Thread: Archive Latest News - Think Tank - 15/04/08 - 26/08/08

Kuwait agrees to Review Issue of waiving Iraq Compensation

Iraqi Cabinet spokesman Ali Al Dabbagh announced that Kuwait has agreed to review the issue of waiving Iraq compensation imposed after 1991 Gulf War. In virtue of peace conditions stipulated by the United Nations in the wake of Gulf War, Iraq is required to pay 5% of its oil revenue to Kuwait as compensation of 1990 invasion.

Al Dabbagh noted that Prime Minister Nuri Al Maliki discussed with Kuwaiti Emir Sheikh Sabah Al Ahmad Al Sabah the issue. The latter has shown a positive intention to review the matter.

Kuwait agrees to review issue of waiving Iraq compensation | Economics News | Alsumaria Iraqi Satellite TV Network

OPEC plans to lift Output Capacity by 5m bpd by 2012

The Organization of Petroleum Exporting Countries (OPEC) plans to lift production capacity by five million barrels per day by 2012, the cartel’s secretary general Abdalla Salem El-Badri said here on Tuesday.

Speaking to reporters on the sidelines of the International Energy Forum here, El-Badri also said that the cartel aimed to boost production capacity by nine million bpd by 2020.

OPEC, which produces 40 percent of the world’s oil, comprises Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, Qatar, the United Arab Emirates and Venezuela.

Its current output stands at about 32 million barrels per day. Production costs have risen by 50-60 percent in the last few years as a result of wage inflation and equipment costs. “That’s why oil prices haven’t really been a boon producers,” he said.

The increased production costs could set back investment plans by around one years, he said. At present, the cartel had excess capacity of about three million barrels per day, El-Badri said.

OPEC’s President, Algerian minister Chakib Khelil, had put excess capacity at just two million bpd. El-Badri said that OPEC was currently investment $150-160 million in 120 different projects.

Daily Times - Leading News Resource of Pakistan

Top Iraq commander Petraeus to become regional chief - Update

The top US commander in Iraq, General David Petraeus, has been named chief of US military operations in the Middle East, US Defence Secretary Robert Gates announced Wednesday. If confirmed by the Senate, Petraeus, a four star general, will replace Admiral William Fallon, who stepped down in March as head of US Central Command.

Central Command, based in Tampa, Florida, oversees military operations in the Middle East and parts of Africa and South Asia, including Afghanistan.

Lieutenant General Ray Odierno will take command of US-led coalition forces in Iraq, Gates said.

Odierno served as Petraeus' deputy in Iraq until he returned to Washington about two months ago after President George W Bush nominated him to become vice chairman of the army. That nomination will be withdrawn, Gates said.

Petraeus has commanded coalition forces in Iraq for 15 months, leading President George W Bush's troop surge last year as part of a revised strategy that has dramatically reduced violence.

Gates said Petraeus will remain on the job in Iraq until late summer or early fall to ensure there is a smooth transition.

"One of the reasons for General Petraeus staying on for a while is to ensure there is plenty of time to prepare," Gates said.

"This arrangement probably preserves the likelihood of continued momentum and progress," Gates added.

Fallon resigned after making public comments about Iran seen as inconsistent with the White House policy of not ruling out the use of force to prevent the Islamic state from developing nuclear weapons.

Fallon has since retired from the military. Lieutenant General Martin Dempsey has been the interim chief of Central Command.

Top Iraq commander Petraeus to become regional chief - Update : Middle East World

Oil Revenues could give Iraq a $70 Billioin Windfall, Data Shows

New data on Iraq oil revenues suggests that country's government will reap an even larger than expected windfall this year — as much as $70 billion — according to the special U.S. auditor for Iraq.

The previously undisclosed information is likely to strengthen the hand of U.S. lawmakers complaining that Iraqis aren't footing enough of the bill for rebuilding their nation — particularly in light of rising oil production and world prices.

Oil prices Wednesday hovered near $120 a barrel.

Defense Secretary Robert Gates met privately Tuesday night with Michigan Democratic Sen. Carl Levin, chairman of the Senate Armed Services Committee, who said he would raise the issue of spending in Iraq.

New figures from Iraq's government show revenue from exports hit $5.83 billion in December — more than $1 billion over what was previously reported by the government, said Stuart Bowen, special inspector general for Iraq reconstruction, in an interview with The Associated Press.

It compared with $2.4 billion in January 2007 and $3.3 billion in July, he said in a recent interview.

