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Ministry of Oil: we seek to prepare the designs for three refineries in Kirkuk and Maysan and Nasiriyah
Attributed the Undersecretary of the Ministry for oil refineries Chandler Ahmed decrease in the production of oil derivatives to the ongoing maintenance and rehabilitation of the major refineries.
Chandler explained in a press statement that the refineries operating at present can not be described at maximum capacity due to the continued rehabilitation units in the critical units, such as improving the gasoline, causing a reduction in production.
He added that the ministry in the process of developing designs for three new large refineries in each of Kirkuk and Maysan and Nasiriyah to meet the future needs to meet the increase in consumption.
Regarding the impact of new refineries in meeting the need of local oil derivatives, Chandler explained that it depends on the timing for implementation of such projects require large investments and time for implementation.
http://www.radiodijla.com/cgi-bin/ne...?id=2009-09-23
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Finance Minister finishes 2010 Budget
The Iraqi Finance Minister, Bayyan Jabur, submitted to the Council of Ministers on Thursday the project of the 2010 federal budget.
"The Council will start debating the budget early next week," said a release posted on the Ministry's website.
It said that the budget will be sent to the parliament before Oct. 10, 2009, for final approval.
http://www.zawya.com/Story.cfm/sidZA...10%20budget%20
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Iraq: calling banks to launch its activities Investment
A group of Iraqi private banks formulate a unified stance to demand CBI repeal of article 28 of the Banking Act, which legitimized the Coalition Provisional Authority that ruled Iraq after 2003, in a step leading to the amendment in the law of large banks. The article contains the articles and paragraphs of the banking sector is restricted with respect to investment projects or partnerships.
The President of the Board of Directors of «Ashur International Bank» Investment Wadi Nuri al-Handal said in an interview to «life», that article 28 of the Banking Act has become a burden on banks, restricting domestic investment. He added that the cancellation contributes to activating the activity of banks, in addition to other banking operations, such as loans and the issuance of bonds, which recorded a decline due to security conditions in Iraq, which has reduced demand for credit banking sector, despite the financial sector capacity and the size of its capital and deposits.
In addition, Director General of the Department of Banking and credit of the Central Bank of Iraq and Walid Idi, said the private banks the right to make comments on the paragraphs contained in the Banking Act, and explained that the Board of Directors of the Central Bank will examine the proposals, received from the private banks, noting that Article 28 of the Banking Act subject to considerable debate about their effects in the performance of private banks in different sectors, or their participation in the activities of investment.
He pointed to the growing need to know what they need from the banking sector, positive legislation, including the granting of credit in the areas which fell considerably, no longer than 22 percent of the combined bank balance compared capitalized private banks in excess of $ 1.5 billion.
http://translate.googleusercontent.c...OdBp0mx3tpyHDQ
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Iraq on collision course with OPEC or itself?
The Iraqi government has great expectations for its massive, low-cost oil resources. By opening the door to international oil companies for the first time since Saddam Hussein's Baathist party nationalized oil concessions in 1972, the government is hoping to increase crude oil production to six million barrels per day (bpd) from 2.5 million in five to six years. The successful implementation of its oil development plan would put Iraq on a collision course with OPEC.
The most likely factor to impede the rapid development of Iraq's oil resources, besides another oil price war, is a civil war between Arabs and Kurds. Wars and their aftermath have been impeding Iraqi oil ministry plans to rapidly ramp up oil production for the past three decades.
Despite the first of two licensing rounds being a relative flop, Iraq could still easily meet its production goals; a testament to the country's incredible resource base. On June 30, the Iraqi oil ministry awarded only one of eight 20-year service contracts -- six major oil and two gas fields -- up for bid after asking the leading consortium to accept drastically lower service fees.
BP and China National Petroleum Corp. (CNPC) agreed to accept US$2 per barrel, rather than US$3.99 per barrel, to re-develop the Rumaila field, the country's largest explored oil field. Rumaila has 17.7 billion of proven oil reserves, more than a half of the United State's total reserves. The BP/CNPC consortium has agreed to increase Rumaila's production to 2.85 million bpd from one million within six years, which would place it second in productivity to Saudi Arabia's Ghawar field.
Learning from its mistakes, the Iraqi oil ministry has softened the terms for the second bid round, to be awarded in December. The second round is for 10 oil and gas fields, and the goal is to produce an additional two million to 2.5 million bpd from these fields within four to five years.
If Iraq was to increase production to six million bpd during the next six years, the annual increment would be almost 600,000 bpd. The demand for OPEC crude oil (excluding inventory changes) increased by an average of 500,000 bpd per year over the past decade.
It is unlikely the other OPEC members (such as Saudi Arabia) would allow Iraq to grab all the incremental demand for OPEC crude oil and more over the next six years without a fight, especially since OPEC-11 spare capacity has increased to 6.6 million bpd because the Global Recession, and the Saudi's 1.2 million bpd Khurais field is just coming on line.
Although violence in Iraq has dropped significantly since the Shiite-Sunni bloodbath in 2006 and 2007, northern Iraq remains the country's most dangerous region. Al-Qaeda in Mesopotamia retains a foothold in Mosul, Iraq's largest northern city, where bombings, shootings and assassinations remain almost everyday occurrences. The Sunni extremists are attempting to ignite ethnic tensions between Arabs and Kurds in the north, as they previously did between Shiites and Sunnis in central Iraq.
Al-Qaeda's potential to start a conflagration in the north is great, given the Kurds desire for greater autonomy if not outright independence. The Kurdistan Regional Government (KRG) has enjoyed de-facto independence from Baghdad since the end of the Gulf war in 1991 and is resistant to the Iraqi government's drive to re-centralize power.
In contrast, the KRG is advocating a highly flexible federal system that would allow it almost complete control over the region and to extend its borders to the "disputed areas" beyond the "green line" separating Kurdistan from the rest of Iraq. The KRG believes it should have full control over the natural resources in the region, not the central government, and has awarded a number of contracts to oil companies to develop its oil fields
Despite allowing two new fields in Kurdistan -- Tawke operated by Norway's DNO International and Taq Taq operated by Addax Petroleum, now part of China's Sinopec -- to export a total of 100,000 bpd through the northern pipeline running to the Turkish port of Ceyhan since June 1, the Iraqi government continues to deem all contracts signed by foreign firms and the KRG as illegal. To date, Baghdad has failed to pay either DNO or Addax for its exported oil.
The disputed territories that the KRG claim as their own involve 11 to 15 areas outside the green line containing a mix of Arabs, Kurds, Turkmen and smaller ethnic groups, with the city and province of Kirkuk at the heart of the matter. Kirkuk produces about a fifth of Iraq's oil and holds about 16% of its proven oil reserves. More important, Kurds view Kirkuk as their "Jerusalem." Heavily armed Kurdish Peshmerga forces have kept Iraqi army units from entering the disputed territories under their control.
