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

Hi Everyone I am not sure if this has been posted but I thought I would post in case it had not. I am posting this as this is one of my major concerns for Iraq. I think it is very positive and shows that they are working on the HCL and trying to come to an agreement as soon as possible. The only part of the article that I highlighted in pink that did not sit really god with me. The reason is it seems to contradict itself and I think we all no better so I am not sure why they wrote that part. I think they like to add something a little off the wall in a lot of articles.


Iraq leaders still wrangling over oil law
23/11/2006
Source: Trade Arabia

Senior Iraqi officials will resume negotiations to try to resolve a dispute over a bill intended to encourage foreign investment in the oil and gas industry, the government's economy chief said.

Control of the world's third largest oil reserves divides Iraq's three main communities, the Arab Sunni and Shi'ite Muslims and ethnic Kurds. Most of the oil lies in the mainly Shi'ite south and close to Kurdistan in the north.

The issue of who has the power to sign contracts -- the provinces or the national government -- is critical because a major regional say will devolve more power over resources to Iraq's majority Shi'ites and the Kurds than the national government.

Minority Sunni Arabs, the dominant group under Saddam Hussein, fear regional devolution will leave them with nothing.

'The Oil Committee is going to resume its meetings on Thursday to discuss the Oil Law,' Deputy Prime Minister Barham Salih said.

'Signing contracts remains a matter of dispute,' he added.

Salih, a Kurd, said earlier this month the legislation should be enacted by the end of the year.

He chairs a government committee on oil and energy policy, composed of key ministers, which had struggled to overcome deep differences on the components of a new law to replace provisions dating from the rule of Saddam Hussein.

Oil Minister Hussain Al Shahristani has said his office must have ultimate control over Iraq's oil reserves and has criticised deals already signed with Norwegian and Turkish firms by the autonomous Kurdish regional government in Arbil.

Kurdish Prime Minister Nechirvan Barzani has hit back, defending his constitutional rights in the sector. Some of Shahristani's fellow Shi'ites also oppose his desire to centralise control and would like to see more power for regions.

Ashti Hawramani, the Kurdistan region's natural resources minister, said: 'I'm optimistic about reaching an understanding between the two sides ... This understanding will be on the basis of the permanent Iraqi constitution.'

Years of UN sanctions, mismanagement under Saddam and now daily violence since the March 2003 US-led invasion have severely degraded Iraq's oil sector and it now needs billions of dollars of capital investment.

Sabotage attacks have made Iraq's northern export pipeline unusable for most of the time since the invasion so Baghdad relies mostly on its main southern Basra oil terminal for exports.

Oil ministry spokesman Asim Jihad said exports now stand at 1.7 million barrels per day (bpd). Salih said this month Iraq aims to double exports by 2010 and raise output to 6 million bpd from 2.3 million bpd.

Major oil companies are waiting for the oil investment law to set out the regulatory backdrop before they commit, but analysts say, even then, violence and insecurity are likely to delay investment, perhaps for years to come.(Bull Hucky)

Jihad said formation of an oil company for the southern province of Maysan, which includes oil fields around Amara, has already been approved by the cabinet, and the provinces of Wasit and Kirkuk would also get their own companies, though they would be 'fully supervised by the oil ministry'.

Shahristani told state television Iraqiya this week that any province that produced at least 100,000 to 150,000 bpd would be able to have its own oil company.

Another Iraqi official said the new petroleum law would call for re-establishing the Iraq National Oil Company (INOC) as a holding company with affiliates that could be defined geographically, technically or along both lines. Their role would be to operate the oilfields.

Jihad said Iraq planned to open the bidding for contracts to build three major oil refineries at the beginning of next year.

He said the refineries in question were Al Nahrain, near the southern city of Kerbala, with a capacity of 140,000 bpd, Nassiriya in the south with a capacity of 300,000 bpd and Goya in the northern province of Sulaimaniya with a capacity of 70,000 bpd.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2623

Dinar-Excited

The Iraqi Oil Ministry has called off a non-vital deal to buy black petroleum from international firms at local rates, said as-Sabah.

Noozz.com | IRAQ

To compare the rate from 2004 to what is going on now is irrevelant. This time, the CBI is on a mission to control inflation on a now stable currency. Would not make sense to bounce back to the old rates don't you think?

