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

CBI: the tensions in the Arab arena does not affect trading in the country's economic

The adviser to the CBI on Monday, the economic transactions that Iraq is not affected by the disorders occur in some Arab countries such as Libya, Bahrain and Yemen.

He said the appearance of Mohammed Saleh told the Kurdish news agency (Rn) that "the political upheavals that occur in Libya, Bahrain and Yemen do not carry any negative economic impact on Iraq, the fact that those countries Atsnf among the countries that have trade exchanges with a task of Iraq."

Saleh added that "Iraq is affected by this aspect when he spoke of such disturbances in the neighboring regional countries such as Turkey, Iran, Syria, Jordan and United Arab Emirates as well."

The benefit of the "Central Bank of Iraq has taken measures to prevent monetary and fiscal impact of the wave of disturbances that take place in the Middle East on the economic realities of the outside of Iraq."

And founded the Iraqi Central Bank in its approach to the law based on the current Central Bank of Iraq in 2004 with authorized capital of 100 billion dinars.

And the Central Bank is responsible for monetary policy and the prevention of vulnerability to external variables that fundamental overthrow regimes, and dealing with inflation, and maintain prices, and implementation of policy in oil prices, as well as for the management of the financial reserve of the State, and the issuance of the Iraqi dinar.

Experiencing some countries, including Libya, Bahrain, Yemen and the Sultanate of Oman widespread protests demanding change the political systems and work on the formation of democratic governments are able to provide the requirements of the people.

http://www.aknews.com/ar/aknews/2/221618/

Ministry of Oil: export standard rates recorded by the ministry in February

Said spokesman Assem Jihad, Oil Ministry, on Tuesday, said Iraq's oil exports during the month of February last a total of the total 61.656 million barrels despite the "fact that the month 28 days only."

He said Jihad told (Voices of Iraq) that "the export rate stood at 2.202 million bpd, the highest rate of export since 2003", and expected further increases in production and export.

"The quantities exported a total amount sold was up to 5 billion and $ 980 million and divided by 47.824 million barrels from the southern fields daily export rate of 1.708 million barrels per day sold a total amount stood at four billion and 638 thousand dollars."

Jihad said that "the volume of oil exports from northern fields in Kirkuk through the Turkish port of Ceyhan and by Jordan Tanker amounted to 13.832 million barrels sold one billion and 341 thousand dollars by exporting a daily 494,000 barrels," noting that "the ministry continues to improve production rates and sales at current prices raise the ceiling on revenues compared Ptkadiradtha in the federal budget."

http://radionawa.com/Ar/NewsDetailN....149&LinkID=155

Iraq postpones signing deal with Korea’s KOGAS for development of giant gas field

Complaints by provincial authorities have forced the Oil Ministry to postpone signing a deal to develop the giant Akaz gas and oil field, Oil Minister said Abdulkarim Laibi in remarks published Monday.

he said the signing was put off because the authorities in the Province of Anbar, where the field is situated, have made new demands which he thought had to be considered.

The deal was supposed to be signed with the Korea’s KOGAS corporation.

“We cannot say when we are going to sign the deal,” the minister said.

He said the Anbar provincial authorities have made the construction of a housing complex as well as additional demands a condition for them to let the deal go through.

“We have postponed the signing because of concerns raised by Anbar Province. We cannot go ahead with the deal without provincial authorities’ approval,” he said.

Akaz’s proven gas reserves are estimated at 6.5 trillion cubic feet.

It is the first large field in Iraq’s Western Desert lies to have been licensed.

The little explored desert, where Anbar lies, is believed to hold massive gas and oil reserves.

Iraq currently produces 4000 tons of liquid gas a day.

http://www.azzaman.com/english/index...02-28\kurd.htm

UK Cuts Aid to Iraq

Britain’s International Development Secretary, Andrew Mitchell (pictured), announced on Tuesday the key outcomes of two aid reviews and set out the results that UK aid will deliver for the world’s poorest people over the next four years.

These ambitious reviews of DFID’s [Department for International Development] country programmes and funding to international organisations will, according to the Minister’s statement, make Britain’s aid budget more focused and effective.

Bilateral programmes in a range of countries, including Iraq, will come to an end.
Additionally, four organisations have been rated as providing poor value for money, and DFID core funding will be stopped:

• International Labour Organisation (ILO);
• UN International Strategy for Disaster Reduction;
• UN-HABITAT; and
• UN Industrial Development Organisation (UNIDO).

This will allow over £50m of aid money to be redirected immediately to better-performing agencies.

http://www.iraq-businessnews.com/201...s-aid-to-iraq/

Oil prices increase to add US$8 billions (b) to Iraq’s budget, official

The current increase in world crude oil prices this year shall add 8 billion (b) US dollars to the Iraqi budget, the Secretary-General of Iraq’s Council of Ministers said.

