Thread: Archive News - Iraqi Dinar Think Tank - 06/10/2010 - 24/01/2011

Big Increase in Iraq’s Foreign Currency Reserves

The Iraqi Central Bank announced recently an increase in its reserves of foreign currency to more than $ 50 billion, up from $ 41 billion at the end of the first half of 2010.

Mohammed Salih, an advisor to the bank, said in an interview with Radio Free Iraq that this increase is attributable to rising world oil prices during the second half of this year, and added that the rise in reserves would increase the strength of the Iraqi currency.

A number of Iraqi economists stressed that increasing the size of the Iraqi Central Bank’s reserves of hard currency will not directly affect the local economy, but will serve to strengthen the local currency.

In this regard, economic expert Dr. Abdul Rahman al-Mashhadani said the strength of the currency “will increase the trust of foreign and local investors by increasing the attraction of investment in Iraq.”

http://www.iraq-businessnews.com/201...ency-reserves/

Iraqi MP: You must transfer all the oil contracts to the House of Representatives

A member of the Iraqi Council of Representatives on the mass change, on Tuesday, said the law provides for the assignment of all contracts by the Ministry of Oil, to the House of Representatives.

The MP said Bayazid Hassan, a Kurdish news agency (Rn), that "in accordance with Article 130 of the Iraqi constitution, all the old laws, are valid until amended or revoked, and even the laws before 2003, prudent oil, provided that it is obligatory to refer any contract has to do with oil, to the House for ratification. "

He said Hassan, who was a member of the Commission on oil and gas the previous cycle of the Iraqi Council of Representatives, said "it must convert those contracts to the House of Representatives and approved," pointing out that "the same problem was found, during the past four years, in both the House of Representatives and the Ministry of Oil and the Council of Ministers on the other hand, because the Oil Ministry and the Council of Ministers claim that the contracts do not need to last them the House of Representatives and the approval of the Council of Ministers, the Council underlines the need to refer to him, as provided by law."

He explained that "to address this problem, linked to the ratification of the oil and gas law in this parliamentary session, then Sttodh the powers of all the authorities, so it is better to be a matter of ratification of this law of the first tasks of the House of Representatives, in order to solve all those problems related to this law, especially the outstanding problems between the federal government and the Kurdistan region in the field of oil contracts, which are not addressed until now."

A spokesman for the Iraqi Oil Ministry, Assem Jihad, the Kurdish news agency (Rn), yesterday, that "the licensing rounds, oil and gas by the Ministry of Oil is not the right of the current parliament canceled because of receiving a vote of the Council of Prime Ministers unanimously."

The Jihad said "the previous assembly was familiar with the draft licensing rounds, so the right diagnosis of the current imbalance in the mechanism used in the conclusion of formal contracts or some technical matters."

Detection and Prime Minister-designate Nuri al-Maliki, last Saturday at a news conference, its intention to create the post of Deputy Prime Minister for Energy to the advancement of the oil and electricity in the country.

And the failure of the former House of Representatives to pass the oil and gas law, which was expected to rise oil situation in the country in case of adoption, and finds a number of experts involved in studies of oil that Iraq is missing so far to the political oil and clear.

Iraq held two rounds of last year licenses to invest in oil fields resulted in winning several international companies of different nationalities to develop ten fields in different regions, then set Iraq on the fourth of October last third oil licensing round.

The Iraqi Ministry of Oil of the Iraqi Drilling Company announced the completion of drilling of 35 wells oil since the beginning of this year in partnership with international companies in different parts of the country.

And announced that the Iraqi Oil Ministry in September last that crude oil inventories in the country was 505 billion barrels of discovered fields that $ 66 oil fields, with total recoverable reserves of 143 billion barrels.

Iraq seeks to access the oil produced within the next six years between 10 and 12 million barrels per day, and plans to increase Iraq's oil exports oil daily after obtaining approval from the Organization of the international oil cartel.

http://www.aknews.com/ar/aknews/2/198854/

US $600 million for Kurdistan projects from JICA

The Japanese International Cooperation Agency (JICA) has allocated US$600 million for service projects in northern Iraq’s Kurdistan Region, according to the media director of the Region’s Planning Ministry on Wednesday.

“Kurdistan’s Planning Minister, Ali Sindi, has discussed with JICA’s Chairman, Aquari Satochi on Tuesday, the Japanese Agency’s plans to help execute several service plans in Kurdistan Region, especially those related to teaching and training,” Adnan Haji Kaka, told Aswat al-Iraq news agency.

“JICA has allocated US$600 millions for the Region’s projects, especially in the field of education and training of employees,” he added.