U.S. officials, including Secretary of Defense Robert Gates and General Raymond Odierno, the commander of U.S. forces in Iraq, have warned that ethnic tensions could break into armed conflict between the Iraqi military and Kurdish Peshmerga, or even a civil war between Arabs and Kurds, particularly after the withdrawal of U.S. forces from Iraq at the end of 2011.
*Vincent Lauerman is president of the Calgary-based consultancy Geopolitics Central, and the former editor of the journal Geopolitics of Energy. He has been analyzing and commenting on geopolitical issues and the world oil market for more than 20 years.
http://www.financialpost.com/news-se...tml?id=2028866
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Shell & Iraq Ithiian to sign a partnership deal after the approval of oil & gas law
Negotiations between Shell and the giant Mitsubishi and Iraq to finalize the contract to set up an investment company associated gas to extract oil from the southern Basra fields ...
It was the month of September is the end of the current time limit set by the two sides to end the negotiations, which began a year ago and the signing of the contract.
However, delayed passage of the Law to join such agreements in Iraq has prevented the signing of the contract on time. The U.S. Ambassador to Iraq, during his testimony before Congress recently that "companies that want to sign oil contracts with Iraq that it did not foresee the issuance of oil and gas law before the end of elections in January next."
On the delay in reaching agreement on the company, said Spokesman of the Ministry of Oil, said the project "a very large and needs to build a sound foundation to reach an agreement that would guarantee the rights of all parties to obtain the optimal investment," adding that "consultations are continuing until reaching a final agreement formula in terms of technical aspects and financial, legal, and until the completion of those requirements, the ministry will announce it, "noting that" the period of negotiations agreed upon a year of the date of signing the Agreement of Principles, nearing completion, and may be extended for another period."
The Ministry of Petroleum and in September signed an agreement of principles in September 2008 with Shell International, which established the conditions to establish a preliminary joint venture to invest in gas associated with oil produced from the fields of the province of Basra in southern Iraq.
In the case of adoption of these conditions, the South Gas Company will own the majority of shares by 51% in the joint venture, while Shell will own 44% and Mitsubishi 5%. The company will collect and joint development of gas processing and associated crude which is produced in Basra, and then sell the natural gas processor with associated products such as condensate and liquefied petroleum gas for use in local markets and export to world markets.
http://translate.googleusercontent.c...ToiU6DTG0g-UHQ
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President Talabani calls on the United Nations decision to end the sanctions and the clear implications of the former regime's invasion of Kuwait
Delivered by President Jalal Talabani on Friday before the word Iraq 46 th Session of the General Assembly of the United Nations.
The president asked the United Nations to cancel all its previous resolutions adopted against Iraq after the invasion of the former regime of Kuwait, saying that those decisions affect the sovereignty of Iraq, and no longer have any justification.
Talabani added: "We want a clear decision of the Security Council end the decisions it made, and arranged the financial commitments in Iraq continue to suffer under the burdens."
Talabani addressed in his speech wave of bombings that have hit Baghdad in Wednesday, hit a bloody genocide and crimes against humanity, stressing that the greatest challenge facing Iraqis in the coming period is to the success of the forthcoming legislative elections in January next year, saying that the success of these elections will the country on track and will strengthen the political system based on democracy, pluralism and the peaceful transfer of the Authority.
http://translate.googleusercontent.c...W1ZwIhoAFeY6LA
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In his speech to the UN .. Talabani: the time has come to reconsider the decisions relating to Iraq
Called Iraqi President Jalal Talabani, the UN Security Council pass a resolution that comes out of Iraq subject to Chapter VII of the Charter of the United Nations.
Talabani said in a speech before the General Assembly of the United Nations at its fifty-fourth and sixty: "We and the Iraqi people behind us and look forward to such a day when Iraq is not shackled restrictions of Chapter VII sanctions and we are working towards a settlement of issues relating to Iraq in the UN Security Council issues inherited from the former regime, and arranged on our commitments to work to meet them.
He stressed that Iraq will continue to work with relevant parties and stakeholders in the United Nations to reach a settlement satisfactory to all parties and without prejudice to our obligations under Security Council resolutions.
Talabani said that the situation in Iraq, and as a result of the major positive developments that occurred since the fall of the former regime and get rid of the dictatorship, it is fundamentally different from the situation which existed when the UN Security Council adopted resolution 661 in 1990.
He said that after the adoption of Security Council resolution 1859 in 2008, and the issuance of the report of the Secretary-General of the United Nations in response to the fifth paragraph of that resolution, the time has come for the Security Council acted in response to the report of the Secretary-General, under the mandate entrusted to it and its responsibility in the maintenance of international peace and security, to reconsider decisions relating to Iraq, which was passed by a Chapter VII resolution from 661 to 1990 and the form in which to return to the international status of Iraq was Itboowha before making those decisions.
Talabani stressed that Iraq, since the collapse of the former regime in 2003, was keen to respect international legitimacy and to deal with Security Council resolutions relevant to Iraq and the situation between Iraq and Kuwait brother highest degree of responsibility and respect.
On the other hand Talabani said that there is a real threat facing Iraq at the current stage as a result of this intervention in its internal affairs, which to the extent of committing the most atrocious crimes against innocent citizens and the various components of the Iraqi people, men, women and children and the elderly.
And that these criminal operations and the legacy of large numbers of the victims live up to the crimes of genocide and crimes against humanity, punishable under international law.
He noted that operations of this level of organization and complexity and magnitude can not be planned, funded and implemented without the support of the forces and external parties. The indications and preliminary investigations into the presence of third parties involved in these processes.
Talabani said that the Iraqi government found itself compelled to resort to the United Nations in order to protect its citizens and stop the bloodshed of the innocent Iraqi, adding that he looks forward to helping the international community and its support for Iraq's position in the formation of an independent international commission of inquiry to investigate the crimes of terrorism against the people of Iraq.
UN Secretary-General of the United Nations has designated the senior official level to assess the extent of foreign intervention, which threatens the safety and security of Iraq and terrorism crimes as war crimes, genocide and looking forward to better cooperation and coordination with neighboring countries and the relevant States to control the border and exchange information and coordinate efforts and to prevent groups that sponsor terrorism action against Iraq and under any guise whatsoever.
http://www.ipairaq.com/index.php?nam...itics&id=15737
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Sami Atrushi: Parties Act will be migrated to the next parliamentary session with a number of controversial laws
MP Sami Atrushi on the mass of the Kurdistan Islamic Union that the parties law will, among other controversial laws which will leave for the next parliamentary session.
