Thread: Iraqi/Dinar news until March 1st, 2007

The Americans looked approval ... A bill expected oil
(Voice of Iraq) - 28-02-2007
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Parliamentary ratification
Baghdad-Hussein life-28 / 02 / 07 / /

A Kurdish MP Mahmoud Othman said that <Americans Wa for Britons, who hurry to approve the draft law on oil Wa gas, had a big role in persuading the Kurds accepting>, With renewed <Accord Front> Sunni opposition Adoption the project in light of the deteriorating security situation, With United States congratulated the Council of Ministers of Iraq j to approve the bill, which provides for the redistribution% pw Adat oil to all areas in accordance with the ratio of population e.

Osman disclosed some details that accompanied the approval process m proceed oil and gas law in the cabinet after months long dispute between the central government and less government happen Kurdistan. He said that <Americans and the British, , who strongly want him to the draft resolution had requested N. oil and gas, they had a big role in persuading the parties to the Kurdish Balkebo told him after intensive talks between the Iraqi government and insisting stack Kurdish ended predicated between the parties on Ast the fruits of oil and how to manage contracts and distribution>.

Uthman added that <the recent visit of Ambassador Alamirk j Zalmay Khalilzad had to convince Dokan focused on the Kurds acceptance of the oil after it promised them that the law ef Ded guarantee the interests of the Kurdistan>. He pointed out that <Kurdish government they want to have the the power to sell the oil contracts and extraction and the granting of licenses to companies are subjective that there be a representative of the Hako away the central, at a time when the government in Baghdad demanding oversee a contracts signed with the presence of a representative of the Kurds>, adding that <was resolved after the agreement to be half contracts signed at the disposal of the government of the Kurdistan>.

For his part, spokesman <Accord Front> Sunni S. Lim Abdullah that <current circumstances is not appropriate for Read R. draft oil and gas> He said : <look at the new law with suspicion and fear in light of the situation security, which does not help to put Such law, in particular it deals with oil investment, which is the most important the element of the Iraqi national income>. Increased <are in consensus that foreign companies do not have t in the law to serve their interests. We reject the call for the law of the privatization of the public sector oil and its transfer to foreign investment companies> , pointing out <need to distribute the proceeds of oil resources e is just away from the sectarian>.

It is expected to introduce this project, approved by the Iraqi government Monday, the House of Representatives after the completion of spring vacation told becomes effective, if approved, the end of May (May) painless before. A member of the oil, gas and natural resources in the Parliament Osama Alnjevi that <will be ratified in a parliament quickly on the project because of differences based e-political blocs on oil investment>.

The new law provides for the conversion of the national oil company e to the holding and independent powers granted equal t oil exploration and extraction of oil and awarding of contracts for each of the visited e Oil and the National Oil Company and regional bodies it would create law and gives companies the right to determine a for foreign willing to have the knowledge of government Mark uniform.

The United States was the first to the government here Ara received the approval of the draft law of oil, The news agency <France Presse> spokesman space e American Sean McCormick Monday : <We congratulate the Iraqi government for approval of the law on fuels>, He added that the Iraqi parliament's approval of the project T. form <an important legislative>.

He pointed out that the draft law stipulates that <all proceeds will the expense of a unified national>. He pointed out that <regions and all Iraqi governorates Council will be represented at the federal oil and gas will be the main body of energy policy in the country>.

He continued <The governorates will direct its share of the proceeds means local control is much more important to a the financial resources>. He concluded <that this law will make the oil tool Tessa counting in the unification of Iraq and give all Iraqis a fair share of proceeds country>.

Iraq-Currency
Exchange rate declines bringing dollar demand down
By Dergham Mohammed Ali
Baghdad, Feb 28, (VOI)- Dollar demand was sharply lower on Wednesday in the central bank daily auction to reach $39.520 million compared to $81.545 million on Tuesday.


