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

BHP 'wanted Rifkind to lobby US for Iraq oil'
By Saeed Shah
Published: 05 July 2006
Sir Malcolm Rifkind, the former foreign secretary, undertook to lobby the US Vice-President, Dick Cheney, in an attempt to land a lucrative oil contract in Iraq for BHP Billiton, according to evidence given to a public inquiry in Australia.

In the most blatant evidence to so far emerge about Western businesses jockeying for a slice of Iraq's oil wealth, the Anglo-Australian group BHP Billiton drew up a plan for getting access to the huge Iraqi Halfayah oilfield just weeks after outbreak of war in 2003.

BHP Billiton held a secret meeting in May 2003 in London with Sir Malcolm - who has worked as a consultant to the company since 1997 - and Alexander Downer, the Australian foreign minister, to discuss how best to convince the Americans that BHP Billiton should be handed the Halfayah field in southern Iraq.

The evidence came to light as part of a Royal Commission inquiry started late last year in Australia to examine any involvement of the country's businesses in breaching the sanctions that were in place against Iraq before the war. According to the minutes of the meeting, Shell, the oil giant, and Tigris Petroleum, a joint venture set up by BHP Billiton and some of its former executives, were also interested in "securing the Halfayah field investment".

The minutes, which were taken by Australian government officials and labelled "Confidential", note: "Sir Malcolm emphasised that it was critical to register the BHP Billiton/British Dutch [Shell]/Tigris interest early with the US administration... It was a good claim and required lobbying - including from the Australian government - in Washington."

The document said that BHP Billiton had briefed the office of Australia's Prime Minister adding, "it has only just started lobbying in the UK but intended to approach Downing Street and the DTI [Department of Trade and Industry]".

The minutes said "Sir Malcolm would be seeking an appointment with Vice-President Cheney when the opportunity arose". And Mr Downer, who is still Foreign Minister, "agreed he would raise the matter both in Washington and in Baghdad with Paul Bremer [the US administrator of Iraq]".

BHP Billiton was keen on Halfayah because it had spent years in clandestine negotiations with Saddam Hussein's regime in 1990s over developing the oilfield, the document said.

Greg Muttitt, of the campaigning group Platform, said: "The idea seems to be that, all you have to do to get oil contracts in Iraq is register your interest with the Americans. This is a shocking way to operate. It should be up to the Iraqis to award contracts, not an occupying force. We've heard all the denials from Blair and Bush that this war was about oil. And here we have Rifkind saying he'll arrange it through the Americans."

Sir Malcolm, who was foreign secretary from 1995 to 1997 and is now MP for Kensington and Chelsea, said yesterday that he had no recollection of promising to take BHP Billiton's case to Mr Cheney, though it was "entirely possible" that BHP Billiton was seeking to influence US opinion.

Sir Malcolm said that he has had no contact with Mr Cheney in recent years, except in 2001, when he met Mr Cheney with BHP Billiton colleagues. He also said that he had no knowledge of any contact between the company and the Iraqi regime in the 1990s.

A spokesman for BHP Billiton said: "We take the evidence given during the [UN] Oil For Food Inquiry very seriously and BHP Billiton is extremely concerned about the issues relating to BHP in the Royal Commission." BHP has set up its own internal inquiry.

Sir Malcolm Rifkind, the former foreign secretary, undertook to lobby the US Vice-President, Dick Cheney, in an attempt to land a lucrative oil contract in Iraq for BHP Billiton, according to evidence given to a public inquiry in Australia.

In the most blatant evidence to so far emerge about Western businesses jockeying for a slice of Iraq's oil wealth, the Anglo-Australian group BHP Billiton drew up a plan for getting access to the huge Iraqi Halfayah oilfield just weeks after outbreak of war in 2003.

BHP Billiton held a secret meeting in May 2003 in London with Sir Malcolm - who has worked as a consultant to the company since 1997 - and Alexander Downer, the Australian foreign minister, to discuss how best to convince the Americans that BHP Billiton should be handed the Halfayah field in southern Iraq.

The evidence came to light as part of a Royal Commission inquiry started late last year in Australia to examine any involvement of the country's businesses in breaching the sanctions that were in place against Iraq before the war. According to the minutes of the meeting, Shell, the oil giant, and Tigris Petroleum, a joint venture set up by BHP Billiton and some of its former executives, were also interested in "securing the Halfayah field investment".

The minutes, which were taken by Australian government officials and labelled "Confidential", note: "Sir Malcolm emphasised that it was critical to register the BHP Billiton/British Dutch [Shell]/Tigris interest early with the US administration... It was a good claim and required lobbying - including from the Australian government - in Washington."

The document said that BHP Billiton had briefed the office of Australia's Prime Minister adding, "it has only just started lobbying in the UK but intended to approach Downing Street and the DTI [Department of Trade and Industry]".
The minutes said "Sir Malcolm would be seeking an appointment with Vice-President Cheney when the opportunity arose". And Mr Downer, who is still Foreign Minister, "agreed he would raise the matter both in Washington and in Baghdad with Paul Bremer [the US administrator of Iraq]".

