Thread: Archive News - Iraqi Dinar Think Tank - 24/01/201 - 23/07/2011

CBI announces payment of more than two billion dollars to 3500 commercial creditor

The Central Bank of Iraq, on Wednesday, said Iraq's debt paid 3 thousand and five hundred creditor commercial value of $ 2.7 billion, as a means to protect his money from the manipulation of foreign trading companies.

The bank adviser said the appearance of Mohammed Saleh, told the Kurdish news agency (Rn) that "Iraq's debt paid for 3 and a half thousand commercial creditor, in order to protect his money from foreign manipulation and prevent exposure of the means of fraud carried out by some global business."

It is hoped that Iraq shall submit to the UN Security Council a detailed report in May next, looking the most important pillars of the protection of Iraqi funds.

The Central Bank of Iraq earlier, that the recent turmoil witnessed by a number of Arab countries will not increase the protection of UN funds in Iraq.

Saleh added that "the value of the payment amounted to $ 2.7 billion, and was in accordance with legal procedures provide excellent ease of Iraq to pass the obstacle in the protection of its funds abroad."

Revealed the Iraqi Finance Ministry on the seventh of last month, that the work of the Committee to Protect Iraqi funds abroad would be a secret to avoid fictitious companies which Iraq claims that it seeks funds.

The benefit of saying that "the Committee set up to protect Iraqi funds under the chairmanship of Deputy Prime Minister Nuri al-Rose Shawish, Tatkv now to develop an integrated plan to prevent manipulation of the funds after they leave Iraq in June next internationalist protection clause."

The Ministry of Finance of Iraq, the first of last month, that the Commission on technical government took over the development of mechanisms to protect Iraqi funds in foreign banks after the UN Security Council resolution mid-November last, who spent lifting protect Iraqi funds the end of June next.

The UN Security Council voted unanimously in mid-January last three resolutions concerning the lifting of the embargo imposed on Iraq on the import of nuclear material for peaceful purposes, and the elimination of oil-for-work program Food, also extended the immunity of the last stage and the compensation imposed under Chapter VII until the end of June next.

The former Iraqi president Saddam Hussein ordered the invasion of Kuwait in 1990, with the effect that imposed sanctions on Iraq from the international community and put under Chapter VII, which makes it a country threatening world peace and security.

Included international sanctions prevented the import of chemicals and nuclear technology that could be used in a secret nuclear programs, chemical and biological weapons.

Has allowed the United Nations in 1995 for Iraq to sell oil in return for food, called "oil-for lunch."

http://www.aknews.com/ar/aknews/2/220276/

Feb. 25th demonstration will be of "peaceful nature," their organizers say:

The organizers of the demonstrations, scheduled to take place in Baghdad on Friday, February 25th, have reaffirmed their "peaceful nature," warning against "sneakers" expected to join the demonstrators.

A statement, issued on Monday by the groups organizing the demonstration, addressed to the Iraqi Youth, copy of which dropped in Aswat al-Iraq news agency, has called on them to participate in the demonstrations, provided "they keep the peaceful and civilized nature of the demonstration," as well as the "protection of the public and private properties, along with preventing any type of corruption acts."

It also called for the "formation of special committees, to carry out delicate inspection to make sure that anybody does not carry weapons and avoid clashes with the Armed Forces, in order to avoid those carrying evil intentions and those who try to fish in troubled waters."

The statement warned "from the sneaking in the demonstrations by supporters of Iraq's former (Baath) regime, terrorists and hypocrats, who trade in the name of religion and politics," calling for "opening the doors for all national trends and invidividuals, believing in freedom, justice and genuine democracy."

It also warned against raising slogans, the statement described as "strange and tucked slogans," such as "Death for Democarcy," charging that those parties would "exploit the mischief of masses from distorted practices, that were charged to have been caused by the democracy."

A source, close to the parties that called for the said demonstrations, through the Facebook, have told Aswat al-Iraq news agency that four organizations, carrying slogans, such as "Baghdad won't become Qandahar," or "Shall we keep silent", "Without silecne," and the "Blue Iraqi Revolution," have met under the motto "February Youth," to express the peaceful nature of the demonstration.

