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

Originally Posted by rvalreadydang

Question!

what is the rate, 1380 or 1378?

Auction price selling dinar / US $ 1380 -----
Auction price buying dinar / US $ 1378

1380.

Originally Posted by Adster

1380.

Drats!

BAGHDAD,
PNA- Iraqi Prime Minister Nouri al-Maliki on Monday conferred with a delegation representing the Kurdistan regional government led by PrimeMinister Nechirvan Barzani discussing a draft law on oil and instruments to put it into effect.

The draft law evolves around transfer of oil revenues to the federal government's treasury, which in turn would distribute them to the country's different regions according to population proportions.

Earlier talks between the federal government in Baghdad and the Kurdistan regional government resulted in an agreement to allocate 17 percent of the state's 2007 budget to Kurdistan.

.:: Peyamner Daily NEWS::.

Reliance Industries eyes Kurd oilfields
[14:44 , 19 Dec 2006]
Kurdistan (New Delhi)

PNA-Reliance Industries (RIL), the country's largest private oil company, is seeking oil and gas fields in Kurdistan.

The Mukesh Ambani-controlled company is considering various options of entering the oil-rich region.

While it is in talks with the Kurdistan Regional Government for tie-ups with the region's national oil companies, it is also considering buying oil fields on its own.

"Reliance is also in talks with an Indian company to jointly explore potential oil fields in Kurdistan. A deal could be finalised in six months," a source close to the development said.

The country's largest company in terms of market capitalisation is eyeing 3-4 oil fields in Kurdistan, an autonomous, federally recognised political entity located in northern Iraq. The oil sector forms a major part of the region's economy.

Separately, a Reliance source said the company was also in talks with Oil and Natural Gas Corporation (ONGC) for joint exploration and production in an oil block in southern Iraq.

Sources said Reliance's move to enter the oil-rich region in partnership with ONGC, is a move to tackle steel magnate Lakshmi Mittal's increased presence in India's oil and gas business.

"Reliance does feel threatened to an extent," he said. ONGC's joint venture with Mittal Steel, ONGC-Mittal Energy, has acquired oil blocks in Nigeria. Mittal on his own also acquired 50 per cent stake in an arm of Russian oil major Lukoil earlier this week.

A sector analyst says that while Iraq is sitting on huge oil reserves, tackling the geopolitical risks will be the primary concern of oil companies investing in Iraq. "Under the ground risks are low, over the ground risks are very high," he said.

Iraq's proven oil reserves of 112 billion barrels are second only to Saudia Arabia, which has the world's largest oil reserves. In January 2005, Iraq opened its oil reserves to the world with the interim council of ministers inviting foreign oil companies to develop potential fields.

Some analysts, however, feel that risk-taking has paid off in the past, and are optimistic about Reliance's chances in Kurdistan and Iraq.

When India's largest upstream company, ONGC, had entered Sudan in 2003, that country was under US sanctions. "The Indian government still took the risk and it has paid off. There is no reason why this can't be repeated," the analyst said.

Japanese business delegation visits Iraq's Kurdistan region
[13:33 , 19 Dec 2006]
NATIONAL (JAPANTODAY.COM)
PNA-Sulaimaniyah, Kurdistan Region (Iraq), A group of Japanese businessmen, along with Foreign Ministry officials, has visited the Kurdistan autonomous region in northern Iraq since Dec 11 to study investment opportunities and the security situation, diplomatic and other sources familiar with the matter said Monday.

The group, comprising four each of officials and businessmen, visited the central city of Sulaimaniyah and other locations during their visit, they said.

The Foreign Ministry advises Japanese nationals to stay away from the whole of Iraq, but the Kurdish region has been known for its relative stability compared with the rest of the country.

Make Oil clinches lucrative deal to build refinery in Iraqi Kurdistan
[13:33 , 19 Dec 2006]

NATIONAL(Daily Star staff)
PNA-Make Oil has also proposed to build a smaller refinery in Dhouk.
Lebanon's Make Oil Company is expected to start building a $3 billion oil refinery in Iraqi Kurdistan within one month, company management told The Daily Star on Tuesday.

The firm expects to sign a contract with the Iraqi Natural Resources Ministry in about three weeks and can start construction immediately in Dhouk, near Irbil, Make Oil general manager Ahmad Kheireddine said.

Construction should last between two and three years, and once completed the refinery will be able to handle 250,000 barrels per day, said Make Oil lead engineer Mahmoud Darwish. The company's investors for the Kurdistan refinery hail from the Gulf, Europe and the United States.