Atrushi said in a statement received by the independent press (Iba) a copy of it on Friday due to "the sensitivity of the decisions contained in the law relating to the formation and registration of political parties and join their financial resources, accounting and control and their relations, and other details of a controversial".
Atrushi noted that the political blocs in parliament has been unable to resolve details of the law because of differences between them on one hand, and concern for the parliament to other laws and especially the revision of law on parliamentary elections and the state budget for 2010, in addition to the preoccupation of parties and blocs to prepare for the elections and the formation of coalitions.
The Committee did not begin the appropriate procedures fundamentalist legislation introduced the bill for first reading today.
And that the Presidency of the parliament and the fear that the provisions of the bill received substantive objections of the political blocs to prevent further legislation began submitting it to the masses to agree on them before being submitted to the Council, noting that "this has not been pursued by the Presidency with other laws, especially by granting long been distributed copies since the previous legislative term."
The Atrushi that differences on the articles of the draft law, which contained many of the government of the Parliament will not be able to resolve.
http://www.ipairaq.com/index.php?nam...itics&id=15723
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Anwar: KAB requested to approve laws, not postpone
Ahmed Anwar, an Iraqi MP from the Kurdistan Alliance Bloc (KAB) told PUKmedia correspondent “for several times, the KAB has requested to approve the important laws and not to postpone them, including the laws of elections and general census.”
Anwar expressed his wonderment from the accusations of MP Waiel Abdul Latef to the KAB, which stated that the KAB is postponing important laws in the Iraqi Parliament.
http://pukmedia.com/english/index.ph...13509&Itemid=1
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2010 budget were calculated according to the price of $ 60 a barrel
Ministry of Finance submitted the draft federal budget law for 2010 to the General Secretariat of the Council of Ministers, while hotline to receive complaints from citizens.
An official source at the ministry in a statement to the "morning", Finance Minister Baqir Jabr Al-Zubaidi, a draft federal budget law for 2010 to the Secretariat for the Council of Ministers in order to be sent to the House of Representatives prior to the tenth of next month, the deadline for submission according to the law and then discussion and approval at a later time. He explained that the budget calculated price of a barrel of oil at 60 dollars, and the rate of export two million barrels a day, referring to the budget support from the non-oil revenues notably the tax and customs. devoted to the different level Office of the Inspector General in the ministry figures 07,901,943,712 and 07,901,919,107 to receive complaints citizens on the performance of the ministry, the document said in a press statement of the ministry.
http://translate.googleusercontent.c...7kHCpdtzc6L4CQ
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Kuwaiti Foreign Minister confirmed that his country is considering investing in Iraq a substitute for compensation
Foreign Minister Sheikh Mohammad Al-Mohammad Al-Sabah said his country is considering the possibility of investing the amount of compensation effects caused by the invasion in 1990 in projects within Iraq.
The newspaper of the time to the morning, during a meeting with President Talabani on the sidelines of the General Assembly of the United Nations in New York that Kuwait has a genuine desire to help Iraq to complete the implementation of international resolutions on compensation in order to ensure implementation of international obligations arising therefrom.
The morning of fully prepared to achieve the strategic partnership between Iraq and Kuwait, particularly in the areas of infrastructure, tourism, trade and investment, the paper said.
http://www.radiodijla.com/cgi-bin/ne...?id=2009-09-26
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Parliament: Law of the National Oil Company will achieve better management of oil resources
Economic Commission, a member of the Iraqi parliament is full of Albuldwi, Friday, that the law the national oil company, if approved, would bring better management of Iraqi oil through the distribution of tasks between the company and the Oil Ministry.
She is full of Baldawi told (Voices of Iraq) that the "law of the national oil company, which recently arrived to the Economic Committee and the rest of the relevant committees in the Iraqi parliament will better management of oil resources, which is the main source of income in Iraq through the distribution of tasks between the company and the Ministry of Oil."
Baldawi indicated that the law in the event of Agherarah will bring significant benefits to the Iraqi economy led to re-establish the national oil company, which played a large missions, the organization of the relationship between Iraq and foreign oil companies in which they operate, as well as the rebirth of old oil wells and the discovery of new ones."
The Iraq Petroleum Company Limited (national now) a famous name (IPC), a label which was launched on the Turkish Oil Company after the fall of the Ottoman Empire, where the company extracted oil for the first time in the field of Karkar Pope in 1927, the company received multiple approvals for oil recovery Saudi Arabia, Kuwait and Dubai have enjoyed the company the rights to extract oil in those fields until 1961, and in 1961 the former Iraqi leader Abdel Karim Kassem legislation of the law No. 80, under which the work of foreign companies select the fields that they operated without allowing them to discover new fields to in 1964 where he founded the former Iraqi President Abdul Salam Aref, an Iraqi facility and the national oil company was named the national objective of the search for new fields and invest nationally in 1972 a group of companies were nationalized the Iraq Petroleum Co. (IPC) by the former Iraqi President Ahmed Hassan Bakr.
According to Baldawi, "there is a package of four laws concerning oil comes mainly oil and gas law which has not been read yet for political reasons," and expressed disappointment of "taking the economic issues of concern to the Iraqis to be political in nature, which led to the deprived lot of the gains, particularly with resource management of oil wealth, "arguing that" the Ministry of Oil alone will not be able to manage this great wealth as an obligation to work in contracts and Kmsouk oil is also working on the distribution of derivatives within Iraq as well as undertaking the task of oil licenses."
Baldawi, adding that the package of laws also include "Law and Ministry of Petroleum and National Oil Company law and the law finally manage national wealth, which Iraq would enable the management of wealth and the organization of the extraction process, contracting and distribution and reduce the burden on the oil ministry through the distribution of tasks."
http://ar.aswataliraq.info/?p=170560
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Fiscal Policy and investment management standard economic file
Economists confirmed that the administration of the country's economic policy must stem from a number of priorities included the standardization of investment and financial insights for the optimal investment of human and material resources through greater coordination in these areas and closer ties between the economic and financial institutions operating in Iraq with a view to the promotion of all economic and financial sectors
Dr. Nazem Anbuge economics professor at the Faculty of Comparative safe to find the investment plan, mainly because the foundation to the lack of coordination between the fiscal policy of the State and investment policy due to a significant growth in consumer spending from the government without being accompanied by an improvement in government services, knowing that the sources of the tunnels are of the oil revenues alone, which represents competition for capital spending, which gets the low levels of national income, which in turn leads to low investment rate, which in turn lead to low rates of overall growth of the Iraqi economy.
