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

News is very very slow today. Not much out there at all.

OPEC: price of a barrel of oil would reach between 150 and 170 dollars over the coming months

President expectation Organization of Petroleum Exporting Countries (OPEC), Algerian Energy Minister Chakib Khalil Thursday to reach the price of a barrel of oil to between 150 and 170 dollars over the next few months.

Khalil said in an interview with t.e.l.e.v.i.s.i.o.n "France 24" French "I expect the price up to between 150 and 170 dollars a barrel this summer. Likely to drop prices a little, with the approaching end of the year."

Translated version of http://www.aljeeran.net/economic.html

Kuwaiti Parliament to ratify the budget suffers from a large deficit

Kuwait's parliament approved Thursday a budget for the 2008/2009 financial year facing a record deficit and an increase in state expenditures amounted to about 18966 billion Kuwaiti dinars (71.4 billion dollars. 34 deputies supported the budget compared with 41 exhibitors and six deputies abstained from voting .

The increased spending in the fiscal year that begins in the first of April and ends on March 31, 2009 by 68% percent compared with estimates of expenditure last year, which amounted to 42.5 billion dollars.

However, the budget for this year include one-time value of 20.6 billion dollars for the retirement system of government to cover shortfalls in it.

It is expected to reach revenues of Kuwait to 47.6 billion dollars, an increase of 52.8% over the previous fiscal year revenue of $ 31.3 billion.

This means a budget deficit hit 23.8 billion dollars. However, Kuwait is expected to record a surplus this financial year for calculating the budget on the basis that the price of a barrel of oil is 50 dollars.

The record rate price of a barrel of Kuwaiti oil 75 dollars a barrel in the last fiscal year and reached more than $ 100 at the beginning of the current fiscal year.

The Kuwaiti oil revenues amounted to 843 billion dollars which is the highest in the history of the Principality and increase by 56 percent from last year's expectations.

Translated version of http://www.aljeeran.net/economic.html

Iraq sues UN over Oil-for-Food programme fraud-Justice Ministry

Iraqi judicial source said his country would lodge a lawsuit against the United Nations at a U.S court over corruption charges in the Oil-for-Food programme overseen by the International organisation for seven years.

“A Texas-based legal firm would lodge an Iraqi government lawsuit at state court in NewYork”, Iraqi Justice Ministry source, who requested anonmity, told Aswat al-Iraq-Voices of Iraq(VOI).

The source noted “Iraq file the case to catch up with its deadline expiring by the end of June”.

The Oil-for-Food Programme, established by the United Nations in 1995, which started working on April16th 1996 and terminated in late 2003, was intended to allow Iraq to sell oil on the world market in exchange for food, medicine, and other humanitarian needs for ordinary Iraqi citizens without allowing Iraq to rebuild its military.

The programme was introduced by U.S administration in 1995, as a response to arguments that ordinary Iraqi citizens were inordinately affected by the international economic sanctions aimed at the demilitarisation of Saddam Hussein's Iraq, imposed in the wake of the first Gulf War. The sanctions were discontinued on November21, 2003 after the U.S. Invasion of Iraq, and the humanitarian functions turned over to the Coalition Provisional Authority.

As the programme ended, there were revelations of corruption involving the funds.

According to an interim report released by an idependent commission led by former Federal Reserve chairman Paul Volcker food aid supplied under the programme "was unfit for human consumption".

The report concluded that former regime of Saddam Hussein had gained nearly $1.8 million in bribes and paybacks skimmed over the course of the programme.

Aswat Aliraq

Iraqi Oil Workers' Union Threatens Strike to Block New Oil Law

June 26 (Bloomberg) -- The Iraq Federation of Oil Unions, which represents more than half the nation's oil workers, will consider striking to stop the passage of a national oil law.

The union opposes the proposed law being negotiated in Iraq's parliament because it would cede too much control and revenue to foreign companies, Sabah Jawad, spokesman for the union's support committee in London, said at a briefing today.

"All options are open, including strike action,'' Jawad said in a later telephone interview. "This is 21st century theft on a massive scale to rob Iraq of its major resource.''

Iraq, holder of the world's third-largest crude reserves, is trying to pass legislation that would let investors such as Royal Dutch Shell Plc and BP Plc develop the country's oil fields. Iraq is seeking to revive production slashed by three decades of war and international sanctions.

Bloomberg.com: Energy

Oil Prices Climb to Record Above $141 a Barrel in Asia

Oil prices climbed to a record above $141 a barrel in Asian trading Friday as the dollar's protracted slump prompted investors to flock to oil as a hedge against inflation.

Prices were also lifted Thursday after OPEC's president said crude prices could rise well above $150 a barrel this year and Libya said it may cut oil production.

