Thread: Iraq/Dinar News. 09/05 to 01/14/07

Originally Posted by DayDream

I was just tooling around on the IMF site and found this. I just thought it was interesting.

Question: Do you have an estimate on what kind of range we should expect in oil prices in the coming year or two? And are there any estimates on how much high oil prices could impact general growth?
Answer: Projecting the oil price is something that is fraught with uncertainty. When we look at the futures markets, which include the expectations of what markets think are going to happen to prices, they basically see prices remaining at around the current level over the medium-term, a little bit of a rise in the short-term, a little bit of a decline in the longer-run, but around the same level overall. And I think that reflects the very tight fundamentals in the oil market, the low level of excess capacity that we have, and the fact that investment is not taking place in the oil sector as fast as we would like to see, given that demand in the world continues to increase. So we seem to be looking at a period of continued sustained high oil prices. But there is a lot of uncertainty.

Regarding the impact of high oil prices, we do have broad estimates. If you are going to use a very rough rule of thumb, I would say a 10 percent rise in oil prices reduces global growth by 0.1 to 0.15 percent. It does vary, of course, according to the reason why oil prices increase, but you are going to take a very broad rule of thumb, that is the one we use.

This is from April....and they thought it was moving slow then?

Cheers!
DayDream

Sustained high oil prices can only help speed up the recovery process in Iraq. Plus when in fact the HCL in enacted Iraqi oil production will continue to rise and accelarate. Don't fret though you can bet OPEC will make adjustments to counter any excess production and keep those prices elevated.....

Originally Posted by Ranger III

What's to prevent the Foreign Investment Law from being enacted any day now? Wasn't it passed unanimously around October 10th, and didn't I read
that a typical lag time between passing and enactment is 7 to 10 days?

Maybe it's because of (i) a delay cause by the implementation committee that was appointed; (ii) Ramadan; (iii) details concerning the 10,000 dinar
gift; (iv) publication in the official Gazette being slow; or (v) pricing logistics surrounding an r/v. But it appears to me that the enactment should take place by October 31st or sooner.

Where am I going wrong?

I don't believe that you are wrong at all, I believe that every thing will all come together at the same time. The FIL, The HCL, The RV, Hopefully the RV in time for the 10,000 dinar cheques for the Iraqi people. I think everything is still in line, I believe that most of us do believe this same way.

POL-IRAQ-DOCUMENT-MASHHADANI
Iraqi Parliament Speaker welcomes Mecca Document

BAGHDAD, Oct 21 (KUNA) -- Iraqi Parliament Speaker, Mahmoud Al-Mashhadani on Saturday welcomed the Mecca Document signed by clerics representing Iraq's religious sects.

Mashhadani described the document in a press statement as, a significant step to contain the tensions, stop the bloodshed, and find stability.

The speaker called on all Iraqis, the government, and parliamentary blocs to support the document, commit to its implementation and create an environment in which it can succeed.

A spokesperson for Mashhadani told KUNA, the Speaker sent a letter to the Organization of Islamic Conference's Secretary General, Ekmeleddin Ihsanoglu, expressing his support for the document and his gratitude to the organization for taking this initiative to stop the Muslim bloodshed in Iraq.

Mashhadani also praised the efforts of Saudi King Abdullah bin Abdulaziz to unite the different sects present in Iraq. The Speaker also thanked King Abdullah and the Saudi people for hosting the conference in Saudi Arabia.

Yesterday, Iraqi clerics signed the Mecca Document, a declaration rejecting sectarian violence and calling for peace between different religious sects in Iraq. (end) mhg.

http://www.kuna.net.kw/home/story.as...en&DSNO=914954

POL-IRAQ-DOCUMENT-PRESS
Iraqi papers welcome Mecca's reconciliation declaration

BAGHDAD, Oct 21 (KUNA) - Iraqi newspapers welcomed on Saturday the Mecca reconciliation declaration, agreed upon by a number of Iraqi clerics and sponsored by the Organization of the Islamic Conference (OIC) and Saudi Arabia.

