Thread: Iraq/Dinar News up until April 10th 11pm ctz

واقليميةParticipation in the Arab and regional exhibitions
Baghdad-file Press من . expected to be attended by businessmen, investors and traders Iraqis in a number of exhibitions will be held during the next few Arabs, and regionally, including exhibition and the food and beverage and the state will be held on the land of the Qatar International Exhibition in Doha during the period from April 29 and until May 3, 2007. و .Also, the second agricultural exhibition Mersin in Turkey for the period from 25 and up to April 28, 2007, an exhibition of food and food industries, which will be held also in Mersin for the period from 25 to April 28, 2007
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Egypt announces special international meeting hosted by the launch of the initiative (the International Covenant Iraq)
07 / 04 / 2007

CAIRO (KUNA) - Egypt announced today an agreement with Iraq and in coordination with the United Nations on the International Ministerial Meeting on the launch of the initiative (the International Covenant Iraq) on the third of next month in Sharm El-Sheikh.
According to a statement of the Egyptian Foreign Affairs today that the meeting attended by many countries, organizations and international and regional bodies that have shown interest in the initiative and participated in the last meeting at the level of senior officials, which was held at United Nations Headquarters in New York to prepare for the ministerial meeting and the preparation of the International Covenant.
The statement added that it was also agreed to hold a ministerial meeting extended to neighboring countries of Iraq with the five permanent members and the Group of Eight on the fourth of next month, also in Sharm el-Sheikh, where these countries participate in the ministerial meeting of the International Initiative for Iraq.
He expressed his country welcomed what was agreed upon to hold meetings on the neighboring countries of Iraq at the ministerial level with the five permanent members of the Security Council and the Group of Eight major industrialized nations affirming support the convening of the next meeting of the Group of the neighboring countries of Iraq expanded in Turkey in the appropriate date him.
The statement added that Iraqi Prime Minister Nuri al-Maliki would pay an official visit to Egypt next month in response to an invitation addressed to him by the Prime Minister Dr. Ahmed Nazif.

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The point of view-economic observations on the draft law of oil and gas Iraqi
Source : Dar Al-Hayat-07 / 04 / 2007

The least that can be described by the draft law of oil and gas incomplete and in some paragraphs it was contrary to the prevailing laws, and served on all the gains achieved by Iraq in this area. The project, as well as more competition and enmity between the regions and weaken the bargaining power to the Iraqi side at the conclusion of agreements with the foreign partner. The Constitution provides that the Iraqi oil belongs to the Iraqi people, why should the central point and one oil policy and the conclusion of agreements and contracts signed up and the development of the fields and reserves management, which requires the presence of a technical one efficient and capable of ensuring the interests of Iraq, which are available only in the National Oil Company.

The new law was incomplete as not to touch items oil and gas reserves, which makes versions contracts with different foreign agencies, therefore assumes the reference in the law to :

First : the need for the formation of technical committees for the classification of oil and gas reserves as follows :

A-productive fields were affected precautions, including not requiring entry of a foreign partner to leave the national oil company also now manage reserves and oil production, as in the fields of Rumaila and Bai Hassan and Jenbur.

B-productive fields damaged precautions in part, as having Kirkuk and Rumaila North and requires that the call by some specialized international companies to prepare studies and determine how best to address the damage and determine the optimal level of production in future, in this case-can resort to a production partnership with the foreign party is not involved in profitability only if the production at the optimal level decision. Applied such agreement in Algeria on the field of Hassi Messaoud.

C - previous discoveries with companies prepared plans redevelopment and other perceived as a madman, jaw and Abu Ghurab. In this case require these companies to carry out the development, especially that the agreements signed with them in better conditions.

D-fields, which proved the existence of oil in holes or not, and need of new exploratory seismic Kalmsh bilateral or three-dimensional exploration wells and calendar. Here, the use of contracts for the exploration and production, and must include such contracts the exploratory period of two years or more, and provides that the foreign party is to carry out the required Kalmsh seismic exploration and drilling wells to reach the size of proven reserves. This will be followed by a foreign party to plan redevelopment and productivity based on the optimum way to exploit the reserves.

Second : the formation of committees, economic and technical formulas for the selection of contract for each type of precautions, a calculation of the financial benefits of the increase in Iraq identifying the amount of oil allocated to cover the costs, but not less coverage than six years. As well as linking the amount of oil this party and the proportion of the foreign factor in profitability compared to the total received by the foreign party to the total expenditure. The more this ratio must be reduced volume of oil allocated to cover the costs, as well as the ratio of rent to profitability. It must be in the range of return on capital for the foreign party between 14 and 16% based on the size and cost risk factor.

