Iraqi Satellite TV Network | Economics News | Provinces Development projects allocations

Shahristani: Iraq to increase oil production

Oil Minister Hussain Shahristani said in International Economic Forum in Davos that he expects Iraq oil exports to increase to 400 thousand barrels per day this year in a way that reflects the economic boost that resulted in from the security lull. Moreover, signing contracts with oil companies in order to help in developing huge oil production fields by the end of the current year. Minister added that Baghdad produces nowadays 2.3 million barrels per day and the current production is expected to increase to 2.7 million bpd.

Shahristani stressed that Iraq increases oil production to be exported and it didn’t notice any influence of the demand on oil in spite of fears from economic regression.

Alsumaria Iraqi Satellite TV Network | Economics News | Shahristani: Iraq to increase oil production

Iraq seeks to draw international investments

Deputy Prime Minister Barham Saleh affirmed that Iraq is deploying utmost efforts to draw international investments and develop local working sector in Basra. On the sidelines of the world economic forum in Dafus, Saleh hoped circumstances would be appropriate to help the government draw investments and provide Basra residents job opportunities and improved living standards.

For his part, Michael Wirinj, appointed president of Basra development committee noted that oil industry sectors, airlines and agriculture are fields that attract investments. While he demeaned security threats in the province, Saleh confirmed that several oil and gas companies operate in risky areas.

Alsumaria Iraqi Satellite TV Network | Iraq News | Iraq seeks to draw international investments

General Dynamics net jumps 42% on sales for Iraq

General Dynamics Corp., the largest maker of armored vehicles for the U.S. military, said fourth- quarter earnings surged 42 percent on higher sales for Iraq.

Net income rose to $579 million, or $1.42 a share, from $408 million, or $1, a year earlier, the Falls Church, Virginia- based company said in a statement today.

That topped analysts' estimates. Sales increased 15 percent to $7.52 billion, aided by more deliveries of Gulfstream business jets.

The Iraq market boosted quarterly combat-systems sales 47 percent on rising demand for the Abrams tank and Stryker troop transport. Chief Executive Officer Nicholas Chabraja expanded offerings to include blast-proof trucks for the Mine-Resistant, Ambush-Protected Vehicle, or MRAP, program. MRAP sales will rise this year, before the program ends, Chabraja said today.

"Combat systems had a strong quarter as deliveries increased" said Peter Arment, a Greenwich, Connecticut-based analyst with American Technology Research. He rates the shares "buy" and doesn't own any. "MRAP was a contributor this quarter, but it's an interim program and not their focus for long term."

The average of 18 analyst estimates compiled by Bloomberg was for earnings of $1.40 a share. Analysts projected sales to rise to $7.52 billion, from $6.51 billion.

General Dynamics rose 20 cents to $79.05 at 4:07 p.m. in New York Stock Exchange composite trading. Earlier, they dropped as much as 4.9 percent to $75. The stock has declined 11 percent this year.

Iraq Development Program - General Dynamics net jumps 42% on sales for Iraq

Lower Makefield firm expanding to Iraq

Enterra Solutions LLC of Lower Makefield has been chosen by the Kurdistan Regional Government to operate a full-service business center in the Kurdistan region of Iraq. The company opened a marketing office in November in the region.

The center will help the autonomous regional government attract foreign investors and build businesses in the region. The company also will train five local postgraduate students each year in economic development.

Enterra will establish and operate the Kurdistan Business Center in Erbil, Iraq, with a branch in Washington, D.C., and a future location in Europe.

Iraq Development Program - Lower Makefield firm expanding to Iraq

No need for OPEC oil supply adjustment

There is no need for OPEC to adjust production when it meets on February 1 because world oil markets are adequately supplied, Iraq's oil minister said.

Fears that top fuel consumer the United States may tip into recession have pressured markets from equities to commodities. Oil has slid to below $88 a barrel from a record high of $100.09 earlier this month.

"There does not seem to be a necessity to revise production figures, either to increase or decrease for the time being," said Hussain al-Shahristani.

