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.

http://209.85.229.132/translate_c?hl...tImOk5DAIzLwvw

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.

http://209.85.229.132/translate_c?hl...BZ0T4A5jDlmzIw

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.

http://209.85.229.132/translate_c?hl...fYJwvwvfLjJHDQ

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

http://www.ipairaq.com/index.php?nam...557&wordid=294

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.

http://en.aswataliraq.info/?p=113273

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”.

http://en.aswataliraq.info/?p=113261

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.”

http://en.aswataliraq.info/?p=113280

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”.

http://en.aswataliraq.info/?p=113277

Interesting,

It is about time they move against this obvious obstacle in passing of oil law. He has been creating issues with Kurdistan region which has been moving forward on oil contracts for the better of all of Iraq from very start. They should be commended for what they have accomplished, yet al-Shahristani has been constant obstacle in Iraqi progress towards being the largest oil country in middle east.

As we have all seen, al-Shahristani has been creating issues with Kurdistan from start, and it is obvious he is playing the sectarian issue to his advantage, so it is about time to investigate his motives. One thing for sure, if he is removed as oil minister, we will all be better off, Kurdistan, Bagdad and all of us. lol

Success to all, Mike

Iraq issued treasury bonds worth three billion dollars

Iraqi government on Sunday decided to issue treasury bonds worth a total of three billion dollars in an interest rate of two percent for the majority of the Ministry of Electricity, as well as financing of water projects and railways.

A government statement said the cabinet agreed to by the Ministry of Finance issued treasury bonds by two to four-hundred million dollar interest rate of not less than 2% of maturity from the date of the IPO.

He explained that the Ministry of Finance to allocate the corresponding value of the bond allocation from the Ministry of Electricity within the public budget in 2010 that the House of Representatives was the purpose of validation.

The power rationing in Iraq as a result of a chronic limitation and intermittent wars and the international embargo that was imposed on the country.

Government also agreed to "authorize the Ministry of Finance issued treasury bonds of $ 600 million to finance water projects and railways is not an interest rate of less than 2% to be paid one year after the date of the IPO."

The ministry will be "the amount allocated in the budget year 2010 to be presented to the parliament for ratification."

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35 percent tax on foreign oil companies in Iraq

The Iraqi Cabinet approved a draft law on the subject all foreign oil companies for income tax of not less than 35 percent.

He said Iraqi government spokesman Ali al-Dabbagh said on Sunday that it has become the procedure now requires the approval of Parliament.

Iraq has the third-largest oil reserves in the world, which seeks to attract major international energy companies to compete for major contracts for oil and gas in the country.

http://209.85.229.132/translate_c?hl...zFfrEemenYi32g

Deputy: questioning the Minister of Trade was objective and not political

MP Sirwan Zahawi Alliance of Kurdistan, on Sunday, said the questioning of Minister of Commerce by the Chamber of Deputies was the objective did not take a political dimension, adding to the difficulty in predicting the decision to be taken by Parliament after the conclusion of the questioning.

The Zahawi told (Voices of Iraq) that "the discussions today was calm and did not take a political dimension, but has a substantive dimension." Zahawi ruled that "the decision is taken by the predictability of the House of Representatives after the completion of the interrogation process, because this matter is left to the conviction of members of the House of Representatives."

Ocharalzhaoi and that "Kurdistan Alliance members to leave the freedom to vote in the case of Minister of Trade and they will not impose a particular decision."

The Iraqi parliament held its usual Sunday, led by its president, Iyad al-Samarrai and the presence of the Minister of Commerce to complete the questioning, which appeared at the meeting on Saturday, against the backdrop of "interest to financial and administrative corruption." Addressed to the ministry of the Integrity Committee in the Parliament.

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Complete the questioning of Parliament, Minister of Trade and Saedi, had submitted a request for dismissal

MP, said the Iraqi Accordance Front, Salman Jumaili, Sunday, that the House has completed its questioning of Minister of Commerce, noting that the Chairman of the Integrity Commission Sa'idi morning submitted a request for dismissal, and are now collecting signatures for a vote of no confidence on the Minister.

He Jamili told (Voices of Iraq) that "the process of questioning and the Minister of Trade ended Sunday afternoon," he said, that morning, Saadi and Deputy Chairman of the Parliamentary Integrity Commission, "the minister was not convinced of answers submitted a request to the Presidency for a dismissal of the minister from office."

He added that "the House of Representatives is a campaign to collect signatures to present the subject of impeachment in the House of Representatives after a week." He pointed out that "the request of impeachment must be signed by the vice-50 that is displayed on the request of impeachment in the House of Representatives after a week of the process of questioning the minister."

He said a "request for dismissal if a simple majority, said the minister from office."

The Iraqi parliament held its usual Sunday, led by its president, Iyad al-Samarrai and the presence of the Minister of Commerce to complete the questioning, which appeared at the meeting on Saturday, against the backdrop of "interest to financial and administrative corruption." Addressed to the ministry of the Integrity Committee in the Parliament.

http://209.85.227.132/translate_c?hl...5ustaV2BTSwEvg

Blue: oil and gas law will be to the government because of differences

Chairman of the oil and gas in the House Blue Hussein that Iraq still needs a lot of time to set up installations and gas pipelines to carry out the export of gas to EU countries.