BHP Billiton was keen on Halfayah because it had spent years in clandestine negotiations with Saddam Hussein's regime in 1990s over developing the oilfield, the document said.

Greg Muttitt, of the campaigning group Platform, said: "The idea seems to be that, all you have to do to get oil contracts in Iraq is register your interest with the Americans. This is a shocking way to operate. It should be up to the Iraqis to award contracts, not an occupying force. We've heard all the denials from Blair and Bush that this war was about oil. And here we have Rifkind saying he'll arrange it through the Americans."

Sir Malcolm, who was foreign secretary from 1995 to 1997 and is now MP for Kensington and Chelsea, said yesterday that he had no recollection of promising to take BHP Billiton's case to Mr Cheney, though it was "entirely possible" that BHP Billiton was seeking to influence US opinion.

Sir Malcolm said that he has had no contact with Mr Cheney in recent years, except in 2001, when he met Mr Cheney with BHP Billiton colleagues. He also said that he had no knowledge of any contact between the company and the Iraqi regime in the 1990s.

A spokesman for BHP Billiton said: "We take the evidence given during the [UN] Oil For Food Inquiry very seriously and BHP Billiton is extremely concerned about the issues relating to BHP in the Royal Commission." BHP has set up its own internal inquiry.

http://news.independent.co.uk/busine...cle1160994.ece

http://article.wn.com/view/2006/07/0..._for_Iraq_oil/ World News Link Good Site.

Hello Dinar Gang!

I was talking with my husband about buying more dinar and he had a question,

"How do you know that Iraq will not trash the existing dinar and make all new?"

I answered him the best I could, but could not remember all the reasons. I know this has been answered before, so could some one please direct me to the post where this was discussed?

Thank you very much cause I WANT TO BUY MORE DINAR!

Monica

Originally Posted by readytogo

Hello Dinar Gang!

I was talking with my husband about buying more dinar and he had a question,

"How do you know that Iraq will not trash the existing dinar and make all new?"

I answered him the best I could, but could not remember all the reasons. I know this has been answered before, so could some one please direct me to the post where this was discussed?

Thank you very much cause I WANT TO BUY MORE DINAR!

Monica

Heres a start

Originally Posted by Adster

We must remember folks that before the war when the dinar was at it's 'real' rate and not the phoney pathetic rate it is now there were a lot of wealthy folks that lost their money when the value was set to 1460 to the dollar by the EPCA. They are due, and should rightfully at least get back to where they were pre war value and if not more.

The rate it currently is could be disastrous to the economy if they leave it at that rate once the FI allows people like you and I to invest. It will crash totally. Imagine, a billionaire oil tycoon could buy up Iraq now!!! Not if it was at 1:1

They have to have a high r/v IMO, I know the big boys are looking at ways to implement a 1:1, there is an article floating around, (might be above somewhere, not sure).

Mrs A has said July 28th, she has a sixth sense for these things, lol. She said what a disaster Portugal was before we went and it was due to cancelled flight and her getting food poisoning and sunburn!!!

Someone asked me bout zero lopping, please forget this, in short do you really think someone on say 25000 dinars a week as they might be now would only have 25 dinars if they lopped 3 zeros?! No chance. Iraq need 'purchasing' power asap.

All along the hint has been to raise the value to a level close if not the same as the dollar.

Hope this helps alittle. I am sure there is alot more.

Originally Posted by readytogo

Hello Dinar Gang!

I was talking with my husband about buying more dinar and he had a question,

"How do you know that Iraq will not trash the existing dinar and make all new?"

I answered him the best I could, but could not remember all the reasons. I know this has been answered before, so could some one please direct me to the post where this was discussed?

Thank you very much cause I WANT TO BUY MORE DINAR!

Monica

Monica,

I think Mike (OSW) probably can give a more informed answer to this than most of us. Suffice to say that the New Dinar notes replaced the old one's with alot more anti-counterfeiting features, so why Iraq would reprint all the notes again seems quite a waste. Also, apparently there are smaller denomination notes and coins not put into circulation yet, which hightly suggests a reval because with the current 1477 Dinar/1 USD, what is the point of having a 25 or 50 dinar note? hope this helps

ICB allows opening of Bank of Beirut in Baghdad
05/07/2006
Source: Al-Sabah

Central Bank of Iraq approved to grant Bank of Beirut, founded in 1963, a permit to open a representing office in Baghdad to initiate contacts and revitalizing relations with Iraqi banks through available funding opportunities, available at disposition of Iraqi banks by the bank management.
On the other hand, the Bank of Beirut also allows Iraqi banks to expand relations by interacting with the Bank of Beirut (UK) London branch.

The Bank of Beirut is ranked sixth among the largest Lebanese banks with high assets offset by the high capital that allow board of directors to move freely in various world markets, particularly in financing of foreign trade.