He adds that the reading performance of investment budgets indicate low rates of implementation and the rates of exchange as compared to the size of allocations to them, and whether the inclusion of investment projects in the plan depends on Merd of proposals from implementing agencies, which are often are the beneficiaries of such projects, this marks the vulnerable and clear from the authorities ****utive in assessing the operational capabilities and potential in the implementation of the business entrusted to it, which may offer a guess financial allocations for their projects without relying on a real feasibility study, leading to an increase in demand allocations and significant inflation in the size of the public budget and the seizure of large amounts of money for these projects was to no avail possible in the areas of employment and other sectors, contribute to economic growth, faster and better.
Underscoring an economist at the Bank of Baghdad Commercial Mohamed and flames that the distribution of resources between current spending and investment did not depend on an economic vision and clear, as the political situation has contributed significantly in their effect on the Alanvaki, which led to many commitments in the side of the current budget, which after Kthiraaly volume of investments.
He adds that as the project selection process and incorporated into the curriculum investment witnessed some sort of imbalance to the absence of a clear vision of governmental and non-governmental organizations in the selection of projects and the absence of priorities according to scientific studies, as well as the annual Valt_khasisat not come up to date strategies prepared for development investment.
He continues, hence, the adoption of financial and investment policy for the management of a unified economic file, as well as preparing a study on the role of economic sectors in the process of overall growth is a necessary and important at the same time to clarify the structure of the national economy and the level of development compared to other advanced knowledge of the contribution of these sectors to achieve growth Economic and increase the supply of goods and services, as well as knowledge of the relative importance of each sector separately and effective contribution to the overall growth rates through the increase in the gross domestic product.
http://www.alsabaah.com/paper.php?so...page&sid=90377
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Monetary policy and the funding pressures
Acceptance by the CBI treasury transfers, which in turn bought Bank of Iraq in the Ministry of Finance and more than $ 2 trillion dinars is Thoelhabalamlp foreign bank's reserves fall under the support of the electricity sector for financing its projects, which require pressing a cover failed high cash investment budget financed by the state is in dire need to those projects that contribute to solving the problem of electricity, which has become an obsession bitter Haunted citizens who have ordered.
In the financial pressures faced by foreign exchange reserves Tod ancillary to the local currency and installed the foundation for monetary stability and the engine is more important to successful monetary policy, maintain stabilizing the exchange rate and inflationary pressures, we believe that continuing to issue treasury transfers through the start of the process of exchange and funding for specific projects they are hurting the damage significant monetary stability, and the prejudice to frequent the cash reserve affects the stability of foreign exchange and at the same time he was a good opportunity for the return of inflation to come back in a disruption of the productive sectors? unregulated investment expansion, which depends on a given axis without opening up to other sources of funding, where Observers believe that the inventory of the government's thinking vouchers Treasury and transferred through cash reserve is the loss of the useful and fruitful results achieved by monetary policy through the last four years, which closes down inflation in order to reach macroeconomic stability.
In order to maintain this stability has to be aware that the continuity of funding for investment projects in this way are the results of negligence proved its usefulness in reducing levels of inflation and raise the Iraqi dinar exchange rate against foreign currencies and create a state of monetary stability, which leads without doubt to macroeconomic stability, and Here, the pressure to continue funding the pretext of financing investment projects are scored, as the feasibility of economic development and planner and service on the door of the doors at the same time it contributes to keep the imbalances in the economy'Err? valuable, particularly the phenomenon of inflation which has seen during the few years and also showed levels of inflation During the month of August, up significantly exceeded the 10% barrier, and this index to worry and apprehension of the return of this phenomenon to its former glory.
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Finance: Oil accounts for 85 percent of 2010 budget
Said a source familiar with the Ministry of Finance that the draft federal budget law for 2010 submitted by the ministry to the Secretariat for the Council of Ministers formed by the proportion of oil revenues, 85 percent,
When it was unveiled in the bank manager to open 22 good documentary based public sector customers, while reducing the benefits of the loans extended to dealers increased by 4 percent. The source said the "morning" that the federal budget bill took into account the export of two million barrels of oil per day and $ 60 per barrel, adding that oil revenues accounted for 85 percent of the value of the budget, without giving the total value of the budget, but only as a "huge" than that approved in the budget year 2009. On the other hand, general director of the Rasheed Bank, Fouad Hussein, the agent special permit for the "morning" that the bank is seeking to develop its financial and future long-term strategy through the adoption of concrete steps within the broad framework adopted by the State relating to structural re-Rafidain and good government sources are part of the payment system administered by the Central Bank of Iraq and then the development of banking systems. He said he was launching the documentary credits to public sector customers in the bank, adding that he was so far open 22 dependent.
He said the agent that the bank is seeking in the next phase to increase the pace of issuance, the opening credits to customers of the private sector, adding that he was agreed with officials in the Trade Bank of Iraq to increase the share of the bank credits to the private sector was to instruct the bank branches across the country to do so, as the opening of a special division in each branch of the bank. To the Director-General stressed that the bank is going to ratchet up the granting of credit to both the public and private sectors in addition to the mixed sector, noting that these efforts aim to increase the banking. And revealed a bid to grant facilities in the development of the various sectors operating in the country starting to reduce the interest rate derived from loans extended to dealers , indicating that the benefits have been reduced by 4 percent, as it is now ranging between 11-13 percent, depending on the value of the project after it was in the past, between 15 -17 percent.
And on housing loans between the agent that the bank continues to give citizens and staff housing loans in accordance with the regulations, instructions, and a contribution to increasing the supply housing to the citizens, noting in this connection that the upper limit of the loan would be $ 30 million and two payments equal and 8 percent interest, to be assessing the value of the loan after revealed by a specialized committee to do so.
http://translate.googleusercontent.c...5RTOa4Xk5tQLCw
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Maysan Oil Company, include 60 oil wells in the tender to develop and increase production in the province
The Director-General of the Maysan Oil Company on Qubool that the Iraqi Drilling Company won the tender, containing the first 30 wells under a plan to develop and increase production in the province of Maysan.
The Ma'aarij in a press statement transferred reporter That "continuation of the development plan in Maysan, increase production and sustain has been referred to the first tender the Iraqi Drilling Company, in what are currently conducting negotiations with the company itself in order to direct the implementation of the second tender, after starting the opening process and discuss the presentations made by the companies."
The Qubool was listed 60 wells of a tender for the various companies to the drilling operations and development within the development plan and increase production in the province, "explaining that the company is able to maintain a level of production was 100 thousand barrels per day from fields in the province
http://al-iraqnews.net/new/iconomi/34770.html
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Baldawi expresses objection to calculate the price of a barrel of oil to $ 60
Made a member of the parliamentary economic committee full of Baldawi objection to calculate the price of a barrel of oil to $ 60 in the draft budget submitted by the Federal Ministry of Finance to the General Secretariat of the Council of Ministers.
