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

Winners of Gas-Field Contracts Announced – Full Details

Iraq has awarded three of its established gas fields to foreign consortia in the third stage of an energy sell-off, as the country races to supply gas to local power plants and to export markets.

The three fields, in the south, centre and far west of Iraq were sold at or slightly below the price the oil ministry had wanted. They were taken by three groups that now have rights to develop about 10% of Iraq’s proven gas reserves – around 300bn cubic metres.

The Iraqi government maintains overall control of the fields (As was the case with the two rounds of oil auctions conducted last year), and will pay each consortium a fee per barrel of oil equivalent.

The winners of the three fields have been announced as follows:

Akkas, near the Syrian border, is the largest of the three fields at 158bn cubic metres, and it went to a joint South Korean-Kazakh bid from the Korean Gas Corporation [Kogas] and Kazakhstan company KazMunaiGas. They will produce 400 million standard cubic feet of gas a day at a price of $5.50 per barrel of oil equivalent.

The Mansuriyah field in the volatile Diyala province in central Iraq, which stretches east to the Iranian border, has been won by Korean Gas Corporation [Kogas], Turkey’s TPAO and Kuwait Energy. It holds around 127bn cubic metres of gas. They committed to produce 320 million standard cubic feet of gas a day for $7 per barrel of oil equivalent produced, the maximum the government would agree to pay.

Siba, on the Kuwaiti border south of Basra, is by far the smallest of the three fields at only 2.9bn cubic metres. Kuwait Energy and TPAO won the bidding here, agreeing to produce 100 million standard cubic feet of gas a day at a price of $7.50 per barrel of oil equivalent.

A dispute with the authorities in Anbar province threatens to cause problems for the Akkas deal.

http://www.iraq-businessnews.com/201...ull-details/2/

Kuwait-led consortium wins 2nd Iraq gas field

Iraqi Oil Minister Hussain al-Shahristani says a consortium grouping Kuwait Energy and the Turkish Petroleum International Co. has won the right to develop the 1.1 trillion cubic feet Siba gas field.

The Kuwaiti-Turkish consortium beat out Kazakhstan's KazMunaiGas EP JSC with an offer of $7.50 per barrel of oil equivalent and a targeted plateau production of 100 million cubic feet per day from the field that sits near Iraq's border with Kuwait and Iran.

Kuwait Energy chief executive Sara Akbar said the company's winning bid represents a "turning point in relation between the two countries, and their improvement in the future."

Relations between Iraq and Kuwait collapsed following Saddam Hussein's invasion of the tiny emirate in 1990. They have yet to fully recover.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

BAGHDAD (AP) -- Iraq's oil minister says a consortium grouping Korea Gas Corp., or KOGAS, and KazMunaiGas EP JSC has won the right to develop the 5.6 trillion cubic feet Akkas gas field.

Hussain al-Shahristani said Wednesday the South Korean-Kazakh consortium on Wednesday offered $5.50 per barrel of oil equivalent, with a plateau production of 400 million cubic feet per day. It beat out a consortium grouping France's Total SA and the Turkish Petroleum International Co. that offered $19 per barrel of oil equivalent, with a peak production of 375 million cubic feet per day.

The western Iraqi field is the first of three to be offered during the country's third international energy auction since Saddam Hussein's ouster in 2003.

http://www.businessweek.com/ap/finan.../D9IVB2IO0.htm

32 million initial estimates of the population of Iraq

spokesman for the Central Bureau of Statistics in the Ministry of Planning, on Wednesday, said preliminary estimates indicate that Iraq's population may exceed 32 million people may be a ratio comparable between men and women, he said, adding that initial results will appear after 48 hours of the implementation of the census. He said Abdul Zahra al-Hindawi told a news briefing that the Central Bureau of Statistics "completed all preparations for the logistical and administrative and technical success of the operation of that general population census scheduled for the fifth month of December next and the participation of 260 000 across the counter in Iraq"

Adding that "preliminary estimates indicate that the population of Iraq has more than 32 million people and the ratio is comparable between men and women 50% each." He added that the Bureau of Statistics "finished print the forms for the census, which covers all aspects of life, economic, social, developmental, and that would base provides important information to the reality of the situation and thus will contribute to help planners and decision makers in policy development and economic health. "

He Hindawi said "preliminary results will appear after 48 hours of the Census, which is for the population and the number of men and women, children and the population in the province", calling on citizens to "provide the cooperation with enumerators who will visit families and give the correct information through the provision of archives basic a ration card The Civil Status Card. "

http://alcauther.com/html/modules.ph...icle&sid=15853

Iraq expects no OPEC oil output change in December

Iraqi Oil Minister Hussain al-Shahristani said on Wednesday he did not expect the Organisation of Petroleum Exporting Countries to change its oil production target later this year.

Asked if OPEC could change it when it meets for its next conference in Quito on Dec. 11, he told Reuters in Baghdad: “Until now there has been no indication in the market that requires reconsidering production target levels.”