A statement, copy of which was received by Aswat al-Iraq on Monday, had warned from claims that "Young groups would break through (west Baghdad's) fortified Green Zone and try to force the downfall of the current government," reiterating that the demonstration "does not aim the downfall of the regime or targetting certain political personalities, but aims to reform the current system."

http://en.aswataliraq.info/Default1....page&id=141102

Oil postpone the signing of the agreement on gas field crutch

and the Oil Ministry decided Thursday to postpone the initial signing of an agreement with a group led by Korea Gas Company (036460.SE) to develop the gas field, western giant crutch.

According to figures released by the Ministry of Oil, the Kogas intervention in partnership with KMG (RDGZ.KZ) of the Government of Kazakhstan for the production of oil, to work together in the object field in Anbar province, the estimated proven reserves of 5.6 trillion cubic feet.

And Mqlt Agency (Dow Jones Newswires economic) for oil minister, Abdul Karim Laibi saying we have decided to postpone the issue of signing the contract, due to concern authorities western Anbar continuing. We can not proceed without the approval of the agreement of local authorities.

The minister pointed out that the governor of Anbar province, the Council may request on Thursday to build residential units and other new advanced applications, we can not Ncmlha in the contract.

In response to a question about the likely time of the signing of the Convention, he replied that he could not disclose any specific date.

Iraq had intended to sign the agreement on the basis cane field in November 14 /, but this step has been postponed due to concerns of local authorities in the province of the news that gas is exported from the field without the crutch of neighboring communities to achieve any benefit.

The Korea Gas Company and KMG awarded the right to perform work in the field in the bidding round which was held in Baghdad in October of last year.

In this framework, the two companies agreed to produce 400 million cubic feet of gas per day to meet U.S. $ 50.50 per barrel of oil equivalent.

http://www.ipairaq.com/index.php?nam...onomy&id=35806

Baiji refinery stops working after being subjected to armed attack

An official source at the Baiji oil refinery, Iraq's main oil refineries, the refinery stopped work after exposure to an armed attack and the killing of two engineers and the bombing of one of its units at dawn on Saturday.

The news agency quoted the French Under-Director General of the Baiji refinery Abdelkader difficult, unidentified gunmen assassinated two of the architects of the refinery and blew up one of its units after the storm blew up today, adding that the refinery stopped work completely by accident.

He explained that the militants raided the refinery and killed the victims, and set off improvised explosive devices and the North unit, which represents 25% of the refinery, adding units and was able to douse the flames, firefighters fully confirming the loss of material damage by fire.

Iraq has the third oil reserves in the world is estimated at 115 billion (billion) a barrel after Saudi Arabia and Iran.

http://www.ipairaq.com/index.php?nam...onomy&id=35857

Fire in the Samawah refinery fuel tank Black and losses estimated at eight hundred billion dinars

A fire broke out in a fuel tank capacity of 10 million liters in Samawah on Sunday.

According to Massadraalamip in Muthanna, said a fire broke out today in the refinery Samawah in the fuel tank capacity of 10 million liters, adding that he was formed 3 committees to achieve from the Ministry of Oil and Midland Refineries Company and the Al Muthanna province to investigate the causes of the fire, which was estimated specialists losses eight hundred billion dinar.

http://radionawa.com/Ar/NewsDetailN....858&LinkID=155

Gunmen attack the largest oil refinery in Iraq and was suspended by

Officials said the gunmen attacked Iraq's largest oil refinery which led to the shut down on Saturday and killed four workers and attackers detonated bombs, causing a fire. Ahmed al-Jubouri governor Salah al-Din, told Reuters that the militants had planted bombs in two units for the production of gasoline and diesel at the refinery in Baiji, 180 km north of Baghdad, a former stronghold of al-Qaeda.

"We have fully stopped refinery. This is a big loss for each country. All Iraqi cities, based on production."