Third : that the reference to the proceeds of oil and the level in the draft law violates the state's ownership of oil, because the rent is paid by the foreign partner of the State for waiving its right to invest their natural wealth, and used in the concession agreements anachronistic prevailed at the beginning of the last century. Does the law allow in the face of such agreements? Is abandonment of sovereignty over its oil?

Even if we assume that this is true, why be royalty rate of 12.5%? While we must not less than 22% but less tax on oil profit from 85%, ie the state's share of the net cash flow during the period contracted 88%.

Fourth : the provinces or regions to give authority to negotiate and contract with foreign parties and sent to the Supreme Federal Council, reduces the bargaining power the Iraqi side, and raises some problems between the provinces, which extends across the fields of petroleum and gas.

It is most reserves of oil field east of Baghdad in the province of Baghdad, while extending the field to Salah Al Din governorate, which means that the production is expected in the Baghdad governorate of Salah Eddin higher. Will accept foreign companies under various conditions in the two provinces? The development of this field in a joint development Consolidated Inter lead to a divergence of views between the various parts of Iraq on the level of production in each of them.

Fifth : The law did not address the question of the use of newly discovered oil pipeline transport and reservoirs, pumps and outlets export list, which mandated implementation of such huge sums of money in the past.

Sixth : The law did not abiding by the central government conditions contracted with the provinces, the central object, such as oil and gas, the federal Chamber of Deputies. The foreign party is entitled to raise any claim or demand compensation from the central government in return for the cancellation of such a contract.

Seventh : whatever type of agreement and the mafia, there are four basic things that must be underscored is that the technical committee was central to the development plan, and track productive future based on the principle of optimum exploitation of the reserves discovered, and the contractual terms designed to enhance the financial benefits of the state, and the emphasis on the ownership of the Iraqi government of oil.

Eighth : efforts to control part of the Iraqi oil began to enter the coalition forces in 2003, as the Ministry of Foreign Affairs held a seminar on the future of the American oil industry after Saddam Hussein, called for by a number of experts and politicians Iraqis, and the newspaper <Independent> British October 10 (October) 2005, that the Iraqis pledged create favorable conditions for American and Western companies, which will participate in the development and production of Iraqi oil, to provide these conditions revenues on capital ranges between 40 and 60%. It is incumbent upon the Iraqi parliament not to ratify and approve such contracts with these conditions, because it unfair.

Ninth : the issuance of this law coincided with a campaign to pass, represented the views of some experts who thought that <no future for the Iraqi oil market, therefore, the value of the oil produced, as long as it does not>. This view is incorrect, recalling the expectations of the International Energy Agency that global oil production will rise from 82 million barrels per day now to 114 million barrels per day in 2020, while supply will increase only 12 million barrels per day. What shows that the supply falls short of demand and the market will be scarce in the coming years. It also would increase the quantities imported by the United States, China and India in this period, which may lead to competition between these blocs to secure their oil and gas.

In the light of the foregoing, it would be better to postpone the issuance of this law and the emphasis on meeting the needs of the Iraqi people from fuels for restoring Iraq's sovereignty, and the freedom to the Iraqis issuing a law of oil and gas, which believes the national interest in the short and long term. Until then supposed to support the National Oil Company, to be called at the same time, companies that have already contracted by the government to complete the development of fields discovered by the Company <Petrobras> Brazilian to develop the Majnoon, and the company <Total> to develop fields and Abu Ghurab.

Iraq's prime minister orders pensions for Saddam's senior officers

07 April 2007 (AP Worldstream)


Prime Minister Nouri al-Maliki ordered pension payments for senior officers of Saddam Hussein's military and offered a return to service for lower-ranking soldiers, a major step aimed at defusing the Sunni insurgency and meeting U.S. benchmarks for his government.

In a statement, Al-Maliki's office said the decision was made during a Cabinet meeting late last month. It was not clear why the information was released only Friday.

Many former top intelligence, security and military officials are believedo have joined the Sunni insurgency after former U.S. administrator L. Paul Bremer disbanded Iraq's 350,000-member military on May 23, 2003, a month after the regime Saddam's regime was ousted.

The al-Maliki statement said that any former officer above the rank of major would be given a pension equal to that of officers now retiring. Former officers above major who wanted to rejoin the army were encouraged to check with the military command to learn if they were acceptable in the Iraqi army that is being rebuilt by American forces.

Those who had the rank of major or lower may voluntarily return to the army.