He told the Blue PUKmedia Monday 5-18 "that the law of oil and gas will be returned to the cabinet because there are differences on the annexes of the law."

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The conclusion of the World Economic Forum on the Middle East

Concluded the work of the World Economic Forum on the Middle East, which was held over three days in the Barn on the west shore of the Dead Sea, Jordan with the A and Thelatmip person

Eighty of the country such as Iraq and a large delegation at the conference was chaired by Vice President Dr. Adel Abdel Mahdi. :........ With this report and said that Vice President Dr. Adel Abdul-Mahdi also said that Iraq's participation in global economic forums provide an important opportunity to continue with the geographical surroundings and the world. Abdul-Mahdi said that the entrances to these forums is the key to Iraq to return to normal as a pivotal In the region and the international community.

He pointed out that the relations, Iraq - Jordan's forward-moving and more than many of the obstacles which hinder this progress, stressing that the exchange of visits between the Iraqi officials to give an indication of the development of relations between them and Abdul-Mahdi said that the two countries are forging trade and investment contracts as working on activating cooperation in the oil trade and the free zones.

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Welcomed the extradition of al-Shahristani, the oil province of Kurdistan, to the federal government to sell

Iraq's Oil Minister Hussain al-Shahristani, the oil is the wealth of the Iraqi people by the Constitution and the law, noting that the oil must be sold through the ministry within the mechanics of the sale to secure the best price for Iraqi oil.

He said al-Shahristani: 246
The oil minister said that the ministry had been demanding that the oil, which recognizes the issue of the Kurdistan region and the pipeline linking the main export pipeline through Turkey, adding that his ministry welcomes the delivery of oil to the Iraqi government by the province

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Dollar sales lower on Monday

Demand for the dollar dropped in the Central Bank of Iraq (CBI) auction on Monday, reaching $124.290 compared to $140.591 million in the previous session.

“The demand hit $26.02 million in cash, covered by the bank at an exchange rate of 1,176 Iraqi dinars, and $98.270 million in foreign transfers outside the country, covered 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 12 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=113314

UPDATE - Iraq Kurds expect substantial surplus in gas deal

* Deal to provide enough gas to kick start Nabucco
* Iraq's central government rejects deal
* KRG says deal to improve commercial ties with Turkey

Iraq's largely autonomous Kurdish region welcomed on Monday an $8 billion natural gas plan from a bloc of European and Arab firms that it said could provide gas for Europe.

The Kurdish government, which has pursued its own oil contracts despite condemnation from Iraq's central government in Baghdad, said supplies from a new $8 billion plan to tap the region's rich gas fields would focus on the domestic market.

Austria's OMV and Hungary's MOL MOLB.BU have joined forces with the United Arab Emirates' Crescent Petroleum and affiliate Dana Gas DANA.AD in a deal that could provide enough gas to kick start the Nabucco pipeline project and reduce Europe's reliance on Russian gas.

"We are certain that there will be substantial surplus volumes of gas available to satisfy the needs of the Nabucco pipeline project from the currently discovered gas fields and from many other license areas currently under exploration and appraisal," the KRG said in a statement.

Yet the statement is thrust into doubt by a condemnation from the central government, which said it would not recognise any agreement done without backing of the Iraqi Oil Ministry.

"The government rejects any deal that does not include Iraq's federal Ministry of Oil," said spokesman Ali al-Dabbagh.

The gas deal is the latest twist in a long feud between Iraq's central government abd the KRG, which has signed energy deals with foreign firms the Oil Ministry deems illegal.

The KRG, meanwhile, condemns the Iraqi Oil Ministry's failure to boost exports from levels that are still below what they were before the U.S.-led invasion of Iraq in 2003.

LONG IMPASSE ON OIL

Earlier this month, the two sides appeared to have reached a breakthrough when the Oil Ministry -- desperate to boost exports as the oil-reliant government faces a budget crunch due to lower oil prices -- said it would permit Kurdish oil exports through a national pipeline starting in June.

Now, detente looks doubtful.

"The Ministry of Oil in Baghdad should be held accountable for its past failures and inefficiencies. It will be soon forced to adopt market-driven policies to boost production and revenues for the country," the KRG said.

The KRG said it was prepared to supply the Nabucco deal "on arm's length commercial terms to be agreed with the KRG."

"Under the prevailing legal and contractual arrangements practiced in the Kurdistan Region, the (Kurdish) government is entitled to the lion's share of any oil and gas produced by the contractors after their respective cost recoveries," it said.

It said revenues from the gas would be shared among all Iraqi people, but the details on how that would occur were not immediately clear.

The KRG also said that the deal would improve commercial ties between Kurdistan in Iraq's north and neighbouring Turkey.

http://www.reuters.com/article/ELECT...*****Channel=0

The Finance Ministry has accused the Ministry of Oil is responsible for the budget deficit

Led the Ministry of Finance and the Ministry of Oil for the state's budget, accusing it of not being able to increase the quantities of exports, although Iraq is excluded from production quotas, leaving a shortfall of ten percent.

