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

APICORP presents reports at ordinary meeting
10 April 2007 (AME Info FZ LLC)

The General Assembly of Arab Petroleum Investments Corporation (APICORP) - an affiliate of the Organisation of Arab Petroleum Exporting Countries (OAPEC) - held its 31st Ordinary Meeting on Saturday 7th April, 2007 in Cairo, Arab Republic of Egypt.

The meeting was chaired by Mr. Abdullah Al-Zaid, Chairman of the Board of Directors, and meeting was attended by representatives from other member states namely: Arab Republic of Egypt, Syrian Arab Republic, United Arab Emirates, Kingdom of Bahrain, Democratic and Popular Republic of Algeria, Republic of Iraq, State of Qatar, State of Kuwait and the So******t People's Libyan Arab Jamahiriya. The meeting was also attended by Mr. Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of (APICORP).

Mr. Ahmad Al-Nuaimi declared that the General Assembly approved the 31st Annual Report and the audited Financial Statements for 2006. The Financial Statement disclosed that the company operations for 2006 achieved a net profit of US$51 million, compared to US$35.8 million for 2005 (before the addition of US$58.8 million - net profit achieved from the selling of the Egypt Fertilizers Company in 2005). As a result, net profit for 2006 surpassed that of 2005 by 42%. It worth mentioning here that these good results were achieved through the generous profits received from the company's equity participation in 2006, coupled with the rise in interest income.

Total assets rose to US$2.6 billion, compared to US$2.3 billion in 2005, a 13% increase; while total shareholders also rose to US$897 million, compared to US$848 million in 2005, or an approximately 5.8% increase.

In accordance with the Statute of the Corporation, the equivalent of 10% from the net profit was transferred to the legal reserve. The General Assembly endorsed the Board of Directors recommendation for the distribution of US$20 million as cash dividends to the shareholders for the 2006.

Mr. Al-Nuaimi added that, the value of the Corporation's direct equity investments rose by 9.4% above their 2005 level of US$234 million to around US$257 million in 2006. On new equity participation's front, APICORP, together with Dana Gas of Bahrain and the Egyptian Natural Gas Company (GASCO), agreed to establish the Egyptian Bahrain Gas Derivatives Company (EBGDCO), with a US$23 million capital of which APICORP owns 20%. APICORP also took a 7% equity in the US$430 million capital of the Egyptian Emthanex Methanol Company.

Mr. Al-Nuaimi continued that APICORP's Board of Directors held its 1st meeting for 2007 on Friday April. It considered matters on the agenda related to the Corporation's investment and financing activities. He added that the project and trade finance activity was robust in the Arab region during 2006, where APICORP played leading and major roles in the arrangement of project finance loan facilities totalling US$13 billion, with APICORP underwriting and commitment totalling US$2.4 billion, compared to US$10 billion in 2005 and a final take of US$ 800 million.

Mr. Al-Nuaimi went on to say that in support of Arab oil exports during 2006, APICORP participated in trade finance facilities amounted to US$1.1 billion, with its final take of US$175 million, compared to US$685 million in 2005 and a final take of US$53 million.

As far as project and trade finance activities as concerned, during the period from January to March 2007, APICORP participated in the financing of petroleum and petrochemical projects totalling US$1.9 billion, with APICORP's final take of US$100 million. Also during the same period, APICORP was mandated to provide financial advisory services in Saudi Arabia for project finance transactions amounted to around US$1 billion.

At the close of the session, members of the Board of Directors expressed their thanks and gratitude to the shareholder governments for the support and assistance they have given to the Corporation since its establishment back in 1977. The Board of Directors also commended the special care the Corporation receives from the government of the Custodian of the Two Holy Mosques, Kingdom of Saudi Arabia, the host country, which has been conducive in achieving the Corporation's objectives.

In conclusion, members of the General Assembly, Chairman and members of the Board of Directors expressed their thanks and appreciations to the Arab Republic of Egypt for the cordial reception and generous hospitality extended to them during their stay in Egypt.

