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

Are you referring to all the sites going down?

Remarks at The Iraq Compact Conference

SECRETARY RICE: Thank you all for being here today. The United States, of course, remains committed fully to fostering a sovereign, democratic, prosperous, and unified Iraq, a federal Iraq that is at peace with itself and at peace with its neighbors. And as we move forward with the International Compact with Iraq, the United States is deeply grateful to our international neighbors for their efforts in helping Iraq develop that framework and the mechanisms not only to transform economically, but to become a full, viable partner in the international economy.

There has been a lot of progress in Iraq as noted in the first review of the International Compact. Because of the country’s sound monetary policies, core inflation has dropped, the Iraqi dinar remains strong, and unemployment is down by almost half. The IMF is projecting a 6.6 percent real GDP growth for this year. And programs for micro-credits and loans to small and medium enterprises are creating jobs across the country. We encourage Iraq to continue the work to restructure and to revive its major state-owned banks.

Iraq’s leaders have significantly improved Iraq’s budget ****ution, and they are now allocating more of Iraq’s own budget to build the infrastructure and provide the services that Iraqis expect from their democratically elected government. Iraq’s leaders are making progress in passing legislation on the budget, provincial powers, de-Baathification reform, pensions, and amnesty. And looking ahead, we look forward to progress on the elections law, the constitutional review, and of course the hydrocarbons package.

Now, these positive political and economic developments are being facilitated and supported by really significant improvements in security. And here, let me say as a lead member of the international coalition, we are particularly pleased by and gratified by Iraq’s willingness and ability to play a larger role in providing for its own security, particularly as we have just seen against extremists in Basra, in Baghdad, and in Mosul. After years of enforced isolation under the terrible regime of Saddam Hussein, Iraq is making good progress at integrating itself more fully into its region and to its world. The successive neighbors meetings that we have been holding are bearing fruit, and Iraq should be commended for its commitment to developing strong, long-term relations in its neighborhood and with the world.

The progress in Iraq under the Compact could not have happened without the strong and steady support of the international community. Now, five years after the country’s liberation, Iraq’s international partners remain committed to sustaining their economic assistance. About $2.5 billion in new soft loans from Japan and the World Bank have been approved for much needed infrastructure, energy, and essential services. And since the Compact was launched, Bulgaria, Serbia, Bosnia, Slovenia, and Russia have agreed to major reductions in Iraq’s Saddam-era debt, and we encourage countries that have not yet done so to do so promptly.

There are, of course, remaining challenges. Not everything that needs to be accomplished has been. We echo others in saying that the mechanisms for implementing the Compact should be made more effective. While the goals and the benchmarks of the Compact are clear, Iraq needs to improve efforts for implementation among its ministries. And we encourage the Iraqi leadership to address these issues directly.

In closing, I want to thank, in particular, the Government of Sweden, Foreign Minister Bildt, Prime Minister Reinfeldt for Sweden’s hosting of this Compact meeting. Not only are the arrangements exquisite, but the spirit in which Sweden is reaching out to Iraq is greatly appreciated. I also want to thank the United Nations, especially, of course, the Secretary General, and his Special Representative Staffan de Mistura for the hard work that they are doing to help to bring Iraq into the international community.

The United Nations Assistance Mission for Iraq is supporting Iraq on many issues, including promoting national reconciliation and regional dialogue, facilitating elections and protecting refugees and internally displaced people, and resolving disputed international or disputed internal boundaries. Iraq requires regional and international support to succeed. And I encourage everyone to increase their diplomatic, economic, social, and cultural engagement with the people of Iraq. We especially urge Iraq’s neighbors and friends to strengthen these ties through official visits to Iraq, the reopening of embassies and consulates, and the appointment of ambassadors. Iraq can also play an encouraging role in enhancing diplomatic relations by appointing Iraqi ambassadors to Arab countries.

But again, in closing, though there is much work to be done, special congratulations should go to the leadership of Iraq. Mr. Prime Minister, Deputy Prime Minister and your team, Iraq has achieved a great deal in the years since this compact was launched. It has been through leadership and dedication and, indeed, courage that Iraq has accomplished so much.

But I’d like to say one final word, and that is about the Iraqi people. Because while their leaders have, indeed, shown courage and dedication, so too have the Iraqi people. The Iraqi people have been unwilling to give in to violent enemies. They have remained dedicated to building their democracy. And they have remained true to decency among themselves. Faced with the many challenges that they have, the Iraqi people have demonstrated that they deserve the support and commitment of the international community as well. Thank you very much.

http://www.state.gov/secretary/rm/2008/05/105278.htm

Originally Posted by Seaview

Are you referring to all the sites going down?

Yes, like I said most likely nothing, but ???

Help from the House of Saud
Why the leading oil producer wants to cool off the market

The Saudis, the world's largest oil exporters, are as stunned as anyone by black gold's rocketlike rise in price. Just a decade ago, Saudi Arabia nearly was brought to its knees by prices averaging $14 a barrel. While their coffers have since filled to overflowing, the Saudis worry about the impact of $130-per-barrel oil on their customers' economies as well as the opening that high prices are giving to alternative fuels. "We don't like it," says a Saudi source, of the recent, fevered market.