Baldawi said in a press statement in the House of Representatives that would object to that price because of fear of optimism, high oil prices and thus may face the problem of Iraq over the next year if the situation has improved oil.
http://radionawa.com/Ar/NewsDetailN....772&LinkID=105
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Talabani: Iraq gave assurances of Kuwait on the implementation of international resolutions
Said President Jalal Talabani said Iraq has given guarantees to Kuwait on the implementation of international resolutions, especially with regard to the question of demarcation of the border, adding that he saw a response from the Kuwaiti side in this regard.
Talabani said during a press statement that the Kuwaiti government has shown its responsiveness on the investment of compensation to Iraq.
http://radionawa.com/ar/NewsDetailN....7793&LinkID=99
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CBI dollar sales nosedive to $50m
The Central Bank of Iraq (CBI) dollar sales was down to a dramatic plunge in its daily auction on Sunday to reach $50.250 million compared to $117.150 million during the previous session.
“The demand hit $4.500 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $45.750 million in foreign transfers outside the country, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.
None of the seven banks that participated in today’s session offered to sell dollars.
http://en.aswataliraq.info/?p=119551
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Iraq inflation up by 2.9% in August
Iraq’s inflation rate rose by 2.9% during August 2009, according to a report by the country’s Central Organization for Statistics and Information Technology.
“The inflation index rose during August by 2.9% as a result of an increase in the standard prices of foodstuffs by 12.3%, fabrics, garments and shoes by 0.03% and medical services and pharmaceuticals by 0.03%,” read a COSIT report received by Aswat al-Iraq news agency on Sunday.
“Also the prices of tobacco and beverages rose by 2.4%, furniture by 0.03%, fuel by 0.6%, lighting by 1.0% and transport by 2.8%,” it added.
“The report a relies on the prices of commodities and services at selling prices on sample markets in Baghdad and other provinces,” a COSIT source said.
http://en.aswataliraq.info/?p=119541
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Zebari participate in meeting of Gulf Cooperation Council, Egypt, Jordan & United States
Share and Foreign Minister Hoshyar Zebari, at a meeting held in New York included representatives of each of the GCC, Egypt and Jordan in addition to the United States of America.
A joint statement issued after the meeting the importance of regional support for the government and the Iraqi people in their efforts towards the prosperity, unity and democracy in Iraq, at peace at home and abroad with its neighbors and respects international obligations.
The statement strongly condemned all terrorist attacks against Iraqis, expressing their full support for all efforts aimed at promoting peace, security and stability in Iraq.
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Iraq Central Bank Opposes Issuing Treasury Bills To Finance Projects
Iraq's central bank has opposed calls from the Iraqi government to issue new treasury bills to finance infrastructure projects.
Such a policy would drain the Iraqi banks of their assets and would eventually dip into the country's $40 billion of foreign exchange reserves, the bank said in a statement Sunday.
A massive budget deficit, estimated at nearly $19 billion this year, is adding to pressure on the government to try to find new sources of financing for its projects. The proposed issue would be to finance transportation projects as well as projects of the Baghdad municipality.
The pressure exerted by the government on "the Central Bank of Iraq to issue new treasury bills would weaken the bank's monetary policies such as curbing inflation," said the statement emailed to Dow Jones Newswires.
The Central Bank said it cannot issue new treasury bills at a time when the bank's assets would be important to check the country's soaring inflation rate, which was 10.8% up from around 7% in the previous month. For the last 10 months, Iraq's foreign exchange reserves remained unchanged without any increase, it added.
The bank had agreed earlier this year to issue $3 billion worth of yearlong treasury bonds at an interest rate of 2% to finance much-needed power and water projects. The move came after the finance ministry requested the government to issue these bonds to help finance two power deals signed last year with General Electric Co. and Siemens AG.
http://www.zawya.com/Story.cfm/sidZW...ce%20Projects/
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Central Bank Governor: Iraq does not fill a budget gap of foreign exchange reserves
The Governor of Central Bank of Iraq Shabibi, Monday, that Iraq does not use its reserves of hard currency in bridging the budget gap, but the question under discussion.
Shabibi's comments came on the sidelines of a meeting of Arab central bank governors in Abu Dhabi.
The Reuters news agency that Shabibi answered a question about whether Iraq has used its reserves to fill the gaps in the budget, saying "I do not not do it. There are of course discussions. Can not be touched, but reserves to stabilize the foreign exchange."
http://translate.googleusercontent.c...-XpOUzpv8VsMag
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Advisor at the Central Bank Calls for Change of government economic rent
Revealed the Iraqi Central Bank Consultant appearance of Mohammed Saleh, speaking in a panel discussion on Iraq «the country where five million employees and pensioners and social welfare and the unemployment rate which 15 percent (25 percent among youth) and 10 million people who receive ration card, with a stop 90 percent of the plants the industrial sector and the private sector. From here Tertsm picture of the Iraqi economy: justice and efficiency too low.
He concluded that the current economic system yield and democratic and called to correct this situation, this newspaper reported that Oman is hosting discussions between Iraq and the International Monetary Fund, paving, also said the Iraqi Central Bank Consultant appearance of Mohammed Saleh, to sign a standby credit agreement under which the International Fund grants, Iraq loan low interest rate of about one percent to revitalize the Iraqi economy.
Saleh pointed out that the loan «would be conditional on reforms in the Iraqi economy, which is to complete the agreement reached earlier, which canceled 80 percent of Iraq's debt, which had not completed a final clauses», referring to « restructuring of bank governance, and equipping of Iraq on a competitive basis and adjust their accounts, which is called Balheiklp financial and operational ». The International Monetary Fund announced on 11 this month, said there was broad agreement between the Fund and Iraq, in some areas of the new program of the Fund, including public financial management the banking sector, and that the mission of the Fund would continue talks with the Iraqi authorities later this month or early October (October) the next will focus on the draft budget for 2010 and the reforms planned for the next two years. He has been clear progress was noted during the mission in late July, in relation to broad agreement regarding the main criteria for macroeconomic and structural reforms, particularly in public financial management and sector.
http://translate.google.com/translat...ate.google.com
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Surge in CBI dollar sales on Monday
The Central Bank of Iraq’s (CBI) dollar sales increased significantly in its daily auction on Monday to reach $212.665 million compared to $50.250 million during the previous session.
“The demand hit $9.380 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $203.285 million in foreign transfers outside the country, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.