“The increase of the crude oil prices in the world shall add more than 8 billion (b) US dollars to the Iraqi budget this year, thing that will contribute as an additional allocation to implement projects and supply additional amounts to the budget,” Ali al-Allaq told al-Sabah Newspaper, issued in Baghdad on Tuesday.

“if we suppose that the increase on each barrel of oil shall add 10 dollars to its price, assigned in the current budget, being 76 dollars per barrel (bpd), the expected increase for this year shall reach US$7.2 billion dollars,” Allaq said.

He added that the Iraqi government “expects the increase to be more than the above figure, thing that would share to implement additional service projects in the whole country.”

The Iraqi Council of Ministers had passed in its session on 6/2/2011 the final draft-law for the General Budget for the year 2011, based on counting the average price of each barrel of oil to be 76 dollars, with an average export capacity of 2,250,000 bpd, including 150,000 bpd from Iraqi Kurdistan.

http://en.aswataliraq.info/Default1....&id=141241&l=1

Parliament confirms that the high global oil prices are beneficial to the Iraqis

A member of the House of Representatives for the National Alliance Hussein al-Asadi said on Tuesday that global markets are witnessing a continuous rise of oil prices will reflect positively on the increased financial allocations for the ration cards and the social welfare network and the martyrs of terrorism as well as the distribution of cash money on the citizens.

He said al-Asadi told the independent press that the adoption of the budget for the current year was based on the price of a barrel of oil dollars and seventy six and a half dollar and any increase in price this will an abundance of budget funds will be distributed according to the priorities.

http://radionawa.com/Ar/NewsDetailN....038&LinkID=155

Oil producers are trying to allay the concerns of market

Officials and experts of energy that oil markets have sufficient supply, and markets on concern supplies (against the background of the events of Libya) are not unwarranted, but the views of officials and experts differed over whether OPEC producers were able to allay the concerns of the market. Although production is equivalent to the Libyan ‬ 2 per cent of world production, and does not represent more than ‬ 30 per cent of the production capacity available to Saudi Arabia, which is not currently used.

He said Qatar's Energy Minister Mohammed Saleh Al Sada said yesterday that OPEC producers and independent producers to have enough oil and there was no justification for concern that prevails in the oil market. While he said the Iranian delegate to the Permanent OPEC Mahmoud Ali Khatibi said OPEC is unable to take effective measures to calm the volatility in oil prices resulting from disorders of the Middle East.

Concern about supply disruption from Libya because of the raging protests against Libyan leader Muammar Gaddafi to higher oil prices last week to their highest level in two and a half near ‬120 dollars per barrel.

Oil prices have fallen slightly to near ‬ 112 dollars a barrel on Friday after an industry source said that Saudi Arabia raised output to more than nine million barrels per day.

The gentlemen told reporters he did not believe a lack of supplies. The possibility of others (OPEC) and outside make up the shortfall in the (oil) to Libya.

No justification for the tension.

He added as you can see, there is no shortage in supplies. Production capacity exists and is not justification for any tension.

The diameter of the smallest oil producer in OPEC, producing some ‬ 0,8 million barrels a day but the largest exporter of LNG in the world.

And exports to Libya of natural gas also by the oil.

Asked if Qatar was able to provide more natural gas if the customer demand, the Europeans and especially Italy, said that all the gas sold already, but we may study the diversion of some volumes in flexible contracts.

And the transfer of a website for Iranian Permanent Representative OPEC Mahmoud Ali Khatibi, as saying yesterday that OPEC is able to take effective measures to calm the volatility in oil prices resulting from disorders of the Middle East.

Khatibi said for Iranian oil ministry on the Internet (Shana) in the light of political instability in the Middle East and North Africa, rising world oil prices become stable conditions at all of the OPEC oil exporters, which make the organization unable to take any action.

But he added that despite the disruption of oil supplies, the Libyan market is still have sufficient supplies of oil.

Futures

Stepped up futures prices for Brent crude on Friday to their highest closing level in the weekly two and a half backed down fears of supply shortages after the failure that a large part of Libyan oil exports because of the political crisis in the OPEC member country.

Despite this, the Brent crude was down from levels of the session after reports that Saudi Arabia increased its production of crude oil, which helped to allay fears of supply shortages Jamahiriya.

In conclusion, Brent (Brent crude) last week to a gain of $ ‬ 9,62 dollars or ‬ 9,38 percent.

U.S. crude ended the week on a gain of $ ‬ 11,68 or $ ‬ 13,5 percent.

