Thread: Archive News - Iraqi Dinar Think Tank - 22/06/2010 - 04/10/2010

Economist : next year will see a rise in Iraqi dinar against the dollar

Baghdad ( News) .. He said economic expert Ghazi al-Kanani that the reason for the stability of the dollar over the past five years, dating back to the monetary policy the right of the Central Bank, expecting to see the Iraqi dinar rise against the dollar next year. He (the Agency's news news) on Tuesday: since 2004 Astaqrarolm saw the U.S. dollar exchange rate affect the majority, as this stability in the interests of consumers and traders, explained that the citizens and merchants were suffering greatly from volatility in the exchange rate, which is reflected in the prices of goods and services.

He pointed out that the constantly changing exchange rate prior to 2004, the latest upheaval in (business and trade) in the country, as well as central bank reserves, and that the stability of the exchange rate giving a boost to the Iraqi dinar.

Predicted Kanani it improves Iraqi dinar in the coming year due to increased financial reserves Especially after the signing of Iraq to the Convention (licensing round of oil) that is, they Sneks revenues, with the budget of oil. Kanani said his by saying that this stability will affect the reserves of the Central Bank of Iraq and consequently the high value of the Iraqi dinar and stability ..

http://www.ikhnews.com/news.php?action=view&id=2019

Richest pickings are in most dangerous fields

The wild west was a mad, bad, and dangerous place to do business, but its lure and lustre were strong enough to drag people from rural and city life into an often lawless, and always hazardous environment, because the prospect of missing out on a gold-rush was just too terrible to countenance.

Unfortunately, where opportunities are often greatest, so too are inherent dangers. Despite seven years of operations on the ground, Iraq is still an unsafe place to go and do business, and it's not a posting many people today are clamouring for.

The summer period once again saw a resurgence in violence across the country, a situation all the more worrying given the backdrop of a winding down of coalition peace-keeping forces and a hand-over to Iraq's domestic police and army.

However, many firms I have spoken to have begun doing brisk business in Iraq and on the most part have found a common model for success.

Iraq is a big country, with a well educated and willing workforce, and a spirit of entrepreneurship is bubbling away excitedly behind the grim headlines. Companies which have managed to tap into this latent energy source and build partnerships and agent agreements have been the first to capitalise on the growing, and urgent needs of the oil companies operating on the ground there.

Whilst flying into Baghdad and cold-calling your way around Iraq may be one option, better opportunities are presenting themselves in abundance right now. No fewer than six major exhibitions and conferences, all dedicated to discovering business opportunities in Iraq, will take place between September and December right here in the GCC and Turkey.

In October the Iraq-Mega-Projects conference launches in Istanbul, and in this edition we preview the opportunities that event may be able to deliver to help you get in on the action. Local partnerships, and more importantly local knowledge will keep your business in the game, and hopefully help you avoid the cowboys.

http://www.arabianbusiness.com/59745...ngerous-fields

Iraq, Kuwait to start joint inv'ts on border oil fields

Iraq and Kuwait will start investing jointly in oil fields along their common border as part of an effort to end their remaining differences, Iraqi government spokesman Ali Al Dabbagh said.

The neighboring Gulf countries will begin demarcating their land border, Dabbagh said in a statement on his website on Monday.

Former Iraqi president Saddam Hussein invaded his southern neighbour in August 1990 after alleging that Kuwait’s northern fields - Abdali, Bahra, Ratqa, Rawdhatain and Sabriyah - were siphoning off crude belonging to Iraq.

A US -led international coalition ousted Iraqi troops seven months later. A US -led invasion of Iraq then toppled Saddam Hussein from power in 2003.

Kuwait’s oil minister Sheikh Ahmad Al Abdullah Al Sabah said on Aug 25 that the two neighbouring countries had agreed in principle to share oil fields straddling their borders to avoid any future accusations that either side is “over-utilising” the fields.

“Iraq will take important steps to resolve lingering problems with the brotherly state of Kuwait,” Dabbagh said. “These will be practical steps to end all lingering problems inherited by the former regime of Saddam Hussein.”

http://www.arabianbusiness.com/59749...der-oil-fields-

Gas Auction Delayed, But How Many Companies Interested?

Rumours of a delay in Iraq’s gas auction have proved to be true, with companies being given an additional three weeks to consider their response to the new contract terms.

Both AKnews and MEED report that the new deadline for submissions is extended from 1st October to 20th October.

AKnews suggests that as many as 45 companies may be in the running for the three contracts, but MEED reports that only 11 companies had paid the participation fee by Friday’s deadline.

http://www.iraq-businessnews.com/201...es-interested/

Gulf Keystone Jumps on Rumours of Move to Main Market

Britain’s Sunday Telegraph understands that the Iraq-focused oil explorer Gulf Keystone intends to move its listing from London’s junior ‘AIM’ market to the main London Stock Exchange (LSE).