Iraq-Currency
Exchange rate declines bringing dollar demand down
By Dergham Mohammed Ali
Baghdad, Feb 28, (VOI)- Dollar demand was sharply lower on Wednesday in the central bank daily auction to reach $39.520 million compared to $81.545 million on Tuesday.
In its daily statement the bank said it covered all bids which were $7.520 million in cash and $32 million in foreign transfers at an exchange rate of 1,280 dinars per dollar, one tick lower than yesterday.
None of the ten banks that participated in Wednesday's auction offered to sell dollar.
Ali al-Yaseri, a trader at the auction, told VOI "the decline in exchange rate for the second session running and the weak participation of the banks in today's auction brought dollar demand down."
He added "the previous sessions over the last two month saw an average participation of 14-18 banks in the daily auction compared to only ten in Wednesday's session."
The Iraqi Central Bank runs a daily auction on Sunday through Thursday.

28 February 2007 (Kuwait News Agency (KUNA)

The Iraqi Ministry of Oil has welcomed the new oil legislation in the country referring to it as "a significant long-awaited step." "The new legislation regulates management of (the Iraqi) oil sector and secures just distribution of crude revenues to all Iraqis," the ministry spokesman, Asem Jehad, told Kuwait News Agency (KUNA) on Tuesday noting that the law set the sound bases for developing the oil industry in cooperation with the world's leading firms.

According to the ministry's media officer, the new legislation would help its restructuring and resumption of work at the National Oil Company which will be in charge of operating all the oil fields throughout the country as well as "the Iraqi oil exports." Iraqi Primer Minister Nouri Al-Maliki announced on Monday that the government had passed the draft oil and gas legislation and would send it soon to the Parliament to vote on it.

The committee entrusted with the formulation of the oil legislation submitted the draft bill in December and submitted it to the government.

Al-Maliki noted that the new law would manage the oil operation on institutional basis in accordance with items 11 and 112 of the Iraqi Constitution providing that the oil and gas wealth is for all Iraqis.

The new formula of the legislation "goes in harmony with the federal nature (of the country) as endorsed by the constitution and also helps achieve the highest rate of benefits for the Iraqis" the prime minister added.

The newly-endorsed legislation provides for the formation of a monitoring council to be entrusted to study and scrutinize oil and gas contracts together with reviewing those signed by the defunct Iraqi Saddam regime. It will also set the legal framework for managing the country's oil and gas sector and distribution of resources.

The approval of the oil legislation followed months of debate and differences between the central Iraqi government and the government of Iraq Kurdistan as it allows regional authorities to seek oil contracts with foreign companies.

Originally Posted by Vipor

Does this mean BOTH houses have now approved the oil Law? If so, does this mean that all we need now is for Taibani/Maliki to rubber stamp it?

Vipor I pulled this from my post #562, I think answers your question:


It is expected to introduce this project, approved by the Iraqi government Monday, the House of Representatives after the completion of spring vacation told becomes effective, if approved, the end of May (May) painless before. A member of the oil, gas and natural resources in the Parliament Osama Alnjevi that <will be ratified in a parliament quickly on the project because of differences based e-political blocs on oil investment>.

I saw that the president ratified 7-8 new laws in 3 days ....that says a lot....

Do you guys think that we are waiting now for the pension law to go to parliament or that's included somehow in the budget law?...geez, dizzy again here...cause I think that was another thing for the HCL to be implemented...

HCL Done HUGH HUGH!!!!!


Iraqi parliament approves new oil draft law MENAFN - 28/02/2007</B>

MENAFN) The Iraqi Oil Minister announced that the parliament collectively agreed on the oil draft law that permits foreign companies to invest and work in the Iraqi oil reserves and projects, the Iraq Directory reported.

Though the US expects a fall to 1.3 million barrels a day in the oil production, the government assures that the new law will guarantee a fair share of the profits to all Iraqis in all of the 18 provinces, said the minister.

