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

The Iraqi government decided to establish an Islamic bank government

An adviser in the Iraqi government on Saturday that Iraq had decided to establish an Islamic bank government supervised by the Central Bank of Iraq and is administratively linked to Ministry of Finance.

Salam Qureshi, told the Kurdish news agency (Rn) that "the Iraqi government decided to establish a central bank, an Islamic with a capital of up to 250 billion Iraqi dinars, which will be limited to his dealings according to the rules of Islamic banking."

"The Islamic bank will work to attract significant capital and will contribute to the process of banking internal and banking transactions with the government and private banks."

He pointed out that "the Iraqi government has also decided to opening windows in banks, official government deal according to the Islamic banking system." The Economic Commission representative had announced earlier that the Islamic banks to Atsem in raising the level of economic development in the country. and see a number of economists that the private banks to not possess tools promoting reality monetary and economic situation in the country. and select Central Bank of Iraq's 250 billion dinars as a minimum for the establishment of private banks in the country.

The House of Representatives its first session legislation to the Banking Act in 2007 to organize the work of private and state banks. and the central bank of Iraq in February that he would give the number of licenses to establish private banks confirmed that the increased banks will enhance the economic role of the country. denied the central bank in June 24 that the development of Iraqi private banks risk as confirmed by the Ministry of Finance continued with a total capital of banks, Iraqi Special billion and $ 600 million currently, except that owned by the branches of Arab and foreign banks operating in the country.

http://www.aknews.com/ar/aknews/2/249680/

The government received the revised version of the draft law of oil and gas

Committee announced that energy in the Council of Ministers chaired by the Deputy Prime Minister Hussein Shahristani, the receipt of the amended version of the draft law of oil and gas to study, in preparation for submission to the Cabinet and then sent to the House of Representatives.

The head of the Information Office of the Deputy Prime Minister for energy affairs Faisal Abdullah Interview "The Commission state energy, which includes the ministries of oil, electricity, Environment and Water Resources received a revised version of the draft law of oil and gas, and will endeavor to study and make the necessary adjustments, and then referred to the Cabinet for approval and sent to the House of Representatives."

Abdullah said, "that the Committee stressed the need to accelerate the adoption of oil and gas law to regulate the export of oil and extraction in the next phase."

http://www.radiodijla.com/cgi-bin/ne...-03%2011:55:01

Iraq oil minister says no need for national oil company
The creation of a new Iraqi National Oil Company to run the OPEC member’s energy sector is not essential and might confuse the work of the oil ministry, Iraq’s oil minister said.

Iraq’s cabinet approved a draft law setting up a new national oil company in 2009, but the legislation has languished amid political turmoil and a change of government in the war-battered nation.

“If this law was passed, then I ask ‘What would it add to Iraq’s oil sector?’ I say nothing,” Oil Minister Abdul-Kareem Luaibi said in an address to parliament’s oil and energy committee.

“Our companies are doing the same job. No need for establishing this company.”

The long-awaited creation of the Iraqi National Oil Company (INOC), which would revive a state-run firm established in the 1960s and merged into the Iraqi Oil Ministry in 1987, had been a central plank of Iraq’s plan to turn around its struggling oil sector to take advantage of its vast mineral wealth.

A package of legislation including a modern hydrocarbons law, a revenue-sharing law and a law to restructure the oil ministry has sparked fierce debate and disagreement between political parties for years.

The semi-autonomous northern Kurdish region has been moving aggressively to develop oil and gas reserves in its territory, clashing with the central government over who has the authority to sign oil contracts.

Amendments to the draft oil law are being reviewed by the cabinet’s energy committee before it refers the legislation to parliament.

Luaibi criticized the duties of INOC described in the draft bill, which include entering into exploration, drilling, development and production contracts, as well as contracts for shipping oil and gas.

“If we have two organizations with the job of marketing oil, then this will definitely create problems,” he said.

Thamir Ghadhban, the top energy adviser to Prime Minister Nuri Al-Maliki, defended the bill and said reviving INOC was vital for the development of the energy sector.

“The establishment of an independent National Oil Company is very essential to develop Iraq’s energy sector, with the oil ministry to ... formulate oil policy,” Ghadhban said.

http://arabnews.com/economy/article466680.ece

Basra – Model of Reconstruction or Too Good to be True?
It is the oil industry more than any other that is spearheading Basra’s renewed fortunes.

In October of 2010, Move One reported on the economic recovery of Basra as the first wave of post-war energy exploration companies set up operations and introduced a level of prosperity and stability that has not been seen in years. Since then the city has become a focal point for foreign investment in southern Iraq, but progress has brought its own set of problems.

In the wake of the 2003 war in Iraq, Basra was the scene of some of the most intense fighting and prolonged civil unrest in the entire country. A city of three million people was left without even the most basic services or essential infrastructure. Since then, the streets that were by turns dangerous and deserted are now filled with locals and expats from around the world, engaged in energetic commerce and recreation. As the date for the US military withdrawal grows closer, developers are arriving in increasing numbers seeking contracts for the reconstruction projects that will be turned over to civilian companies.