"Things seem to be settling down, the price is coming down. There is plenty of oil on the market."

Asked about the possibility of taking barrels off the market in March, when OPEC holds another meeting, Shahristani said: "There has been no discussion. However, OPEC is always open to respond to market changes, and if there is any surplus in the market, then obviously OPEC will consider it."

"But for the time being, there doesn't seem to be any need or urgency for such actions."

Iraq Development Program - No need for OPEC oil supply adjustment

Spy helped Russia steal from UN's fund to Iraq: Book

A former Russian top spy says his agents helped the Russian government steal nearly USD 500 million from the UN's oil-for-food programme in Iraq before the fall of Saddam Hussein in 2003.

Sergei Tretyakov, who defected to the United States in 2000 as a double agent, says he oversaw an operation that helped Saddam's regime manipulate the price of Iraqi oil sold under the programme, and allow Russia to skim profits.

Tretyakov, former deputy head of intelligence at Russia's UN mission from 1995 to 2000, names some names, but sticks mainly to code names.

Among the spies he says he recruited for Russia were a Canadian nuclear weapons expert who became a UN nuclear verification expert in Vienna, a senior Russian official in the oil-for-food programme and a former Soviet bloc ambassador.

He describes a Russian businessman who got hold of a nuclear bomb, and kept it stored in a shed at his dacha outside Moscow.

The 51-year-old Tretyakov had never spoken out about his spying before this week, when he granted his first news media interviews to publicize a book published Thursday.

Written by former Washington Post journalist Pete Earley, the book is titled "Comrade J: The Untold Secrets of Russia's Master Spy in America after the End of the Cold War."

"It's an international spy nest," Tretyakov said of the UN, during an interview this week.

"Inside the UN, we were fishing for knowledgeable diplomats who could give us first of all anti-American information."

Spy helped Russia steal from UN's fund to Iraq: Book-The United States-World-The Times of India

Iraq's Oil Ministry changes procedures of selling Kirkuk oil

A statement issued by the Iraqi Oil Ministry said that the ministry has changed the procedure of selling Kirkuk crude oil to Turkey's Ceyhan port, Iraq Directory reported.

The statement also disclosed that the selling of Kirkuk crude oil by the Ceyhan port will be made on term contracts instead of auctions.

The auction system is no longer in effect after Iraqi oil exports from Kirkuk oilfields have stabilized.

It is worth mentioning that roughly five to six million barrels of oil were sold during each auction.

MENAFN - Middle East North Africa . Financial Network News: Iraq's Oil Ministry changes procedures of selling Kirkuk oil

Update.......

Iraq to witness rise in oil output in 2008

The Iraqi Oil Minister expects the country's oil production to increase by as much as 400,000 daily in 2008, attributed to better security in the oil sector, Iraq Directory reported.

He further mentioned that Baghdad will ink contracts with numerous international oil companies to develop its super giant oilfields which are already producing oil.

The Iraqi capital is currently producing 2.3 million bpd of oil and expects to boost supply to between 2.6 million and 2.7 million bpd during the current year.

He concluded that Iraq's exports have increased dramatically due to more reliable flows through its pipeline to the Turkish port of Ceyhan.

MENAFN - Middle East North Africa . Financial Network News: Iraq to witness rise in oil output in 2008

Oil exports jump 9.2% in 2007- Iraq

According to a statement published by the Iraqi Oil Ministry, exports climbed 9.2 percent in 2007 significantly due to the recommencing of delivery through a pipeline from Iraq's northern oil fields, zwire reported.

The statement also revealed that a portion of Iraq's exports came after the repair of a key northern pipeline from the Kirkuk oil fields to Turkey's Ceyhan terminal on the Mediterranean Sea.

Iraq aims to increase crude production to three million barrels daily by the end of 2008; oil exports account for more than 90 percent of Iraq's total earnings.

MENAFN - Middle East North Africa . Financial Network News: Oil exports jump 9.2% in 2007- Iraq