Thread: Iraqi/Dinar News before 3-12-2007 7:45PM CentralTimeZone

Please forgive if exact article has already been posted.
Iraq Oil Law Details Untouched Fields, Blocks -Document


Mar 05, 2007 (Dow Jones Newswires)
Iraq's draft hydrocarbon law, the centerpiece in the development of the country's shaky oil industry, details dozens of untouched oil fields loaded with proven reserves and scores of exploration blocks that may prove a magnet to international oil companies, according to a document seen by Dow Jones Newswires.


Development of the long-delayed draft law has suddenly picked up pace in recent weeks, with hopes that it may be approved by lawmakers later this month. It is expected to open the country's 115 billion barrels of proven oil reserves, the world's third largest, to foreign investors.
In the latest draft, the law lists some 51 oil fields in various parts of Iraq that are ready for development, and 65 exploration blocks.

The potential oil wealth of the country is broken down into four appendices.

The first details the 27 fields already in production, including the South and North Rumala fields and Majnoon in the south, which is in need of further development.

The second names 25 fallow oil fields with proven reserves positioned near those that already pump crude. On paper, they are the easiest to develop because of their proximity to existing infrastructure. They include Rattawi, Siba and Howzah in southern Iraq, Mansouriyia, Nahrawan and Himreen in the center and Ismail, Makhmour and Qarah Jwaq in the north.

An Iraqi oil expert familiar with the details of the draft law said the Iraqi National Oil Company, yet to be established, would control all the oil fields listed in these first two appendices. It can either develop the fallow fields itself or can negotiate with foreign companies to bring them on stream.

The third appendix lists 26 fields scattered across the country, which aren't close to producing fields, making them a costlier challenge to develop. They are found in the provinces of Muthanna, Anbar, Suleimaniya, Kirkuk and Najaf, among others.

Within this appendix, the Iraqi oil expert said the Kurdistan Regional Government can negotiate and sign preliminary contracts with foreign companies to develop oil fields located in its own territory, while the oil ministry in Baghdad does the same for fields elsewhere. These contracts will need to be approved by a federal oil and gas council.

The fourth names 65 blocks to be explored, with the majority in the Western Desert within the Sunni-held and strife-torn Anbar province northeast of Baghdad.

If the blocks are located within the three northern Kurdish provinces of Suleimaniya, Erbil and Dohuk, they would be controlled by the KRG, with Baghdad controlling the rest.

According to a cabinet document attached to the proposed law, Iraqi officials must first agree to the framework of contracts to be used when negotiating with foreign oil companies by March 15 if the country's draft hydrocarbons law is to be submitted to parliament for its approval.

Under the government of Saddam Hussein only four minor contracts were signed, but U.N. embargoes at the time prevented any work from starting.

The new draft law calls for reviewing and renegotiating these contracts. They include a contract signed by what is now Lukoil Holdings (LKOH.RS) in 1997 to develop the West Qurna oil field but subsequently canceled by Iraq. China National Petroleum Corp signed in the same year a contract to develop al-Ahdab field and Russia's Stroitransgaz won the right to explore for oil at blocks in Iraq's Western Desert.

The Kurdish government signed five contracts with foreign oil companies before 2005, including oil and gas companies such as Norway's Det Norske Oljeselskap (DNO.OS) and Canada's Addax Petroleum Corp. (AXC.T).

According to the new draft law these contracts would be reviewed by the Kurdish authorities and they need to be approved by an independent consultant appointed by the federal oil and gas council, to be established by the draft law.

RIGZONE - Iraq Oil Law Details Untouched Fields, Blocks -Document


Lewscrew

You just got to love the Kurds. I'm ready for them to take over Louisiana, I bet they get our wetlands restored.

Spin of the Week
Mon, 05 Mar 2007 09:01:22 -0800 Happyland Print Version
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By PR Watch

The "Other Iraq" opens a DC lobbying office
“The Kurdish Regional Government of Iraq has officially opened a D.C. lobbying office, which is headed by Qubad Talabany,” reports O’Dwyer’s. “His goal is to mobilize grassroots support for Kurdish interests,” including by establishing a Kurdish Congressional Caucus and a Kurdish-American business council. Talabany, the son of Iraq’s president, will also “promote Kurdish educational and cultural links with the U.S.” The regional government, through its public / private partnership the Kurdistan Development Corporation, previously launched “The Other Iraq,” a PR and ad campaign to encourage investment and tourism in the region. That campaign was led by the Republican-associated PR firm Russo Marsh & Rogers, as the Center for Media and Democracy and others noted. Back in 2004, the Kurdish Democratic Party hired the Barbour, Griffith and Rogers lobbying firm, “to ensure that Iraqi Kurdistan maintains its autonomy from Baghdad,” according to O’Dwyer’s

Hi gert!