The ministry said in a statement that the estimates of the Ministry of the quantities of oil-exporting two million barrels a day set, adding that the Oil Ministry is responsible for developing estimates of the quantities exported. "But the oil ministry had not been able so that the shortfall in the quantities exported in the cause of the budget deficit amounted to ten percent." The The Ministry of Oil has not been able to take advantage of all of Iraq is excluded from the oil production quotas of the Organization of Petroleum Exporting Countries. It considered that this figure does not commensurate with the small oil wells began to dry, Iraq floats on lakes of crude oil. The government had to reduce the size of the public budget for the current year for the third time within three months because of the decline in oil prices, which is the main revenue for Iraq.

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Everyone is responsible for the proliferation of administrative & financial corruption in Iraq

A member of the Iraqi Council of Representatives, Anwar Ahmed that everyone is responsible for the proliferation of administrative and financial corruption in Iraq, adding that the fight against this dangerous phenomenon requires time and effort and solidarity of all state institutions to eliminate them.

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Zebari: Commission on oil & gas & in the subject of interrogation of al-Shahristani

A member of the House of Representatives Abdul Bari Zebari said the Iraqi Commission on oil and gas and in the subject of interrogation of Iraqi Oil Minister Hussain al-Shahristani.

The industrial water to the doubts of many members of the House of Representatives and to the inability of citizens to benefit the ministry of higher oil prices that took place in the world market.

http://209.85.229.132/translate_c?hl...jjstwlzXsDHfnw

Iraqi government rejects the province of Kurdistan, the supply of gas through the Nabucco pipeline

Government spokesman Ali al-Dabbagh said Iraq refuses to agreements signed by the Government of the Kurdistan region of Iraq with Crescent Petroleum Company and the UAE's Dana Gas, which may lead to supply gas to Europe via the Nabucco pipeline.

He said al-Dabbagh said Iraq plans to supply gas to Europe, but the plans will not include companies that have signed agreements with the Government of the province independent of the central government.

Dabbagh pointed to the need to apply the standards and the Oil Ministry and not the provincial government or other criteria, indicating that the central government to reject any agreement that does not include the Iraqi Oil Ministry.

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Royal Dutch Shell: gas deal with Iraq is moving forward

Vice President of the company (Royal Dutch Shell) Malcolm Prendd the deal amounting to billions of dollars between the company and the Iraqi government to develop a gas infrastructure in southern Iraq is moving forward.

Prendd said on the sidelines of the World Economic Forum in Jordan that the company will attend the meeting on Iraq to be held in Baghdad, the end of June, to submit offers for the oil and gas fields in Iraq, President.

The Shell and the South Gas Company in Iraq last September concluded a preliminary agreement for the production of gas in the oil fields in Basra province, the President said.

http://209.85.229.132/translate_c?hl...0BWNbsWw7ovZAg

Vote on the dismissal of Minister of Trade will be next week

Another member of the Kurdistan Alliance, Mahmoud Othman, to vote on the dismissal of Minister of Trade will be next week.

Osman said in a telephone conversation with "Radio Sawa" that the members of parliament will discuss the issue before voting on it:

Osman ruled out that the parliamentary blocs to take a "political" issue, Commerce Minister, pointing out that it "will be up to Congress to decide each and every one according to his conviction":

The deputy, Mahmoud Othman, who declined to give his position on the charges of corruption made by the Integrity Committee to the Minister stated:

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Ratified in the financial forecast ....Price of a barrel of crude oil exceeded the v (50) dollars,"

Is no secret to anyone that the main source of Iraq in achieving its financial resources in foreign currency is a form of crude oil has more than (90%) of the income of public budgets of the State in Iraq for the period 2003 2008.

The t of the global financial crisis on the repercussions of the Iraqi economy and was the first of those challenges is the impact on the price of crude oil This basic source of the budget, where a barrel of crude oil has lost nearly 60% of its value in the July 11, 2008 peak of $ ((147.5 Dollars per barrel compared to a decline of $ 40 a barrel in January 2009 which resulted in revision of total federal budget for 2009 for three times and the reduction of the total budget Initially of 79 billion dollars to 67.5 billion dollars and then to 62 billion dollars to 58.5 billion dollars, with the assumption that the export price of crude oil (50) states of the barrel rather than "the price previously supposed," of (80) dollars per barrel one.

This means that the deterioration of oil prices due to the global financial crisis to make the turns of thought in another direction in 2009 Vemoazinp designed several times with the decline in the prices of crude oil means that Iraq's budget fluctuate as the volatility of crude oil prices in the world. Note "that the track is the policy of the budget difficulties fluctuations in oil prices is known that the budget assigned to the fixed and variable cost. Falclv difficult to destabilize fixed for it contains the salaries and emoluments, pensions and wages with the ration card allocations and other expenditures of the ruling Movement therefore be variable costs.