In May 2011, the Basra Investment Commission announced the latest round of investment licenses to be awarded to local and international companies, valued at around $174 million. To date, the awarded licenses for reconstruction projects total an estimated $874 million, which is still less than a third of what the government is expected to spend on the restoration of Basra’s housing, schools, power supplies, services and roads over the next two years.

Whilst the US withdrawal has caused concerns about security, Basra has thrived on the steady transition from government control to private enterprise. The return of the international energy companies has caused enormous influxes of capital into every niche of the economy, from the housing market to retail and transportation.

Basra’s position, in terms of port access and proximity to the Iraqi oil fields, have made it the obvious choice for the first waves of international investment, but there are challenges both old and new to the process. Expat businesses have traded their security concerns for issues of government corruption, complex regulations and the lack of direct air-travel access. It would be a tall order to find any business that would prefer a return to the old days of violent civil unrest, but the current environment can still pose a challenge for the unprepared.

It is the oil industry more than any other that is spearheading Basra’s renewed fortunes. The government has announced its intention to position Iraq as a major exporter, and intends to raise its current output from 2.6 million barrels per day to over ten million within just a few years. Nearly all of the oil fields being developed to meet this projection are within two hours by road from Basra.

The largest field in the development plan is the Rumalia site, under license to BP and CNPC. The project employs thousands of locals and hundreds of expats, representing an enormous influx of capital into the local economy, both in direct spending and peripheral services. Oil exportation also represents a revenue stream for the local authority, guaranteed by the national government at a rate of $1 per barrel. This currently works out to around $51 million per month for civil projects, and will increase significantly if the oil development plans come to fruition.

Red tape and official corruption have been long standing problems in the region, both before and after the war. The central government has recognized this and made uncharacteristically effective steps to keep corruption to a level where it is no longer discouraging to investment, and has also altered the local regulatory framework. Recently introduced taxation laws offer certain categories of foreign companies and investors corporation tax holidays for up to 15 years, waives equipment import fees for up to as many as three years and can exempt the overseas transfer of profits.

Zaab Sethna, regional head of Northern Gulf Partners, a company recently awarded an investment license, told reporters that “There is some corruption elsewhere in Iraq but we haven’t seen the like in Basra…Where there is some security concern elsewhere in Iraq, we don’t have such concerns in Basra. The local security and police forces are very helpful.”

Basra seems to be the role-model for Iraq’s route to recovery, displaying a willingness to participate in international trade and commerce at odds with the insularity still prevalent in other regions of the country. Whether Basra’s leaders and authorities will be able to manage the massive influx of investment without falling prey to the malaises common to boom-towns has yet to be seen.

Move One Logistics has been active in Iraq since 2003. The company has seven strategically located offices throughout the country (including facilities in Baghdad, Erbil, Balad, Camp Victory, Umm Qasr and Basra) and a massive, 42,000 sqm compound currently in the final stages of completion in Az Zubayr. This new location is near the main highway connecting Safwan and Umm Qasr to Basra, and was chosen for its strategic proximity to the major southern ports of entry and the North and South Rumaila oil fields. The compound in Az Zubayr will provide direct access to the transport infrastructure, meaning that Move One will have an extremely rapid dispatch time across Iraq.

Move One’s extensive local knowledge has helped build a successful track record in delivering everything from small shipments to heavy and over-sized cargo for customers in various business sectors, including military, diplomatic, oil and gas industry and civil reconstruction projects

http://logisticsweek.com/news/2011/0...od-to-be-true/

Specialists: Iraq's economy is suffering from a crisis management

The Economists Araciyon in Basra that the Iraqi economy is suffering from a crisis management sharp contributed retracting from the past. The head of the Federation of Iraqi businessmen in Basra Sabih Habib al-Hashemi, told the Kurdish news agency (Rn) that "the economic situation in Iraq to Ainsjm with resources and the date of Iraq, the situation is not required."

He explained that "the Iraqi economy is suffering from a real crisis is mismanaging the economic profile in Iraq, particularly the Iraqi government is far from the equation of put the right man in the right place." He also added that "most of Economic Affairs in the country, institutions and the relevant committees are run by people who are not specialists, which reflected negatively on the reality of the Iraqi economy in general."

He pointed out that "the Iraqi economy has taken positive steps by opening the doors to the private sector, but with deep regret that accompanied these steps a number of drawbacks, notably poor management and random action, which was allowed in many of the Tarin on a business career."

He noted that "the Iraqi trader after 2003 exceeded several parameters important the most prominent reputation and brand and the customer, which was allowed to enter the inferior goods in order to achieve profits even albeit at the expense of the country and the citizen."