And ended Brent for delivery in April, the trading session at the International Petroleum Exchange in London high ‬ 78 cents, or ‬ 0,7 percent recorded when settlement ‬ 112,14 dollars a barrel, after ranging in scope from ‬ 110,52 ‬ 113,91 dollars to dollars. This is the highest weekly level since the week of the settlement ending the thirty-atheist August ‬ 2008.

Has stepped up oil futures on Friday, the U.S. recorded the highest weekly closing level in two and a half of the year.

And closed without the higher price level in the hearing in the wake of news that Saudi Arabia increased its oil production to ease supply concerns associated with the uprising in Libya.

And close the U.S. light crude contract for April delivery rose ‬ 60 cents, or ‬ 0,62 percent, to settle at record ‬ 97,88 dollars per barrel after that ranged in scope from ‬ 96,17 dollars to ‬ 99,20 dollars.

This is the highest weekly level for settlement in the New York Mercantile since the week ending in the twenty-sixth of September ‬ 2008, when crude closed at U.S. ‬ 106,89 dollars.

U.S. demand

The Energy Information Administration said on Friday that U.S. oil demand in the United States Register last December an increase of ‬ 521 thousand barrels per day from its level a year ago.

The EIA revised U.S. oil demand in December by a downwardly ‬ 1,21 percent ‬ 19,758 to one million barrels per day from an initial estimate of ‬ 20 million barrels a day.

The adjusted figure to the request in December by a high ‬ 2,71 percent ‬ 19,237 million bpd in the same month ‬ 2009.

The International Monetary Fund said on Friday that the sharp rise in oil prices is likely to have a limited impact on global economic growth if prices remain at current levels.

A spokesman for the fund, told Reuters the increase, which amounted to approximately ‬ 10 dollars a barrel since mid-January, reflecting the increased risk experienced by oil supply due to events in the Middle East and North Africa, but the current trend of the oil market indicates that this will be mostly price shock temporarily.

But he added that if prices continue to rise because of obstruction of more oil supply, the effects on global growth may become significant.

The spokesman said if they end upward trend of prices quickly - which is what you expect the market now - the damage to global economic activity will be very small ... If prices remain at current levels, there will be losses are limited.

Optimistic outlook

Analysts had predicted specialize in the energy sector should not be to cut off oil supplies Libyan significant impact on the global oil market, especially in light of the capacities of countries producing large, led by Saudi Arabia, to cover any shortfall, but they swung the continuing unrest in the Arab States, which delayed its leaders in the provision of millions of jobs needed by young people

Said Cornelia Meyer, an analyst Specialized Economic Affairs Energy: I do not think the cuts are the Libyan oil would be dangerous perceived, because production is the Libyan equivalent ‬ 2 per cent of world production, and does not represent more than ‬ 30 per cent of the production capacity available to Saudi Arabia, which are not currently used.

When asked about the extent and should be concerned about Libya's role strategic in providing oil and gas to southern Europe, said Meyer, in an interview on the Middle East on CNN's American: it was too early to tell, we have to wait to see what will happen and the nature of the new system.

However, she pointed out that international companies have invested a lot of money in Libya's energy sector, which will certainly enhance its relationship with any new system to ensure continuity of supply in the future.

Capital

Meyer and likely to stay away capital that had begun to go to Libya over the past years, and during the next year or two at the very least, pending the stabilization of the situation before the look of a new investment opportunities in this country. When asked about the possibility of moving the situation of the Arab states of stability during ‬ 2011 said Meyer: I do not think so at all, and the reason is the tension of structural economic in the Middle East and North Africa, unemployment is high, and the majority of people, young people, which the countries of the region to provide a hundred million jobs during the decade Next, if you do not get this there will be no stability.

She added: We have leaders in the region was delayed in opening markets and reforms, we need millions of jobs, while political leaders reluctant to take appropriate decisions.

http://translate.googleusercontent.c...x5D2xHjasKHh2A

Details of Proposed New Ministers’ Salaries

Iraq’s Presidency issued a draft-law on Monday for the monthly salaries of high-ranking officials and employees, already approved by the Council of Ministers, a copy of which was sent to the Parliament, according to Aswat al-Iraq news agency.

The draft-law would set the basic monthly salary of the President and the Prime Minister at 8 million Iraq dinars [$6,800], with an additional 4 million dinars as ‘allocations’.

The draft-law has also defined the salary of the Parliament’s Speaker at 12 million dinars per month.

Vice-Presidents’ and Deputy Prime Ministers’ salaries are also to be set at 8 million dinars, with 3 million as allocations, whilst the Deputy Parliament Speaker will get a monthly salary of 10 million dinars.

Each cabinet minister, the draft-law said, will get 5 million dinars per month and 3 millions as allocations, whilst the monthly salary of members of parliament will be 8 million dinars, along with 3.5 millions monthly for officials with the post of under-secretary of each ministry, plus 2.5 million dinars as service allocations.