Now, after we entered the second quarter of 2009 increased oil prices crude above 50 dollars "per barrel, which means that the Ministry of Finance was accurate in their estimates of the price of a barrel of crude oil to $ 50 at the 2009 budget estimate. It is known that inaccurate budgets have led to the national economy at risk if the estimates are incorrect. To be said that the estimates of the quantities of crude oil exporting approved b (2) million barrels per day, "by the Ministry of Oil It is the body responsible for developing estimates of the quantities of oil exported, however, the oil ministry had not been able to exceed the ceiling of export (1800 1825) million barrels per day, "this lack of quantity exported cause a deficit" in the amount of the budget (10%) were able to take advantage of the oil ministry, the final "Iraq is excluded from the quota of oil production in OPEC and Valumblyon HUNDRED barrels per day," or little more than "it has become Tootma" Oil "is not leaving Which is not commensurate with the oil until a small, but that the States entered the era of aging oil wells began to dry up to rates equal to the export by Iraq, a country that floats on the lake of crude oil, which Iraq has been deprived of the possibility of manipulation in the equation (the price and quantity), where offset by a lack of other components and if we have over the current price to (50) dollars a barrel and while it can be settled between the price (75 80) dollars per barrel, the rate of access to the export limits (2.5 3) million barrels per day, "at a minimum provide the margin of maneuver to be in Iraq and allow it access to a reasonable size of the resource Assembly for the tunnels without severe deficits authorized by the Ministry of Finance was accurate in their estimates of when the public budget was estimated price of a barrel of crude oil (50) dollars a barrel, noted "that many members of the House of Representatives and the Iraqi specialists in economic affairs Predicted that the price of a barrel of crude oil in 2009 between the (2530) dollars per barrel, despite the statements of many officials that there is exaggeration in estimating the price of a barrel of crude oil at The numbers of the general budget for 2009 note that "the Ministry of Finance has the resources of the public budget to maximize the non-oil taxes, fees and the banks.

Therefore, if the survival of the oil ministry has promised to produce the low access to energy for export, the major challenges to the Ministry of Finance in the development of federal and state budget will be a year of 2009 could be a result of transit and existing reserves, but would be a real problem in 2010 with more optimistic views, "the roof of the crisis between the time at least two years of concerted global efforts to overcome the crisis and will appear before the Iraq among other challenges including the following:

1 that the registration of the general budget of the State in Iraq deficit "of $ (10%) will show some issues of economic policy in Iraq, far-reaching with regard to the role of the State in the development of a rational economic policy and a prudent and based on scientific and logical, which need to be thinking carefully by the government," and developed a serious form of the right away " on the impacts of severe global financial crisis.

2 will be the basic source of income to the serious decline over the next two years is the period 2010 2011 is likely to recover after the global economy and this means that the relaxation that accompanied the oil revenue in recent years and which were not due to our activity in the extraction and export, but due to high prices is over completely, "is no longer possible to trust the presence of high oil prices.

3, the lack of public resources offset the possibility of high rates of public expenditure could be highlighted in terms of security commitment to withdraw forces under the coalition security agreement in mid-2011 and this means that the force security number "and armed" must be integrated during this period, when we know that the level of armament is still in the offing and that the conditions "are not many military so far, will be formed before the withdrawal so that the size of tunnels is required in addition to the expenditure sections of pressing Salaries, wages and support of the ration card and the network of social protection and compensation and the payment of debt and the other will be heavier, "the government.

4 it will be possible during the 2009 transit of the boat is available from the reserves but the real problem will arise later in the year 2010 the expenditure side, both in the operational or capital spending, especially" and that he can not be political and social action in sharp austerity budget Citizens pay the price under the difficult circumstances in which the citizen is not likely additional burdens and reduce the investment ceilings would decline "in the reconstruction process, especially" for the contingent of tunnels, which were able to achieve high rates of recent years.

That the development of the Iraqi economy and the lack of production system to provide the goods and services are never allowed "to pursue any method other than increase oil production at the present time there is no deficit financing and issuance of cash and borrowing the tools of internal and external positive adhaan all previous tools have devastating effects on the Iraqi economy, for example, the request Vhafz "will lead to an increase in import that we do not have a flexible production system that responds to the needs of the market and provide goods and thus increase the need for creating employment and other income thus create a flourishing economy is to have the opposite will happen with the rest of the flood our productivity because of unfair competition with imported goods and the money goes to import

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Government cannot use monetary reserves at CBI – expert

The Central Bank of Iraq (CBI) Law prevents lending the government from the monetary reserves, a director general from the CBI said on Tuesday.

“Article 24 of the CBI’s law prevents lending the government and its institutions inside and outside Iraq any amount of the CBI’s monetary reserves,” Waleed Edan told Aswat al-Iraq news agency.

“The CBI is an independent bank, and any authority cannot intervene in its policies or monetary reserves,” he added.

The Iraqi oil minister, Hussein al-Shahrestani, has recently announced that the cabinet might use its reserves of foreign currencies to support the budget if oil prices did not increase.

http://en.aswataliraq.info/?p=113370

Economic Commission describes the interrogation of the Minister of Trade as the first step forward

Deputy Chairman of the Economic Committee in the House of Representatives we Yonadam Kanna said the continuing oversight of his work in the follow-up questioning, and officials, calling the recent questioning of the Minister of Commerce as a first step forward.

He said in an interview we were told the independent press (Iba) today, Tuesday, that the work of the House of Representatives is to identify the shortcomings and the government is that the significance of ordinary citizens through the disclosure of financial and administrative corruption that drained large amounts of money.