Lower ranking officiers and enlisted men with scientific or medical training would be given jobs in an appropriate government ministry, the statement said.

Al-Maliki, who is the supreme commander of the armed forces, issued a 24-point reconciliation plan shortly after taking power last year. It was seen then as a positive bid to draw disaffected Sunnis into the political fold. It was never implemented.

The measure still has not reached the floor, a delay that reflects heavy opposition to the measure among Shiite and Kurdish officials whose people were oppressed by Saddam.

The prime minister and President Jalal Talabani were expected to introduce legislation in parliament last week that would allow former members of Saddam Hussein's ruling Baath party _ including those in the feared security and paramilitary forces _ to regain government jobs.

The Bush administration has set out several benchmarks for al-Maliki's government. One is passage of the de-Baathification law to encourage Sunnis to rejoin the political process.

The draft measure sponsored by al-Maliki and Talabani would set a three-month challenge period after which ex-Baath party loyalists would be immune from legal punishment for their actions during Saddam's reign.

The bill, which excludes former regime members already charged with or sought for crimes, also would grant state pensions to many Baathists, even if they were denied posts in the government or military.

The reconciliation measure was announced March 26 but never put to parliament. It was thought to have been made public in an effort to short-circuit expected criticism of Iraq's government at an Arab League summit.

Al-Maliki was said to have taken the action at the time because he feared rising support among U.S.-allied Egypt, Saudi Arabia and Jordan for an Iraqi national salvation government led by former Prime Minister Ayad Allawi, a favorite of Washington.

"We present the draft Law of Accountability and Justice to parliament to build an Iraq that is accessible to all Iraqis determined to build a new, democratic Iraq that is far from sectarianism, racism, tyranny, discrimination, exclusion and disenfranchisement," al-Maliki and Talabani said in a joint statement when the measure was announced.

Iraq's prime minister orders pensions for Saddam's senior officers | Iraq Updates

Unrest in Iraq disrupted the entry of foreign banks
Source : Reuters-07 / 04 / 2007

Bankers said on Thursday that foreign banks waiting to stabilize the security situation in Iraq before entering or expanding their presence in limited.

The Iraqi bankers and American officials in a banking conference on Iraq funded by the United States that four years after the invasion, led by the United States in 2003 not to develop the private banking sector, which comprises 25 banks carrying work permits.

He said Hussein Azri director of the Iraqi bank for trade "Unfortunately, the foreign banks have yet to commit themselves to Iraq with regard to investments, training and systems development."

In the era of ousted president Saddam Hussein, Iraqi banks were isolated from the outside world and follow the banking system obsolete.

Since 2003 bought some Arab and international banks such as HP. S. Bi. CNN and the National Bank of Kuwait and Capital Bank from Jordan and Qatar National Bank shares in local banks.

But David Moner official figure in the boom financed by the U.S. Agency for International Development to promote the market economy and the banking system, which organized the conference for Iraq said that foreign investment is limited to seven banks did not show Percentage new since 2005.

Monroe added that the security situation is the main obstacle even for the banks, which received preliminary approval for licenses such as the Bank Milli Iran, the Commercial Bank of Kuwait and the Arab Bank of Jordan.

The Monroe "Most expected to see the direction of the wind ... We certainly for some time which is achieved relative stability before they begin to come. "

It is expected to be opened by the Bank and the return of Basil, Byblos Bank branches in Iraqi Kurdistan in the north of the country where the security situation was better than in Baghdad.

He added that in a country does not represent the private lending from the banks, a small family-run only four% of GDP there are tremendous opportunities.

He went on to say "There is a substantial demand for credit anger in Iraq ... When achieved a level of stability I think that there will be a demand for credit and that banks are willing to provide loans ... Would benefit greatly from entering the market. "

The Charge of the American International Development, one of the main shortcomings is the failure of the banks to work as a financial intermediary to attract deposits and extending loans to companies in a reliable provider.

The Monroe to Central Bank statistics, which show that the total assets of private banks rose at an average rate of 254% in the past two years and limited private lending to the traders without any diversity.

Monroe said that the plan of the U.S. Agency for encouraging banks to lend to small and medium-sized companies that lack traditional collateral such as real estate through the guarantees provided by the Iraqi company for assurances that the newly formed banks are beginning to have some success.

He said officials from the Central Bank to raise the capital of banks and increasing liquidity in the past two years appeared to increase lending.

The bankers and officials say that while interest rates range around 20% on deposits in the Central Bank is not surprising that the banks would prefer to deposit their money without any risk.