He added that the utilization of the Iraqi oil reserves will be determined by open tenders provided by the ministry and based on model contracts


MENAFN - Middle East North Africa . Financial Network News: Iraqi parliament approves new oil draft law

Originally Posted by Jola

I saw that the president ratified 7-8 new laws in 3 days ....that says a lot....

Do you guys think that we are waiting now for the pension law to go to parliament or that's included somehow in the budget law?...geez, dizzy again here...cause I think that was another thing for the HCL to be implemented...

http://www.rolclub.com/170732-post552.html

March 10 Baghdad Meeting!!!!

Voices of Iraq : Third-date

كتب: saleem في يوم الأربعاء, 28 فبراير, 2007 - 05:12 PM BT

Saleem wrote : On Wednesday, February 28, 2007-5:12 PM BT

الحكومة العراقية تحدد العاشر من آذار موعدا لمؤت مر بغداد

The Iraqi government identified the 10th of March date for the Met Over Baghdad

بغداد -( أصوات العراق)

Baghdad - (Voices of Iraq)

ذكرت قناة (العراقية) الرسمية اليوم الأربعاء أن الحكومة حددت العاشر من شهر آذار مارس المقبل موعد ا لعقد مؤتمر بغداد الإقليمي ، الذي يناقش الأزمة الحالية في العراق .

The channel (Iraqi) official today, Wednesday, that government set the 10th of the month of March, the date set a Baghdad for a conference of regional, , which discusses the current crisis in Iraq.

وكان وزير الخارجية العراقي هوشيار زيباري قد وجه الدعوة إلى دول الجوار والأعضاء الخمسة الدائمين في مجلس الأمن ، ودول ومنظمات عربية وأجنبية أخرى ، لحضور المؤتمر المزمع عقده في بغداد لبحث سبل حل ال أزمة الحالية في العراق .

The Iraqi Foreign Minister Hoshyar Zebari had addressed call to neighboring countries and the five permanent members in the Security Council, States and Arab organizations and other foreign, to attend the conference to be held in Baghdad to discuss ways of resolving the the current crisis in Iraq.

وقالت وزيرة الخارجية الأمريكية كوندوليزا رايس أمام الكونجرس إن دبلوماسيين أمريكيين سيحضرون إ جتماعا في بغداد تشارك فيه كل من إيران وسورية ، وهما الدولتان اللتان تتهمهما الولايات المتحدة بأنهما لا يبذلان جهودا كافية لدعم إستقار العراق ومنع التدهور الأمني الحاصل فيه .

The American Secretary of State Condoleezza Rice in front of the Congress that American diplomats will attend a Jtmaea in Baghdad involving both Iran and Syria. , the two accuses the United States they were making efforts not sufficient to support Iraq Asanger and to prevent the rapid deterioration of security.

ورفضت إدارة الرئيس الأمريكي جورج بوش من قبل دعوا ت متكررة وجهها مسؤولون أمريكيون بارزون ، سابقون وحاليون ، بضرورة إجراء حوار مع طهران ودمشق حول الموقف في ال عراق.

The Administration has refused to American President George Bush by calling T. repeatedly addressed key American officials, past and present, the need for dialogue with Tehran and Damascus on the situation in the Iraq.

كما تجاهلت الإدارة توصيات في هذا الشأن أوردها ، منذ نحو ثلاثة شهور ، وزير الخارجية الأمريكي الأسبق جيمس بيكر في تقري ره الشهير حول الموقف في العراق .

It also ignored the administration's recommendations in this regard by, for about three months, the American Secretary of State James Baker in the former Tekere famous danger on the situation in Iraq
Translated version of http://www.aswataliraq.info/

Number of banks 10 -----
Auction price selling dinar / US $ 1280 -----
Auction price buying dinar / US $ ----- -----
Amount sold at auction price (US $) 39.520.000 -----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $) 39.520.000 -----
Total offers for selling (US $) ----- -----


Gooooooooooooood Morning RolClub


"The More They Take, The More We Make".