Light, sweet crude for August delivery rose as high as $141.71 a barrel before pulling back to $141.10, up $1.46 in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore. The contract Thursday rose $5.09 to settle at a record $139.64.

The previous trading record for a front-month contract was $139.89, set on June 16.

On Thursday, the dollar slipped against key currencies as U.S. data showed sluggish economic growth and pointed to a struggling labor market. Oil is priced in dollars, and some investors buy oil contracts to protect the value of their assets against accelerating inflation when the dollar falls.

The dollar movements caused the surge in oil pricing and the bullish trend remains intact," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "The oil market is subject to further spikes in the coming weeks."

On Friday, the dollar slipped to 106.42 yen from 106.91 yen Thursday; the euro was trading at $1.5738, down from $1.5751.

Crude futures were also driven higher after Chakib Khelil, president of the Organization of the Petroleum Exporting Countries, said he believes oil prices could rise to between $150 and $170 a barrel this summer. Khelil also said prices will decline later in the year, and aren't likely to reach $200 a barrel.

Khelil joined a long list of forecasters who have made bold oil price predictions this year. Each new forecast — such as Goldman Sachs' recent prediction that prices could rise as high as $200 — causes a jump in prices as speculative buyers are drawn into the market.

Meanwhile, the head of Libya's national oil company said the country may cut crude production because the oil market is well supplied, according to news reports.

Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut, said in a research note that Shokri Ghanem, the nation's top oil official, has declined to say when a decision would be made on whether to lower production, or give any indication of the size of the cut under consideration.

But analysts expressed skepticism over the comments out of Libya, saying the current level of oil prices provides an incentive for producers not to cut output.

"I doubt that any real effort in cutting output would be forthcoming, considering that pricing continues to hit new records," Shum said. "There's no economic reason to cut output at this time so it's just talk."

Oil prices have more than doubled over the past year on concerns about rising demand in fast-growing economies such as China and India, and supply disruptions in the Middle East and Nigeria.

Analysts have also attributed oil's rapid climb to speculative buying, with traders jumping into the market purely on the expectation that futures will continue to rise.

"Even though we have continued to see weakening demand in the U.S., other markets in the developing world still show growth," Shum said. "The tight market has empowered speculators to invest in oil and the oil market is subject to further spikes in the coming weeks."

In other Nymex trading, heating oil futures rose 0.71 cent to $3.8905 a gallon while gasoline prices lost 0.68 cent to $3.5045 a gallon.

Natural gas futures declined 1.7 cents to $13.231 per 1,000 cubic feet.

Brent crude futures rose 17 cents to $140 a barrel on the ICE Futures exchange in London.

PUKmedia :: English - Oil Prices Climb to Record Above $141 a Barrel in Asia

Update......

Shahrastani: Iraqi land is ready to welcome foreign companies to work in developing the oil sector

The Oil Minister Hussein Shahrastani that the Iraqi land is ready to receive foreign companies, especially Japanese to work in the development of the oil sector. Shahrastani's words came during a joint press conference held with the Minister of Energy and Japanese Akira AMARE after putting them to meet with Prime Minister Nouri al-Maliki. For more details, watched the video on this report

Translated version of http://www.alsumaria.tv/ar/Economics-News-Iraq/3-19362-Al-Shahristani:-Iraq-ready-now-to-receive-foreign-companies-to-help-developing-oil-sector.html

Iraqi government intends to put the country's largest ports for investment to international companies

The adviser said the Iraqi Transportation Ministry, Abdul Razzaq Buhdar Hassan, the ministry held a conference, during the past two days in Arbil, was allocated to discuss the offers of three international companies in the field of marine consultancy, with the aim of contracting with international companies to manage and invest the port of Umm Qasr, Iraq's largest port in the coming period .

He added Hassan, in an interview with "Uzmatik" that the "ministry aimed at making Iraqi ports able to serve as, corridor, linking Asian countries to Europe, in addition to meeting the needs of Iraq's importation of the process, pointing out that the maximum capacity, the port of Umm Qasr, in Currently, up to 13 million tons annually, while the ministry hopes to raise that figure to 50 million. "

He heard a delegation from the Iraqi Ministry of Transport over two days, through events Conference, the representatives of three companies in the field of marine consultancy, the first British company Driuri, through its representative Gulf, a company on sea traffic, and the second company "AECAM" American, the third company, Company Cornell.

For his part, Undersecretary of the Ministry of Transportation Iraqi banks Frick, that "the three presentations were good at variable rates, and that the ministry will study the proposals, over the next ten days, before it falls on one choice."