He said the appearance of Muhammad Salah Adviser Central Bank said that private banks "nature conservative in granting credit was reflected in the large liquidity rates, which amounted to 60% on average. Monetary policy facing this serious challenge to the contribution of the banking system to ensure balanced growth in economic activity. "

UAE Crescent to study oil exploration in Iraq
The Peninsula - [07/04/2007]

The UAE's Crescent Petroleum met with Iraqi officials this week to finalise a joint study on an oil exploration area in southern Iraq, Crescent said in a statement yesterday.

Iraq's cabinet endorsed a draft oil law in February that aims to lure billions of dollars of foreign investment to boost the country's output. The law is still awaiting parliament's ratification.

Many international companies have undertaken studies of oil and gas fields and training programmes for Iraqi officials as they position themselves to win stakes in the country's prized oilfields.

"Crescent Petroleum as a company from the region is firmly committed to Iraq and its oil industry for the long term," Crescent Executive Director Majid Jafar told Reuters yesterday.

The exploration area to be studied is near the southern city of Basra and the border with Kuwait, Crescent said. It did not give the name of the area.

Crescent has conducted studies for other regions in Iraq, and has also drawn up a development plan for the giant southern Ratawi field. Ratawi's potential output capacity is at least 200,000 barrels per day.

The new 10-month study will look at methods for seismic measurement and preparation of geological studies of the region.

Crescent representatives and Iraqi officials met in Amman, Jordan. The meetings followed on from a technical cooperation agreement that Crescent and the Iraqi Oil Exploration Company signed in September 2005.

Iraq's oil sector has been hampered by decades of sanctions under Saddam Hussein and years of violence since the U.S.-led invasion in March 2003.

Iraq said earlier this week that it had invited 15 Arab, Asian and American firms to drill 100 oil wells in the country's south as part of efforts to boost production. The invitations were issued at the end of March and will close at the end of May.

Iraq negotiates half-billion-dollar loan from World Bank
France24 - [07/04/2007]

Iraq is negotiating a 500-million-dollar loan from the World Bank to help reconstruct its war-torn economy, the prime minister's office said on Thursday.

A statement from Nuri al-Maliki's office said the cabinet had authorised Finance Minister Bayan Jabr Solagh to sign the loan agreement.

"The council of ministers decided in an extraordinary session on March 29 to authorise the finance minister to negotiate and sign a loan agreement with the World Bank worth 500 million dollars," the statement said.

It provided no further details.

The World Bank has remained active in Iraq but closed its permanent office in the country after one of its employees was killed in a truck bombing at the UN complex in Baghdad in August 2003.

The bank has given loans to Iraq since the 2003 invasion, mainly for improving the country's dilapidated educational institutions.

Iraqi Stock Exchange offering guarantees to foreign dealers
Translated by IRAQdirectory.com - [07/04/2007]

Observers speculated that the invigoration of the stock market in the Iraqi Stock Exchange during the recent circulation sessions, particularly after the announcement of adopting guarantee mechanisms for the circulation of non-Iraqi investors in the market, may be the beginning of good reception for future transactions compensating the massive losses incurred by stockholders last year, and which resulted from the implications of the security situation, absence of the mechanisms that enhance investment activity and respond to the requirements of the economy market.

Executive Director of the Iraqi Investment Bank, Hamza Hilboon, said that circulation indicators will reach high levels with the start of operating the electronic transaction, early next September, expecting a qualitative development in the circulation, with the entry of non-Iraqi investors.

He pointed out that the recent sessions of the Stock Exchange recorded an encouraging start to various sectors, especially the banks’ shares which maintained the top circulation by very high percentage for a long period.

Executive Director of Ashour International Bank, Zuhair Al-Hafiz, expected that the anticipated positive shifts in the Iraqi Stock Exchange will possess an important part of the Arab and international bourses observations, in light of the desire of Arab and foreign investors to circulate in the Iraqi market of securities, reflecting the increased interest in promising field.

Originally Posted by Lunar

Iraq negotiates half-billion-dollar loan from World Bank
France24 - [07/04/2007]

Iraq is negotiating a 500-million-dollar loan from the World Bank to help reconstruct its war-torn economy, the prime minister's office said on Thursday.

A statement from Nuri al-Maliki's office said the cabinet had authorised Finance Minister Bayan Jabr Solagh to sign the loan agreement.

"The council of ministers decided in an extraordinary session on March 29 to authorise the finance minister to negotiate and sign a loan agreement with the World Bank worth 500 million dollars," the statement said.

It provided no further details.

The World Bank has remained active in Iraq but closed its permanent office in the country after one of its employees was killed in a truck bombing at the UN complex in Baghdad in August 2003.

