Thread: Iraq/Dinar News. before Febuary 2nd 2006

It stressed the existence of sufficient oil stocks
01 February 2007 (Iraq Directory)
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The Iraqi Oil Ministry assured the citizens that the fuel crisis will soon be ended. This crisis worsened since last week, and the increase in fuel prices on the black market reached more than 200%.

An official at the Oil Ministry criticized the adoption of the ration card for distributing white oil to citizens, preferring to return to the adoption of the oil card, which also failed to secure kerosene, according to the citizens. The same source expected “to put an end to the growing phenomenon of queues of cars in front of gas stations in a few days through pumping large quantities of petrol to those stations”. He stressed that the Ministry “has vast inventory of all types of petroleum products in its warehouses”, pointing out that one of the reasons for the return of the queues of cars in front of gas stations, is targeting Latifiyah warehouse, south of Baghdad, by a terrorist attack led to the delay in supplying the transporting fuel tankers, in addition to the exposure of the pipelines transporting oil products from the southern region towards the capital Baghdad to an act of sabotage. He said that “the technical troupes rehabilitated large portions of those pipelines and the delivery of fuel to the city of Baghdad is resumed”.

The source demanded “the adoption of the oil card instead of the ration card in delivering white oil and liquid gas to the citizens, because it ensures that every citizen will get his assessment of these fuels easily”, while “using the ration card in delivering these fuels through food agents is complex, and impede the arrival of the products to the citizens as quickly as possible”.

The government stated that Prime Minister Nuri al-Maliki and the Minister of Oil, Hussein Shahrastani, are discussing the ways to resolve the crisis fuel as soon as possible, after the citizens appealed to the Prime Minister to directly intervene to find a solution to it.

Oil ministry expects a soluion to the fuel crisis soon | Iraq Updates

Al-Bayati: abolishing the compensation will make the subsidy of oil derivatives and the ration card
01 February 2007 (Iraq Directory)
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100 members of the Iraqi Parliament called on the Kuwaiti National Assembly to cancel the debts of Iraq to support the government in its efforts to revive the Iraqi economy and raising the living standard of the citizens.

The United Nations cuts (5%) of Iraqi oil revenues to go to the Compensation Fund as a result of Saddam regime’s invasion to Kuwait.

Abbas Al-Bayati, deputy on the Coalition, said that the Iraqi people are paying the price of Saddam’s follies and mistakes, and there are more than 100 members of the Parliament had signed a note rose to Head of the Parliament, Dr. Mahmoud Almshahadani, urging him to bring a message on behalf of the Parliament to the Kuwaiti National Assembly, asking it to support Iraq through canceling the compensation imposed on the government, in dialogues and negotiations in the framework of the reduction of Iraqi debt to Kuwait. Al-Bayati believes that if the compensations are reduced or canceled, there would be no need to eliminate subsidies for oil derivatives or the ration card. He pointed out that the government will have sufficient financial resources to use for reviving the citizens’ economic and living situations. Al-Byati explained that the International Monetary Fund required, according to the Paris Club negotiations, the lifting of subsidy on oil derivatives for the reduction of 21 billion dollars, affirming that the exit from this problem is through negotiating with the International Monetary Fund and calling on States that have debts on Iraq to abolish these debts and compensations, and if we reach any agreement, then it must not be at the expense of the poor classes, and there must be financial payments to revive the citizen in order to be able to rise to the level of the price of the local market in respect of oil derivatives, and foodstuffs.

100 Iraqi Deputies call for the Kuwaiti National Assembly to cancel the debt of Iraq | Iraq Updates

01 February 2007 (Iraq Directory)
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The Governor’s adviser of Basra said last Thursday that paving Haifa Street in Umm Qasr had been completed at the cost of 142 million dinar, while the director of the local Reconstruction Unit said that a local company had began this week paving the streets of the city of Qurnah at the cost of 385 million dinar.

