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

Mike We see you here. What is shakin? We're dyin here for info!!!! I have been on FOX all day and nothing. What do your sources say?

Yea Mike, what's the Kurds saying? I'm going crazy like flygirl. Are we there yet? LOL

All right Mike...Here's desperate gal coming out again....anything? Anything at all? I even brought forward your last post from the 22nd...but the NEED is still there to know that the info still stands...needy...I know...can't be helped right now though. I'll apologise later when I'll mean it! loL!

OMAHA (DTN) -- According to the Washington File, a U.S. State Department release, U.S. Energy Secretary Samuel Bodman has urged Iraq to establish a legal framework that would be instrumental in attracting foreign investment to its oil sector.

"Iraq will only realize its very considerable potential as an oil producer with the help of investors," he told reporters July 18 during his visit in Baghdad, Iraq. Iraq has been seeking to attract as much as $20 billion in foreign investment to increase its oil production capacity and upgrade oil infrastructure.

Bodman said the Iraqi government is working on a hydrocarbon law designed to regulate investment by foreign oil companies and that Iraqi officials he met, including Prime Minister Nuri Al-Maliki and Minister of Oil Hussein al-Shahristani, told him that they hope the parliament will pass the law by the end of 2006.

"We got every indication that they were willing and also felt a necessity to open the sector," Bodman said. "Iraq has enormous wealth, and it needs to take advantage of that." The country has the second largest oil reserves in the world, following Saudi Arabia.

Only about 10 percent of these reserves have been explored, according to a July report by the International Energy Agency. Iraq could become a particularly desirable, and potentially lucrative, destination for foreign oil companies because 60 percent of proven reserves are in undeveloped fields.

The Iraqi oil sector, left dilapidated by Saddam's regime, additionally has been crippled by corruption and by terrorist and insurgent attacks on oil infrastructure, after the 2003 U.S.-led operation in Iraq. In the two years since it resumed exporting petroleum in June 2003, Iraq has lost more than $11 billion in oil revenue due to theft and sabotage against oil infrastructure, according to the Iraqi oil ministry. In May, Iraq's crude oil production dropped to 1.9 million barrels per day (bpd) from a pre-war level of 2.6 million bpd in January 2003, according to the U.S. Energy Department. The Iraqi oil minister said July 18 that the government hoped to increase oil production to 3 million bpd by the end of 2006, a goal Bodman described as "somewhat optimistic."

The U.S. energy secretary said that, in addition to a transparent legal investment environment, substantial improvements in security would be essential to attract foreign investment.

"I think everyone has got security very much on their minds and recognizes that it is going to be important for the future of this country that foreign or international oil companies feel more comfortable than they do today in coming here," he said.

Bodman announced several U.S. initiatives designed to help the Iraqis -- mostly through technical assistance -- to deal with problems related to oil development and regulation and electricity generation and transmission, the two challenges he described as "closely intertwined."

The "Iraqis need electricity to get oil production up, and they need the revenue from crude oil sales to build the electricity infrastructure," he said. Another U.S. official -- Commerce Secretary Carlos Gutierrez -- also called on Iraq to "carry through on promising liberalization and reform measures."

Gutierrez, who visited Baghdad a day earlier, told Iraqi officials and businessmen at the American Chamber of Commerce that his department will focus its initial assistance on developing local domestic investment. He signed several agreements with his Iraqi counterparts that promise U.S. aid, mostly in the form of training, advising and building capacity, according to a Commerce Department news release. He expressed hope that U.S. aid will encourage Iraq to move from a centralized economy to a free market economy.

On July 18, Gutierrez also visited Kuwait, where he discussed promoting stronger bilateral commercial ties, including a potential free-trade agreement, and ways to improve investment climate in that country.

http://www.news.farmpage.com/index.cfm?show=4&id=17276

Originally Posted by cigarman

Yea Mike, what's the Kurds saying? I'm going crazy like flygirl. Are we there yet? LOL

Hi Dinar Gang,

Well, as we know, all pieces are in place as scheduled months ago, so I am still hearing the same story, and just as I knew Kurds would get advanced investment law approval, I was also told it was not an issue when it went to Parliament and it as just a formality, but it was already a done deal, after all, it was approved for Kurds, and it is the same agreement.

As you also know, the Kurds are trying to distance themselves from Baghdad for they have always had the most stable region, even when under Saddam. They do have some militia groups in area, but their fight is with Turks, so it is a very interesting region with its own oil infrastruture which was finally pumping oil again, so they had some international investors already investing, and needed more, these are my links to information, so confidence of revalue is still there.

As we also know, meetings with Bush are on Wednesday and I have heard Thursday, so with first meeting about security and trade agreements, as well as about Israel and Lebanon issues, so we may have to wait until Thursday, hopefully it is reported nationally, but you never know, it could wait until Maliki returns. Been quiet, and that is good. Hope not. (g)

Good luck to all, Mike

thanks for the update mike

Nothing other than what Mike has already said. I think that once the law is ratified by parliment we're there. They have already advanced their standby agreement, all gov is in place, oil is flowing, we're there. Also remember what Mike touched on that the kurds are ahead of Iraq on passing their laws so the Iraqi gov. is scrambling to catch up. I also still think it will be high($1.12).

Cigarman, If you're right, pick out a Cuban (in fact a box of them) and I will buy them for you. I can't buy them in US or get them here. You will have to take the label off. That is how we got them in when we flew places that sold them.

Patience?????????????????Thought I had learnt this through Pips. Well-----------I guess just have to try harder. Feel a little better since Tiff has been in touch with Adster (hope all is improving for him) and Mike (OSW) paid us a visit. Their absence has been scary. The practice of a few wines to calm the nerves will keep us in good stead for the peg party. We have to show those guys - and Tiff your bananas are always dancing on my sceen. By the way - since our cyclone we are paying $15 per kilo. The next crop is due about September so if they are still this expensive hopefully by then we will be able to afford them. GoooooooooDinars

Hello Gang,

I feel like we are in danger of melt down. Hope everybody will be able to remember to breath. I know we have good reason to have high hopes for this week but think we would be wise not to confuse hope for expectation.

I have been trying to convince myself to be ready and willing to wait till the end of the 3rd quarter if necessary. Seems to me that the real deadlines are out there around the end of september.

Also I have never been able to find any report out of the promised "meeting of international experts" to discuss the proposed reval. Back on 27 june they said that meeting would be "next month".

Anyway, don't want to be negitive but don't want anybody to explode in the next days or weeks if this does drag on for a while.