With a market capitalisation of over £700m ($1.1bn) it has grown much larger than the market’s usual members.

A move to the LSE’s Official List, rumoured to be by the end of the first quarter of 2011, would automatically propel it into the mid-cap FTSE 250 index.

The shares are consistently in the top 10 most traded on the stock exchange, and the company has been rumoured to be a takeover target.

Last week, Mr Todd Kozel, Gulf Keystone’s co-founder who earned $2.6m (£1.7m) last year, said the oil explorer may have to raise more funding before the year is out, even after raising $189m in the first six months of the year.

The company’s fields are believed to hold between 1.9bn and 7.4bn barrels of oil and it hopes to increase production in Kurdistan to 8,000-10,000 barrels per day by the year end.

The shares closed up 15% on Monday.

http://www.iraq-businessnews.com/201...o-main-market/

Experts: Iraq's oil policy is not clear

The Iraqi oil experts, said on Monday that improving the reality in Iraq's oil is long overdue, compared with other oil-producing countries. Hassan said Anbuge told Kurdistan News (Akaniwz) that "Iraq's oil policy is still vague and non-productive," adding that "that policy needs to change and sweeping reforms away from the diplomatic process."

He explained that "Iraq deals as the basis of personal and individual decisions that may be particularly through the identification of the political reality for the Advancement of oil."

It describes the Government of Irbil political oil followed by the Oil Ministry as a "failed" and that they still think the mentality of a central background rejection Oil Minister Hussain al-Shahristani gas export deal between the KRG and the Germany company and reduce the petroleum products for Iraq. He Anbuge "There are fears that cause lack of enjoyment of Iraq's oil policy of transparency in the waste oil wealth of the country."

On the other hand saw an expert on oil beauty Yawar that "The Oil Ministry granted broad powers, and there Orteurarat hazardous taken without the use opinion of the Council the Prime Minister, and such as the Council of Representatives, nor any other party control," stressing the need to be subject to the regulatory procedures Superintendency in government.

Jamal al-Yawar's (Akaniwz) that "Iraq today depends on a key oil supplier in the financing of projects, so it is supposed to be strict control measures on the work and performance of the Ministry of Oil."

And "Despite the support of parliament and government which was obtained by the Oil Ministry, but it has not yet reached the level of oil production, which was issued by Iraq during the former regime."

Iraq held in two rounds last year licenses to invest in oil fields resulted in the victory of international companies from ten different nationalities to develop fields in different regions of the country, where Iraq has been trying to access the oil produce it within the next six years to about 12 million barrels a day. The Iraqi Oil Minister Hussain al-Shahristani has said earlier that Iraq had to deal with the security file with high accuracy, and managed to greatly increase oil production despite the dangerous security challenges facing Iraq, which was years ago.

And Yawar said that "Iraq will be the first exporter of oil in the Arab countries after six years from now, according to the strategy of mission adopted by the ministry to improve oil production," he said, "should be to eliminate the perception that the ministry had a negative attitude towards companies bitmap national, but on the contrary, But surely they need to further efforts to develop and reality."

Exports of Iraqi oil for the month of July to 56 million and 300 thousand barrels to reach the value of the revenues of four billion, nine million dollars after they were in the month of June had reached to 54.0007 million barrels to become the value of its imports three billion and 889 million dollars.

The country produces around 2,4 million barrels per day of oil, which constitutes more than 90% of the proceeds of the country. Iraq has the third largest reserves of oil in the world is estimated at 115 billion barrels after Saudi Arabia and Iran. Plans and the Iraqi Oil Ministry to increase oil exports to more than 12 million barrels per day after OPEC Asthsalha approval.

http://www.aknews.com/ar/aknews/2/182636/

Iraq on the road to become leading world oil exporter - report

The signing of crucial pipeline deals with Turkey and Syria this week has set the stage for the renovation of Iraq’s oil export infrastructure and the country’s emergence as a leading world oil exporter, according to the Iraq Oil Report.

Baghdad is planning to hike oil production from less than 2.5 million barrels per day (bpd) currently to more than 12.5 million bpd in seven years, but the road to export glory is riddled with more challenges than the pipeline bottlenecks. Iraq’s oil export infrastructure has been in awful shape following negligible investment in the sector during the sanctions-crippled Saddam regime, and the country’s efforts to monetize its oil assets post-Saddam rule hit serious snags on account of this.