None of the 16 banks that participated in today’s session offered to sell dollars.
http://en.aswataliraq.info/?p=119601
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Investment today better than tomorrow – Minister
Investment opportunities in Iraq are better today than tomorrow, the Iraqi Transportation Minister Amir Abduljabbar said Monday.
“Investment opportunities tomorrow are better than those after that as well,” Minister Abduljabbar said in a release received by Aswat al-Iraq news agency.
He called on foreign investors to employ Iraqi experts living abroad to learn more about Iraqi society and other local issues.
http://en.aswataliraq.info/?p=119606
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GCC, US, Egypt, Jordan urge Iraq to respect it's international obligations
Kuwaiti Deputy Prime Minister and Minister of Foreign Affairs Sheikh Dr. Mohammad Sabah Al-Salem Al-Sabah and his counterparts in the Gulf Cooperation Council (GCC) met late Saturday with US Secretary of State Hillary Clinton to discuss regional issues.
They were later joined by their counterparts from Egypt, Jordan and Iraq, and according to Secretary Clinton it was a "very productive" meeting whose aim was to "coordinate efforts to promote their shared vision of a stable, peaceful and prosperous Middle East, and to intensify their consultations as partners and friends." The GCC countries are Kuwait, Saudi Arabia, Qatar, Bahrain, Oman and the United Arab Emirates.
According to joint communique issued at the end of the meeting, the foreign ministers expressed support for Iraq as it prepares for 2010 national elections, and underlined the importance of regional support to the Iraqi government and people in their efforts to achieve a prosperous, united, and democratic Iraq that lives in peace with itself and with its neighbors and "respects its international obligations." It is worth mentioning that Iraq wants to come out from under Chapter VII, but the international community keeps reminding it that it has to comply with the remaining Security Council resolutions first before it is allowed to join the international fold.
The Ministers recognized that Iraq has made significant gains in the past year and expressed support for the Iraqi people and government as they face challenges, such as the horrific August 19 terrorist attacks on the foreign and finance ministries, and called for the prosecution of the perpetrators. "The Ministers categorically condemn all terrorist attacks and expressed support for every effort endeavoring at restoring peace, security, and stability in Iraq" and stressed the principle of non-interference in Iraq's internal affairs They welcomed the trilateral meeting among President Barack Obama, Palestinian President Mahmoud Abbas and Israeli Prime Minister Ben***** Netanyahu earlier this week and expressed their hope for rapid progress towards the resumption of negotiations between the Israelis and the Palestinians.
They welcomed Obama's "important" statement before the UN General Assembly last Wednesday when he called for the re-launching of negotiations - without preconditions - that address the permanent status issues: security for Israelis and Palestinians, borders, refugees, and Jerusalem. The ministers reiterated their call for a freeze on settlement activities and expressed their continued support for an independent, viable, and democratic Palestinian state living side by side in peace and security with Israel, with contiguous territory that ends the occupation that began in 1967, in accordance with the relevant UN Security Council resolutions, the Road Map, and the Arab Peace Initiative. They reiterated their full support for the Palestinian Authority under the leadership of President Mahmoud Abbas and the Palestinian government led by Prime Minister Salam Fayyad and their efforts to build the institutions of a future state. They also reiterated their support for achieving a comprehensive peace in the Middle East.
They encouraged Iran to engage "constructively" and expressed hope that the planned meeting between Iran and the UN Security Council Permanent Members - P5 - and Germany, scheduled to take place on October 1 in Geneva, will "begin a process that resolves international concerns about Iran's nuclear activities.
"The ministers noted their "concern" for the situation in Yemen and expressed their full support for the government of Ali Abdullah Saleh, for the unity, security, and stability of Yemen; and for efforts for a peaceful dialogue.
They underscored the importance of ensuring the security of civilians and relief workers, and the provision for the safe passage of emergency relief supplies to civilians affected by the conflict.
They reiterated their support for the Yemeni government's economic and governance reform initiatives, and their willingness to continue to assist Yemen in improving the lives of its people.
The ministers vowed to continue to meet annually on the sidelines of the General Assembly in order to exchange views and consider common approaches to key issues that "affect their shared goals for the region."
http://www.menafn.com/qn_news_story_...yId=1093273152
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Iraqi Central Bank governor wants to lower interest rates
Bank Governor Sinan al-Shabibi said on Monday he wants to interest rates are lower than current levels.
Shabibi said to Reuters on the sidelines of a meeting of the Governors of Arab central banks in Abu Dhabi "We would like to drop interest rates. This is a hope."
Has been reduced by the CBI official interest rate to seven percent from nine percent in June, with the decline in inflation thanks to falling oil prices from record highs above $ 147 reached last year.
The official interest rate in Iraq indicative of interest rates in banks rather than a mechanism of direct cash because the banking sector there is limited and Rosal capital markets are undeveloped.
http://translate.google.com/translat...ate.google.com
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Nuri al-Maliki confirms that the central government is responsible for the sovereignty of the State
Prime Minister Nuri al-Maliki said the government is responsible for state sovereignty, security and natural resources and foreign policy.
Maliki said during his meeting with a number of notables and tribal leaders maintain that security, stability and welfare of Kirkuk is important for the government, adding that the central government is responsible for state sovereignty and its right and only decision-making to these aspects.
Maliki said the government was keen to conduct the forthcoming elections in an atmosphere far from the sound manipulation and fraud, calling on all components in all governorates of Kirkuk and the broad participation in the upcoming elections because it would be to foster solutions to all problems will occur, and through the process of change and construction.
He explained that the government is about to make a change in the Constitution and it is with this change to occur within the limits, rules and constitutional rules, and be wise in the context of processors that achieve justice, equality and balance.
http://radionawa.com/ar/NewsDetailN....855&LinkID=109
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Iraq gets $1.8 bln IMF lifeline :ro_emote: :bow: :woohoo:
PUKmedia 28-09-2009 17:13:45
The International Monetary Fund has decided to give Iraq $1.8 billion to support the country's economy and come out of the recession caused by the global financial crisis, a senior official with Iraq's central bank said Monday.
"The money is to support liquidity and to improve growth of the Iraqi economy," central bank advisor Mudher Kasim told Dow Jones Newswires on the sidelines of an IMF-Iraq meeting in the Jordanian capital, Amman.
Kasim said that the money is expected to be spent on infrastructure projects that the country is in dire need of. A massive budget deficit, estimated at nearly $19 billion this year, is adding to pressure on the government to try to find new sources of financing.
The IMF is specialized in providing loans to member states to deal with temporary deficits in their balance of payments.
http://pukmedia.com/english/index.ph...13576&Itemid=1
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Four laws await parliamentary approval
Four crucial legislative items are awaiting a parliamentary approval during the current legislative term, the vice president of the parliamentary economic committee said on Monday.