Al-Sabah paper, funded by the Iraqi government, said the 10-points document was approved by Al-Sistani and that Iraq's Prime Minister Tareq Al-Hashemi headed a governmental-parliamentary delegation to Saudi Arabia on Friday to stress that Sunnis in Iraq want to end fighting in their country.

Al-Sabah's chief editor emphasized that scholars have a significant role in prohibiting fighting by issuing fatwas (edicts), as stated in the document.

Meanwhile, Al-Mada paper considered the signing of 24 Iraqi scholars on a document that prohibits killing an effort that can change many things, saying it came at a time when everyone is agreeing on the failure of previous strategies to stop violence.

Al-Dustoor's chief editor Basim Al-Sheikh said in the paper's editorial that the document must not stay "ink on paper", but should be translated into actions that spread love and defeat "the sick hearts" that forgot God, became "controlled by Satin," and neglected the wise teachings of Islam.

Al-Mashriq paper said Shiites and Sunnis in Iraq never fought each other and will never fight, and that those seeking their personal interest, Shiites or Sunnis, are the ones fighting the Iraqi people.

On Friday, Sunni and Shiite Iraqi clerics signed a declaration in Mecca rejecting sectarian violence and calling for peace between different religious sects in Iraq. (end) mhg.

Kuna site|Story page|Iraqi papers welcome Mecca''s reconciliation decla...10/21/2006

Are we close, you betcha, some folks feeling like giving up; yes, but even fire in a burning building will cause the "best" to "jump!" But then you could open a new pack of marshmallows and have a good time!Communication Theory: A First Look

The 29th of October is my wife's second birthday, one of my best buddies' birthday and a Sunday to boot! Nice day for an RV walk in the park! WDYS?

Originally Posted by motomachi

A decline in demand for dollar purchase during the Central Bank auction

A decline in demand for dollar purchase during the Central Bank auction | Iraq Updates
19 October 2006 (Aswat Al Iraq)

The demand for dollar purchase decreased last Monday during the second cession of the Iraqi Central Bank auction within this week, recording a demand amounted to 43 million 800 thousand dollars, down from yesterday which was 46 million dollars.

Purchase orders were divided between 18 million and 690 thousand dollars in cash and 25 million and 110 thousand dollars in the form of remittances to abroad, which the bank fully covered by a fixed rate of exchange for the third consecutive cession, at 1470 dinars to the dollar.
However, not any of the ten banks participating in the auction, offered to sell the dollar to the bank.

(Motomachi's commercial: "Read, it is an American Habit, a good one!!!" PLUS this Article for the reasons WHY, the feeling of "NO Auctions!" Is this the truth or the actual reasoning for no "RV" as we see an revaluation, meaning the actual establishment of the Iraqi Currency, Internationally!)

The foreign investments issue in Iraq is taking several tendencies where viewpoints differ between supporters, opponents and conservatives. In this issue, Dr. Sabri Al-Saadi, an Iraqi economic expert, says that there is a flaw in understanding the foreign investments issue in Iraq.

It is a parasite feeding on Iraq's funds and bringing no money with it. Al-Saadi said in a recent study published by (the contemporary conflicts center), a U.S. research center which provide advice to the Supreme decisions makers in the United States of America: "the recovery of individual and public freedoms, the enjoyment of democracy and the eradication of terrorism in Iraq are associated with the success achieved in the economic reconstruction, reducing unemployment, ending poverty and achieving social justice in the standards of health, education and social security services. I also stressed that the success of the new Iraqi state needs leaders that have comprehensive national vision, particularly in strategic and economic policies".

Al-Saadi added that the abundant oil resources are the property of all and the right of future generations as well. The ruling authority and parties, whatever their identities are, have no right to compromise it at any expense or use it as a political, economic or financial power to serve their own interests. the publishing of the study is an attempt to offer an independent national economic point of view the against the government national development strategy for the period from 2005-2007, as well as to discuss the American economic strategy contained in the national strategy to achieve victory in Iraq, which the American President announced in early December 2005. Al-Saadi finds that the oil financial resources currently available are sufficient even with the continuation of the current oil production and export. The confirmation of officials, politicians and American administration that the main problem in the economic failure are the scarcity of material, financial resources and the continuation of terrorism in the country, is a blatant fallacy. In his opinion, the current economic problems are arising from the inability of the American economic, political, financial and monetary strategy adapted to the actual state in Iraq and from misusing public petroleum resources which was one of the main reasons for the political chaos, violence, the spread of crime and administrative corruption.