Hi all. I just wanted to mention that the GCC talk of evaluation is unrelated to our interest - the Dinar. The GCC talk of reval exists because the Gulf Coast currencies have been pegged to the dollar which is now declining. With the GCC considering a unified currency, the fact that the dollar is declining is relevant to them in valuaing a unified currency.

Scott

Inside Iraq

March 05, 2007

Hope

Today was a good day; we visited the main Baghdad theater and it is called the Iraqi national theater.

It is good to see people who are not afraid of standing for what they believe in; actors, actresses and dancers still doing their best in Iraq.

Today was a reminder that this place still has hopes… they gave me hope.

I am sure now that there are still many seculars who don’t want to leave the country and what gave me hope was realizing that religious radicals didn’t change the whole country yet, at least the place we visited.

Posted at 04:56 AM

I found this on a blog.

Thursday, March 01, 2007

Final Official Copy of the Iraqi Oil and Gas Law

This final official Arabic copy of the Iraqi hydrocarbon Law (oil and gas law) includes the 4 appendices and the Council of Ministers' resolution.

[update: here is the final and official Iraqi oil and Gas Law translated]

I had a very hard time getting the copy from my contact in the "green zone" to anyone in Baghdad who would then be able to scan it. Everyone who lives inside the greenzone never leaves it, and everyone who lives outside it never goes close to it! I spent hours trying to find a way to transport this copy from the greenzone to Baghdad to no avail. But I finally found a brave soul who was willing to help out.

The Bush administration can add the "Baghdad Wall" surrounding the greenzone to its list of "separation barriers" that it supports.

Council of Ministers's resulotion
This is the translation of the latest resolution of the Council of Ministers approving the oil law and submitting it to the Council of Representatives. You can notice that this creates an unconstitutional loophole in article 5, setting May 31st as a deadline for enacting the oil law even of the council of representatives did not approve it.


Council of Ministers

Oil and Energy Committee

Feb 26th, 2007 11:00 AM


[…] the Iraqi government [the council of ministers] submits this law, regulating oil operations, to the Council of Representatives [The Parliament].

[…]

[...], the following arrangements shall be adopted to finalize the regulating of oil and gas operations in Iraq:

<!--[if !supportLists]-->1- <!--[endif]-->This oil and gas law and its four appendices shall be submitted to the Council of Representatives, after agreeing on the types of model contracts and on the general terms and conditions, together with the Financial Revenues Management Law. All parties shall finalize this task before March 15th 2007.

<!--[if !supportLists]-->2- <!--[endif]-->Finalizing the laws of the Iraqi National Oil Company [INOC] and the Ministry of Oil in accordance to this laws articles and regulations. In addition, the Oil and Gas law in Kurdistan region Must be in harmony with the articles and regulations of the federal oil and gas law, ad in accordance to the constitution.

<!--[if !supportLists]-->3- <!--[endif]-->All oil operations and exploration and production rights’ granting shall be put on hold for areas included in article 140 that might have administrative changes for its boarders, except the oil operations related to the INOC that may continue its work in the fields discovered and already developed in accordance to the constitution.

<!--[if !supportLists]-->4- <!--[endif]-->All parties must abstain from signing new contracts agreements related to exploration and production activates in Iraq until this law is fully enacted.

<!--[if !supportLists]-->5- <!--[endif]-->The Federal Government, in coordination with the regions governments, shall finalize the requirements needed to implement this law and activate the entities mentioned in the law in a time period not exceeding the end of May 2007. In case this deadline was not met, the Iraqi Prime Minister shall meet with the president of Kurdistan Region to implement the law within one month and reach out to a solution based on one of the following options:

<!--[if !supportLists]-->a. <!--[endif]-->In case article 5 was not finalized by the deadline of May 31st 2007, the two parties shall have the right to sign Exploration and Production Contracts in accordance to the constitution, this law, and the general principles of contracts’ models (the first option).

<!--[if !supportLists]-->b. <!--[endif]-->Extend the time period mention above.

Iraqi Media Net

PM stresses on ministerial amendments on his government during next two weeks

Monday, 05.03.2007, 08:01am (GMT)

Prime minister, Nuri Al-Maliki, announced in a press conference in Baghdad yesterday, that he is to make ministerial amendments at his current government during this or next week, he added that Baghdad is to witness international territorial conference in this month for confirming Iraq determination.