The bank has given loans to Iraq since the 2003 invasion, mainly for improving the country's dilapidated educational institutions.

This strikes me as odd. Iraq can generate that much money in oil exports over 4.2 days. Why take the loan?

Iraqi Minister of Industry : We received bids from large international companies to invest
Source : Middle East-07 / 04 / 2007
Fawzi Hariri : Our investment cooperation based on domestic and international

The Minister of Industry and Minerals Iraqi Fawzi Hariri, the start of the stage concluding agreements with the local companies, according to Arab and international system of a strategic partner with companies that the industry will continue for periods of 10 - to 20 years.

He added in a press conference the day before yesterday :> The ministry raised twelve file special investment industry, cement, iron and steel, petrochemicals and fertilizers with the auto industry, glass and paper for the purposes of rehabilitation in the context of a comprehensive program of work prepared by the ministry for the rehabilitation and modernization of these labs>. The aim of rehabilitation operations to increase production capacity in these labs, development and the establishment of non-polluting industries of the environment using specialized international companies.

Hariri disclosed that the working group in charge of this task a general conditions of contract, the first priority is to ensure the rights of workers in those labs, improve their living conditions and bringing a number of advantages and incentives to retain all employees and their contribution to the process of rehabilitation and the payment of salaries, allowances and benefits and coverage of any increases, according to the laws and regulations in force in Iraq, to agree to such conditions before signing the contract with the company, which will offer them rehabilitation.

Hariri, and reviewed the reality of the situation, a number of industries, including labs for the company's glass industry, which will be presented at an estimated cost of the investment is estimated at about $ 50 million and the General Company for the petrochemical industry, which represents one of the pillars of Iraqi industry and are grouped under the umbrella about 4000 employees, where the need to invest about 100-120 million dollars.

Hariri expected to reach the need to invest in the company of the Iron and Steel 180-$ 220 million to rebuild the structure of the company and furnaces and production of iron needed by Iraq to support the reconstruction process. In the existing cement plants, Sinjar and Karbala, Muthanna offered for investment, has been estimated need of investment to about $ 360 million.

And the consequences of putting these industries for investment, and the Minister of Industry expressed optimism that these industries have a large number of presentations, emphasized that the investment would be open, in front of many other industries in the event of a textile investors have as industries that are currently witnessing significant challenges to prove their worth and that such a lab garments in Najaf, one of configurations task and one of the best labs Middle East garment clothes, which signed a contract for the processing of global institutions Channel.

This is expected to take place staff in companies offered for investment to wages and salaries than their peers in the salaries of public companies, together with a rise in some of those labs raised their production capacities to 120% of their design.

And for the investor who will be preferred, it will be the minister of the presentations that serve the interests of the ministry and the associated state and praising the role of governors and provincial assemblies positive support the investment process in Iraq, stressing that the ministry has set the announcement of those bids is 45 days, and that the process of selecting bidders will be within a week or two weeks that followed, and these investments will be open periods ranging from 10-20 years.

With regard to the rehabilitation of labs companies, the statement said distributed in three stages giving priority to the implementation of the labs according to a number of criteria, was the availability of raw materials used in production locally and labs experiencing significant demand for their products and reduce the import of materials produced in these labs and stability of the security situation in the governorates where these labs.

In response to a question by Al <Middle East> on the policy of the Iraqi government and the preferences of the new investment plan, the Ministry of Industry said that the government's policy is clear on the investment and the shift from the public sector to the private sector or free market, and this will go towards supporting the private sector and the Iraqi industry.

This was announced by Iraqi Prime Minister and all the concerned ministries, the Ministry began actively applying a gradual transition and privatization of state enterprises and support to increase their ability to compete in the market, and we are confident of the potential in view of its experience and the ingredients for success, particularly other market.

As for the formulas of contracts between Hariri that most of the planned contracts will be based on finding a strategic partner, and would be preferred partner capable of providing modern services and technological possibilities known worldwide and also placed on the rehabilitation of cadres and the financing process, and a study is also to create a sort of tacit agreements, which show how the diversity depending on the type of contract and the nature of the institution, saying that there was high demand from many Arab and regional companies to invest because they are sure that the poor security conditions will not last long, some of whom expressed a desire to invest even in volatile regions.

And on the salaries of these companies, he explained that in the case of investing, there will be a greater chance for peace increase of four degrees to a 11 degree, in addition to the profit margin achieved because some companies now stalemated because of the need for financing to be provided by the investor, and the investment does not mean abandonment by the state, and they will understand the staff receive salaries from the government even in the private system.