An official with a director-general’s post will get 2.5 million dinars, as basic salary, in addition to 1 million dinars as allocations.

The draft-law had also defined the salary of high-ranking employees to be 40 percent of their basic salaries, in addition to 80 percent for those of 1st, 2nd and 3rd degrees, 150 percent of basic salaries of 4th, 5th and 6th grades and 200 percent for 7th and 8th ranks.

The draft-law had defined the remaining salaries for other officials and retired employees, governors and Council members, accordingly.

http://www.iraq-businessnews.com/201...ters-salaries/

Minister of Industry The research for the investment of major companies with a mother in cooperation with the private sector

Confirmed the Iraqi Ministry of Industry, on Tuesday, it works to find investments with major companies and companies or in cooperation with the private sector to develop, indicating that it has major factories in Iraq, leading to increased waiting to increase the capacity of the private sector to bear the responsibility of leading the national industry.

The Minister of Industry Ahmad Karbouli in an interview with "Alsumaria News", "The ministry is now in the context of work on finding an investment with major companies and companies or in cooperation with the private sector to development," adding that "The ministry has a major factory in Iraq, leading to an increase wait for the time being to increase the capacity of the private sector to take responsibility in the process of national industry leadership."

Gave the Iraqi Prime Minister Nuri al-Maliki, last Sunday, ministries and departments of the provinces a hundred days to assess the work and know the extent of their success or failure, stressing that the ministries will see significant changes according to evaluation results, with the promise of an investigation into the violations witnessed by the events Friday and meet the demands of the demonstrators as soon as possible.

The Karbouli that "the Ministry has more than 75 companies from public companies, some of which were returned to the ministry during the past year, one of the companies manufacturing military dissolved, while the remaining companies all of them are within the self-financing companies," pointing to "a defect in the process of converting these companies financing is central to self-financing without putting in an integrated process of developing the economy of these companies through the development of investment funds to develop significantly, and then refer them to the self-financing."

It is noteworthy that Iraq possessed large factories belonging to the Ministry of Industry and minerals such as chemical fertilizers, iron and steel, paper, petrochemicals, and some of these plants is dependent on production years ago, while working some of the other less than half the production capacity, has the local government during the current year, the transfer of Hundreds of workers and staff of some of those factories to work in other government institutions, in an attempt to reduce the phenomenon of disguised unemployment faced by the state-owned factories since 2003.

The Ministry of Industry had signed contracts during the years 2009 and 2010 with international companies to develop their companies, has signed with French firm Technip to develop industry Alaptrkemeoyat in Iraq, and a contract with another company for Avaz for the rehabilitation and development of cement plant Karbala, Sinjar, in addition to the joint cooperation between the public company for the automotive industry in Alexandria and the French company Renault and Scania bus assembly, as well as the signing of contracts with Chinese companies and Iranian production of small cars.

And stopped most of the companies and laboratories of the Ministry of Industry and Minerals for production due to looting and vandalism of their respective companies and laboratories, which took place after the entry of U.S. forces to Iraq in 2003.

http://translate.googleusercontent.c..._usHHqC3QNOmfA

Iraq's major blocks still argue over shaping country's politics
AL- Iraqiya List confirmed Tuesday its intention to form a National Council for the strategic policies, but not far away from the parliament, while state of law coalition refused AL-Iraqiya proposal to vote on the forming the council in the parliament.

The MP of AL- Iraqiya List, Talal al-Zobaie told AKnews that "AL-Iraqiya List is determined to form a National Council for the strategic policies as stated in the Convention on Kurdistan Region's President, Massoud Barzani with AL-Iraqiya leaders.

AL-Iraqiya List led by ,Ayad Allawi announced on 29 of December that the law of National Council of policies is completed and will be submitted to the parliament for voting at its next meeting after resolving differences with the National coalition, indicating that the Council will begin its work next February, confirming that ,Ayad Allawi will have the same legal value enjoyed by al-Maliki.

AL- Iraqiya MP ,AL- Zobaie added that "there are some differences in views between AL- Iraqiya List and the rest of the menus of the lists over the process of forming the National Council and submitting it to voting in the parliament ," he pointed out that the Law of the National Council was established by the political blocs and also contains differences among the political blocs.

State of law coalition refused AL Iraqiya List proposal to vote on the National Council for the strategic policies in the parliament.

AL- Iraqiya List, has revealed a document signed by Kurdistan region's President ,Massoud Barzani and the Prime Minister , Nuri al-Maliki states on forming the strategic policies council and the abolition of the decisions of de-Bathification in the electing the presidency of the parliament session while AL-Iraqiya leaders stressed the need to implement them before the formation of the new government, which must not take more than one month, according to the Constitution.

http://www.zawya.com/Story.cfm/sidZA...27s%20politics