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

Oil Ministry optimistic, Iraq will not export 12m barrels before 2016

The Iraqi Oil Ministry is optimistic as it expects that Iraq is going to produce 12 million barrels per day in 2016, an Iraqi expert said on Monday.

“It is a sort of optimism to think that Iraq could reach an oil production level of 12m barrels a day in six years,” Nazar Ahmed told Aswat al-Iraq news agency.

He explained that a boost of this kind in Iraq’s oil production requires a global increase in oil demand as well.

“Iraq’s oil production may reach four million barrels a day in 2014,” Ahmed added.

http://en.aswataliraq.info/?p=137273

State-run banks need restructuring not privatization

State-run banks do not need privatization but restructuring so that they can operate according to a system of revenues and losses, not relying on governmental support, an economic expert said on Tuesday.

“Privatization should not embrace state-run banks,” Manaf al-Saigh told Aswat al-Iraq news agency.

He considered that governmental support to state-run banks curbs their performance and efficiency.

http://en.aswataliraq.info/?p=137316

Cabinet approves oil contract with Leighton Offshore

Iraq’s cabinet approved a $733 million contract on Tuesday for oil export expansion to Leighton Offshore Private Ltd, Iraq’s government spokesman said.

The project, for which Foster Wheeler won a project management consultancy (PMC) services contract in July, is expected to boost Iraq’s oil export capacity from the southern city of Basra to 3 million barrels per day from 1.8 million bpd now, government spokesman Ali al-Dabbagh said in a statement received by Aswat al-Iraq news agency.

http://en.aswataliraq.info/?p=137337

Zawraa Co. holds contracts for $3.6m

The al-Zawraa state-run company held a group of contracts with the two ministries of oil and industry, totaling at around $3.6 million.

“The contracts were held during the two months of August and Sept. 2010,” said a statement issued by the Iraqi Industry Ministry as received by Aswat al-Iraq news agency on Monday.

It explained that the al-Zawraa Company is specialized in electrical works for industrial purposes.

http://en.aswataliraq.info/?p=137271

US warns Syria against destabilizing Iraq

The United States warned Syria against destabilizing Iraq and Lebanon, US State Department said following a meeting between Secretary of State Hillary Clinton and his Syrian counterpart Walid Al Moallem in New York.

"The secretary was very direct and making clear, both in the context of Lebanon and Iraq that we discourage any efforts to undermine the stability of either country," State Department spokesman Philip Crowley said.

Despite a gradual warming of relations between Washington and Damascus, Crowley underlined "concerns about Syria's activities inside Lebanon and its relationship with Hezbollah".

http://www.alsumaria.tv/en/Iraq-News...zing-Iraq.html

Zebari urges US to take action in Iraq deadlock

Iraqi Foreign Minister Hosheyar Zebari urged the United States on Monday to take a more active role in breaking the deadlock over forming the new government.

The nearly seven-month election stalemate has not only left the country in limbo but hurt its economy, Zebari told the Associated Press.

The US has not taken "an active or pro-active engaging role" because it believes the formation of the government should be done by the Iraqis themselves, Zebari said.

"Lack of efforts of government formation has been very negative on all aspects of life. Everybody is holding back to see whether there would be a government, whether this political, security stability can last and continue”, he added.

Zebari stressed however that “Iraqi leaders and the new Iraq, will not budge to foreign pressures, not to Iran, not to the United States, not to Arab countries, not to Turkey”.

Iraq "needs a period of stability to rise up and become the powerhouse of the Middle East”, Zebari said.

http://www.alsumaria.tv/en/Iraq-News...-deadlock.html

Barriers to investment

All that was said to invest properly and incoming and when the delves into the constraints you find many and challenges more, but revealed by the governor of Baghdad in front of a gathering of business leaders and owners of construction companies Iraqi in the economic seminar discussion may put points on the characters how? The man was very clear when acknowledged that investment in Iraq was born disabled and that its law the age does not limit of the tyranny of the laws adopted by the ministries excuses to stop the penetration of the investment law, intentionally or unintentionally.

This openness and transparency provided by the Governor of Baghdad - d . Salah Abdul Razak It reviews the ambitions and plans for the Advancement of Baghdad assured the businessmen who have expressed their willingness to work together to overcome these obstacles and those challenges and motivated to stick to run in the midst of that investment, though the environment expelling him and of the intersection law and chaos applications of and suffering in the implementation of single window.

Interesting to note that this seminar annexing Iraqi National Business Council, which includes major investors in the Diaspora and at home has brought the views in dealing with its theme of partnership between public and private sectors.

Also that the vision put forward matched perfectly with the calls of economists should pay the private sector a leading role in the process of construction, investment and reflected the fact that there are those who believe in the inevitability and importance of the change in the economics course is not even ready to support them, on the contrary some of those who stand against this important project on a building who feel fear Which may affect their management.

And Ali and I found to talk openly and understanding of the role of the private sector, which is guaranteed by the constitution and involves grasp the fact that the construction and investment must be based on the potential of the sons of the country's competent and who have the technical capabilities are enormous and the solvency of high financial and most importantly they are keen to build their country.

This seminar, which had the opportunity we to attend at the kind invitation by the Iraqi National Business Council formed a sense correct of the nature of the relationship between the public and private sectors and all we need is the maintenance of such forums to establish a true partnership between all parties to build country, building a civilized a model. Now required to move such seminars to workshops during which the needs of the state of strategic projects for the purpose of dealing with them to help in attracting international companies across the Iraqi National Business Council this and involvement in order to achieve building a solid in which the hallmarks of the sons of the country.