“The items include an amendment to the Investment Law, which was submitted to a first reading and is expected to be debated next week; the Customs Tariff Law; the Infrastructure Law and the Consumer Protection Law,” Yonadem Konna told Aswat al-Iraq news agency.
The four laws are expected to be passed during the current legislative term, Konna pointed out.
http://en.aswataliraq.info/?p=119619
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Iraqi PM presses for constitutional amendments
Iraqi Premier Nouri Al-Maliki on Sunday urged for some constitutional amendments to be made according to legal regulations.
Al-Maliki's remarks came during his reception of a number of tribal leaders in Kirkuk province at his office earlier today. oil-rich Kirkuk is the core of an Arab-Kurd dispute, which is attributed to cultural and interests-related issues.
"There is talk on a constitutional amendment, and we are for it should it be based on legal and constitutional grounds, and be handled wisely in a manner that would achieve equality and balance," Al-Maliki noted.
Al-Maliki, in March of 2007, approved three bills related to Article 140 of the Iraqi constitution, which foresees a referendum by year's end to decide the status of the oil-rich city.
Article 140 of the Iraqi constitution states that before the referendum is carried out, measures should be taken to reverse the Arabization policy employed by the ex-Saddam Hussein administration during the Al-Anfal Campaign. Thousands of Kurds returned to Kirkuk following the 2003 invasion of Iraq. The referendum will decide whether enough have returned for the area to be considered Kurdish.
The Iraqi constitution also stipulates that any of its articles can be subjected to amendment according to a referendum.
http://www.gulfinthemedia.com/index....itical&lang=en&
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Central Bank: monetary policy may lose their capacity to achieve the goal of stability and meet the inflation
Adviser said the CBI d. The appearance of Mohammed Saleh: that the reserve requirements (legal) imposed by the Central Bank of Iraq as a proportion of deposits that banks deposit with the various Iraqi and one of the means of monetary policy used by the Central Bank of the first two-way Protection of public deposits and liquidity risk that banks may be exposed to it, and the second, as a means to control an important aspect of liquidity created by banks to expand lending through the deposits and borrowings through the multiplier maximizes the money supply and increases the speed of money circulation and Matoldh last pressure from strong demand for goods and services paid up inflationary phenomenon, which would intersect and objectives of monetary policy in the forefront of basic stability in the general price level by reducing rates of inflation
D. In a statement to the appearance of the "morning," confirmed that the management of reserve requirements (legal) as well as the optimization and management of foreign exchange reserves manner that is consistent with all of local reserves, are signs go together and represent the strength of the balance sheet of the Central Bank in promoting monetary stability and controlling the flow of liquidity and to meet internal and external shocks affecting the overall stability of the country.
And that despite the progress, and an estimate of the monetary authority of cruel and unusual conditions suffered by the electric power sector, especially facing a dilemma funding for urgent projects, the central bank could accept Isaddarip special one-year interest rate of 2% of the remittances of Treasury Bank of Iraq, which in turn bought it from the Ministry of Finance, and the establishment of such remittances by 50% of the reserve requirements (legal) of the bank in question and $ 2.7 trillion dinars are converted in foreign currency reserves of the Central Bank of Iraq Foreign Affairs.
The acceptance of treasury transfers as part of the legal reserve back an exceptional operations handled by the secondary market open that is consistent with the implementation of the functions of monetary policy, and it is one of the operational policies accepted a limited exception, although it is not perfect and can not extend it. On this basis, was admitted to practice one-time and exclusively in accordance with the accounts maintained monetary stability at a critical point can not be Beat.
Therefore, the expansion in the mechanism of acceptance of the above mentioned more treasury transfers replacing the reserve requirements (legal) to fund a series of projects and sectoral ministries such as transport or the Secretariat of Baghdad or elsewhere, for example, on issues according to how long it rained on the recent Iraqi Central Bank financing as a means easy, would turn the central bank to finance institution projects to replace the investment going forward, which would eliminate the role of the monetary authority and its core functions and guide the central bank and duties outside the targets set by the law of the CBI.
It was noted that the current inflationary conditions indicators, which began to mount, where the record set the basis for the annual consumer price data in August 2009, up a significant 10.8%.
Given the limited reserves, the Iraqi Central Bank's foreign exchange that have not been any evolution in the direction of increase over the last ten months of the current fixed rates. And about the limitations of the foreign reserves that do not provide adequate protection for economic stability through the adoption of easy monetary policies very excessive, such as allowing the treasury to accept money orders and replace the legal reserve requirements, the promise of this method for the financing of large projects to find financing the investment budget for programs, including the supplementary budget, the stability of the country would be reduced to levels Amehal very dangerous and degradation, including the risk of deterioration of the exchange rate and inflation to decline again and the loss of macroeconomic stability.
He revealed the practice of government financing pressure on an ongoing basis to the Iraqi Central Bank through the expansion of issuing treasury transfers replacing the mandatory reserves for banks to finance expenditure, monetary policy will lose their capacity to use tools to achieve the objectives of stability and combat inflation, which began to suffer from the country in recent times and the associated imbalances broad economic exposure joints production and living standards to the risk of degradation, then the Central Bank of Iraq will bear the blame for the missed opportunities for economic balance and stability of the waste of the country because of continued government intervention and negative effects on the performance of monetary policy.
He concluded that the CBI is an autonomous entity based on its law No. 56 of 2004 and it is not enforceable in the implementation of expansionary policies on behalf of the poor performance of the investment budget, and sacrifice the goals of stability and macroeconomic balance in the interest of the financing of public expenditures are outside the functions of the monetary authority and close tasks and goals general budget of the State.
http://www.alsabaah.com/paper.php?so...page&sid=90515
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Update.....
International Monetary Fund gives Iraq $ 1.8 billion to help it emerge from the global downturn
Central bank adviser said the appearance of Qassem, the IMF will provide Iraq with $ 1.8 billion to help it emerge from the global recession.
He said in a press statement transferred reporter That the purpose of money is to support the liquidity and improve growth in the Iraqi economy."
Qassim stated that it expected to spend money on infrastructure projects also adds a large deficit in the budget, estimated at 19 billion dollars this year.
He said the "Iraq and the International Monetary Fund approaching To complete the deal a standby loan of $ 5.4 billion, payable in two installments over five years at an interest rate slightly more than 1%.
Kacem added that inflation in September is expected to be about the same level recorded last month and inflation in August rose to 10.8% compared with 7% in July, soon the impact of the decline in agricultural production and rising food prices."