APICORP presents reports at ordinary meeting | Iraq Updates

The Russian Look-Oil request political support to Iraqi oil deal
10 April 2007 (Iraq Directory)

Look-Oil company, the largest oil producer in Russia, entered a partnership agreement with the Ministry of Foreign Affairs on Monday, and said that it depends on its support in preparing for the rehabilitation of a giant oil deal in Iraq.

Look-Oil and the ministry said in a statement that the agreement is the first of its kind in Russia, and it aims to support Look-Oil projects abroad and defend the interests of the company through diplomatic means and facilitate meetings of the company abroad.

In its turn, Look-Oil would consult with the ministry in energy-related issues.

The Russian news agency Interfax reported that head of the company, Wajid Ali Kabeerov, said at the signing ceremony which foreign media journalists were prevent from from attending it, "our company is entering new areas which do not enjoy political stability. We will need the support of the ministry in Iraq, particularly".

The head of the company said last month that his company is optimistic about the prospects for reviving a deal since the era of former Iraqi President Saddam Hussein to develop the giant Iraqi field of West Qurna after the government approved the new Iraqi oil law.

The deal, worth four billion dollars, to develop the West Qurna field may face problems due to its cancellation by the government of Saddam just before his overthrown in 2003.

However, the new oil law still needs to be approved by the Iraqi Parliament, which aims to establish the general framework of the work of foreign companies that invest in Iraq after decades of sanctions in the era of Saddam and the years of violence since the invasion, led by the United States.

The Russian Look-Oil request political support to Iraqi oil deal | Iraq Updates

A decline in prices of commodities in the market
After being relatively stable
10 April 2007 (Iraq Directory)


Dr. Majid Al-Soori, expert at the Iraqi Central Bank, expected the decrease in prices as a result to the procedure taken by the Central Bank in raising the value of the Iraqi dinar against the dollar, and the matter requires a period of time estimated at the end of the current year. Al-Soori drew attention that the insistence of traders on current prices is quite normal because the merchant looks back to the first exchange rate which makes him adheres to the current prices but reality will tempt them to lower their prices after the new supply of goods arrive.

He said: citizen can contribute in this equation through consumer awareness and waiting for the decline of prices and postpone part of his requirements and needs that are not urgent.

Prices at Baghdad markets are relatively stable for all goods and materials except transport fees despite the recent rise in price of fuel.

A number of shops owners in Baghdad said that the security plan has contributed greatly to the ease in the arrival of goods to the warehouses from the neighboring countries, despite the high amounts of transport fees, but traders mentioned that it is important for the Secretariat of Baghdad and the concerned authorities to work on the organization of the movement in the main markets in Baghdad, and seek to overcome the obstacles facing them represented in the works of cleaning and lift some barriers that hinder the vehicles transporting materials and goods, in addition to calling for the creation of alternative markets for those in the hot spots and provide security in other markets where terrorist operations continue.

Hashim Al Saeedy, trader at Alshorjah market, said that there is a good purchase movement these days because of the security plan which facilitated the arrival of people to the market as prices stayed as they are, despite the rise in fuel prices.

He added: we expect a growing turnout of citizens to purchase household electrical goods after the application of the new salary grading, which is hoped to raise the rates of governmental employees’ salaries.

On his part, Wisam Alzeidi, foodstuffs trader, at Jameelah market said that there is a growing buying and selling movement since the beginning of Baghdad security plan, which has greatly facilitated the arrival of traders from Iraq's various governorates to buy from Jameelah market, which is a center for the sale of bulk food.

Alzeidi added: prices are fixed, and there is no increase; and the news which refers to a rise in prices due to high fuel prices is nothing but rumors far away from the truth. In fact, some of the articles witnessed a decrease in their prices for because of the ease of shipment from the border to stores in the markets of Baghdad.

AlZeidi pointed out to the large movement of sale of materials and foodstuffs entering from Iran, Jordan and Syria, and that the prices of all materials are fixed and stable due to the stability of the dollar, which insures the merchant that there won’t be any coups at the dollar as it was before...