House of Representatives called for activating the articles of the Constitution, such as freedoms and rights of citizens and the cooperation between the authorities and said that the coming days will host a number of officials. He said that legislative action to resolve the problems of citizens is a step in the work of the President of the Council during the current period in addition to activating the role of oversight.

http://209.85.227.132/translate_c?hl...rMA4uvDY6dzbBg

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Originally Posted by Seaview

Iraqi government rejects the province of Kurdistan, the supply of gas through the Nabucco pipeline

Government spokesman Ali al-Dabbagh said Iraq refuses to agreements signed by the Government of the Kurdistan region of Iraq with Crescent Petroleum Company and the UAE's Dana Gas, which may lead to supply gas to Europe via the Nabucco pipeline.

He said al-Dabbagh said Iraq plans to supply gas to Europe, but the plans will not include companies that have signed agreements with the Government of the province independent of the central government.

Dabbagh pointed to the need to apply the standards and the Oil Ministry and not the provincial government or other criteria, indicating that the central government to reject any agreement that does not include the Iraqi Oil Ministry.

http://209.85.229.132/translate_c?hl...-g_-o4uOAUTwgw

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Interesting,

We are starting to see the people behind the constant blockade of progress on the oil law issue. Dabbagh is mouthpiece for ali-Shahrestani
who is thorn in side of all progress with oil contracts bickering back and forth with Kurdistan for past couple years due to sectarian divide. Heads have to roll on this obvious threat to any progress drilling and exporting oil and gas in the near future.

Success to all, Mike

Financial control to open the files of the misuse of funds in the Bremer

President of the Office of Financial Supervision, Dr. Abdul Basit Turki, and the U.S. Inspector General for Iraq Reconstruction Special, Stewart Bonn, the Federal Court of Appeal's decision, and the possibility of moving the case law on abuse of Iraqi capital During the civil administrator Paul Bremer.

And discussed with the Turkish Bonn, examine the draft memorandum of understanding signed between the Supreme Council for the reconstruction of the cabinet, and multinational forces, on the reconstruction in Iraq.

http://209.85.229.132/translate_c?hl...pazhuyLeDV_nqA

Political debate on the utilization of the reserve of 40 billion dollars
Life - The Minister of Planning and Development Cooperation Mehdi Hafedh, Iraq's former, to the employment of the cash reserves available to the «Central Bank» Iraq, which is about 40 billion dollars

In addition to the 15 billion to the «Iraqi Development Fund», to face the difficult circumstances which require the employment of all financial resources, to stimulate the development and move the wheel of the national economy to achieve its goals.

Attributed to Al-Hafiz told «life» Reservation «Central» in the recruitment of reserve cash to institutions need to strengthen the independence of independent decision, therefore, depend on the success of these institutions.

And synchronized with the reactions of different economic activities on the theme of the Iraqi government borrowing from the balances of «Central» to support the faltering economy, the most prominent exile spokesman Ali al-Dabbagh, the withdrawal of any part of the reserve in order to meet the expected shortfall in the budget. He noted in a statement that the statement by the Minister of Finance Bayan Jabr on the possibility of fiscal deficits in the budget, does not mean the government was ready to withdraw from the reserve, he said, pointing to its importance in supporting the Iraqi economy. He warned that the withdrawal of cash in the form of ill-portends dire consequences, because the reserve in such a situation will not be able to cover a minimum of commodity imports, noting that the financial plans to the government's economic led to the reserve has not been affected by the impact of global financial crisis.

The Oil Minister Hussain al-Shahristani, referring to his government may be forced to use reserves of foreign currency and loans if oil prices do not rise.

http://209.85.229.132/translate_c?hl...n_p7HbZqbUAL1w

Financial warns of major challenges to the emergence of the general budget

Ministry of Finance has warned of the emergence of significant challenges for the development of the general budget in the event of survival of the federal Ministry of Oil to produce low and the lack of access to energy for export.

He drew a media source in the ministry, according to (and the Iraqi News Agency Information / conscious) to the possibility of Abboraam 2009, thanks to existing reserves, but in 2010 will be a real problem, noting that among other challenges will be to Iraq, most notably the registration of the state budget deficit of Iraq, "the amount (10% ) Maiwdi to show some of the issues of economic policy in Iraq, far-reaching with regard to the role of the State in the development of a rational economic policy and a prudent and based on scientific and logical, which need to be thinking carefully by the government, "and developed a serious form of the right away" on the impacts of severe global financial crisis ".

The source said the "challenges also offer basic source of income to the serious decline over the next two years is the period 2010 2011 is likely to recover after the global economy and this means that the state of relaxation that accompanied the oil revenues in recent years because of rising prices over can no longer be fully reassuring to the presence of high oil prices, noting that the lack of public resources, offset by the prospect of higher rates of public spending can be a security commitment of most of the withdrawal of foreign forces under the Security Agreement with the United States and stressed that the expenditure sections of pressing Salaries, wages and support of the ration card and the network of social protection, and the payment of compensation and other debt will be heavier, "the government."