He said the oil minister, Abdel Karim and coffee, said the attack "terrorist" hit a production unit and one that was subject to maintenance work and the rest of the units were not damaged. He said in a statement read to Reuters that the attack was part of a terror plot targeting oil installations to undermine the work of the Ministry of Oil succeeded in having the supply of petroleum products sufficient to meet local needs. He said a police source said the blast, which occurred before dawn, triggering a fire was brought under control later and put out the fire took about five hours and involved about 50 fire engines to contain the fire. An official at the Baiji power unit affected by the attack of about 150 thousand barrels per day and great damage can not be repaired within a few days. The official, who declined to be named "The process of repairing the damage will take a long time. We're not talking about days that the damage adult."

"We hope to restart the refinery in part in the next few days" and added that the refinery has enough stock to cover the local needs for a period of seven days at least.

In Iraq is exporting its production of oil products because it uses full power and domestic consumption. And hurt the poor investment capacity of the country on the refining of fuels such as diesel fuel, gasoline and had since US-led invasion a wary in 2003 to import fuel to meet the growing gap between the volume of supply and domestic demand. Baghdad has signed agreements worth billions of dollars with international companies to increase production capacity to 12 million barrels per day within seven years to compete with Saudi Arabia's largest oil exporter in the world. But everything depends on the ability of OPEC member-state to secure the oil fields, refineries and other infrastructure facilities against acts of violence plaguing the country since the invasion. Violence has fallen dramatically in Iraq since the height of sectarian incidents between 2006 and 2007, but attacks still occur on a daily basis.

There are eight oil refineries in Iraq, its 659 000 barrels per day, which produced 453 barrels of refined products per day and consumes 589 thousand barrels per day, according to OPEC's site on the Internet.

http://translate.googleusercontent.c...l5f4_AFYauoL0g

PM sets 100-day period to evalulate govt. activity

Iraq’s Prime Minister Nouri al-Maliki set a 100-day period, starting from today (Sunday), to evaluate his government’s activity and each ministry aside.

“Maliki set a 100-day period after which the activity of the government and different ministries would be evaluated,” according to a cabinet statement received by Aswat al-Iraq news agency on Sunday.


“Maliki said that after the end of the said period, each ministry would be evaluated, whether had succeeded or failed in its activity, beginning from today (Sunday),” the statement said, adding that “Maliki had reiterated that changes would take place, according to the result of that evaluation.”

Maliki, the statement pointed out, spoke about means to fight corruption, confirming the “responsibility of each Minister for his ministry’s activity, before sending it to the Integrity Commission and other institutions, in charge for fighting corruption.”

Speaking about recent demonstrations in Iraq, Maliki said: “an investigation shall take place about the incidents and violations that took place during the demonstrations to account those behind them, whether they were the protesters or the security forces.”

The Iraqi capital of Baghdad had witnessed on Friday, Feb. 25, 2011, broad demonstrations in its al-Tahrir (Liberation) Square, during which 7 policemen were injured by stone-throwers, whilst at least 2 demonstrators were injured, according to security reports.

http://en.aswataliraq.info/Default1....&id=141215&l=1

Parliamentary Committee on Oil: contracts licensing rounds, non-binding proved the strength of

Expressed member of the parliamentary oil and gas, Sunday, for the determination of its review of licensing rounds, the three contracts entered into by the previous government, indicating that it is not bound for Iraq in case the Commission considered the economic damage and you will be prompted to change them.

He said Furat al-Shara told the Kurdish news agency that the Committee on Oil and Gas plans to review three decades licensing rounds in a scientific and more seriously in order to know how useful to be reaped by those contracts to a political oil in the country.

Shara explained that the contracts of licensing rounds will be adjusted in case the view of the oil and gas there is a need to modify because they are binding non-degree impact on the economic reality in the country and non-binding if the Commission feels that there are negative damage to the three licensing contracts.

http://radionawa.com/Ar/NewsDetailN....843&LinkID=155

Akkas Gas Deal Delayed Again

The long-awaited signing of the deal to develop Iraq’s Akkas gas field in Anbar province has been delayed again.

An Iraqi Oil Ministry spokesman said it was delayed because of disagreements about what the local government gets from the deal, according to Associated Press reports. An initial agreement to develop the 5.6 trillion cubic foot Akkas gas field in Anbar province was due to have been signed on Thursday in Baghdad.