The latest data "clearly substantiates ... that Iraq is enjoying a record windfall as the result of record oil prices, record oil production and record oil exports," Bowen said.

Iraq's Oil Ministry previously had said revenue for December was $4.7 billion. The new figure of $5.83 billion was included in a year-end report that is just now being given to the U.S. government, Bowen said.

With the revised December figure, and continued strong production and export figures since then, he said he now believes oil revenues could soar to $70 billion in 2008.

"If this continues, it would be double what they anticipated for their budget," he said.

"If annualized, it would be about $70 billion dollars," said Bowen, who had predicted in a March hearing on Capitol Hill that revenues could climb to as high as $60 billion.

That was up from an earlier estimate of $35 billion.

The new figures also come as Bowen prepares to release the latest of his quarterly reports, in which he audits a $48 billion U.S. reconstruction program that has made mixed headway toward restoring basic services and getting Iraq's economy on track.

Bowen said the upcoming report, expected next week, will show postwar records set early this year for both oil production and exports.

U.S. lawmakers have said it is time for Iraq to pay for more of its needs.

Levin said Tuesday before meeting with Gates that he will try to push legislation that would prohibit U.S. money from being spent on reconstruction and possibly other war-related costs.

GOP lawmakers have signaled a willingness to back a measure on spending, depending on how it is written. Republican Sens. Susan Collins, Bob Corker of Tennessee and Judd Gregg of New Hampshire have proposed separate legislation that calls for Iraq or its neighbors to pay more for reconstruction.

Many lawmakers have suggested restricting future reconstruction dollars to loans instead of grants and asking Baghdad to pay for the fuel used by American troops as well as take over U.S. payments to predominantly Sunni fighters in the Awakening movement.

Samir Sumaida'ie, Iraq's ambassador to the U.S., sought Wednesday to assure members of Congress that Iraq was doing what it could.

"I assured them that the Iraqi government is not only willing, it is actually stepping up and taking (on) as much of the financial cost of reconstruction as possible. And we're doing it as fast as we can," he told reporters after meeting privately with House Republicans and Democrats at the Capitol.

Iraq's 2008 budget is about $48 billion with some 84 percent coming from oil, officials have said. That was calculated using a $57-a-barrel price.

Iraq has the world's third-largest known crude oil reserves with an estimated 115 billion barrels.

Along with the $48 billion appropriated by Congress for reconstruction since 2003, Iraqis have budgeted $50.6 billion and international donors have pledged $15.8 billion. Though Iraqis have budgeted the money, they have a poor record of actually spending it. U.S. officials say that is largely because they lack expertise in budgeting and financial management.

Political considerations also have tainted the way money is handled. So has theft, fraud, skimming and other corruption that Bowen once said amounted to a "second insurgency."

TheTrucker.com - America's Trucking Newspaper

Babel is Planning to Establish an Agricultural Airport

Director of Babel Agriculture, Engineer Fadhil Hussein, announced the province's intention to establish an agricultural airport at Al-Kifl area, for the purpose of combating pests and diseases that adversely affect the agricultural production, costing more than two billion dinars within a plan to implement service projects for farmers; he added that two agriculture divisions will be established in both districts of Al-Qasim and Al-Shomeli for the development of agricultural and increase the rates of production in those areas. He also referred to the development of 200 acres of forest area in the district of Al-Mahaweel and organizing training courses abroad to raise the efficiency of workers in the agricultural departments in Babil.

http://www.iraqdirectory.com/DisplayNews.aspx?id=5963

Iraq succeeds in Rallying World Support

PM Noori Maliki returned to Baghdad after he succeeded to rally world support to his Govt.'s efforts at fighting terrorism and outlaws and strengthen diplomatic relations between Baghdad and the world during Kuwait meeting of neighbouring countries of Iraq.

This success was clear at final statement of the meeting that included many positive decisions as holding next meeting in Baghdad, calling all countries to cancel or reduce its debts on Iraq, return diplomatic representation in Baghdad, condemn all violence and terrorism actions.

FM Hoshear Zeebari said at joint press conference with his Kuwaiti counterpart Sheikh Mohamed Salem Alsabah that the meeting was outstanding as he considered holding the next meeting in Iraq as most important decision, while the Kuwaiti minister considered certainty of the Iraqi Govt.'s ability to hold sway over Iraq as the most important issue.