Originally Posted by kiko

Demand for the dollar registered its lowest level in 2006
Baghdad - (Voices of Iraq)

Record demand for the dollar today, Thursday, its lowest level this year. It also has three dinars to the dollar value amid expectations of continued decline in medicine for the American currency, with the direction of the Iraqi Central to raise the value of the Iraqi dinar at the expense of the dollar.

The Central Bank said in a statement that demand for the dollar today at the conclusion of the meetings this week, the volume of the requested five million and 330 thousand dollars, compared to 11 million and 450 thousand dollars on Wednesday.

Distributed demand for the dollar by one million and 290 thousand dollars in cash and four million and 40 thousand dollars in the form of remittances outside the bank full coverage of exchange rate amounted to 1441 dinars, down 3 dinars on the price yesterday.

Did not make any of the six banks participating in the auction, the lowest number of banks participate in one meeting this year, any offers to sell the dollar.

He expected to Yasiri, owner of the banking and one dealing with the auction to continue the demand for the dollar remained low during the coming period due to the continuation of the Central Bank in reducing the price of the dollar that is bought today reduced its price tomorrow.

He said in a statement to the News Agency (Voices of Iraq) Independent that "requests for the dollar will remain low in wait for the exchange rate that the Central Bank wants to get to and not known until now."

ÏæáÇÑ- (ÇÞÊÕÇÏ) :: Aswat al Iraq :: Aswat al Iraq

The RV is coming soon!!

I read this early this a.m., and finally exhaled. I thought to myself, wow...it's finally time! I actually felt more excited than I have for a while...until.....very few responses or additional excitement. I try not to play into words...but isn't this GREAT???? Will someone either verify my excitement...or tell me where I am wrong? Sorry, just think that that statement says A LOT!!!!!

Hoping that all the Americans here had a super Thanksgiving....and all others a terrific Thursday!!!

Originally Posted by MOM2TWO

I read this early this a.m., and finally exhaled. I thought to myself, wow...it's finally time! I actually felt more excited than I have for a while...until.....very few responses or additional excitement. I try not to play into words...but isn't this GREAT???? Will someone either verify my excitement...or tell me where I am wrong? Sorry, just think that that statement say A LOT!!!!!

Hoping that all the Americans here had a super Thanksgiving....and all others a terrific Thursday!!!

Hate to be the one to put you in a downer mood MoM2Two, but this means that you are going to have a very frustrating next six weeks...

Buying all them BIG X'mas presents you have always wanted to buy !!!

Yes this is excellent news, snuggle up to hubby tonight and get ready for the RV and your well deserved spending spree.

Gloribee

Originally Posted by Dinar-Excited

Hi Everyone I am not sure if this has been posted but I thought I would post in case it had not. I am posting this as this is one of my major concerns for Iraq. I think it is very positive and shows that they are working on the HCL and trying to come to an agreement as soon as possible. The only part of the article that I highlighted in pink that did not sit really god with me. The reason is it seems to contradict itself and I think we all no better so I am not sure why they wrote that part. I think they like to add something a little off the wall in a lot of articles.


Iraq leaders still wrangling over oil law
23/11/2006
Source: Trade Arabia

Senior Iraqi officials will resume negotiations to try to resolve a dispute over a bill intended to encourage foreign investment in the oil and gas industry, the government's economy chief said.

Control of the world's third largest oil reserves divides Iraq's three main communities, the Arab Sunni and Shi'ite Muslims and ethnic Kurds. Most of the oil lies in the mainly Shi'ite south and close to Kurdistan in the north.

The issue of who has the power to sign contracts -- the provinces or the national government -- is critical because a major regional say will devolve more power over resources to Iraq's majority Shi'ites and the Kurds than the national government.

Minority Sunni Arabs, the dominant group under Saddam Hussein, fear regional devolution will leave them with nothing.

'The Oil Committee is going to resume its meetings on Thursday to discuss the Oil Law,' Deputy Prime Minister Barham Salih said.

'Signing contracts remains a matter of dispute,' he added.

Salih, a Kurd, said earlier this month the legislation should be enacted by the end of the year.

He chairs a government committee on oil and energy policy, composed of key ministers, which had struggled to overcome deep differences on the components of a new law to replace provisions dating from the rule of Saddam Hussein.