Kaka pointed out that the meeting had also discussed “the programs, to be implemented by JICA, such as Dirlok Dam in Dohuk Province, a water project in Halabja, as well as agricultural and energy projects in Kurdistan Region.”

http://en.aswataliraq.info/?p=139382

Iraqi Cabinet Approves 2011 Budget

The Iraqi cabinet has approved a draft 2011 budget on Tuesday that envisages a deficit of 14 trillion dinars ($11.99 billion), down from an expected deficit of $19.6 billion for this year, according to a report from Reuters.

The budget, which still needs parliamentary approval, is based on an oil price of $73 a barrel, as we previously reported, and an oil output of 2.25 million barrels a day. It forecasts government expenditure at 64 trillion dinars in 2011, Deputy Finance Minister Fadhil Nabi told Reuters after a weekly cabinet meeting.

The budget estimates for 2011 were revised down from a deficit of $18.6 billion after the cabinet asked ministries to cut their expenditure, Nabi said.

“The cabinet recommended to lower the deficit so we could make up the shortfall easily,” he said.

Earlier this year, Iraq’s parliament approved a 2010 budget of $72.4 billion with a deficit of $19.6 billion, based on an oil price of $62.50 per barrel

http://www.iraq-businessnews.com/201...s-2011-budget/

Self-sustainbility of oil products soon - official

Iraq shall achieve self-sustainability in the field of oil products soon, with the completion of four oil refineries, now under construction,” Director-General of the General Company for Southern Oil Refineries said.

“Our production from oil products is presently increasing, as we have boosted the production of petrol by about two-fold, and the forthcoming few months shall witness production at a level that enables the Oil Ministry to decrease the imports of petrol by 50 percent or more, along with achieving self-satisfaction, after the completion of four refineries now under-construction,” Nasser Qassim told Aswat al-Iraq news agency.

Qassim said that the four refineries, now under construction, “are the Nassiriya , Missan, Kirkuk and Karbala Refineries, capacity of each of whom is estimated to be 150,000 barrels per day (bpd), to cover the country’s needs and help it achieve self-satisfaction, whilst the other refineries shall be out of the local needs, part of production of which may be exported.

“The Southern Refineries Company possesses projects now, including stabilization units, production capacity of each is estimated to be 70,000 bpd, producing oil products, such as gas, petrol, kerosene and gas-oil (solar), along with different lubrication products,” he said.

“Iraq, after the downfall of the previous regime in 2003, had been importing gas, petrol, kerosene and gas-oil (solar). Today, it is importing petrol only,” he concluded.

http://en.aswataliraq.info/?p=139384

Fadel Prophet: "Kurdistan's share of 17% of the budget of Iraq have nothing to do Ptsidiralnaft

An official source at the Iraqi Finance Ministry on Tuesday that if the Government of the Kurdistan region to export oil to the outside or not issued, they will get their share of the general budget of Iraq, which is 17%.

The agent said the ministry, Fadel, a prophet, a Kurdish news agency (Rn), "The Kurdistan region will get its share of the general budget of Iraq, in two ways, first by winning percentage of 17% are self without any problems, the second is the mechanism for each province exporter of oil, the one dollar from every barrel of oil issued (the so-called petrodollar), as is the custom for the provinces of Basra and Kirkuk. "

He said Iraq's oil minister, Hussain al-Shahristani, l (Rn), earlier in the day, that "should the Kurdistan Regional Government, export amount of 100 thousand barrels of oil a day, so Thvaz at the level of its budget for 2011 of 17% of the budget Federal. "

And comments about al-Shahristani, said the Prophet that "if the region to export oil to the outside or not, it will get its share of the general budget of Iraq which is 17%."

It is said that Iraq's budget for the year 2010 this amounted to 72 billion and $ 400 million, meanwhile, rose in 2011 next to 84 billion and $ 400 million.

http://www.aknews.com/ar/aknews/2/198857/

Oil intends to establish a new company to invest in gas burning in Basra

The Oil Ministry announced on Tuesday, expressed its readiness to establish an Iraqi company in collaboration with foreign joint company "Shell" operating in Iraqi oil fields in Basra province to invest in gas burning.

He said ministry spokesman Assem Jihad told the Kurdish news agency (Rn) that "the Iraqi Oil Ministry is preparing to establish an Iraqi company a foreign company with Shell UK working in the Majnoon oil gas investment burning of fields and convert it to energy block primarily for local consumption and the needs of the petrochemical industry."

"We certainly look forward and seek to export the surplus and benefit from the funds of Export."

Jihad said that "the company will seek to reach daily production of 700 million feet of gas and invest in electric power, electricity, and thus will improve markedly."

And that "there are offers from investment companies to invest many flying gas from oil fields, especially since Iraq is seeking in the coming period to be the production of gas and oil under international standards."