Iraq succeeds in rallying world support | Iraq Updates

British foreign secretary on surprise visit to Iraq

British Foreign Secretary David Miliband arrived on an unannounced visit to Baghdad Thursday where he held talks with Iraqi Prime Minister Nuri al-Maliki over the security situation, an Iraqi official said. Miliband held talks with al-Maliki in the government headquarters in Baghdad on security issues and British investments in Iraq, the premier's media adviser told the Voices of Iraq news agency.

He had attended a regional conference of Iraq's neighbours and major international powers that was held in Kuwait on Tuesday.

About 4,500 British troops in Iraq are based near the airport in the southern city of Basra.

The troops have been involved since end of March alongside Iraqi and US forces in fighting against the Mahdi Army militia of radical cleric Moqtada al-Sadr in Basra.

British foreign secretary on surprise visit to Iraq : Middle East World

Japan Offers USD 353 Million Loans to Iraq

Japan has decided to provide Iraq with about JPY 36.41 billion (USD 353.3 million) in loans to help improve water and sewage facilities in the war-torn country, the Japanese Foreign Ministry said on Wednesday.

Out of the amount, JPY 34.27 billion (USD 332.5 million) will be used for the project to construct and expand the existing and new water purification plants, and to develop water supply and distribution system in Kurdistan region, the ministry said in a statement. JPY 2.14 billion (USD 20.8 million) will be spent for the upgrade of sewerage facilities in Baghdad. The loans carry an interest rate of 0.65 percent for the Kurdish project and 0.01 percent for the project in Baghdad, and must be repaid over 40 years, including a 10-year grace period.

"Water supply system in Iraq was once in a good condition, but appropriate processing has not been done in many parts in the country. "Iraq regards improving water and sewage facilities as one of the important agenda in its reconstruction program, which will lead to improve public welfare.

"Providing Japanese loans for such projects is expected to improve securing safe water and to improve sanitary situations in urban areas," the statement added.

PUKmedia :: English - Home

Iraq adds 3.3 bln Barrels to March Oil Exports

Iraq boosted its crude oil exports by 3.3 billion barrels in March over the previous month, bringing in nearly US$15.5 billion, Oil Ministry figures showed Thursday.

The country's total crude oil exports stood at 59.4 million barrels for March and grossed US$5.644 billion, with an average price US$95.02 for per barrel, the ministry said on its Web site.

February's exports hit 56.1 million barrels and yielded in US$5.037 billion. January's amounted to 59.6 million and brought in US$4.813 billion.

There is still a wide difference in exports between the southern port of Basra and the northern city of Kirkuk, despite fighting in the south last month which included attacks on the southern export pipeline.

Ministry figures showed a total of 49.5 million barrels were sent abroad through Basra while other 9.9 million barrels were exported from the Kirkuk oil fields to Turkey's Ceyhan terminal on the Mediterranean Sea.

On Wednesday, the special U.S. auditor for Iraq released new data on Iraq oil revenues which show that the government could reap as much as $70 billion (Ð43.9 billion) this year, thanks to the soaring oil prices in international markets.

The new information is likely to strengthen the hand of U.S. lawmakers complaining that Iraqis are not footing enough of the bill for rebuilding their nation _ particularly in light of rising oil production and world prices.

Iraq sits on the world's third-largest oil reserves, totaling more than 115 billion barrels. But the industry is plagued by a lack of modern equipment and training after decades of U.N. sanctions, war and Saddam Hussein's ruinous rule.

The war-torn country is planning to increase its oil output to 3 million barrels a day by the end of 2008 by employing foreign companies' expertise and is also targeting production of 4.5 million barrels a day by end of 2013.

Khaleej Times Online - Iraq adds 3.3 bln barrels to March oil exports=

President Talabani Meets with David Miliband
Today the Iraqi President, Jalal Talabani, met with the British Foreign Secretary David Miliband and the British Ambassador to Iraq, Christopher Burns in Baghdad.

The current conditions in Iraq and reinforcing bilateral ties between Iraq and UK have been discussed during the meeting where the Iraqi Vise President, Adil Abdul Mahdi and the Iraqi Minster for Water Resources, Latif Rashid were attended. President Talabani highlighted the political and security developments in Iraq particularly the imposing of law security plan. Talabani highly appreciated the decision of the Iraqi Accord Front to return to the Iraqi government, indicating that negotiations with the Iraqi Fadhila (Virtue) Party and al-Iraqia list are continuous for their return to the Iraqi national unity government.

The joint relations between the Iraqi federal government and the Kurdistan regional government was another topic of the discussions.
British Foreign Secretary expressed his happiness towards Iraq’s achievements.

PUKmedia :: English - Home