The bank's board of directors has decided to allocate credit limits sufficient to meet demand in promising Iraqi market.

The Bank provides its services through (41) branches on the Lebanese territories, and through the Bank of London, international unit of banking in Cyprus and representation offices in both United Arab Emirates and Nigeria.

The bank's board of directors has chosen banking expert Abdel Aziz Hasoon to be the head of representation office in Iraq.

http://www.iraqdirectory.com/DisplayNews.aspx?id=1623

Originally Posted by readytogo

Hello Dinar Gang!

I was talking with my husband about buying more dinar and he had a question,

"How do you know that Iraq will not trash the existing dinar and make all new?"

I answered him the best I could, but could not remember all the reasons. I know this has been answered before, so could some one please direct me to the post where this was discussed?

Thank you very much cause I WANT TO BUY MORE DINAR!

Monica

Good question,

No doubt about it, this has been thrown about since new currency was first introduced, and besides the fact it would waste millions with reprint, and gain nothing, look at it this way. It has been well established that the new Iraqi dinar has been stable for the first time in history of Iraq, and for many reasons. First, Saddam is gone along with his artificial monetary controls and no free trade, as if this wasn't enough. (g) When you evaluate where Iraq is now vs. under Saddam, most were not very confident in old dinar, just look at the Kurdish who used a swiss dinar to see this was true. Another fact was counterfeiting, which was even done by Saddam, so who could have faith in a currency which was being printed by Saddam, not authorized or backed with anything, similar to US dollar now. (g) Not long ago most were still holding dollars, but that has all changed and Iraqi's are holding and using new dinar now, and that is the most important aspect of new dinar, the people beleive in their own currency for the first time in decades. So to put it simply, what would happen if the dumped the first currency that Iraqi citizens have had faith in? It just does not compute, so not to worry, it won't happen. Think of it this was as well, here we see every article indicating the need and desire for international investors, but who would invest if they have no confidence in the current dinar? No one, I know I wouldn't. (g)

Good luck to all, Mike

Mike and Whatever,

You guys are the best. I agree with you totally and I believe my husband will too. More dinar, here I come!

Monica

Originally Posted by readytogo

Mike and Whatever,

You guys are the best. I agree with you totally and I believe my husband will too. More dinar, here I come!

Monica

Funny,

See, you had faith in the new dinar already. LOL Dinarholics are not anonymous in this forum, all addictions are welcome, so take the plunge and buy some more while you still can. (g)


Good luck to all, Mike

REGIONAL FX HEADLINES Thursday, July 06, 2006





Caution urged on Iraqi Dinar wonder story projections
Middle East FOREX urges a cautious approach to investing in the new Iraqi currency. Although fundamentals remain strong especially with regard to energy reserves, the current political turmoil in Iraq leads one to think which part of the country the present day Dinar will represent, the Kurdish North, the Sunni central region, or the Shia south?


Currently you can purchase Iraqi Dinar at less than 1/10th of a US Cent per Dinar. Looking back at history it is possible that the Dinar value could reach as high at $0.20 to a US Dollar.


Kuwait’s Example


The Kuwait currency devalued by the same margin in the '90's has completely rebounded. During and immediately post the 1st Gulf war the Kuwaiti Dinar was valued at about a dime after the war. It now stands at $3.40. However the fundamentals of the Kuwaiti recovery are vastly different to that of current day Iraq.


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Interesting,

This is what we have been waiting for, the Iraqi's turning against terrorists within, and now the fun begins while the last insurgent forces are exterminated. This will create a domino effect and is good to see.

Tuesday, July 04, 2006

Samarra puts a reward on the head of the golden dome attack's mastermind.

Al-Sabah has the report:

The people of Samarra offer a 100 million dinar reward to anyone who provides information that lead to the death or arrest of Haitham al-Badri. Sheikh Khalid al-Baz, one of the prominent sheikhs of Samarra told al-Sabah that al-Badri was notorious for his violent behavior and had committed several armed robberies and carjackings.

Al-Baz added that al-Badri joined al-Qaeda after US troops killed his brother to later become an "Emir" of this terrorist organization in the Salahiddin province and started murdering anyone who opposed his Takfiri ideology; that's why he and his gang murdered sheikh Hikmat al-Baz of the influential al-Bo Baz tribe. The men of the tribe then decided to fight this Takfiri group and with the help of the 1920 revolution brigades they killed more than 50 terrorists and forced others to flee.

"Now that the people of Samarra know that it was al-Badri who blew up the Dome of their ancestors they are trying to hunt him down and they distributed photos of al-Badri's in the markets" said al-Baz and added that 1000 of the sons of Samarra are chasing down al-Badri and whoever helped him carryout his coward doings.

The 100 million dinars (~ $ 68 000) is not a lot of money compared to the multi-million rewards offered by governments for similar hunts but when it comes from a single tribe (or even a bunch of them) it reflects the seriousness of these people in what they're saying and doing.