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

04 July 2006 (Baghdad: Al Sabah newspaper)

Iraq and Iran have agreed to set up joint committees to stop the smuggling of Iraqi petroleum products and to cooperate in the exploitation of joint oilfields.

The official Ministry spokesman, Assem Jihad, told AL Sabah that Iraq submitted an offer to Iran during an official meeting between the Minister of Oil, Dr. Hussien AL Shehrastani, and the Iranian Ambassador to Iraq, Hassan Kathemi Qumi, regarding the exploitation of the Bazargan Oilfield in accordance with an agreement to be signed by the two sides.

Jihad added that the experiment will include other neighboring countries, such as Kuwait and Syria, who also have a number of oilfields at their borders. Discussions will take place soon in order to reach a joint understanding over the ways to exploit the resources.

Bomb strikes oil pipeline in Iraq

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BAGHDAD, 04 July 2006 (AFX News Limited)

A bomb struck an oil pipeline in northern Iraq on Monday, setting it on fire, but the attack was not expected to affect exports, officials said.

The pipeline that was attacked was pumping oil to filter stations in Kirkuk, about 180 miles north of Baghdad, for export to Ceyhan, Turkey, said police Brig. Sarhat Qadir, who oversees security for the city's outskirts.

He said the explosion occurred in Bye Hassan, about 40 miles southeast of Kirkuk. Firefighters on the scene were optimistic they could extinguish the flames by the evening, Qadir said.

The reported sabotage came after an optimistic forecast by the Oil Ministry last week, when it said that total production from Iraq had increased to 2.5 million barrels per day, the highest level since the U.S.-led invasion in March 2003.

An official with the state-owned North Oil Co., which runs the Kirkuk oil fields, said the blast damaged four pipes -- two for oil, one for gas and one for water -- but they were expected to be fixed "within two or three days."

The official, who spoke on condition of anonymity because he was not authorized to release the information, said the attack would not affect exports because all the tanks in Kirkuk were full and pumping to Ceyhan was uninterrupted

Investment Law Early August

Noozz Editorial Jul 4 2006
During a meeting with Saudi investors, Iraq Prime Minister Nuri al-Maliki revealed plans to issue the new Foreign Investment Law early next August, pan Arab daily Asharq al-Awsat reported. Al-Maliki stressed the regime is keen on guaranteeing all rights for foreign investors and said investors will be allowed to transfer funds outside of Iraq in their preferred currency. He added the government will start endorsing the law next Thursday after discussing it at the Ministers’ Council which will in turn transfer it to the State Affairs. According to the Prime Minister the law will protect foreign and local capital and will give foreigners all rights enjoyed by Iraqi nationalsin addition to exempting equipment imported by investors from taxes. The state is keen not to issue another investment law based on confiscation at end of [project] durations by any government that comes to power, he said. As such, investors should not worry about capital invested in the country.

04 July 2006 (PortAl Iraq)

A ceremony held for the construction of a diesel power station in Samawah took place June 28 at the construction site.

Attending the ceremony were Iraqi officials such as Al-Muthanna Governor Mohammed Ali Hassan Abbas Al-Hassani, Japanese officials from Samawah's Liaison Office of the Ministry of Foreign Affairs and members of the Japanese Ground Self Defense Forces (JGSDF).

"Improving the power supply is an urgent matter in Iraq, including Samawah and the Governorate of Al-Muthanna - the key area of Japanese Reconstruction Assistance for Iraq," according to a statement from Japan's Ministry of Foreign Affairs. "Although the power demand in the entire Governorate is currently about 200 megawatts, the amount of electricity actually supplied is only about 40 to 50 megawatts."

Al-Muthanna has no power station, relying on power supply from other governorates. The Governorate of Al-Muthanna has repeatedly requested that Japan extend large-scale assistance in electricity supply.

For the project, land leveling was already initiated March 13; construction is expected to be complete in about two years. On March 28, a ceremony to launch the project was held. Land improvements were completed on the site June 18 and land elevation for security was completed June 22.

"Smooth implementation of the project will lead to the installation of a 60 MW-generating power station."

The Japanese government expects that the power station will contribute to improving the electricity supply throughout the Governorate of Al-Muthanna - including Samawah.

"Through the construction of this power station, the electricity supply in the Governorate of Al-Muthanna will become efficient and stable, which will help improve the living conditions of the local people."

Iraq July exports could match post-war high

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London, 04 July 2006 (Reuters)

Iraq's July oil exports could match a post-war high of 1.8 million barrels per day (bpd) if it can sustain flows along its sabotage-plagued northern pipeline, an industry source said.