Iraq last year awarded 11 development deals to more than a dozen international oil firms, paving the way for the country’s emergence as a major oil exporter in the coming years. Baghdad is also auctioning three non-associated gas field in October to attract more investment in its burgeoning gas sector. On Saturday Iraq signed an agreement with Syria to build two oil pipelines linking the war-ravaged country to the Mediterranean ports. The two pipelines - with a combined capacity of 2.75 million barrels of oil per day - will run alongside a gas pipeline that will provide gas for pumping stations, Iraqi government spokesman Ali al-Dabbagh said. A bilateral technical team will undertake studies to determine the project cost and the timeline of completion. Two oil pipelines have been in existence for decades, linking the two countries, but these are seen inadequate as Iraq is planning to ramp up oil production over the next decade.

On Sunday, Iraqi and Turkish energy ministers signed a 15-20 year agreement to keep open the Kirkuk-Ceyhan crude oil Pipeline, Iraq’s second-biggest export outlet. Currently, 500,000 barrels of oil are flowing through the Kirkuk-Yumurtal pipeline and the construction of a second pipeline may be needed in the coming days in case of an increase in the Iraqi oil production.

But Baghdad has to ramp up infrastructure in time lest it misses the bus. According to Iraq Oil Report, the draft deal with Syria includes a 1.25 million bpd crude oil pipeline and a 1.5 million bpd heavy oil pipeline. The heavy-oil pipeline would provide an outlet for the Qaiyara and Najmah heavy oil fields in Ninewa province, awarded to Angolan oil firm Sonangol.

And, the Turkey deal will extend Iraq’s export agreement by 15 years, with a 5-year option, said the Oil Report. The pipeline once had a nameplate capacity of 1.6 million bpd, but currently averages between 400,000 and 500,000 bpd. Since the initial agreement was signed in 1973, events in Iraq forced it down to one line, though it operates as two lines in Turkey, it says.

However, the Oil Report also says export pipelines are not the only challenges Iraq will face in its quest to become the top global oil exporter in about 10 years. It says the country’s internal pipeline network is incomplete and already suffers bottlenecks, even without the new production.

Iraq’s 7,500km internal oil pipelines have been the target of terror attacks following the US-led invasion in 2003. They had become attractive targets for insurgents following al-Qaeda’s exhortation to launch attacks on the country’s oil installations. Iraq lost $12 billion as a result of more than 500 attacks that took place between 2003 and 2008 and the reconstruction efforts have hit roadblocks.

Also, though Iraq’s refineries are expanding their capacity and quality, they will struggle to meet the requirements triggered by the increasing flow of Iraqi crude. According to information published on the OPEC web site, Iraq currently has eight oil refineries with a capacity of 659,000 bpd. The country has plans to boost its refining capacity to 1.5 million bpd in the next five years by building the four new refineries and overhauling existing ones, Iraqi Oil Minister Hussain al-Shahristani has said.

http://en.aswataliraq.info/?p=137043

Look for rather volatile currencies movement in the next few months ahead..welcome to the New World Economic Order. The west will adopt austerity measures and depreciate their own respective currencies to stimulate exports; while the east will stimulate their own respective economies by increase internal demand (via currency appreciation and loose bank lending)

Jordanian urge Iraq to speed up the ratification of the Free Trade Agreement

urged the President of the Amman Chamber of Industry and former president of the producers and exporters of stone and marble in the Jordan Osman Bdiraovernmp Iraq to speed up the procedures for ratification of the agreement on establishing a Free Trade Area signed between them and Jordan since last year to enter into the practical application of which had been approved By Jordan.

said Bedier that the agreement is considered an important tool to activate the economic cooperation between the two countries in all fields, particularly trade which will also support the further investment in Iraq, Jordan, and greater interaction between businessmen and the various activities of the private sector.

He stressed the need for liberalization of trade between Iraq and Jordan in this stage where the continuation of the global financial crisis, which reflected negatively on the national exports and therefore does not need to find a Windows marketing of local products is no doubt that Iraq is an important market for goods Jordanian.

said Bedier that the Iraqi market occupies a strategic position for the economy Jordanian as a whole and industry in particular.

http://www.ipairaq.com/index.php?nam...onomy&id=30472

Ministry of Culture participated in the World Economic Forum in China

The Ministry of Culture the and Deputy Minister Fawzi Atrushi will represent the Ministry in the Economic Forum to be held in China for the period from 24-30 this month.

And transfer of media office, told the independent press (Iba) for Atrushi saying that Iraq participates in this forum on the sidelines of the signing of the Cultural Agreement between the two countries.

added Atrushi that the delegation includes representatives from the General Secretariat of the Council of Ministers, the Ministry of Higher Education, Youth and Sport.

Iraq has participated in more than a cultural event between Iraq and China the latest share fashion house Iraqi offer of fashion in the Festival world of arts Arab.

http://www.ipairaq.com/index.php?nam...onomy&id=30468