The Saudis want to cool the red-hot oil market and are investing heavily in new fields to meet future demand. They already plan to increase production by 300,000 bbl. per day in June, to 9.45 million bbl. This decision is more a response to customer orders than to President George W. Bush's recent pleading for more oil (the government of King Abdullah sees Bush as a lame duck and believes his Iraqi foray has been a disaster). In a move that's as much psychological as practical, the Saudis also are telling customers they will supply them with all the oil they want.

That will help a little, but for now the Saudis maintain there is only so much they can do to lower prices. They have 2 million bbl. of daily production capacity held in reserve: Saudi policymakers figure this oil has to be kept back from the market in case a drastic emergency (such as a U.S. strike on Iran) threatens world supply.

In addition, analysts such as David Kirsch of Washington (D.C.) oil consultants PFC Energy think that, with so much investment money sloshing around in the commodities markets, the Saudis calculate they have no hope of controlling short-term price fluctuations. They blame the recent price runups on speculation and fear of shortages, factors they say are beyond their control.

In reality, the Saudis add, there is plenty of oil on the market. Iran has put some 30 million barrels of oil that it can't sell into floating storage. "If we produced more oil, it wouldn't find buyers," says the Saudi source. "It wouldn't affect the price at all."

The longer term is a different story. The general hand-wringing over future oil supply may be off-base when it comes to Saudi Arabia. The Saudis have embarked on an ambitious expansion program that should see more than 2 million barrels of new production capacity come onstream by the middle of next year. One new field, called Khurais, may at 1.2 million barrels per day even exceed next year's global growth in demand.

Nansen G. Saleri, a recently retired chief of reservoir management at Saudi Aramco, the national oil company, is confident that the Saudis can reach 12.5 million bbl. per day of capacity—or even 15 million bbl.—vs. their 11.4 million now. "The resource base is there," says Saleri, who now is CEO of Quantum Reservoir Impact, a Houston startup.

Just having that much additional capability should dampen prices, "whether it goes into [reserve] capacity or production," says PFC's Kirsch. Edward L. Morse, energy economist at Lehman Brothers (LEH) in New York, thinks a sharp correction could begin late this year as demand slows and the market recognizes that the Saudis really are serious about adding capacity. He is forecasting an average price of $83 per barrel for 2009. The Saudis could pay their bills with oil as cheap as $60 per barrel. Whether they have the ability to persuade OPEC to accept much lower prices is the big question.

Help from the House of Saud

Originally Posted by CROW

Yes, like I said most likely nothing, but ???

Lol - lucky this one's quiet - guess it slipped under the radar then.

You're starting to sound like a Conspiracy theorist.

Originally Posted by Seaview

Lol - lucky this one's quiet - guess it slipped under the radar then.

You're starting to sound like a Conspiracy theorist.

No, but I just don't like it, little strange.

Seaview, you have always been a class act, you have my respect! Not a act but you know what I mean!

Foreign firms vie for $15 billion construction contract

International firms are competing for one of the largest construction schemes in the country at a total cost of nearly $15 billion, a statement by Baghdad Municipality said.

The statement said 14 firms have supplied tenders to construct the Al-Rasheed City to be built on a former massive military camp bearing the same name.

The city will include a 4000-bed hospital and as well 21 specialized clinics to form the largest medical complex the Middle East in the future, the statement said.

The residential complex that will include six residential sectors with hundreds of 3-6 story building is expected initially to house 60,000 people, it added.

The return of some semblance of normalcy to Baghdad is encouraging some firms to submit offers.

Most foreign firms had fled Iraqi due to mounting insecurity. Many have migrated to the more peaceful Kurdish north, taking a wait-and-see attitude.

http://www.azzaman.com/english/index.asp?fname=news\2008-05-29\kurd.htm

Iraq's President stresses mutual relations with Russia

Iraq's President Jalal al-Talabani expressed his country's willingness to bolster its relations with Russia in all fields, particularly in the oil sector, during his reception of a delegation from a major Russian oil company.

"On Wednesday afternoon, Talabani received in Baghdad a Russian economic delegation that included the deputy chairman of the giant oil company Lukoil, a number of officials, and the Russian ambassador to Iraq, Vladimir Chamov," according to a statement released by the presidential office and received by Aswat al-Iraq - Voices of Iraq - (VOI).

In March 2008, Vagit Alekperov, the top manager of Lukoil, Russia's largest oil company and its largest producer of oil, headed a delegation to Iraq, which was headed by the deputy foreign minister, Alexander Saltanov.

The delegation met with Talabani, Prime Minister Nouri al-Maliki, the Iraqi ministers of foreign affairs and oil, and several officials.

During his meeting with the Russian delegation on Wednesday, Talabani stressed the significance of cooperation between the two countries, the statement explained, quoting the Russian delegates as reiterating their readiness to contribute to reconstruction work in Iraq, particularly in the oil sector.

In February 2008, the Russian government wrote off most of its debts from Iraq, estimated at $12.9 billion.

Iraq's president stresses mutual relations with Russia

Nothing unusual coming out of Iraq at this point, tomorrow being the holy day should be calm, but events should be watched closely.