According to Qasim "It is expected that the economic growth in the non-oil sector in Iraq, 5% during the first nine months of this year."
Earlier, the President of the CBI on the sidelines of a meeting of Central Bank Governors held in Abu Dhabi could be done financing deal with the IMF during the annual meeting of the Organization to be held in Istanbul from October 6.
http://al-iraqnews.net/new/iconomi/35565.html
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Update.......
Central Bank Governor: Can not prejudice the reserves only for the stability of foreign exchange
Central Bank Governor Sinan Al-Shabibi said that "Iraq does not use its reserves of hard currency in bridging the budget gap, but the issue under discussion."
The Shabibi in a press statement transferred Office In Abu Dhabi That "can not be touched, but reserves to stabilize the foreign exchange."
Shabibi's comments came on the sidelines of a meeting of Arab central bank governors in Abu Dhabi Asked if Iraq has used its reserves to fill budget gaps, "and confirmed" the existence of discussions with the Iraqi government on this matter. "
Last year, the central bank said that the government will not approach the reserves at a time when the country rushed to fill the shortage in the budget after a sharp decline in oil prices.
http://al-iraqnews.net/new/iconomi/35514.html
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CBI dollar sales higher on Tuesday
The Central Bank of Iraq’s (CBI) dollar sales increased slightly in its daily auction on Tuesday to reach $231.018 million compared to $212.665 million during the previous session.
“The demand hit $2.150 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and $228.868 million in foreign transfers outside the country, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.
None of the 16 banks that participated in today’s session offered to sell dollars.
http://en.aswataliraq.info/?p=119663
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General Manager of Bank of Iraq: we have issued (651, 660) A smart card
Professional staff issued a smart card (651. 660) A card during the past period for the introduction of modern technology in the work of Iraqi banks.
A media source in the Ministry of Finance's that "the General Manager of Bank of Iraq Abdul-Hussein al-Yasiri said that staff on the issuance of smart card-issuing (635. 412) A card through Bank Rivers and (624. 168) a card through a bank branch Governance, pointing out that all bank branches in Baghdad and the amount of (47) branches operating in the smart card project, as well as "on the branches of the central region."
The source added that "Yasiri pointed out that work is underway to activate the work in provinces across Iraq, where next month will see the activation of the project (POS) which is the system under which a citizen smart card holder as well as buying and selling on the theme of remittances and savings by using the smart card, which will benefit of the Iraqi citizen."
http://translate.googleusercontent.c...NqBpH_uXKKaarA
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Talks between Iraq and the oil companies, such as the second round of licenses
Held next month in Turkey talks between Iraqi officials and representatives of forty-five oil company specialized out of one hundred and twenty companies to discuss the mechanism and timing of the second licensing round to be held later this year, and aims to develop ten untapped oil fields in different parts of Iraq.
It was announced Salman Abdel Nasser expert at the Southern Oil Company that the fields will be presented for development in southern Iraq is the second phase of the Majnoon and West Qurna in the province of Basra and Halfaya fields in the province of Maysan and Dhi Qar Gharraf in fields and rump and West Kifl and Morgan in the Middle Euphrates region.
And other fields to be covered by development - according to the source of Iraq itself - is a field east of Baghdad in the Baghdad province and Qayyarah and field star in Nineveh province north of the country and the field of Pedra border with Iran in the Wasit province.
And add to the fields in the province of Diyala, a Khashm Red Nadoman, moon and hooks.
According to the expert, the Iraqi future meetings will be held in the Turkish city of Istanbul in the first week of October next, and will answer queries and questions of the companies that received the terms of participation in the forthcoming second round of licensing.
Greater productivity
For his part, Director General at the Ministry of Oil, Munther Hussain "licenses, which plans the Ministry of Oil awarded to companies that have the competence and experience, and winner of Iraq's condition, competition would drive up the productivity of oil fields previously undeveloped."
For example, the production capacity estimated Rumaila in Basra would rise from one million to two and a half million barrels at two dollars a barrel on the additional product. The companies will pay two dollars one-third of the amount of taxes, as well as the rate paid for the development of Iraqi oil companies for assistance to invest 250 billion dollars to develop production.
The Iraqi Oil Minister Hussain al-Shahristani Described last month in a statement to the press the first Iraqi licensing round earlier this year that it "took place in an atmosphere of transparency, competitiveness among the leading international companies after the previous system was entered into contracts with these companies in dark rooms."
"The contracts that we undertake is currently the service contracts and not sharing contracts, as do most oil states like he did the previous regime involved a contract which was concluded with the Chinese company in the Ahdab in Wasit province (160 km) south of Baghdad, which we converted later to a contract of service".
http://translate.googleusercontent.c...78cJkc3k8-7OfQ
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Blue: Investment Projects of oil illegally to the legalization of Oil & Gas Law
The head of the oil and gas in the House of Representatives Ali Hussein, Blue believed that oil and gas law will be deported to the next parliamentary session, stressing the illegality of oil investment projects concluded by the Government not to enact the law.
Many of the lawmakers had confirmed in previous statements, the agreement on the deportation of a number of laws including the law on oil and gas to the next parliamentary session.
The Blue in contact with the agency and the independent press (Iba) on Tuesday, "at most, depending on the circumstances and constraints will carry oil and gas law to the next parliamentary session."
He pointed out that the main barriers to adoption of law relating to Annexes associated with the draft law and there are substantial differences around them.
He also said the federal government wants this sector should be managed centrally and the abandonment of territories and give the oil-producing provinces a constitutional right.
The differences between the central government and Kurdistan Regional Government on the issue of investment in the oil sector and the signing of the regional government projects with foreign companies to invest in areas of the province.
He stressed the need for Blu resolve these problems before proceeding with any investment projects "because he may not enter into contracts prior to the approval of law."
He stressed that the government may not make any agreement before the enactment of the law, saying the contracts have been concluded by the Ministry of oil illegally.
And the Blue that contracts signed in the first round of permits, and perhaps the second face several problems especially with the possibility of a change in government after the next parliamentary elections. :wigged: :mad3:
He said he may not carry out any investment project in the oil and gas without the law, adding that law firms and investment, even in time Brimla, excluded the oil sector investment and contracting with foreign companies, so "no legitimacy for decades in the oil investment only after the legislation law."
http://www.ipairaq.com/index.php?nam...onomy&id=15869
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Iraq Parliament to deal with major Laws
Iraqi Parliament is awaited to convene within the coming days. Its first session will deal with a series of major laws mainly the electoral law, the parties’ law and oil and gas law. http://www.investorsiraq.com/images/...s/confused.gif
http://www.alsumaria.tv/en/Iraq-News...ajor-laws.html