The spokesman said that "the development of the Iraqi economy and the lack of production system to provide the goods and services are never allowed to pursue any method other than increase oil production at the present time there is no deficit financing and issuance of cash and borrowing the tools of internal and external positive as all the tools the former having a devastating effect on the Iraqi economy, He pointed out that the stimulus of demand will lead to an increase in imports due to the presence of a flexible production system that responds to the needs of the market and provide goods and thus increase the need for creating employment to enter other, explaining that the opposite is where the flooding will happen the rest of our production because of unfair competition with imported goods and the money goes to import. "

http://209.85.227.132/translate_c?hl...xbe7DOOje4Vz-w

To speed up the claims of parliamentary legislation in the oil and gas law
MPs called for legislation to speed up their oil and gas law, which remains stalled in the corridors of Parliament.

The decision of the Energy Commission in the Chamber of Deputies Abdel Hadi al-Hassani, according to the agency (UPI) reported that the Italian "failure at the age of law means the inability of the parliament and the governing bodies of all three to pass important laws related to the direct interests of Iraqis, particularly since Article 111 of the Iraqi Constitution affirms that oil and gas belongs to all people, and therefore the right of the people we have to enjoy the natural resources.

He added: "We're still working to date the former laws, and we confine ourselves to the conclusion of contracts of service and concession, and the risk is in all cases is not encouraging foreign investors to venture funds in the tune of drilling, drilling and rehabilitation of oil fields to the lack of legal authority supports the position and bring the country's interests", as he put it.

The deputy, Ahmed al-Alwani, the Accordance Front, that "the law is directly linked to complex issues relating to constitutional amendments, but has not been resolved aspects of the organization of powers between the Federal Government and the Kurdistan region, it is very difficult to approve the law"

The al-Alwani, "We disengagement and overlap in the understanding of the exclusive powers of the Constitution, and expediting the approval of the oil law, which is of great importance both politically and economically," as he put it

For his part, MP Abbas al-Bayati explained that "the law was completed in all respects, whether technical or legal"

"The Council of Ministers approved the final draft of the law to meet all the conditions, but the political differences are to be passed by the House of Representatives to the present time."

The "Iraqi political leaders to a summit meeting for the purpose of the agreement on three major issues are, the oil and gas law, constitutional amendments, and election law," he said.

The Council of Ministers had agreed in February 2007 on the draft oil law and described the formal and final, but the political differences of the objected to introducing the debate and then passed in the parliament .

http://209.85.227.132/translate_c?hl...DyCbxyNlMBNhtg

The Telecommunications Sector

Communications sector is among the most vital economic sectors in terms of profitability and economic sense is true without a doubt the m.obile phone companies that have entered the Iraqi market after 2003, but that the economic feasibility and profitability achieved through the performance of these companies at the same time, advanced services to consumers who These are the backbone of profitability and the source of direct and therefore should the m.obile phone companies to upgrade the nature of the services provided and the rhetoric matched by action the promises after the sale, calling from time to time, In a seminar hosted by the University of Mesopotamia yesterday, the first E.xecutive Director of the Zain director of the nature of the challenges faced by his company In order to improve services to consumers.

The ceiling established by the time granted by the Iraqi government to Zain for the mesh and unify the two frequencies Iraqna was raised after the first exit from the bidding and won the second new license, which he said that the period of a few is not enough to unify the frequency which was the most effective technical justification (Bzin) say that before this period after performance has shown a lot of confusion by the public, specialized and even government in this direction announced by the director, the nature of contracts with m.obile phone companies had to follow the process of unification of frequencies and thus improve the services provided through the m.obile phone company, and in particular (Zain) is one of the largest and most m.obile phone companies in the Middle East and in the figures as increasing number of subscribers in Iraq, it must be offset by the volume of services equivalent to the causes of the increasing demand to use m.obile phone after a period of no practice of previous governments before 2003 from the narrow vision of the implications of the presence of telephone companies tank on the national economy.

Hence, the basis of the Declaration of the E.xecutive Director of the Zain Iraq director of the existence of technical problems and other logistics to face the company's efforts to improve services, the need for a campaign to organize Zine disclose information and transparency which is highlighted by the director in more than once to inform the public and consumers on the size and nature of the problem obstacles that exist and the functioning of the cadres of the company and the mutual obligations under the contract (work permit) between the government and certainly of the Zain hearsay and confusion raised against the performance of the company during the past six months that the m.obile communications and, in particular, touches the lives of people and a burden on the income levels if The services in this sector is poor, however, satisfy the measurements and the global nature of technological development and technical struck this vital sector.

http://209.85.227.132/translate_c?hl...Kdws1EQf9Yvieg

Parliament denies the oil & gas law to the secretariat of the Council of Ministers

Member of the Commission denied the oil and gas in the parliament, Ali Hassan al-Blue re-oil and gas law to the secretariat of the Council of Ministers for approval again.

Blue said in a press statement that the Commission on oil and gas re-parliamentary Supplements on the Law of oil and gas to the Council of Ministers for approval and annexation of the law.

He added that the law supplements have not been ratified so returned for approval by the Government and incorporated with the main law.

The member of the Kurdistan Alliance said most of the members of the House are determined to ratify the Law of oil and gas as soon as possible, ruled out the postponement of the ratification of the oil and gas law to the next parliamentary session.

http://209.85.229.132/translate_c?hl...6XFdVQASnzOVqQ

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Originally Posted by Seaview

Financial control to open the files of the misuse of funds in the Bremer

President of the Office of Financial Supervision, Dr. Abdul Basit Turki, and the U.S. Inspector General for Iraq Reconstruction Special, Stewart Bonn, the Federal Court of Appeal's decision, and the possibility of moving the case law on abuse of Iraqi capital During the civil administrator Paul Bremer.