He added Rick, in an interview with "Uzmatik," the ministry's plan for the port of Umm Qasr aims to grant the southern part of the port for long-term investment, in return for granting the northern part of the project management and operation, for a period of not less than five years, "explaining that" the aim of That is the access to the port design energies, to meet Iraq's needs in the process of importation, for food and other materials. "

The Rick "The major companies expressed interest over the past period, the subject of investment in Iraqi ports, and the government in return for creating enabling environment for investors to be reassured to invest in Iraq," referring to legal action and field, and security "to improve the situation in Basra, which Located where all Iraqi ports, especially after the success of the process, arriving Knights. "

The Director of the company on sea traffic, located in the United Arab Emirates, which made a presentation at the conference as a representative of the British company Driuri, Jassem mother, said that "the Iraqi government wants to create a better investor and leased to the port of Umm Qasr, and that process needs to find a competent consulting firm helps Government to take steps that lead to achieving that goal. "

His mother, in an interview with "Uzmatik", that "the offer made by the consulting firm, includes studies and data required, which will help to better access to both contracted with investors, or lessor."

He pointed out that "the value of consultancy contracts, not less than one million dollars, and the company he represents, has 193 projects consultant, signed last year 2007 only, as it had previously worked in projects in a number of states region, including Egypt, Saudi Arabia and the Sultanate of Oman ".

It is noteworthy that the Iraqi ports, and number six commercial ports and oil ports, suffers from several problems highlighted nearly 25 years of stagnation, and the negative impact of wars, it left many in the corridors of naval sunken without salvaged.

The port of Umm Qasr, according to officials of the Ministry of Transport, one of the largest and best Iraqi ports, so the ministry was chosen to begin the process of development and invest it.

Translated version of http://iraqalaan.com/bm/Economy/3248.shtml

The Ministry of Trade: Iraq crisis will not be affected by the drought and high world prices

A spokesman for the Ministry of Commerce, Mohammed Hanoun, said that "Iraq will not be affected by the drought crisis and rising prices against the world today," asserting that Iraq "has taken adequate preparations since last year to address this crisis."

He added Hanoun, in an interview with "Uzmatik", that "the mechanisms which follow the ministry to face drought and food crisis, has achieved its objectives through several axes in order to ensure the food needs of grain, and delivery is well balanced, to most provinces of the country", as saying.

The spokesman of the Ministry of Commerce "there is no problem or shortage of grain processed for citizens, as a result of contracts to the Ministry of Commerce, with major international companies," pointing to "the imminent arrival of a ship loaded with 13 Australian and American wheat to the Iraqi ports."

On another front, Hanoun said that "the General Company for Trade construction materials prepared a tender for 34 different substances within the construction and reconstruction, including iron, timber, sanitary appliances, and items of bricks, cement importer, as Iraqi production of cement does not meet the needs of the country."

The spokesman for the Ministry of Commerce that "this tender work to provide all the materials of construction of a global Mnascie sophisticated, so it receives citizen in a transparent manner and at preferential prices."

It is noteworthy that Iraq needed material for wheat ration card, up to 300 thousand tons per month, which is roughly the same amount needed by the rule of flour per month, amounting to a need in the Iraqi governorates of rice to about 90 thousand tons per month.

Translated version of http://iraqalaan.com/bm/Economy/3254.shtml

Turkish Ambassador confirms the readiness of his country to develop the electricity sector in Iraq

Research and the Iraqi Electricity Minister Karim Wahid with Turkish Ambassador in Baghdad, Thursday, the bilateral relations between the Ministry and Turkish companies operating in the electricity sector. The ambassador emphasized his country's readiness to develop the electricity sector in Iraq.

A statement by the Ministry of Electricity has received the Independent News Agency (Voices of Iraq) a copy of it, that the minister had received a single, today (Thursday), Turkish Ambassador to Baghdad, Derya where, during which they "reviewed bilateral relations between the Ministry and Turkish companies operating in the electricity sector, including the prospects for development Serve the common interests of neighboring peoples. "

The statement quoted the ambassador as saying that "Turkey and a high-level delegation headed by Minister of Trade and Industry, and includes a number of managers of private companies interested in the Turkish area of electricity, will visit Iraq in the twenty-ninth of June of this, (to discuss) to develop and consolidate relations, and can contribute Turkish companies to build and develop the electricity sector in Iraq. "

The meeting was attended on the Iraqi side agent senior engineer of the Ministry of Electricity Raad goalkeeper, general manager of contracts and investments. And on the Turkish side was attended by a number of Staff of the Turkish Embassy in Baghdad.

The President Jalal Talabani said, before the end of May last, the Turkish Prime Minister Recep Tayyip Erdogan "will visit Iraq soon," without setting a date for the visit.

He announced Talabani, during a meeting held in a timely manner (by Baghdad) with the chief editors of a number of media organizations attended (Voices of Iraq), Turkey agreed to "finance the D line, one to transport gas and other oil between the two countries. It also agreed to raise the amount of electricity that SUPPLY Iraq, increasing its share of water. "

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