Wrong Strategies leading Iraqi economy | Iraq Updates

You smell that, smells like RV cooking, is Shabibi in the kitchen or what?

Originally Posted by fsndirector

I don't believe that you are wrong at all, I believe that every thing will all come together at the same time. The FIL, The HCL, The RV, Hopefully the RV in time for the 10,000 dinar cheques for the Iraqi people. I think everything is still in line, I believe that most of us do believe this same way.

Are we sure they haven't received them? I say this because of the statement thrown in an article yesterday I found....

The government has not provided for staff and retirees are appointed to afford it, but merely granting every citizen registered his name in the ration card ten thousand dinars. Once Estelmonha, perhaps in the next Ramadan. after thousands of people gathered in front of banks for payment

Did they get paid or were they turned away?

Cheers!
DayDream

Originally Posted by bigred52

not to doubt adster : but is there a link ?, who was the cbi insider who
made the comment .
thank you

This is all I have on it. The problem with a link to this website I believe is that they refresh the pages rather than archive them.

On 25 February, Al-Baghdadiyah cited a source at the Central Bank of Iraq as saying that the exchange rate of the Iraqi Dinar will rise significantly against the US dollar during 2006, adding that all policies will be adopted to improve the exchange rate of the country's national currency.

Originally Posted by pipshurricane

LUKoil has entered into talks with the Iraqi government about the launch of the Western Qurna-2 project, LUKoil's president Vagit Alekperov said. Adoption of relevant laws in Iraq would give an impetus to the negotiations over the Western Qurna-2 project and the project's implementation, Alekperov stressed.


Noozz.com | IRAQ

More info on this company if someone are interest :)


General Information

LUKOIL is one of the world’s leading vertically integrated oil & gas companies. Main activities of the Company are exploration and production of oil & gas, production of petroleum products and petrochemicals, and marketing of these outputs. Most of the Company’s exploration and production activity is located in Russia, and its main resource base is in Western Siberia. Most of the Company’s production is sold on the international market. LUKOIL petroleum products are sold in Russia, Eastern Europe, CIS countries and the USA.



LUKOIL is the second largest private oil Company worldwide by proven hydrocarbon reserves. The Company has around 1.3% of global oil reserves and 2.1% of global oil production. LUKOIL dominates the Russian energy sector, with 18% of total Russian oil production and 18% of total Russian oil refining.



LUKOIL proven reserves at the beginning of 2005 were 15,972 mln barrels of crude oil and 24,598 bcf of natural gas, totaling 20,072 mln boe.



LUKOIL has an outstanding portfolio of production assets. The main production region for LUKOIL Group is Western Siberia. The Company is developing a new production base in Timan-Pechora where its crude oil output has increased by more than 1.6 times in 5 years. LUKOIL is carrying out international exploration and production projects in Kazakhstan, Egypt, Azerbaijan, Uzbekistan, Saudi Arabia, Iran, Columbia, Venezuela and Iraq.



With putting into operation the Nakhodkinskoye gas field the Company started its gas program which targets at a rapid growth of gas production in the mid-term. The key regions for development of LUKOIL gas production are the Bolshekhetskaya Depression and the Northern Caspian as well as the Kandym – Khauzak – Shady project in Uzbekistan and the Shakh Deniz project in Azerbaijan.


LUKOIL owns significant oil refining capacity both in Russia and abroad. In Russia the company owns four large refineries at Perm, Volgograd, Ukhta and Nizhny Novgorod. Total capacity of LUKOIL facilities in Russia is 41.8 mln tons of oil per year. LUKOIL also has refineries in Ukraine, Bulgaria, and Romania, with total capacity of 16.7 mln tons per year. In 2004 LUKOIL refined 44.0 mln tons of oil at its own refineries, including 35.5 mln tons at its Russian refineries.

