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

Iraqi Oil Ministry takes National Oil Company as E.xecutive wing

Iraqi Oil Ministry announced the National Oil Company as its E.xecutive wing, thus it would be charged of developing and marketing oil products through new techniques to support the national economy and gradually endorse the financial budget.

The Ministry is willing to re-establish the Company, said the Ministry official spokesman Assem Jihad.

The ministry confirms the company’s independence on the administrative, financial and planning levels, he noted.

The company will be given the chance to train its cadres in order to develop their technical and engineering capacities, he added.

http://www.alsumaria.tv/en/Economics...tive-wing.html

An important oil discovery in Iraq Kurdish region

Oil and gas explorer Gulf Keystone Petroleum Ltd (GKP.L) declared today that it has reached a vast oil exploration in Iraq Kurdish region. The discovered oil volume fluctuates between 300 and 500 million of barrels, the company said pointing out that it found the oil in a non- deep exploratory region in Shikan-1.

Oil flow’s volume varies between 500 and 800 thousand of barrels per day, noted the company in a statement. It revealed that it is willing to dig deeper in the same field to reach wills with more than one billion and a half barrel per day.

http://www.alsumaria.tv/en/Economics...sh-region.html

Alaak: the exclusion of the vote on the law of oil and gas during the next legislative

MP Ali Alaak excluded from the United Iraqi Alliance bloc voting on the ratification of the Iraqi oil and gas during the next legislative term is expected to delay the next parliamentary session.

The Alaak told the independent press (Iba) today, Saturday: "The reality we are going through the House of Representatives during this period, with the presence of political enticements that make the approval of oil and gas law is unlikely."

"The other paragraphs contained in the law, such as the re-establishment of the national oil company and venture capital fund and organize the work of generations, the Ministry of Oil and the distribution of financial resources to the people, have been Khaspmn legislation for non-disabled."
Acharalaq and that "the delay in the law is not in the interest of the Iraqi people."

Daaaly and to "intensify efforts to Nzerbwaqaip the importance of the law in organizing the distribution of financial resources obtained from the sale of oil and arranging the mechanics of investment in the oil sector."

Tjdler The Iraqi government raised the first draft of the law to parliament in February 2007, and then make amendments to the draft, but more than that, according to officials and parliamentarians in the oil sector, threw the blame on the different opinions between the political blocs.

http://209.85.227.132/translate_c?hl...n2CvTbMUKo7DgA

ahhh good ole Iraqi Government..lets delay the oil and gas law once more....AGAIN.....lol...what a bunch of *****s...the U.S. needs to stop sending assistance[money] to them and let them be their own worst enemies on their own....their own people are loosing faith in these corrupt Government Officials....IMHO...Pat

Funny,

I agree Pat, it is amost comical at this point. I have never seen more delays in my life, each issue is drawn out for months, if not years, as in oil law and chapter VII, the only remaining issues of substance which have been an issue of procrastination for past year.

Sure is interesting to see the only two issues are finally being discussed, and even if delayed another month or so, it has to happen, I think everyone will agree, this is going to happen, and when it does, so too will the restoration happen, so hang on, we have all been on this long journey and the final destination is now in sight. lol

Success to all, Mike

Originally Posted by Seaview

An important oil discovery in Iraq Kurdish region

Oil and gas explorer Gulf Keystone Petroleum Ltd (GKP.L) declared today that it has reached a vast oil exploration in Iraq Kurdish region. The discovered oil volume fluctuates between 300 and 500 million of barrels, the company said pointing out that it found the oil in a non- deep exploratory region in Shikan-1.

Oil flow’s volume varies between 500 and 800 thousand of barrels per day, noted the company in a statement. It revealed that it is willing to dig deeper in the same field to reach wills with more than one billion and a half barrel per day.

http://www.alsumaria.tv/en/Economics...sh-region.html

Interesting,

I cannot believe it has taken this long for these oil reserve numbers to start hitting the news. I was informed years ago that Iraq will be the number one country for oil once all the oil companies are finished with their mapping of these huge oil fields, and since the majority is sweet crude, the highest quality, plus the easiest to reach given shallow wells, this will put Iraq at the number position for a long long time, so talk about long term future of Iraq, we will all be glad we are holding Iraqi Dinars.

Success to all, Mike

Oil ministry ready for 2nd license round at Istanbul conf. - official

The oil ministry is getting ready to launch the second round of licenses during a promotion conference in the Turkish city of Istanbul, according to a ministry official on Saturday.

"The one-day Istanbul conference will be attended by 45 qualified companies, including 35 that participated in last year's round," Sabah Abdulkadhem al-Saadi, the ministry's legal and trade affairs department, told Aswat al-Iraq news agency.

Saadi noted that the event will see a new model contract different from the first round, adding the new contract is known as "SPPC".

http://www.zawya.com/Story.cfm/sidZA...stanbul%20conf

Center to make recommendations about budgets

The Economic Reform Center is planning to make recommendations to the legislative and E.xecutive authorities in Iraq regarding the country's budgets from 2010 to 2014.

The Center's head, Kamal al-Basri, said on Saturday that the recommendations will include strategic visions.

"The country's oil should be capitalized upon in the best possible way," al-Basri said.

"There should be a new method for development," he said.

Al-Basri expected that Iraq's oil revenues would increase by 10 percent during the coming period.

http://www.zawya.com/Story.cfm/sidZA...%27s%20budgets

Finance Ministry to draft 2010 budget by Oct. 2009

The Iraqi Finance Ministry will submit the 2010 budget to the parliament in Oct. 2009 for discussion and approval, the ministry's economic director said on Saturday.

"The budget will be finalized within the coming few days, and will be presented to the parliament in Oct. 2009," Ammar Abduljabbar told Aswat al-Iraq news agency.

"The financial committee, formed by the Council of Ministers, recommended increasing the amount of exported oil in addition to oil prices," he said.

http://www.zawya.com/Story.cfm/sidZA...%20Oct.%202009

President Barzani Addresses Nation upon Re-election as President of the Kurdistan Region

Kurdistan Region President Masoud Barzani hailed the successful election process and congratulated the people of the Kurdistan Region for their large turnout in the recent presidential and parliamentary elections.

The Independent Iraqi Electoral Commission yesterday announced the final results of the recent election. President Masoud Barzani was re-elected President of the Kurdistan Region for a second term winning around 70% of the votes.

In a televised TV address after the elections’ final results were announced today, President Barzani thanked voters, all the participating parties and individuals, the Independent Iraqi Electoral Commission, local and foreign election monitors and the media for their role in making this democratic exercise successful. He especially thanked the Kurdistan Region security forces for their key role in providing a secure and peaceful environment both during the election campaign and on election day.

“We are proud that we have taken yet another important stride towards a democratic society. This was a historical achievement for our people. We are determined to work for our legitimate rights in a federal Iraq, using democratic and peaceful means,” said the President.

“We will respect the rights of every citizen regardless of their political affiliations. Freedom of expression, within the framework of the law, and other principal human rights must be respected in our Region. At the same time, citizens have a duty to defend and respect our national values and achievements,” added the President.

In another part of his address, the President said: “Together we will work to secure our constitutional rights and to rejoin the so-called disputed areas to the Kurdistan Region. We will work to strengthen our Region’s standing both within Iraq and at the international level. We will work to improve our relations with our neighbouring countries based on shared interests”.

http://pukmedia.com/english/index.ph...12644&Itemid=1