And discussed with the Turkish Bonn, examine the draft memorandum of understanding signed between the Supreme Council for the reconstruction of the cabinet, and multinational forces, on the reconstruction in Iraq.

http://209.85.229.132/translate_c?hl...pazhuyLeDV_nqA

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Financial control Bremer calls for prosecution of abuse of Iraqi money to its disposal

The Office of Financial Supervision to the prosecution of former U.S. civil administrator in Iraq Paul Bremer, on charges of misuse of funds in Iraq.

A statement issued by the Office of Financial Supervision said the Chief of Staff Abdul-Basit Turki called on during a meeting with the Inspector in charge of Iraq reconstruction, Stuart Bonn to initiate judicial proceedings against Bremer.

For his part, and the media relations officer in the Office of Financial Supervision Emad Ismail for the Middle East that the right hand to make any complaint against the Americans, who used the public money in Iraq is bad.

He pointed out that some aspects of exchange in the reconstruction and the economy and in different directions are calculated dissipated and illegal and that the money was distributed to associations and organizations and for the reconstruction of Iraq, or the resumption of work, while everything in that period was stalled.

http://209.85.227.132/translate_c?hl...B1Juj5ytOD4y5A

An interview with the iraqi minister of transport

19th May 2009

Niqash met Iraqi Minister of Transport, Amer Abdul-Jabbar, to discuss the development of the country’s transportation sectors and the different challenges hindering growth.

Niqash: Can you give us an idea of available air transport routes and those that will open soon?

Abdul-Jabbar: Seven months ago air transport routes were very limited in Iraq. There were flight routes to only Amman, Dubai and Beirut. We then started to expand and opened new routes. We raised the issue with the ICAO [International Civil Aviation Organization] and we started to meet the required conditions in our airports. The level of security was adequate enough to invite international companies, specialized in aviation, to visit Baghdad airport to see the progress. Iranian and Turkish airlines came and the Istanbul-Baghdad route was approved by Turkish Airlines – an airline recognized by the European Aviation Authority. Another route was opened, the Baghdad-Tehran-Mashhad, and then the Baghdad-Greece route. Following that an air transport memorandum of understanding was signed between Baghdad and Athens, and a Baghdad-Sweden route was opened for the first time in 19 years.

These moves encouraged other countries to open channels of communications with the Civil Aviation Authority in Iraq. Now we are negotiating to open new routes between Baghdad and London, Pakistan, Bombay, Bahrain and Qatar.

Niqash: How do you explain the poor services in Iraqi airports including the loss of baggage, transportation difficulties, the lack of discipline in flights schedules, and other problems?

Abdul-Jabbar: We admit that there are mistakes and this is because Iraqi airports stopped operating in the 1990s. They were badly affected by economic sanctions and the no-fly zone. This has impacted on our work and our level of experience.

When we started taking small steps, we were faced with huge security and financial challenges. In general, we are now on the right track and we have concluded agreements with international companies and brought in foreign workers. Airport services will be handled by international companies or together with these companies. At the same time, foreign experts from Britain were contracted to manage Iraqi Airlines. As of early May, passengers will feel the difference in the Iraqi airports.

As for the difficulty faced by people entering the airport, we have given an international company a contract to monitor the airport, provide two additional entrance gates for passengers and, as a result of the rise in the number of flights, we will soon open a third hall. We have also inaugurated the Baghdad Airport Hotel for the first time in 19 years to provide passengers with accommodation when there are delays in flights. Additionally, we have asked airlines to respect flights schedules.

Niqash: Why don’t you buy new planes to meet air transport needs?

Abdul-Jabbar: Iraqi Airways is a self-financing company. Its financial situation does not allow it to purchase a new modern fleet. For that reason, we rent planes and this is a common practice. Many airlines rent planes; our problem is that we can rent enough planes but there are not enough routes. Every time we open a new route, we rent a modern plane. We are now negotiating the rental of two new planes.

Niqash: The management of airports run by private companies is causing problems.

Abdul-Jabbar: There are six airports in Iraq: Sulaimaniya and Erbil airports run by the Kurdish government; Mosul, Baghdad and Basra airports run by the Ministry of Transport through the civil aviation authority; and Najaf airport. In general, there are no problems in the management of the first five airports, but the problem is with the Najaf airport established by Aqiq Kuwaiti Company in an investment contract signed between the company and Najaf province. It seems that the company has poor capacities and thus was late in delivering and equipping the airport. We are now pressing the company to abide by the terms and conditions set by the ICAO to start operating the airport at full capacity. Initially, we allowed the airport to operate during day time only. The company must also provide aerial surveillance and communications. This is currently being done by the Iraqi civil aviation authority because the company lacks the capacity to do so. This is part of its tasks according to the US $50 million contract signed with the province. In return, the contract stipulates that the company will receive the airport’s revenues for five years.