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5 اذار 2007

The First Political: extradition salaries retired workers

Baghdad-Rali sure The Ministry of Labor and Social Affairs, the 12th of this month, the date for the pay of retired workers who are covered by social security. An official source in the Labor and Social Security Committee of the Ministry of (morning) : The Department will spend the salaries of retired workers who are covered by social security on the 12th of this month, and monthly in January and February. He added that the distribution of salaries ruled figures indexed pensions identities in the post offices do not prefer this system payment of salaries of conflict with the distribution of subsidies covered by a network of social protection. The ministry announced on the distribution of subsidies network of social protection for families not covered by the recipients for the month of January in the fifth ten of the current month.

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Parliament resumes sittings

Baghdad / Hisham became The first deputy chairman of the House of Representatives Sheikh Khaled al-Attiyah that the Council will resume today, Tuesday, the first chapter of its first legislative year Sunday.

Al-Attiya said : that the Parliament would be held today after concluding his patrol through the second legislative chapter of last year.

It was the House had voted on a number of important laws, such as obtaining clearance patrol. Among these laws, the budget of 2007 that took a long time amid a heated debate among the deputies on the allocation of social benefits for the presidency of the republic and the prime minister.

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The 4972 date February 28, 2007

Foreign Aalastthmarat between economic necessity and fear that the domination of monopolies

Murad Abdul Hadi

Within the current economic trends, to energize the reconstruction operations, was enacted a series of laws and important economic legislation, designed to reorganize economic life in the country, especially those related to foreign investments and independence of the Central Bank, the most important investment law No. (13) of 2006.

As a result of the tireless efforts made by the United States to reduce Iraq's foreign debt, estimated at (128) billion dollars, has been reduced some of the those debts by 80%.

And to enable Iraq to recover money items smuggled tyrant (Saddam) and his family members who still hold billions of dollars seized during the period Tsltahm on governance.

External funding sources In the light of the size of Iraq's huge debts, and the requirements of reconstruction, it has become necessary to move towards external funding sources and allowing foreign investment, one of the sources, the important and necessary to launch reconstruction projects because of the low GDP derived only from the oil revenues, and the absence of Mus leveraged finance and national able to finance reconstruction projects or repairing the infrastructure of the Iraqi economy.

There is no secret to anyone that such trends have very important repercussions and the movement of the Iraqi economy since the consequent some adverse consequences unless regulated according to appropriate controls to ensure our rights, and these controls, which are contained in the Investment Law space and protecting certain economic sectors, national and prevent subject to the control of foreign capital, but (controls) is not sufficient to ensure that these investments towards productive sectors, according to the needs of development, rather than consumer-oriented sectors, which drains the country of resources for to continue to control the country's national wealth.

Hence the importance of the commitment to the controls contained in the foreign investment law and respect for national authorities supervising the implementation of this the law, submit to the guidance, as well as emphasis on the direct investment by creating productive capacities and create jobs for the unemployed as well as opportunities the transfer of technological expertise, the knowledge and skills acquired administrative cadre Iraqi technical, and restrictions on foreign capital flows that recruit for the purposes of speculation, and not following the invitations to the full emancipation of movement and the movement of foreign capital and resisting invitations deregulation, and attention risks to foreign control of the banking sector, where the experiences of some developing countries, including (Arab countries), it leads to the use of a large and important domestic savings for the purposes of national speculation, which in turn leads to leakage outside the country.

Here we can identify the sources of external finance various follows :

First : The flows of remittances and international institutions include :

A-Bank for Reconstruction and Development Bank, which includes (154) State based on the provision of loans and aid to developing countries on the basis of lending conditions in the free market.

B * Foundation for International Development, and is considered one of the important sources of loans (easy generations long and reduced benefits), and provides loans to developing countries with income low financing of this institution depends on grants from the (32) rich every three years.

C * International Finance Corporation : The scope of activity of this institution is to contribute to private sector projects in developing countries, and enjoy the support and the support of politicians and economists for Westerners facing the private sector in developing countries, many of the obstacles and difficulties, as well as poor and inadequate infrastructure in the areas of education education and communication, transport and communications and financial institutions.

Second : grants and foreign aid :

It is called official development assistance, which is one of the sources of funding and vital task for the poor developing countries with GNP low. As a result of these subsidies play an important role in helping these countries to develop and revitalize the national economy (according to the loan amount) in the provision of from their food and to provide some basic services in the (education, health, electricity, transportation), as well as the introduction of modern farming methods Kalmcnanh, fertilizers and pesticides as well as improved seeds, to increase and improve the quality of agricultural production. And those loans also helped to develop and modernize management techniques developed in the Department of developing countries.

Third : foreign private investment.