A consortium led by Korea Gas Corp. (KOGAS) along with Kazakhstan’s KazMunaiGas bid in October to develop the field.

But after hours of delays as reporters waited at the Oil Ministry, spokesman Asim Jihad told The Associated Press that the signing was postponed because officials in Anbar province want more control over how the revenue is spent.

Anbar officials protested on the day of the auction, saying they wanted more jobs from the deal.

http://www.iraq-businessnews.com/201...delayed-again/

Jail for British Sanction-Breaker (71)
Riad El-Taher has been jailed for 10 months for making illegal payments to the Iraqi Government of Saddam Hussein in contravention of United Nations sanctions and UK law

Riad El-Taher, a British citizen aged 71 from Esher, Surrey, has admitted that in 2001 he made four illegal payments totalling over $500,000 to the Iraqi Government in order to secure lucrative oil contracts. During this period payments to Iraq could legally only be made after a licence had been granted by HM Treasury. El-Taher had neither obtained nor sought any such licence.

The contracts obtained by the illegal payments were for two million barrels of oil valued at over $50 million. This oil was sold for a profit of over $600,000, most of which was deposited in an offshore bank account controlled by El-Taher.

United Nations sanctions
Economic sanctions were imposed by the United Nations in 1990 following Iraq’s invasion of Kuwait. They barred all imports and exports from Iraq with some exceptions such as medicines. After Iraq’s withdrawal from Kuwait, the UN resolved in 1991 that sanctions would only be lifted following destruction of Iraq’s chemical and biological weapons, inspection of its nuclear capabilities and payment of compensation to the victims of its invasion of Kuwait.

In 1995 the UN relaxed the sanctions regime to allow the export of oil to fund the purchase of food, medicine and other humanitarian goods provided that all monies created by the sale of Iraqi crude oil went into a UN controlled escrow account; with all purchases of humanitarian goods being paid out of the same account. At no stage were monies to be paid to Iraq. This relaxation of the sanctions regime was known as the Oil For Food Programme and lasted until 2003 when all sanctions were lifted following the coalition invasion of Iraq and the end of the Saddam Hussein regime.

The illegal payments made by El-Taher related to contracts entered into under the Oil For Food Programme.

UK law
The breaching of United Nation sanctions on Iraq was made a criminal offence in the United Kingdom by legislation implemented in 1990 and 2000.

El-Taher pleaded guilty to offences under the legislation implemented in 2000, i.e. The Iraq (United Nations Sanctions) Order 2000 (Statutory Instrument 3241) which made it a criminal offence to make funds available to the Iraqi Government without a licence granted by HM Treasury.

SFO investigation
After the fall of the government of Saddam Hussein, the UN set up a committee to investigate sanctions breaches. This committee published its findings in October 2005, identifying El-Taher as one of the individuals involved in breaking sanctions.

The SFO investigation led to El Taher being arrested in August 2008 and charged in August 2009. He pleaded guilty to all charges on 13 January 2011 and was sentenced today, 25 February 2011.

Commenting on the result, SFO Director Richard Alderman said “I am pleased with this result. The offences committed here denied humanitarian aid to the people of Iraq. The SFO has been investigating these breaches of sanctions resolutely”.

Second man sentenced
Aftab Noor Al-Hassan, a British citizen aged 66 from London, has been sentenced to 16 months imprisonment, suspended for two years, for making illegal payments to the Iraqi Government of Saddam Hussein in contravention of United Nations sanctions and UK law.
He admitted that in the period 2001-2002 he made 13 illegal payments totalling over $1.6 million to the Iraqi Government in order to secure lucrative oil contracts. During this period payments to Iraq could legally only be made after a licence had been granted by HM Treasury. Al-Hassan had neither obtained nor sought any such licence.

The contracts obtained by the illegal payments were for 11 million barrels of oil valued at over $220 million. This oil was sold for a profit of over $4.4 million.

http://www.iraq-businessnews.com/201...-breaker-71/3/