As a ministry, we have given our technical remarks and specified the company’s failures in managing the airport. We submitted a letter to the Prime Minister and we gave the company 45 days to finalize the work that needs to be done in order to allow us to operate the airport day and night. If the company does not respond, we will take necessary legal measures. This is the second and final warning to be sent; we can either terminate the contract and return the airport to the control of Iraqi civil aviation authority in coordination with Najaf province or close the airport.

Niqash: Let us move to road transport. For five years, the ministry has not interfered in internal road transport and there is chaos on the streets. How are you going to manage it?

Abdul-Jabbar: Since 2003 many cars entered Iraq and were used as taxis. Violations, with the poor security conditions, became a common practice. People drive cars without having driving licenses and they do not respect traffic regulations. Now, with the improved security, we decided this year to re-operate transportation lines and organize private transport. We started by specifying passenger loading and unloading areas, destinations and parking stations, taxi and bus prices, and regulated the colours of cars in order to prevent private cars being used for public transport. Taxi cars will be orange and white and they will be obliged to equip their cars with signs on their routes and costs. This step will put an end to the chaos and bring order to the road transport sector.

At the same time we are seeking to reduce transport fares and we submitted a proposal to the council of ministers to reduce petroleum prices to cater for drivers and car owners. Petroleum prices in Iraq are higher than prices in world markets. We hope that the council of ministers will positively respond to our proposal.

Niqash: Public buses are working slowly, taking long routes through congested streets. Why did the ministry start these bus routes?

Abdul-Jabbar: We bought 250 yellow German Mercedes buses to be used for internal and external [between provinces] transport and to provide people with cheaper transport, create competition, and pressure the private sector to reduce its prices.

For example, private sector buses charged 50 thousand Iraqi dinars [approximately US $42.5] for the Baghdad to Mosul route. Our modern air-conditioned buses cost 13 thousand Iraqi dinars [approximately US $11]. After two days of operating our buses, the private sector was obliged to reduce its prices by 20%. This was our purpose. If there are no other options, and we continue to just impose penalties on those charging high prices, we would only create transportation crisis and an unhealthy condition that would not bring about any positive results.

Niqash: What about sea transportation? There are currently two operating ports (Umm Qasr and Khor Al-Zubair) but four non-functioning ports. Yet, instead of rehabilitating these ports, there is talk of a ‘Grand Iraqi Port’.

Abdul-Jabbar: Since the fall of the former regime people have been talking about the Faw port, Basra grand port and Iraq’s grand port. These are only names given to one strategic project that will bring about a qualitative leap for the Iraqi economy. Boredom and despair began to seep into people’s hearts because of the many statements on this major project, the largest economic project ever. The project is not only expected to meet Iraq’s commercial needs, but is the first step towards creating the ‘dry Iraqi canal’. Almighty God granted Iraq a strategic location to connect with Europe through Turkey and Syrian ports. The strategic location of Iraq makes it the shortest transportation route for goods transported between northern and southern parts of the world and vice versa.

We are among those waiting for this dream to come true. We know that such a huge project will face international pressures and regional competition and it will not easily see the light of day. When I became responsible for the ministry, I invested lots of time and effort in this project. I reviewed the studies submitted to the ministry from their technical aspects. The study submitted by the Italians, which was prepared through a grant made by the Italian government to the Iraqi ministry of planning, is the study we have chosen and supported. We hope that the government will allow the implementation of the port project according to the investment law which allows the government to contribute 2.8 billion Euros to the project’s first phase.

http://www.niqash.org/content.php?co...id=2447&lang=0

Shahristani signed joint cooperation agreement in oil & gas with his Egyptian counterpart

20-5-2009 ... Signed and the Iraqi Ministries of Oil and Egyptian agreement to activate joint cooperation in the field of oil and gas in Baghdad.

Said Oil Minister Hussain al-Shahristani, the agreement provides for the introduction of the Egyptian companies to participate in the exploration and development of Iraqi fields, as well as drilling wells, laying pipelines, building reservoirs and others. The Egyptian al-Shahristani said the companies have the expertise in the development of oil fields, adding that the country needs a lot of companies to develop fields and digging wells. He continued to say that the Egyptian companies will be the manufacture of equipment for Iraq at discounted prices, pointing out that the ministry agreed to the formation of companies (Iraqi - Egyptian) common in this context. He continued, "we have the invitation of Egyptian companies to enter into future licensing rounds, for the rehabilitation of the fields."

For his part, the Egyptian Petroleum Minister Sameh Fahmi, a great opportunity for Egyptian companies in the development of oil and gas sector of Iraq, he said, adding, "We were going to play an important role in the development and cooperation." He added that the coming period will witness a strategic cooperation in the field of oil and gas, in addition to the economic, cultural and security. He continued to say that the Egyptian side will be opened next week, his office in Iraq to give effect to the Convention, and to develop plans for future work.

http://www.nmc.gov.iq/mnews/2009/5/20_7.htm

Sharp drop in demand for dollar on Wednesday

Demand for the dollar came down in the Central Bank of Iraq (CBI) auction on Wednesday, reaching $134.165 compared to $214.030 million in the previous session.

“The demand hit $44.765 million in cash, covered by the bank at an exchange rate of 1,176 Iraqi dinars, and $89.400 million in foreign transfers outside the country, covered 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 19 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/?p=113439