It is noteworthy that the Oil Ministry has prepared a strategic plan for this year and in the licensing round next seeks to double its oil production and increase production of gas to meet domestic needs and to start exporting gas in excess of need comes through the conclusion of contracts with international companies specialized in drilling and exploration of oil wells as well as burning gas investment from those fields.

http://www.aknews.com/ar/aknews/2/198850/

Schlumberger ‘Wins Contract’ for Iraq’s W.Qurna

Reuters, citing “industry sources familiar with the matter”, reports that U.S. oil major ExxonMobil and its partners have awarded a contract to oil services firm Schlumberger to drill 10 wells in Iraq’s West Qurna 1 oilfield.

The contract award was finalised a few days ago but a final contract is yet to be signed by Schlumberger, the sources told Reuters.

The new wells are part of the Exxon-led consortium’s plan to rehabilitate West Qurna, for which it signed a 20-year development contract with Iraq earlier this year.

Leading service companies including Weatherford International, Halliburton, and Schlumberger were also said to have been invited to bid for another tender to drill 15 new wells, which could be awarded by early next year.

The state-owned Iraq Drilling Company was also invited to bid. Exxon and Shell were awarded the deal to develop the 8.7-billion-barrel West Qurna 1 oilfield last year.
Exxon and its partners raised their production plateau target for West Qurna 1 to 2.825 million barrels per day after adding new reserves to the area.

In March, Schlumberger was awarded a contract to drill new wells at BP‘s Rumaila oilfield.

http://www.iraq-businessnews.com/201...iraqs-w-qurna/

Kurdish Oil Minister Sees Exports Early 2011

The Minister for Natural Resources in the Kurdistan Regional Government, Ashti Hawrami, told Reuters that he expected talks in Baghdad on the formation of a new government to lead to an imminent breakthrough on the issue of oil exports from Kurdistan.

“I am confident that the leadership between Kurdistan and Baghdad will address these issues in the coming few days and weeks, before the formation of the government,” he said in an interview with the agency.

Iraq’s president formally asked Prime Minister Nouri Al Maliki last week to form a new government, giving him 30 days to choose a cabinet.

Hawrami said a deal on the oil issue was one of the Kurdish bloc’s key demands and that exports should follow soon after a deal on the government.

“I am confident that, by early next year, the oil will be flowing,” he said.

Around 40 companies have invested in Kurdistan but their revenues have been curtailed by their inability to sell their oil for export because Baghdad has deemed the contracts to be illegal.

Norway’s DNO, for example, is ready to export around 50,000 barrels per day if a deal is concluded. Currently, it is confined to selling around 17,000 barrels per day to the local Kurdish market, where it receives less than half international prices for its oil.

http://www.iraq-businessnews.com/201...ts-early-2011/

Emirates to Basra starting from February 2, 2011

Emirates will launch a new service to the Iraqi city of Basra, which will become effective Feb. 2 Station No. 110 in its international network and one of the six stations of the new tanker during the current financial year (2010/2011).

Will begin Emirates new service with four flights a week every Monday, Wednesday, Thursday and Saturday using an Airbus 330-200 is divided into three grades: first, business and tourism on Wednesday, Thursday and Saturday, and another of the same class is divided into two degrees: business and tourism on Monday.: Important market : His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said: Basra important market for Emirates Airline has paved the growth of the city the way for many companies and industries to invest in infrastructure and we see that there is a potential and promising to work to Basra from a number of markets that we serve. and experiencing the movement to Basra from Europe and the United States grew significantly since the launch of several oil projects in 2009 and we are ready to serve this movement and take advantage of them.

He added: Emirates Airline has provided an excellent choice for the travel of officials and employees of companies to Basra through the appropriate timing for follow-up service and the many trips to various stations across its network. Emirates has seen strong growth this year and an announcement of the launch of Basra further evidence to connect our expansion plans and move forward in expanding the network.

Continues to Basra, which is characterized by its strategic location and proximity to oil fields and waters of the Gulf to attract investors from the major operating companies. The sectors targeted by the Emirates to travel to Iraq, oil companies from the United States and Europe in addition to the Iraqis living abroad.

With economic recovery in the city, there is strong demand from Iraqis to travel abroad, whether for tourism or business and commerce.

Developmental plans

And started to local authorities in Basra also implement developmental plans to attract tourists from abroad where he was recently re-opening and operation of the Sheraton Hotel which is one of the most prominent features of the city.

Emirates expects to move between 10-12 tons of cargo and equipment in the holds of cargo on the aircraft on every trip to Basra, which is an important commercial channel for the import and export goods.

With the ongoing reconstruction operations, the airline will use the energy provided by the aircraft fully in the transfer of food, clothing, electronics and equipment of oil wells from around the world to Iraq and as of February 2, 2011 will depart Emirates flight EK 945 of Dubai International Airport at 45.1 in the afternoon on Monday, Wednesday, Thursday and Saturday to reach Basra at 45.2.

The return flight EK 946 Basra at 15.4 pm to reach Dubai at 10.7 pm. The suit dates of the new service with many Emirates flights of departure and the coming to Dubai from many stations in Europe and America.

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