Exports in June rose to their highest level since October 2004 as crude from Iraq's giant Kirkuk oilfields began flowing to Turkey's Ceyhan port after a break of almost a year, shippers said on Monday.

The line from the northern fields to Turkey's Mediterranean coast has been mostly idle since the US-led invasion of Iraq in March 2003.

'Suddenly the pipeline is secure, but it's anybody's guess as to why,' an Iraqi industry source said.

'If Iraq can maintain 300,000 barrels a day of Kirkuk, then exports will equal the highest rate since the war.'

The oil sales are providing much-needed hard currency to Iraq as it struggles to rebuild both its economy and its oil sector after years of sanctions, war and sabotage.

State oil marketer SOMO is aiming to secure long term supply deals as it grows more confident that it can maintain the flow of Kirkuk crude.

Baghdad aims to sell Kirkuk oil through the contracts from August through December with European refiners likely to provide the biggest customer base, followed by their US counterparts.

Iraq has relied almost exclusively on exports of Basra Light from the country's southern Gulf terminal since the war. Sales from Basra are running at about 1.5 million bpd.

Iraq's June crude exports rose to 1.66 million bpd, an Iraqi oil official said on Monday. Shippers surveyed by Reuters pegged exports slightly lower at 1.62 million bpd, up from 1.50 million bpd in May.

Exports were last higher in October 2004, when they stood at 1.76 million bpd.

Three million barrels of Iraqi Kirkuk oil sailed from Turkey in June, the first shipments since September 2005.

Iraqi state oil marketer SOMO has already sold 4.6 million barrels more to load in the first week of July and issued a sell tender for an additional six million barrels. The tender is SOMO's third in two weeks.

There are 4.8 million barrels of Kirkuk crude in storage in Ceyhan, one shipping agent said.

Turkish refiner Tupras was expected to begin pumping a million barrels of oil through pipeline to its Kirikkale refinery later on Monday, the shipping agent said.-

Council of Ministers- GCD

Media Relations

Press release

Monday July 3, 2006

51 terrorists arrested, 468 patrols and checkpoints implemented

Iraqi Army pursued some terrorist gangs in various operation sectors. During the last 24 hours, they came up to the following results:

Baghdad Sector (Forward Together)/ Command of the 6th and 9th Divisions

1- Ten terrorists arrested within the Baghdad sector.

2- 149 patrols conducted, 138 checkpoints established in addition to two ambushes and a joint search patrol.

3- A mine found in Haifa Street.

Mosul Sector/ Command of 2nd & 3rd Divisions

- Arrest of (14) terrorists.

Ramadi Sector/ 1st & 7th Divisions

Arresting ten terrorists.
Moving (74) patrols, setting (17) ambushes, conducting (22) search act, setting (15) checkpoints and (33) security patrols.
Finding three IEDs in Nasr and Salam.
Salladin, Diyala and Kirkuk Sectors/ Command of 4th & 5th Divisions

Arresting (17) terrorists.
Moving (20) patrols, conducting (3) raids act and setting (15) checkpoint.
Finding one IED in Diyala sector.

I'm sending special prayers and hugs to Adam and his wife. Adam has really helped me so much over the past, he's a great guy!!

My thoughts are with you both.

I found this on cnn; Sanchez said that British and Romanian consular officials had arrived to help in the identification process, but there was no confirmation so far of any foreign nationals dead in the accident.

Im sure he is okay!

RODNEY, I had to hit the sack last nite and did not see your explaination of spread till this morn. Thanks so very much.

I still don't understand completely, but that is no fault of yours. I guess I'm just wondering what the range of cost would be for exchanging our dinar(see how I have begun to call it "our dinar"......I'm beginning to refer to it with terms of endearment.)

Do you or anyone else out there in dinar land figure that this cost would be comparable to exchanging let's say the euro or pound? Or are the circumstances too different?

You guys are probably thinking "Why don't she just call a bank herself?". I promise I will as soon as I have a better grasp on how this works. Just hate to appear too ignorant when I call. I believe I will get better service if I come across with some knowledge and confidence. Right now, don't have much of either concerning "the exchange". I definitely am willing to shop around and get best deal when the time comes and want to be sure I know what I'm talking about or what I'm being told.

Thanks for all your help dinaraholics!

Monica

THIS IS THE BEST BUNCH OF PEOPLE! I THANK GOD FOR YOU ALL! ADSTER, YOU ARE IN MY PRAYERS.

You the poster! Thanks for your diligence! You are very much appreciated! Keep 'em coming!

Monica