Thread: Archive News - Iraqi Dinar Think Tank - 06/05/09 - 04/09/09

Samurai discuss with President of Commission oil & gas, request to interrogate Shahristani

Iyad al-Samarrai, professor, received the President of the Iraqi Council of Representatives Mr. D.. Ali Hussein, Chairman of the Committee on Blue oil and gas, and the Attorney Jaber Khalifa Jaber Commission's decision on Sunday morning at his official 17-5-2009.

During the meeting a number of issues related to Iraq's oil policy and the application of the number of deputies to question oil minister Hussain al-Shahristani.

The President during the meeting, confirmed al-Samarrai, "I will not stand a barrier to interrogate any minister or official, but within the legal contexts."

Called to focus on what serves the people of Iraq and for the advancement of the economic nightmare that darkened the country.

Information Office
The President of the Iraqi Council of Representatives
17-5-2009

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Presidency of the Council of Representatives agreed to the questioning of Minister of Oil

After collecting the signatures of 140 deputies in the House of Representatives Committee announced that oil and natural gas, and the parliamentary approval of the Presidency of the Council to question the oil minister Hussain al-Shahristani.

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Iraqi Vice President criticizes Ministry of Oil .. The deal calls for «open mind» investments

Came with the Iraqi Ministry of Oil for fresh criticism yesterday, in order to change its policies in the area of investment, said Oil Minister Hussain al-Shahristani, that «no point» of the sub-oil pipeline between Jordan and Iraq as the main oil pipeline running from Kirkuk to Banias on the Mediterranean is currently affected.

And has been responsible in the Kurdistan regional government to criticize the policies of the Iraqi oil ministry, describing it b «failed».

The Committee on Oil and Gas Parliament a petition signed by 140 members (there was a need for twenty-five signatures only) call for the oil minister to respond to complaints about the «wrong policies» and «a tremendous lack of» in oil revenues, uncovered, Adel Abdul-Mahdi, Iraqi Vice-President, on the « deplores »and« dissatisfaction »about the lack of progress in the reform of Iraq's dilapidated oil sector, adding that dealing with foreign investment must be« open mind ».

Shahristani refused to production sharing contracts under which companies get a share of the proceeds of the oil fields developed by introducing, instead of the specific charges for decades, some major oil companies, they are not attractive.

The differences over the payment and other conditions of service have been marred by decades of short-term supply from Iraq before, but the Oil Ministry now proceed with the two rounds of tenders for the development of major deals. And disruption of years of the adoption of the oil and gas law will provide the Iraqi legal framework for foreign investment, due to disagreements between the KRG and the central government in Baghdad. Abdul-Mahdi told reporters at the World Economic Forum in Jordan «With regard to the oil industry ... No I am not satisfied with what we have done since 2003 ..Six years without a real contracts ..Without a contract for the refinery », said« we need foreign investment and we need to move forward and deal with those issues, an open mind ..Open to the necessities of the market and new economic realities that are not known to many of our colleagues », according to Reuters news agency.

Iraq exports about 1.8 million barrels per day, down from a peak of the post-Saddam era amounted to about two million barrels a day in this month last year. The decline in oil prices highlighted the fact that the lack of progress after the government reduced the budget to Iraq three times in 2009, prompting many of the politicians to sign a financial crisis in 2010. Iraq has the third-largest proven oil reserves in the world and bring almost all the proceeds from the sale of oil.

A statement of the Commission on oil and gas, she had asked to call the Iraqi minister of oil in the light of the deterioration of oil production and said it was «wrong policies» have a huge shortage in the proceeds of crude. It is unclear when al-Shahristani will be before the Committee. Said Ali Hussein, Chairman of the Blu-«in 2010 we expect that Iraq is facing major financial crisis, we can not wait to be the disaster». The Oil Ministry has been appointed this week as the new President of the Southern Oil Company is responsible for the bulk of the exports and production of Iraqi oil as part of amendments to the level of the sector to promote exports.

So on, "Hussain al-Shahristani told reporters on the sidelines of the World Economic Forum at the Dead Sea that« no point »of the sub-oil pipeline between Jordan and Iraq as the main oil pipeline running from Kirkuk to Banias on the Mediterranean is currently affected. Shahristani said that «the transport pipeline through Jordan to supply crude oil to the blue region of the branched tube is a major pipeline from Kirkuk to Banias, a victim and we are working on the rehabilitation and does not qualify the usefulness of the sub-pipeline», according to German news agency.

Shahristani's comments came in response to reports that Jordanian Prime Minister Nader Dhahabi plans to visit Iraq soon to discuss a number of issues, most notably the construction of the pipeline in Oman hopes to convey crude oil from Iraq to Jordan, the only refinery in Zarqa (30 kilometers) east of Algiers.

Shahristani said the Iraqi government «is» the Convention that took place three years ago with Jordan under which Baghdad pledged to provide Jordan with 10 thousand barrels of oil per day at preferential prices, to rise later to 30 thousand barrels per day.

Be recalled that Iraq, which was the main supplier of crude oil to Jordan during the regime of former President Saddam Hussein, was not able to fulfill its obligations in the new agreement with Oman because of the lack of security.