One more decent auction and we will have passed 6 trillion dinars pulled from circulation! I am always encouraged when the number of banks participating in the daily auction begins to drop off and the amount of money exchanged does the same. LOGICALLY, when a very few banks want to buy dollars and the dollar volume is very very low, we should be at the end of the rainbow. Lets see what tomorrow brings. Hopefully the Parliment will be in session soon and they will rubber stamp the HCL law. I was also encouraged by the news that the GCC wants to revaule some of the Gulf area currencies by as much as 30%. This puts huge pressure on Iraq to be able to compete for goods purchased outside all of these countries. They have indicated they may increase the value of the currencies as soon as within the month of March. This should be very good for us. People talk about this being a long term investment, well for many of us it has been just that. I for one would like to see this train pull into the station. Hope all of you are having a good week.


1. 1 Dinar rate change today, it was 1281, it is now 1280

2. A (net) worth of dinars, IQD - 50,585,600,000 pulled out of circulation on today. (2/28/07)

3. 10 banks participating today

4. 92nd auction since the beginning of CBI's reval plan

5. 151 days into the CBI's reval plan.

6. 5,911,765,675,000 dinars pulled from circulation !!

7. "0" Dinars back into circulation today

8. 197 dinar change since Oct 1st (baseline was 1477) 13.337% increase in value of the dinar since beginning of reval plan (Approximatly Oct 1st).

9. 2 point reduction in the rate so far this week. Was at 1282 at the end of last week, 1280 so far this week.

10. 12 point drop in the month of Feb. Ended at 1292 in Jan, now stands at 1280.
In January we saw a 2.49% drop in the rate.
In February we saw a .928% drop in the rate.

Key business opportunities for ICTE leaders at Iraqi summit in Sharjah

Author: Trevor Lloyd-Jones

Source: BI-ME

Published: 28 February 2007



INTERNATIONAL. A special summit is taking place in Sharjah, UAE this week to strengthen Iraq's crucial and fast emerging ICT and education sectors.The summit, held on 27-28 February 2007 at the Radisson SAS Resort, is organised to determine Iraq’s strategy for building relationships with leading global companies to bring best-in-breed technology, training and management skills to the country, welcoming a delegation of senior level officials from the government of Iraq and the Kurdistan Regional Government (KRG).

The official Iraqi delegation is being led by the Iraqi Ministries of Communications, Science & Technology and Higher Education & Scientific Research. The delegation includes Minister of Communications HE Mohammed
Tawfiq Allawi, Minister of Science & Technology HE Raed Fahmi and Minister of Higher Education & Scientific Research HE Abed Theyab. The summit is also welcoming senior representation from the Kurdistan Regional Government (KRG), including HE Dr Idris Hadi Salih, Minister of Higher Education & Scientific Research and HE Dr Dilshad Abdul-Rahmanm, Minister of Education.

The aim of the summit is to decide on how best to meet a number of key ministerial objectives identified by Iraq’s new government. These objectives include the establishment of computer and electronic communication standards, secure networks, the development of crucial mobile telecommunications infrastructure and equipment, modernising Iraq’s information technology infrastructure, procurement, computer training for government employees and the establishment of Iraq's IT programmes.

The attending ministers and their officials are giving a series of presentations over the two days before making themselves available for private meetings with attending company executives.

Other senior figures attending the summit include the Iraq Reconstruction Management Office (IRMO), with their designated officials for both the Ministry of Communications and the Ministry of Education giving keynote presentations and making themselves available for meetings over the course of the event, as well as expert participation from the United Nations Educational, Scientific and Cultural Organization's (UNESCO) Iraqi Education Programme.

All attending Iraqi Ministries are looking to work with public and private industry, governmental agencies and educational institutions to lead scientific and technological development for the purpose of fostering the
restoration and improvement of Iraq's infrastructure and industrial base. All Iraqi officials are attending to speak about their ministries' requirements for their relevant sectors in front of an audience of senior
corporate executives, before holding private consultations with some of the pre-eminent operators in the ICT and education sectors.