Make Oil has also proposed to build a smaller refinery in Dhouk that can launch operations in nine months, while work on the bigger facility continues, Kheireddine said.

Make Oil is also among the bidders to build a $2.2 billion refinery in Basra. That project would take about two and a half years to finish, and would have a capacity of 150,000 barrels per day, Darwish said.

Make Oil's biggest problem in completing the Basra deal is getting to Basra - because of the sectarian conflict in Iraq, company executives are unwilling to travel there to finish negotiating the deal. But Kheireddine expressed hope that the contract would be signed in two or three months if the situation allowed it.

In Kurdistan as in Basra, Make Oil has faced fierce competition from Gulf oil firms, many of which enjoy vast financial resources and experience. The Lebanese say their good relationships with the ministry and the Kurds have helped their cause, and they are eager to build factories and public-works projects in Kurdistan.

The raging war in Iraq has not affected Make Oil's work, nor should the refinery be a target for attack, officials said.

"There's no danger in Kurdistan," Kheireddine said. "It's a separate territory. We're not taking a risk."

Make Oil officials also brushed aside talk of Kurdistan becoming an independent country - Turkey and the US will not allow the Kurds to secede, according to Make Oil deputy general manager Samer Zeitoun.

"This won't happen," Zeitoun said. "Even if this happens, we won't have any problem."

The Kurdistan project will be the first refinery built by Make Oil, which has offices in Germany, Spain, England, Sudan and Syria.

Aside from the Iraqi quagmire, oil prices will continue to climb for a long time thanks to China's strong economic growth, Kheireddine said.

"The Chinese need for oil is increasing," he said.

Despite the recent softness on the market, prices should rise again before the end of the year, Kheireddine said. A barrel of crude cost about $61 when trading opened Tuesday morning, down 20 percent for the year, but up about $5 per barrel since mid-November.

ADVN update

opened at 1409 last trade, 1387.3 at 4:53:25

http://66.249.93.104/translate_c?hl=...first_page.htm


This site talking about Iraqi peoples and with Ramadan month we must have to stop the problems between SUNA and SHEAA and forming committees in Baghdad for doing that and it talking how application this subject

Coutesy of my Interpeter Mohommed. As Well there was a photo attached at some point in time.

Gloribee

PS sorry it took so long Susie, Mohommed is in Baghdad and that 12 hour time span and all

Gloribee

Tue Dec 19, 3:08 AM ET

BAGHDAD (Reuters) - Gunmen including some wearing police uniforms stole at least 1.25 billion Iraqi dinars ($875,000) in cash in the second major heist in central Baghdad in 10 days, a police source said on Tuesday.
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The source said the gunmen took the money from Industry Ministry employees who were picking up money for salaries from a bank in the Karrada district of Baghdad on Tuesday morning.

An Interior Ministry source said the gunmen stormed the bank itself and took as much as 2 billion dinars ($1.4 million).

There were no injuries reported in the robbery.

Last week gunmen wearing Iraqi army uniforms ambushed a security vehicle transporting money to the Central Bank and made off with $1 million in cash, police and Interior Ministry sources said.

Four private security guards were kidnapped in the daylight robbery in busy Sadoun Street in central Baghdad in an attack that highlighted the lawlessness gripping the capital

Gunmen seize at least $875,000 in Baghdad heist - Yahoo! News

Originally Posted by postcon

Thanks as ever for your great input. Would you be able to comment on the on the fact that dinars were actually placed back into circulation, which kind of contradicts the recent trend when they were only buying up dinars? Would this kind of move fit in with their strategy or have they reached the end of their target rate or circulation amount? Thanks in advance.

The amount placed back into the economy was an insignificant amount. This in no way establishes a change in the trend. Banks still need cash for day-to-day transactions and todays amount is nothing to worry about. If my math is correct, then the net effect this week is still very large. We should begin to view these amounts over a larger period of time. Maybe if we had been doing that, we would have noticed that the net effect throughout 2006 was to reduce the amount of dinar in the economy. It was only until the CBI started taking out large amounts with NO dinar going back in that we noticed, around the first of November. So, lets relax and take a bigger view of this. Small amounts of dinar returning to the economy does in NO way negate the overall reduction of the currency from the economy. And, the fact that over time, this removal during 2006 will have a great impact on supply and the eventual rise in the value of their currency. We hope to see reduced inflation numbers for December, we''ll see. Thank You.