Abdul-Hasan Thamir, an economic researcher, said that the prices of materials and goods cannot stand any rise due to the stability of the salaries of governmental employees and the dollar’s exchange rates in Baghdad, through the "good" policy of the Central Bank to reduce the impact of inflation .. Therefore, prices remained stable.

Thamir added: the non-interference by government bodies in the work of merchants and the selling and buying operation increased the selling and buying movement without pressure.

A decline in prices of commodities in the market | Iraq Updates

"Q-Tele" intends to withdraw from Iraq
10 April 2007 (Iraq Directory)

Qatar Telecom Company (Q-Tele) said that a court had received a request to close Asia-cell the Iraqi mobile phone company which a unit of Q-Tele owns 40% of the shares in it.

Q-Tele owns the share of the company through the Kuwaiti Mobile Telecommunications Company, Al-Watania, which purchased the majority of the shares last month at 3.72 billion dollars to expand its global work.

Asia-cell, registered in the Cayman Islands, contributed at about 49.7 million KD ($171.8 million) of the net profits of Al-Watania in 2006, which reached 73.2 million KD.

Q-Tele said in a statement posted on the Doha Stock Exchange website on the Internet that a petition to liquidate the Asia-cell company was recently presented to the courts of Cayman Islands by the biggest stockholder in the company; however, the statement did not mention the reason of the petition.

Harry Koponan, Executive Chairman of Al-Watania, said last February that Asia-cell contributed in about one quarter of the number of subscribers in Al-Watania last year. Asia-cell was founded in 1999 and has more than three million subscribers in Iraq, according to its website.

Mark Hamond, communications prominent analyst and Assistant to the Deputy Chief of Research at Capital Ray, said: "operations in Iraq contributed significantly to the results of Al-Watania work".

He continued that Q-Tele will deserve compensation if it closed its work in Iraq in accordance with the agreement to purchase Al-Watania.

He went on to say that Kuwait Projects Company (KEPCO), which led the consortium which sold the share to Al-Watania, will pay any compensation.

"Q-Tele" intends to withdraw from Iraq | Iraq Updates

Iraqi instability curtails foreign bank presence
10 April 2007 (Gulf News)


Foreign banks are waiting until security stabilises in Iraq before entering or expanding a limited presence in the country's banking market, bankers said on Friday.

Iraqi bankers and US officials agreed at a US-funded banking conference on Iraq that four years after the US-led invasion of the country in 2003, the private banking sector, which comprises 25 licensed banks, was still underdeveloped.

Foreign investment that would have squeezed out weaker banks and helped create larger more competitive banks has also been limited after banking laws in 2003 opened the door to outside capital, bankers said.

"Unfortunately foreign banks have yet not committed themselves to Iraq in terms of investing, training and putting systems," said Hussain Al Uzri, chairman of Trade Bank of Iraq.

Under former Iraqi leader Saddam Hussain, Iraqi banks were cut off from the outside world, perpetuating an antiquated banking system with rudimentary investment and retail products.

Since 2003 some Arab and international banks such as HSBC, National Bank of Kuwait, Jordan's Capital Bank and Qatar National Bank have bought shares in local banks.

But foreign investment has been limited to seven banks, with no new investment since 2005, said David Munro, senior official in IZDIHAR, a USAID-funded outfit to promote a market economy, and organisers of the Iraq Banking conference.

Munro said security was a main concern even for banks granted preliminary approval for licences such as Bank Melli Iran, the Commercial Bank of Kuwait and Jordan's Arab Bank.

"A lot of them are poised waiting to see the way the wind is blowing... We need obviously some time where there is relative stability before people start coming," Munro said.

Lebanese Bank Audi and Byblos Bank are slated to open soon in Kurdistan, northern Iraq, where security is better than in Baghdad.

In a country where private lending by small family run banks is just four per cent of the gross domestic product (GDP), there are plentiful opportunities, Munro added.

"There is huge pent-up demand for credit in Iraq... and once there is a measure of stability, then I think there will be demand for credit, and those banks that are willing to make loans and know how to make loans will benefit enormously by being able to go into the market."