He added, “If oil prices are above $75 then there is no need for an extraordinary meeting to review the production target.”

http://www.kippreport.com/2010/10/ir...e-in-december/

Turkish-led consortium wins third Iraq gas field

A consortium led by the Turkish Petroleum International Corporation won a deal to develop the gas field of al-Mansouriyah in eastern Iraq, the final field in Iraq’s energy auction on Wednesday, the oil minister said.

“The consortium grouping the Turkish TPAO, Kuwait Energy and the Korean Gas Corp. won the 4.5 trillion cubic feet (128 billion cubic meters) field of al-Mansouriyah in the restive province of Diala,” Oil Minister Hussein al-Shahrestani said.

The consortium accepted the Iraqi Oil Ministry’s offer price of seven dollars per barrel of oil equivalent. They first offered 10 dollars per barrel of oil equivalent, with peak production of 320 million cubic feet (9.06 million cubic metres) per day. But their offer was rejected by the ministry.

Earlier, a Kuwaiti-Turkish consortium won the right to develop the 1.1 trillion cubic feet (30.8 billion cubic metres) field of Siba in Iraq’s southern province of Basra.

Kuwait Energy and the Turkish TPAO companies offered a price of 7.50 dollars per barrel of oil equivalent with a targeted plateau of 100 million cubic feet (2.8 million cubic metres) per day.

The Kuwaiti company takes 60 percent of the contract, while the Turkish company has the remaining 40 percent.

The Kuwaiti-Turkish consortium beat Kazakhstan’s KazMunuaiGaz which offered a price of 16 dollars per barrel of oil equivalent with targeted plateau of 60 million cubic feet (1.68 million cubic metres) per day.

Earlier, a consortium grouping South Korea KoGas and Kazakhstan ’s KazMunuaiGaz, won the right to develop the giant gas field of Akkas in Iraq’s western province of Anbar.

The Akkas gas field has 5.6 trillion cubic feet (156 million cubic metres) of natural gas. The field is the first of the three gas fields submitted for bidding in Iraq’s third energy auction in the Oil Ministry.

Iraq has proven reserves of 112 trillion cubic feet (3.13 trillion cubic metres) of natural gas, but the country is only producing 1.5 billion cubic feet a day because of the poor infrastructure of the oil and gas industries.

http://en.aswataliraq.info/?p=138154

Iraq Rises as Western Nations Fall

Iraq’s developing situation continues to astound me when I contrast it with much of the west.

Take the UK, where Prime Minister David Cameron has on 20 October announced £81bn ($127bn) of cuts from total government expenditure of £661bn ($1,040bn), the largest budget cuts in decades by a large margin. All this it needs to do to try and stop national debt rising at £5,900 ($9,300) a second.

Iraq, on the other hand, is going the other way. Not only does it expect to be in budget surplus by 2012, but it is pulling money in for investment at an ever-increasing rate.

Iraq had a five-year plan to attract $6bn-worth of investments. It then said it wants $200bn. And this week it has gone up to a new target of $600bn.

It would be happy if it gets to 50% of that target, but it has reasons to be optimistic.

In the first 20 days of this month alone we reported on private investments in Basra for 1,000 housing units, a shopping mall and a huge drinking water project. In and around Amara there will be another 1,150 housing units and an industrial park, and Erbil is building two big roads, Muthanna a large cement factory to help with yet other developments, and Baghdad is awarding another 11 investment permits for housing, commerce, tourism and industry. And I haven’t even mentioned the energy projects yet.

In the global economic seesaw, it seems like it is Iraq’s turn to rise up again.


http://www.iraq-businessnews.com/201...-nations-fall/

Sorry if already posted.

We will not allow anyone to hamper efforts to develop oil,& gas fields – minister

Oil Minister Hussein al-Shahrestani said on Wednesday that all oil and gas fields belong to all Iraqis, asserting that the government will not allow anyone to hamper their development.

“The federal government has the authority to develop oil and gas fields and no one has the power to prevent that,” al-Shahrestani said at a press conference held after concluding the third licenses stage.

Iraq has proven reserves of 112 trillion cubic feet (3.13 trillion cubic metres) of natural gas, but the country is only producing 1.5 billion cubic feet a day because of the poor infrastructure of the oil and gas industries.

http://en.aswataliraq.info/?p=138157

International company looking to enter Iraqi market

The chairman of HCL Info Systems has said on Thursday that his company is seriously looking at Iraq’s needs, is trying to study these needs and enter the markets.
This statement was made during the opening of the 30th session of the Jet-ex Exhibition for Information Technology. The exhibition opened in Dubai’s International Center for Exhibitions and Conferences last Sunday and will last for five days. 3,500 companies from 65 world states are participating.

“We are looking seriously towards Iraq’s needs and trying to enter its markets. Our company is prepared to cover the needs of the Iraqi markets, providing technical solutions in the fields of defense, internal security, airports and railways, in addition to banking and education works, at a time when Iraq needs such technologies in the present time,” Agai Chodary told Aswat al-Iraq.