Ihsan Abdel Jabbar, the Governor’s adviser of Basrah, said that "a local company was able to complete paving Haifa Street in Umm Qasr (60 km) west of Basrah at a length of 3 km and a total cost of 142 million dinar".

He explained that “Basrah governorate will include all regions within the reconstruction projects and have put new plans and strategies for the implementation of projects through 2007 under the purpose of demonstrating the city of Basrah as befitting it".
On his part, the director of the local reconstruction unit in Basra said "a local company began early this week paving the streets in the district of Qurnah (100 km) north of Basrah, at a total cost of 385 million dinar".

He added that "the process of paving included the internal streets of the judiciary of 7 km in length".

He pointed out that "there are other projects would be implemented in Basrah within the region development plan for the current year, and they would mostly be in service and health fields".

Most of Basrah districts suffer from neglect in the quality of services provided to citizens as most of them lack health centers, schools, paved roads and other services.

527 million dinar for paving the streets of Basrah | Iraq Updates

01 February 2007 (MENAFN)
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Officials at the Karbala Water Department said that the department will carry out 31 projects in the city in order to provide potable water for the residents by the end of this year, Iraq Economy reported.

The projects will include installing new water plants with 200 cubic liters per hour capacity and extending existing pipelines.

Iraqi government to carry out 31 water projects in Karbala | Iraq Updates

Real translation!!!!

01 February 2007 (Voices of Iraq)
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A delegation from Iraq's Kurdistan government is currently on a visit to Baghdad for talks on an oil draft law, Kurdistan government spokesman said on Wednesday.

"A Kurdish delegation led by Kurdistan natural resources minister Ashti Haurami is currently on a visit to Baghdad to resume negotiations with the federal government on working out a final draft for the oil draft law," Khaled Saleh, spokesman for Kurdistan government, told the independent news agency Voices of Iraq (VOI).

He added "the talks were still going on till a final agreement would be reached on the oil draft law."
"As soon as a final formula was reached, the content of the draft law would be made public," Saleh added.

Two weeks ago, the Iraqi oil ministry spokesman Aasem Jihad said a draft law for oil investment in Iraq, including Kurdistan region, was worked out by his ministry and was sent for the Iraqi parliament.

Iraq's Kurdistan government immediately voiced concern over the new draft law as no consultation was made with Kurdistan region over the proposed oil law.

Kurdistan Prime Minister Nigervan Barazani told reporters last week a new round of talks would soon start between his government and the federal authorities in Baghdad on working out a formula for an expected oil law that regulate investment in the oil industry throughout Iraq including Kurdistan region.

Barazani pointed out the new law is expected to handle 60 percent of the lingering issues between Baghdad and Arbil over oil and the distribution of its revenues.

Kurds demand a free choice of the companies that would invest in oil within Iraq's Kurdistan, a right to sign oil contracts with no intervention from the central government in Baghdad, and an increase in the oil revenues allocated for Kurdistan region from the present 17 percent up to 20 percent of the total oil revenues in the whole Iraq.

Kurdish delegation in Baghdad for talks on oil | Iraq Updates

Originally Posted by AlwaysDreaming

MENAFN) The Iraqi Minister of Oil that Iraqi oil will be divided equally to the Iraqis, since the final draft of the oil law had been completed and was put on the Energy Commission to the Council of Ministers, and were unanimously approved by the Committee with some amendments in it. It is noteworthy that some amendments will also take place when the draft to the Council of Ministers for approval, which will be submitted to the House of Representatives for the passage of legislation after the unanimous. The minister also noted that the resources derived from oil sales will go to fund one centralized and distributed to all Iraqis in the provinces, prefectures and the proportion of the population. On the other hand, the law will restore activity to the National Oil Company, which will be responsible for the development of the fields to increase production and exports, where would the oil industry, however, the basic competencies Iraqi keen to provide expertise for the Iraqi people. It should be noted that the law proved essential foundations, and also develop policies and plans to develop the oil all regions of Iraq in a balanced way.