Stressed the need to enact a law to protect the consumer and the product in an attempt to curb the import of goods random through the control of the merchant and the product and activate the control and Altqayss and tax. For his part, Chairman of the Federation of Iraqi Industries in Basra, Majid Rchk Abdullah said many industries and plant industrial stopped completely because of the lack of support on the one hand, import random from the other side.

Say Abdullah's (Rn) that "Basra has seen over the past years the closure of several factories, government and private due to the absence of government support as well as import random." He explained that " economic reality has dropped considerably in the province of Basra because of mismanagement that led to the suspension of dozens of industrial projects that made ​​the conservative ranks of the industrial cities produced."

Stressed Abdullah on the need to restore factory activity in large government in the province of Basra, as well as supporting the local private sector and the protection of its products from the scourge of import random.

The province of Basra, dotted with six 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 in years, while the other works less than half the production capacity. The local government has this 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 state-owned factories since 2003.

http://www.aknews.com/ar/aknews/2/250164/

Asadi expects mounting violence in light of US Forces withdrawal from Iraq

The statements of Iraqi Deputy Interior Minister Adnan Al Asadi saying that he expects mounting violence in light of US Forces withdrawal from Iraq has spurred debated reactions, a source told Alsumaria.

Certain lawmakers believe Asadi’s statements are irresponsible while others say that security violations are not related to the withdrawal of US Forces from Iraq.

Observers believe the presence of US Forces in the country will increase armed groups attacks against the US military.

Leaked reports point out on the other hand to the possibility of concluding a new deal which stipulates the extension of US Forces in Iraq till the year 2016.

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

Committee on Oil and Energy recommends stopping all future contracts to companies

Announced an MP for the coalition of state law Rehab slave to the oil and energy, after discussing the subject contracts for the company Sher and contracts for the Kurdistan region and the licensing round, reached the decision to stop all prospective contracts with foreign companies, in do not affect the previous contracts of association with the Iraqi economy and the budget of Iraq.

and said in a statement "told all of Iraq" on Monday that the decision of the Commission on oil and energy for future contracts will be action taken against companies shared between the Commission of Petroleum and Energy and the Ministry of Oil in dialogue with the Kurdistan region and know the ranges of this contract and the extent of its benefits for Iraq and disadvantages on the central government, adding that it was after the announcement of the decision and voting on by the House, it will prevent contracting with any company until after the ratification of the oil and gas.

http://ar.radionawa.com/Detail.aspx?id=9874&LinkID=197

US Embassy in Baghdad requests 6 billion dollar as 2012 allocations

The US Embassy in Baghdad requested from the US State Department allocations for the year 2012 up to 6 billion dollar.

The US Embassy justified that allocations are needed to support Iraq’s oil sector which is deemed significant for Europe and the United States.

Certain political parties however cast doubts over the request for these allocations.

Others however regard the US Embassy request as logic and is meant by it to transfer Iraq’s file to the State Department instead of the Pentagon, a source told Alsumaria.

Political analysts say that spending that many allocations on Iraq’s economy might reflect a US will to mark a civilian presence in Iraq after the military withdrawal.

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

Maliki: Iraq is drawing in investments

Iraqi Prime Minister Nuri Al Maliki urged all Iraqi provinces to enhance the role of the private sector and investment firms in Iraq.

Iraq has become one of the major countries drawing in investments, Maliki said.

Iraq has now the mission to invest its wealth after persevering to face terrorism, Iraqi Prime Minister Nuri Al Maliki said in a press conference in Karbala.

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

Iraq enters into a contract to build a pipeline worth $ 365 million with Iran

Concluded and the Iraqi Ministry of Electricity on Thursday a contract worth $ 365 million with an Iranian company appointed by the government in Tehran to build a gas pipeline to extend electricity production plants Iraqi Iranian gas, according to a ministry spokesman said on Thursday. Musab said that the teacher pipeline will carry about 25 million cubic feet of gas per day, what would be sufficient to generate about 2500 MW. The pipeline would cross the Mansouria gas field in Iraq, near the Iranian border in Diyala province, and feeds the three stations produce an electric current, the first in Sadr City, north of Baghdad, as well as two other stations in the northern and the southern suburb of the capital.


In the meantime, said government spokesman Ali al-Dabbagh said the Cabinet had agreed to pay 25% of the contract value for the company of Iran. The pipeline will extend to 130 km and a diameter of 48 inches. This produces plants perennial power in Iraq less than half the actual demand of the country. The situation is accurate in the summer of intense heat in Iraq, where can the national network of electricity provide electricity only for a few hours a day.

The contract also reflects the closer ties that have developed between Iran and Iraq under Shiite government of Prime Minister Nuri al-Maliki. This was fought a fierce war between Iraq and Iran in the eighties, which caused the killing of nearly a million people. Has been resorted to a large number of Shiite leaders in Iraq who have been persecuted by the regime of Saddam Hussein to Iran, and they returned after the fall of Saddam Hussein's regime in 2003, and now some of them assume positions of major government and remain on a close relationship with Iran.

http://translate.googleusercontent.c...HxWf3MGXixjP4w