The said company is considered a company specialized in information technology with an investment reaching 5 billion (b) U.S. dollars, comprising two companies registered in India: HCL Technology and HCL Info systems.

For her part, the Regional Director of Inmarsat Company, Helen Bezi, told Aswat al-Iraq, “Iraq’s market, since the beginning, had occupied our attention due to fact that it is in vast need of communication through satellites, in certain sectors, such as oil, gas and the government economic sector.”

“Following the security tension that escalated in Iraq, demand has increased for our services, especially in the information sector, as well as human aids societies and humanitarian assistance,” she said. She added that “Inmarsat’s services have played an important role in the human aids societies acting inside Iraq and their communication with other parts of the world, to satisfy the humanitarian needs of Iraq.”

She stressed that her company would also serve the banking sector in Iraq to keep its communications with the International Stock Market and other issues related to the world of finance and business.

Noteworthy is that Inmarsat is a specialized supplier for communication services through satellites, comprising several companies in Korea, Singapore and others.

http://en.aswataliraq.info/?p=138177

Abdul-Mahdi, again calling for the convening of the House of Representatives and an end to the open meeting

Called on Vice President Adel Abdul-Mahdi, again to the House of Representatives and an end to the open meeting.

And the transfer of the Information Office of the Vice-President, told the independent press (Iba) for Abdul-Mahdi confirmed and through its participation in a symposium devoted to discuss the development of his initiative, which launched two months ago to urge House members to convene and ending the open meeting on the first task of the Last Parliament is urging members of the House of Representatives to hold a hearing Council to exercise its role in legislation and supervision, in preparation for an end to the open meeting and speed up the formation of the new government.

He said Abdul-Mahdi said that this urgent task can be achieved through multiple mechanisms, including follow up the matter with the Federal Supreme Court to obtaining a favorable view of this trend, including the fact that the Presidency Council role in the protection of the Constitution, issued earlier in a statement urging the House of Representatives to convene, indicating that will talk with President of the Council to give effect to this important role, and also that the presidency ages the House of Representatives could to invite the political blocs and consult with them in this regard.

He praised Abdul-Mahdi to the significant role played by civil society organizations through their presence and their interaction with this initiative, which formed a key article in the work of these meetings, and given the vital and dynamic, which is important in order to increase awareness and sensitize public opinion, and communication between politicians, parliamentarians and the public.

http://www.ipairaq.com/index.php?nam...itics&id=31614

Soon ratify the lease, ownership of private land investment

said the National Investment Commission to the Council of Ministers will approve the next few days the system of rent and ownership of lands that belong to that investment, describing such a system is very important for investors. The chancellor said the body of Dr. Abdullah al-Bandar told the reporter Agency (news) said today that the Council of Ministers will during its sessions to be held during the next few days to authenticate the system of special projects that have received licenses as it will be under the present system of land titling to investors according to the mechanisms and rates of expected value of the ratio will be symbolic.

And that this system will include the land leased for investment rates and also symbolic of the total value of the rent likely to be a ratio of 2 to 3 percent.

He said Bandar, that this system will allow investors to demand strongly on projects in Iraq on the grounds that the investor will implement his project, metaphor Given the availability of the ground, which Christvzh to begin the work entrusted to him, indicating that investors will under this system the commitment to the timetable for their projects and will see the next biennium, the fruits of these projects in the country.

The Association of National Investment and devised a new strategy to deal with every sector investment separately, indicating they would hold international conferences to encourage investment in the coming months, and the sectors of health, agriculture, electricity, telecommunications and infrastructure.

The deputy chairman of the national investment Salar Abdullah said in press statements that the investment was held several international conferences on investment in all sectors, but it did not come the desired results, Vartot alternative investment strategy focus on investment in each sector separately.

Abdullah added that the Authority is currently working to prepare an investment map for each sector in Iraq, and the number of investment opportunities available in each of them, in order to attract international investment companies according to their respective competence.

He said Abdullah's first international investment conference convened by the Commission, will focus on the health sector, and investment opportunities available to him in Iraq, but he also said that the investment has not yet determined the venue of this conference.

The Iraqi Deputy Prime Minister for Economic Affairs Ruz Nuri Shaways confirmed, that Iraq will facilitate the work of companies wishing to invest in Iraq through legislation a set of laws, while confirming the investment in the same day they are currently studying the 600 projects a $ 600 billion Iraqi dinars, will be given priority by the education sectors and housing.

He said Abdullah, said that the Investment Authority has at present the map of integrated investment, including about 700 projects in all sectors was offered in the past for companies wishing to invest in numerous international conferences, but it did not make the investment of these opportunities so far, and expected to come the new strategic results C_lemsha good Iraqi citizen starting next year.

Be recalled that previously the Council of Representatives of the former Iraqi, he started a law to invest in its last session, but it was objected to investors, the existence of some paragraphs that impede investment, such as to prevent acquisition of land, which invited the Council to amend the law to give the companies the right of expropriation.

http://www.ikhnews.com/news.php?action=view&id=3552