This seems similar to the article from around the 19/20 of Jan. Appears to be re-worded and republished. I don't see any thing new-does anyone else?
Their news appears to be pretty limited lately.

This may explain some of it



Baghdad-Press
No Iraqi newspapers for four days
Baghdad, Jan 31, (VOI) - Iraqi newspapers did not appear on Wednesday for the second day running and they will cease publication for the two upcoming days because of Ashuraa holiday in Iraq.
Ashuraa, or the 10th of Muharram, marks the anniversary of the killing of Imam al-Hussein, the third Shiite Imam and grandson of Prophet Mohammed, in Karbala some thirteen centuries ago, which is a major event to mark for Shiites in Iraq.
Scores of daily and weekly newspapers of political parties participating in the political process as well as independent and semi-government newspapers are issued in Iraq.
Iraqi newspapers did not appear for nine days with the beginning of the Gregorian year 2007 as official holidays coincided with Eid al-Adha (Bairam) and Christmas holidays.


Baghdad-Press :: Aswat al Iraq :: Aswat al Iraq

Originally Posted by pipshurricane

Al-Bayati believes that if the compensations are reduced or canceled, there would be no need to eliminate subsidies for oil derivatives or the ration card. He pointed out that the government will have sufficient financial resources to use for reviving the citizens’ economic and living situations. Al-Byati explained that the International Monetary Fund required, according to the Paris Club negotiations, the lifting of subsidy on oil derivatives for the reduction of 21 billion dollars,

It sounds like they want to play with fire. The Iraqis agreed to the IMF requirement to lift the subsidies to get debt reduction and be considered for membership in the WTO. Now they want Kuwait to drop their war reparations so they have enough money to "keep the subsidies in place". They never meet a deadline and never live up to an agreement. I wonder if this could put the Paris Club debt reduction in jeopardy. Amazingly stupid move.

Originally Posted by day dreamer

OK 1290 i hope this is our number , now r/v at 1.29
wouldn't that be nice





Announcement No.(854)

D.G. of Foreign Exchange Control

The 854 daily currency auction was held in the Central Bank of Iraq day Thursday 2007/ 2/1 so the results were as follows :

Details Notes
Number of banks 16 -----
Auction price selling dinar / US $ 1290 -----
Auction price buying dinar / US $ ------ -----
Amount sold at auction price (US $) 86.490.000 -----
Amount purchased at Auction price (US $) ------
Total offers for buying (US $) 86.490.000 ----- Total offers for selling (US $) ------ -----









D.G. of Investments

Daily price Bulletin buying and selling Thursday 2007/2/1

Currency
Currency Code
Selling Price In IQD
Buying Price In IQD

US Dollar
USD
1292.000
1290.000

European Euro
EUR
1679.342
1678.502

British Pound
GBP
2533.741
2532.474

Canadian Dollar
CAD
1095.658
1095.110

Swiss Franc
CHF
1036.087
1035.569

Swedish Krona
SEK
185.491
185.398

Norwegian Kroner
NOK
206.370
206.267

Danish Krone
DKK
225.224
225.112

Japanese Yen
JPY
10.676
10.671


The above price represent reference rate and does not from any commitment on the Central Bank of Iraq.

This seems to be a nice Round number for lifting/raising three zeroes to putting the decimal point to 1.290. NICE

Originally Posted by Maddawg

This seems to be a nice Round number for lifting/raising three zeroes to putting the decimal point to 1.290. NICE

US Dollar
USD
1292.000
1290.000

European Euro
EUR
1679.342
1678.502

Another interesting observation. Isn't the euro quote above close to the Yazzman rate of 1.68 (if you "raise three zeroes") Which used to be the black market rate before the US invasion? Interesting coincidence don't you think? Just r/v NOW will ya?

worf