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Central Bank begins the introduction of magnetic instruments

Would be the scene of the coming months of this year to begin with magnetic instruments, where preparations are under way for the operation of the system, which is one of the important tools of monetary policy in Iraq.

An official source at the Central Bank of Iraq, told a news briefing on Sunday that the completion of this work requires banks to complete their preparations in terms of printing magnetic instruments, as well as special equipment to read the instruments automatically.

He explained that the process of clearing and settlement of those instruments will be automated and automatic in the Central Bank of Iraq and the process will include all types of instruments for individuals and institutions.

He added that the application of this system would save time and effort while increasing accuracy of the work, so this work represents a qualitative leap for the banking business using the latest technology and international standards.

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The conference began the legal framework for investment in Iraq

Began in Baghdad on Sunday of the legal framework for invest in Iraq, organized by the Ministry of State for Parliamentary Affairs, with more than 200 economic and commercial character of formal and informal, including businessmen, investors, local and foreign researchers and specialists in the economic aspects.

The conference, which will be held under the theme "Towards an attractive legal environment for investment," ways to create an appropriate ground for investment in the country, and the necessary preparations to receive the international companies wishing to enter Iraq and invest in it.

The holding of this Conference, who attended the inauguration of Prime Minister Nuri al-Maliki, after several weeks of holding an investment conference Iraqis widely in the British capital under the slogan of "invested in Iraq."

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Maliki: We have made amendments to the law on investment and speed up the appeal to parliament to ratify it

Wazzra Prime Nuri al-Maliki on a new direction to the government will introduce to the House of Representatives, which contracted with local and international companies through / payment term / for reconstruction and investment, appealed to Parliament to speed up ratification of the amendments the proposed investment law.

Maliki said in a speech opening ceremony of the legal framework of the investment on Sunday that there were several weaknesses have emerged in the investment law which was enacted in the National Assembly, including the ownership of land for investment projects, and "initiated" the Council of Ministers to amend the law because of what he described as the vulnerability of this law, which was initiated at a time of the former National Assembly.

"There are certain things that killed the investment, including the central, and called for encouraging the private sector and make way for companies to take their role in the investment environment is safe, so go to the mixed sector, the private sector and state sector, emphasizing the need to protect the money and find a secure, through the laws of investment, because the laws of the country prior to the call for investment, in addition to the "investment environment that need to be a safe and secure money for the legal and legislation as well as political stability."

Maliki has demanded the provision of investment law will facilitate the work of the investor, through "the legislation in force and is one of them instead of the investor is to stay in the Chambers", noting that there were "complications" in the process of enacting laws, since all the services put her, wishing that they do not pass laws on investment procedures for a long time.

The Ministry of State for Parliamentary Affairs had organized a conference on Sunday (the legal framework for investment) with the participation of the National Authority for investment

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CBI dollar sales slightly up

Demand for the dollar saw a slight increase in the Central Bank of Iraq (CBI) auction on Sunday, reaching $140.591 million compared to $124.259 million.

“The demand hit $36.350 million in cash, covered by the bank at an exchange rate of 1,176 Iraqi dinars, and $104.241 million in foreign transfers outside the country, covered by the bank at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 15 banks that participated in today’s session offered to sell dollars.

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Trade minister questioning is just a beginning, says MP

Independent legislator Hussein al-Falluji on Sunday said that the parliament’s questioning of Trade Minister Abdulfalah al-Sudani will set a precedent for the accountability of ministers and state officials.

“The no-confidence vote over the trade minister has to do with the parliament’s content about charges raised over Sudani and the evidence he and lawmaker Sabah al-Saadi will produce,” Falluji told Aswat al-Iraq news agency.

“If Sudani’s replies were not convincing enough for the members of parliament, a no-confidence vote will be held over him,” he added.

A member of the parliament’s anti-corruption committee, Amal al-Qadi, had revealed on Thursday (May 14) that Sudani would be questioned at parliament over “financial and administrative corruption charges”.

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Parliament to continue questioning trade minister

The Iraqi Parliament on Sunday held its regular session under the chairmanship of Speaker Iyad al-Samarraie to continue questioning the minister of trade on corruption charges.

“Today’s session started with a continuation of the questioning of the minister of trade, Abdulfalah al-Sudani,” a representative of the Yazidi bloc in the Parliament, MP Farhan Jadjou, told Aswat al-Iraq news agency.

On Thursday (May 14), a member of the parliamentary integrity commission said that Sudani will be questioned on charges of “financial and administrative corruption.”

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Parliament speaker meets MPs to discuss oil minister questioning

Iraqi Parliament Speaker Iyad al-Samarraie discussed at his office in Baghdad on Sunday with legislators a request to question Oil Minister Hussein al-Shahrestani, according to a statement by Samarraie’s office.

“During a meeting with Ali Hussein Balu, the chairman of the parliament’s oil & gas committee, and legislator Jaber Khalifa, the committee’s rapporteur, the speaker discussed issues pertaining to Iraq’s oil policies and the request by a number of lawmakers to question the oil minister,” read the statement as received by Aswat al-Iraq news agency.

“I won’t impede any questioning to any minister or official as long as they are within the standard legal frameworks,” Samarraie said during the meeting.

He called to “focus on whatever serves Iraq and its people to wake up from the horrible economic nightmare that overshadowed the country”.

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