Oil Minister Hussain Al Shahristani has said his office must have ultimate control over Iraq's oil reserves and has criticised deals already signed with Norwegian and Turkish firms by the autonomous Kurdish regional government in Arbil.

Kurdish Prime Minister Nechirvan Barzani has hit back, defending his constitutional rights in the sector. Some of Shahristani's fellow Shi'ites also oppose his desire to centralise control and would like to see more power for regions.

Ashti Hawramani, the Kurdistan region's natural resources minister, said: 'I'm optimistic about reaching an understanding between the two sides ... This understanding will be on the basis of the permanent Iraqi constitution.'

Years of UN sanctions, mismanagement under Saddam and now daily violence since the March 2003 US-led invasion have severely degraded Iraq's oil sector and it now needs billions of dollars of capital investment.

Sabotage attacks have made Iraq's northern export pipeline unusable for most of the time since the invasion so Baghdad relies mostly on its main southern Basra oil terminal for exports.

Oil ministry spokesman Asim Jihad said exports now stand at 1.7 million barrels per day (bpd). Salih said this month Iraq aims to double exports by 2010 and raise output to 6 million bpd from 2.3 million bpd.

Major oil companies are waiting for the oil investment law to set out the regulatory backdrop before they commit, but analysts say, even then, violence and insecurity are likely to delay investment, perhaps for years to come.(Bull Hucky)

Jihad said formation of an oil company for the southern province of Maysan, which includes oil fields around Amara, has already been approved by the cabinet, and the provinces of Wasit and Kirkuk would also get their own companies, though they would be 'fully supervised by the oil ministry'.

Shahristani told state television Iraqiya this week that any province that produced at least 100,000 to 150,000 bpd would be able to have its own oil company.

Another Iraqi official said the new petroleum law would call for re-establishing the Iraq National Oil Company (INOC) as a holding company with affiliates that could be defined geographically, technically or along both lines. Their role would be to operate the oilfields.

Jihad said Iraq planned to open the bidding for contracts to build three major oil refineries at the beginning of next year.

He said the refineries in question were Al Nahrain, near the southern city of Kerbala, with a capacity of 140,000 bpd, Nassiriya in the south with a capacity of 300,000 bpd and Goya in the northern province of Sulaimaniya with a capacity of 70,000 bpd.

http://www.iraqdirectory.com/DisplayNews.aspx?id=2623

Dinar-Excited

REGULATORY BACKDROP....possibly the reason for the IAMB extension of another year

Originally Posted by MOM2TWO

I read this early this a.m., and finally exhaled. I thought to myself, wow...it's finally time! I actually felt more excited than I have for a while...until.....very few responses or additional excitement. I try not to play into words...but isn't this GREAT???? Will someone either verify my excitement...or tell me where I am wrong? Sorry, just think that that statement says A LOT!!!!!

Hoping that all the Americans here had a super Thanksgiving....and all others a terrific Thursday!!!

youre about to be a very happy mom!!!

Originally Posted by MOM2TWO

I read this early this a.m., and finally exhaled. I thought to myself, wow...it's finally time! I actually felt more excited than I have for a while...until.....very few responses or additional excitement. I try not to play into words...but isn't this GREAT???? Will someone either verify my excitement...or tell me where I am wrong? Sorry, just think that that statement says A LOT!!!!!

Hoping that all the Americans here had a super Thanksgiving....and all others a terrific Thursday!!!

I am very EXCITED!!!!!!

I think they are telling us it will RV very soon. The only thing that makes me wonder is why would you let anyone know the numbers to the winning lotto ticket. I am happy they are but I guess it is because they have most of the Dinar they needed to RV strong out of circulation which is an amazing sign that we are there.

But as Gloribee said there is a down side you will have a lot of FUNNY CHRISTMAS SHOPPING.

HAPPY THANKSGIVING AND DINARING AND TOo ALL ARE DREAMS COMING TRUE.

Dinar-Very Very Very Excited

Originally Posted by jedi17

REGULATORY BACKDROP....possibly the reason for the IAMB extension of another year

iraq has REQUESTED the extension. they will be voting on whether it is going to actually happen on the 11/12 meetings. but, even if they vote to have the extension, they are merely going to be 'monitored' by the UN but be in control. therefore, iraq can legitimately revalue at any point in time they want.

I hope all you fellow dinar holders are using today's wishbone appropiately.