The principal shortcoming remained the failure of banks to function as financial intermediaries to attract deposits and lend funds to creditworthy firms, the US aid official added.

Iraqi instability curtails foreign bank presence | Iraq Updates

Originally Posted by inquisitive1

Great News..This might just be the winning ticket to putting the 140 vote over the top.

The Final Statement Of Local Islamic Dawa Party In Diyala Province

YES! to assign the Diyala province and building a new Iraq. Support Maliki government....

attended by Jaffari...this is a very influential party voting Yes!

Sotaliraq.com - ÕæÊ ÇáÚÑÇÞ

WoOt!!!!

Originally Posted by wciappetta

All it’s saying IMO is that folks who supply goods and service are more comfortable with stable prices based on a stable dinar, a very natural response. When they talk about end of the year, this is an opinion of how long markets forces exercise prices will take to get to new levels , which they expect to be lower. Again its an opinion, a wrong one as far as I'm concerned. Plus he is also saying that since the dinar is gaining value these folks in turn have to continually adjust pricing to reflect the new dinar value. Right here sounds like a contridiction of views to me. Basically they are saying it’s a pain in the backside to keep doing this, so reading between the lines, make one major adjustment and fix the prices and be done with it kind of sums it up.

i concur.

Originally Posted by zipper

Petition Submitted to Remove Islam From Constitution

Arbil, Apr. 7 (VOI) – An Iraqi Kurdistan parliament member said a campaign was underway to garner the support of Kurdish parties for the drafting of a secular constitution for Kurdistan.

"We have submitted a memo collecting the signatures of 4,000 people to the Kurdistan constitution drafting committee with the aim of having the 7th Chapter amended," Suzan Shihab told the independent news agency Voices of Iraq (VOI) on Saturday.

The 7th Chapter of the Iraqi Kurdistan constitution provides that Islam is the official religion of the region.

"We're not against Islam or against the notion that Islam is the religion of the majority of residents but we're fighting for democracy and the building of a civilian society for the next generations," Shihab said.

She noted that the campaign does not express the voices of only those 4,000 signatories as there were organizations, to which thousands of people belong, have also signed the petition.

"We've started meeting with officials from Kurdish parties and they all supported our demand," she said. Shihab referred to a counter-campaign that started in the Kurdish province of al-Selaimani, where the residents objected the secularization of the region's constitution.

Kurdistan Observer

and this, ladies and gentlemen, is why KURDS ROCK! taking the first step to be all men and women created equal in iraq!!!

Originally Posted by Lunar

The meeting of the International Covenant on Aijazi in Baghdad
4 / 10 / 2007 7:39:40 AM


Held in Baghdad yesterday, Sunday, Aijazi high-level meeting on the International Covenant with Iraq, headed by Deputy Prime Minister Barham Saleh and Ibrahim Kambare Special Adviser to the Secretary-General of the United Nations.

A statement by the Office of the Deputy Prime Minister said that the Baghdad meeting was integral to the New York meeting, which was held at United Nations Headquarters on March 16 last, at the invitation of Mr. Ban Ki Moon Secretary-General of the United Nations under his leadership and chairmanship of the Vice-President of the Republic, Mr. Adel Abdel Mahdi.

The statement pointed out that Dr. Barham Salih announced that he will officially launch the International in Sharm el-Sheikh in a meeting at the ministerial level, in the Arab Republic of Egypt, in the third month of May next, and the international community will be invited to this meeting to express their support for the government of Iraq and the International Covenant through vow by providing various financial and technical assistance and debt cancellation.

Yesterday's meeting was attended by representatives of several countries through its diplomatic missions working in Baghdad, in addition to a number of international institutions and organizations.

well if we are waiting for the ici signing to hear about the final debt reduction then it looks like we will be waiting til then for our revalue announcement as well. i feel they wont revalue until they know theyve got the debt reduction in the bag.

Originally Posted by jedi17

did anyone know about this meeting? ICI is huge news, usually we hear something when there is a meeting before hand.

its the third and final meeting in the series of ici meetings i believe. theyve all been posted about here.