Important foundation that you wait for the next government as a priority task on the road to the launch of investment are summarized Remove the bottleneck between the new investment law and the laws in force .. partnership Real between public and private sectors met in the event to ensure the independence of the investment law and do not conflict the laws with him.


http://www.alsabaah.com/paper.php?so...age&sid=109111

Exxon Mobil and Royal Dutch Shell to drill new oil wells in Iraq’s West Qurna

ExxonMobil and its partner Royal Dutch Shell plan to more than double the number of new wells in Iraq's West Qurna Phase One to reach its projected production target, an Exxon executive uttered.

Exxon aims to drill two to three times the current 370 wells in the field as part of its development plan for West Qurna to reach plateau output of 2.325 million barrels per day, said ExxonMobil Iraq Vice President James Adams.

http://www.alsumaria.tv/en/Economics...est-Qurna.html

Iraq to review agreements with other States

Iraq review its trade and economic agreements concluded between him and the other countries in preparation for accession to the WTO so adjusted, in concert with the States concerned, these agreements consistent with WTO rules.

The Minister of Trade purity of net debt that Iraq will try to active participation in the meetings of Arab and regional organizations and international economic conferences and trade to keep pace with economic developments and activate its presence and its role in various forums, especially after the acceptance of his request to join the World Trade Organization and as a member of observers as a prelude to full membership.

The Minister stressed that the Government of Iraq working to find overseas markets for the promotion of exports and activating the «Export Support Fund» of her, along with follow-up to the execution of contracts so as to ensure the interest of the Iraqi institutions and departments and facilitate the flow of goods of export interest to Iraq.

It is noteworthy that Iraq initiated since the contract agreements with countries in Africa, Europe and neighboring countries and the Middle East in addition to work on activating the joint committees and the opening of commercial attache offices in a number of countries in the world.

And announced that this year the first phase of economic reform will continue in its first phase until 2011 and aimed at the gradual transition to a market economy in the context of seeking membership in the WTO and the consequent development of national strategies in different sectors, the most important policies for the development of laws and regulations that help to achieve the desired goal.

It was Iraq's accession to the WTO reached an advanced stage began since the beginning of the application for membership to the WTO in February (February 2004), is also considering the Iraqi High Committee formed for this purpose down the requirements and questions addressed by the Member States.

Experiencing the present stage to submit a schedule of national commitments which will be negotiated with the members of the Organization of the importance of the desired results from behind on the Iraqi economy as the organization which takes care of trade and believes in the implementation of relevant agreements.

In a statement remarkably, the Minister of Labour and Social Affairs Mahmoud al-Sheikh Radhi not support Iraq's accession to the WTO because it would negatively affect the efficiency of the work described Iraq and lose competitiveness and cause an increase in unemployment rates.

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Official: Shell gas deal breaks down in the Iraqi Oil Ministry

Said a senior adviser to the Iraqi government on Monday that the oil ministry has delayed billions of dollars in a deal with Shell and Mitsubishi of Japan to capture and gas investment, which is currently being flared in the southern oil fields because of legal issues relating to the joint venture.

Iraq's cabinet agreed in June to invest to be, worth $ 12 billion, the government owns a 51 percent stake to the imprisonment of associated natural gas produced in oil fields in southern Iraq near Basra, but he was now waiting to return the oil ministry to submit a draft agreement for approval.

Said Thamer Ghadhban, a senior adviser to Prime Minister Nuri al-Maliki told reporters at a conference in Istanbul that the deal may see further delay if the ministry was unable to re-draft the agreement before the formation of the new government.

He added, "It's up to the Minister of Oil to enter into this Agreement and they are now amending the draft."

Iraq and burn billion cubic feet of gas per day in oil fields which need energy to generate electricity in a country suffering from a chronic disruption in electricity supply.

It has been agreed for the first time on the Shell deal in 2008. Ghadhban said that the Ministry of Oil and Shell are now discussing amendments to the final draft to address a legal loophole to prevent the Ministry's role in the formation of the joint venture.

"We adjust the draft in order to be signed between Shell and the South Gas Company (government), while the ministry to ensure other obligations such as supply of raw gas upstream operations."

He said some members of the government they would prefer the contract was awarded through a competitive process.

Was formed after a new government in Iraq after six months of the elections that took place in March, was inconclusive, creating a political vacuum.

He angered the "If the minister (the contract of the Council of Ministers) before forming a new government, there is no doubt in my mind that the Council of Ministers will approve it.

"As if it were delayed and parliament has to nominate a prime minister, there will be a delay."

Said Mounir Bouaziz, Vice President of Shell's gas and electricity during the conference that the company was waiting for to end the ministry of the details of the contract, adding that the postponement is a setback for the project at a time when rising oil production.

"He was expected to be signed this contract for over a year so it will be the task of catching up with the oil sector very difficult."

Iraq and signed several deals with international oil companies that will enhance production capacity to 12 million barrels per day during the seven years from 2.5 million barrels per day currently.

Bouaziz said that the contracts awarded by the government to oil companies to develop fields in the southern city of Basra, could produce enough of the associated gas to generate 30 gigawatts of electricity, adding that the ethane extracted during the liquefaction of natural gas may also help in establishing a petrochemical industry in Iraq.

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