This is kind of unusual importance of investment in the economies of developing countries, because of insufficient domestic savings, in return growing needs for domestic investment and this kind of sources of funding for two types :

A - indirect investments : The picture on the purchase of stocks, bonds do not have administrative rights, and has been for this pattern of great importance in funding the early twentieth century, and then subjected to numerous disturbances is due to the instability in the foreign exchange rates and the consequences it risks.

B-foreign direct investment : it represents ownership of capital assets gives the foreign investor and the administration's right is more important than foreign direct investment.

When the situation stabilized the political, economic and monetary relatively emerged conventions and international economic blocs and the best example of this approach by the (European common market 1957) and then emerged on the international economic scene (multinational corporations), which succeeded in bringing their direct investments in growing and many parts of the globe, and the International Trade Center, and the Paris Club.

The economic statistics reported by the British Financial Times that the number of multinational companies at the end of the last century (44 thousand the company) have thousands of branches, and the number of such companies in developing countries alone (7900 companies), The value of the assets of the largest one hundred companies some (1.7 trillion dollars).

A multi-national companies seeking to invest capital in developing countries, the availability of market outlets and cheap labor, lower taxes and higher profits and guarantees for the protection of production to prevent the import of goods similar to the production.

As for our country and for the foreign investments to help create job opportunities and contribute to the elimination of the unemployment problem in our country because of worsening economic conditions, security, which requires reconsidering the Investment Law No. 13 of 2006, in particular article 12 Chapter III (advantages and safeguards), which gave investors a choice between operation Iraqi workers or bringing in foreign labor, and this part important calls to reconsider it and to make binding on the foreign investors operating Iraqi workers.

The broad areas of investment in our country, which lacks many of the goods, appliances and machinery and equipment, and it extends to the conduct of the markets over twenty years at least to satisfy the domestic need it.

This is why we call it the first of the House of Representatives and the Council of Ministers and the Council for Economic Planning and the Ministry of Labor to reconsider this article for the injustice of our workers who are unemployed for more than a quarter century ago, as well on the subject company accounts invested to Iraqi control and subject to progressive tax laws in force in Iraq.

Israelis to supply vehicles for Iraq By STEVE WEIZMAN, Associated Press Writer
Mon Mar 5, 11:43 AM ET



JERUSALEM - An Israeli state-owned corporation has won a contract to supply the U.S. Marine Corps with state-of the-art armored vehicles for use in Iraq, the latest in a long line of Israeli defense sales for use in the war.

Amit Tzimer, spokesman for weapons maker Rafael, said Sunday that, in partnership with U.S. manufacturer PVI, Rafael has signed up to deliver 60 of its new Golan vehicles at a total price of $37 million.

Delivery will be made to the Marines in the United States in May, he said.

Rafael's sales catalog describes the Golan as a multipurpose vehicle, capable of withstanding armor-piercing machine-gun rounds, rocket fire and bomb blasts. It can carry up to 10 troops up to 360 miles on a tank of gas and can be outfitted as a fighting vehicle, mobile command post or ambulance.

Tzimer said that the initial deal was part of the first phase of a U.S. program to procure a total of 40,000 armored vehicles, and Rafael hoped for more orders in the future.

He added said that the firm previously supplied armor for the Bradley fighting vehicle.

A Pentagon survey released earlier this year said that hundreds of U.S. troops in Iraq and Afghanistan have experienced shortages of key protective equipment including armored vehicles.

Tel Aviv-based defense analyst Zeev Schiff said Rafael was only one of several Israeli companies that had long been providing and maintaining equipment for American forces in Iraq.

" Israel prefers to keep a low profile, but it's been doing that for years, not just for the (U.S.) Army but for the Navy, too," he said.

The Israeli Defense Ministry declined to comment on the sales of Israeli equipment destined for use in Iraq. The U.S. Defense Department did not respond to requests for a comment.

Robin Hughes, a Mideast military analyst at London-based Jane's Defense Information Group, said the issue of Israeli equipment in service in Iraq was a sensitive one, and both suppliers and customers generally preferred to avoid publicity.

"There are systems that are deployed, and I wouldn't just say U.S. vehicles, maybe other coalition vehicles. I think that if you were to look carefully, you might spot other Israeli stuff," he said, without elaborating.

Israeli media have reported that Israeli businessman are active within Iraq itself, and last month the Israeli National Security Council issued a cryptic travel warning, citing the danger to Israelis traveling there and reminding them that such visits are a criminal offense under Israeli law.

Israeli citizens are forbidden by law to visit Iraq, Syria, Lebanon, Saudi Arabia or Yemen, all of which are technically at war with the Jewish state. Egypt and Jordan are the only Arab states to have signed peace treaties with Israel