By the end of 2004 LUKOIL's sales network covered 17 countries of the world, including Russia, the CIS (Azerbaijan, Belarus, Georgia, Moldova, Ukraine), Europe (Bulgaria, Hungary, Cyprus, Latvia, Lithuania, Poland, Serbia, Romania, Czech Republic, Estonia) and the USA, and consisted of 199 tank farms and 5,405 filling stations. LUKOIL sales network consisted of 10 marketing entities operating in 59 regions of Russia.

- OAO «LUKOIL» - General Information

Originally Posted by wciappetta

This is all I have on it. The problem with the link to this website I believe is that they refresh the pages rather than archive them.

On 25 February, Al-Baghdadiyah cited a source at the Central Bank of Iraq as saying that the exchange rate of the Iraqi Dinar will rise significantly against the US dollar during 2006, adding that all policies will be adopted to improve the exchange rate of the country's national currency.

What you say is correct.

Here's a little more - http://www.iraqdirectory.com/DisplayNews.aspx?id=1593

WELCOME TO THE CLUB
It is a little known fact that Iraq is now well on its way to becoming a fully-fledged member of the WTO. Iraq has now advanced to step 3 of the accession process and will most likely complete it without most Iraqis knowing it even happened.

On February 11, 2004, less than a year after the US invasion of Iraq, the country was granted observer status at the WTO. Four months before the US handed over "sovereignty" to an interim government in Iraq, the occupied territory had already taken the first step of accession into the WTO.

According to one trade publication, "Geneva based analysts were taken aback by the quick move, "I would have thought they would wait until the country was stable."" (1) Even Ahmad Al-Mukhtar, Director General of Foreign Economic Relations of the Iraq Ministry of Trade, stated as fact the country's instability. "As you know my country is now going through very severe times. We are in a stage of instability." (2)

Yet Iraq had enough strong backers for it to get a unanimous vote at the WTO General Council at the first try, despite its instability. In the same meeting, Iran's application for observer status, which has been on the table for the past three years, was blocked by the US for the fifteenth time. (3)

The US it seems, has been able to push Iraq's accession so successfully that the members of the WTO and the secretariat itself overlooked the fact that Iraq does not even pass the first requirement of accession. Under WTO rules "Any state or customs territory having full autonomy in the conduct of its trade policies is eligible to accede to the WTO on terms agreed between it and WTO Members". (Article XII of the WTO Agreement).

At the time of approval of observer status, which then WTO Director General Supachai Panitchpakdi declared as a first step to WTO membership (4), Iraq was still being run by Paul Bremer's Coalition Provisional Authority (CPA).

But this did not deter the US' determination to make Iraq a member of the multilateral institution. On September 30, 2004, Iraq submitted its request for accession to the Director General of the WTO. Before the year ended, in the December General Council of the WTO, a working party was established to examine Iraq's membership application. Iraq also started drafting its Foreign Trade Regime Memorandum and the creation of a national committee for WTO accession, the third step to accession. Step two was in the bag and three was on the way.

And to make sure that Iraq would stay the course of accession, the US generously offered to help Iraqis prepare for negotiations. "The US government supports the Iraqi interim government's efforts. To that end, we have invited a team of senior Iraqi officials and experts to the US to discuss trade issues, including preparation for WTO accession negotiations." (5)

TIMELINE
19 March 2003 - US invasion of Iraq
11 February 2004 - Iraq granted observer status at the WTO
28 June 2004 - US handover of "sovereignty" to an interim government
13 December 2004 - GC established accession working group parties to examine membership application of Iraq. Iraq started the drafting of its Foreign Trade Regime Memorandum and the creation of a national committee for WTO accession
30 January 2005 - National elections in Iraq September 2005 - Iraq submitted a Memorandum on the Foreign Trade Regime


link:Archives - WTO info: Accession through the backdoor: how the US is pushing Iraq into the WTO (28/1/2006)

As I said in a earlier post I beleive this is key to this investment...it is also a interesting article that talks about USA involment with their accession to tthe WTO. While we have not reaped any real returns on this investment yet...anybody that does not believe that we will and it will be $ENORMOUS$ is not reading the right info!!!