Thread: Iraq/Dinar News to April 19, 2007 10PM CST

Originally Posted by jer6925

I am not sure if I should post this here but it is factual and news to me... so here goes. The CBI hasnt changed the exchange rate in eleven auctions now, the longest run since the start of the gradual revaluation. (as oppose to a quick one ...what we have been waiting patiently for) To make things even more stressful the international exchange (Bloomberg and others) have slowly BUT steadily shown a DECREASE in value. Compared to a month ago the exchange rate from dinar to Canadian funds has decreased by almost $30 on a million. I know this doesnt seem like much, but when you take into consideration logging on and watching it grow by a dollar here and a dollar there, $30 is alot. I would like to know what other people think. Are you worried?

There is no need for alarm. With the heavy increase in Canadian dollar value, this is were your 30 bucks comes from. I am Canadian and watch this real close. Nothing to worry about. All is good.

Gloribee

Originally Posted by buddyboy

Chevron significant backer in Iraq energy Summit

MENAFN - 17/04/2007


(MENAFN) A spokesperson for Chevron said that the company will be a significant sponsor in the approaching Iraq Oil, Gas, Petrochemical & Electricity Summit, which will start on May 28 and end on May 30,Iraq Directory reported.

The summit will bring together top government decision makers in the energy sector and global operators seeking industry opportunities. The summit will host representatives from the Iraqi Ministries of Oil, Industry & Minerals and Electricity, as well as the Iraq Energy Council, Investment Promotion Agency and the Kurdistan Regional Government (KRG) Ministries for Natural Resources, Industry and Electricity.

It will also consist of state companies working for the Iraqi Ministry of Oil and senior officials from the Iraq Reconstruction Management Office (IRMO).

Is this article speaking of a different summit?

Source: Washington Post

Saudi Arabia has agreed to forgive 80 percent of the more than $15 billion that Iraq owes the kingdom, Iraqi and Saudi officials said yesterday, a major step given Saudi reluctance to provide financial assistance to the Shiite-dominated government in Baghdad.

But Iraqi Finance Minister Bayan Jabr said in an interview that Russia was holding out on debt forgiveness until talks begin on concessions that Russian oil and gas companies had under Saddam Hussein. Russian Embassy officials in Washington declined to comment late yesterday.

The Bush administration has been working for months to persuade other governments to follow the U.S. lead and write off all of their shares of Iraq's debts, which Jabr said total $140 billion. Iraq also owes $199 billion in compensation for the Persian Gulf War that followed Iraq's 1990 invasion of Kuwait, analysts said.

Today, Iraq could never fulfill its financial obligations. They total about $380 billion, including foreign debt; Gulf War compensation, 40 percent of which is owed to Kuwait; and unpaid contracts, Barton said.


more at linky...
In a Major Step, Saudi Arabia Agrees to Write Off 80 Percent of Iraqi Debt - washingtonpost.com

Originally Posted by nikki

Source: Washington Post

Saudi Arabia has agreed to forgive 80 percent of the more than $15 billion that Iraq owes the kingdom, Iraqi and Saudi officials said yesterday, a major step given Saudi reluctance to provide financial assistance to the Shiite-dominated government in Baghdad.

But Iraqi Finance Minister Bayan Jabr said in an interview that Russia was holding out on debt forgiveness until talks begin on concessions that Russian oil and gas companies had under Saddam Hussein. Russian Embassy officials in Washington declined to comment late yesterday.

The Bush administration has been working for months to persuade other governments to follow the U.S. lead and write off all of their shares of Iraq's debts, which Jabr said total $140 billion. Iraq also owes $199 billion in compensation for the Persian Gulf War that followed Iraq's 1990 invasion of Kuwait, analysts said.

Today, Iraq could never fulfill its financial obligations. They total about $380 billion, including foreign debt; Gulf War compensation, 40 percent of which is owed to Kuwait; and unpaid contracts, Barton said.


more at linky...
In a Major Step, Saudi Arabia Agrees to Write Off 80 Percent of Iraqi Debt - washingtonpost.com

WOOOOOOOOOOOOOT!

GREAT FIND NIKKI! GOOD JOB, FIRST OFFICIAL STATEMENT ON IT'S COMPLETION THAT I HAVE SEEN1

Rafidain Bank raises interest rates on bank savings deposits in Iraqi dinars to 10%
17 / 04 / 2007

Rafidain Bank raises interest rates on bank savings deposits in Iraqi dinars to 10%
Rafidain Bank raising interest rates on bank savings deposits in Iraqi dinars to 10% instead of 4% and dollar savings deposits to 2.25% from 1%, while the interest rates on deposits in foreign currency was fixed for a period of six months to 2.5 instead of 1.5% and 3% a year instead of the 2% interest rate on the k Fixed deposits in Iraqi dinars was 11.5% instead of 5% for six months and 12% instead of 5.5% for two years and 13% instead of 6%for a period of two years.

MPs and experts discuss the Iraqi oil in Dubai
18 / 04 / 2007

Reuters) - arrived some 60 parliamentarians and experts Iraqi oil to Dubai on Tuesday for a meeting on the Law of oil, which Iraq intends year for a long time.

An official working with the Iraqi Parliament, "members of the Iraqi Parliament will meet with technical experts to discuss the oil in Dubai away from the political influences in Baghdad."

The official, who was speaking to journalists in Dubai that the meeting will be held on Wednesday. Some experts and professionals residing in third countries and refused to travel to Iraq for security reasons.

The official said that the three ministers Iraqis at least attending the meeting were Minister of Oil Hussein Shahrastani. Shahrastani, arrived to Dubai earlier on Tuesday but refused to speak to reporters upon arrival.

In February the Iraqi Council of Ministers adopted a draft law to regulate the sharing of the wealth of the huge oil reserves in the country between ethnic groups and creeds.

Law and the granting of oil, which awaits parliamentary ratification of the right to negotiate with international companies to exploit the oil fields.
Shahrastani said earlier this month that it is possible to pass the law within two months because all political parties to support him.

As restore law restructuring the Iraqi National Oil Company to become a holding company independent and maintains a federal forum for the oil policy on the national level.

The jockey major oil companies in the world for years to gain a share in the Iraqi oilfields such as distinctive Bin Omar and Majnoon and West Qurna, Nasiriyah and Artawi all in the south of the country.

And Iraq says it aims to access oil production to more than four million barrels a day in 2011. According to a survey conducted by Reuters Iraq produced 1.97 million barrels per day in March, up from 1.89 in March million barrels a day in February.

Shahrastani said last December that the average production in 2006 amounted to 2.3 million barrels per day.
Owns a member of OPEC, Iraq's third largest oil reserves in the world uncertain and needs billions of dollars to revive the sector was important to rebuild the ailing economy.

Iraqi Trade Minister : no current intention to cancel the card
(Voice of Iraq) - 18 - 04-2007

Iraqi Trade Minister : no current intention to cancel the ration card

Baghdad : Al-Ali hailed the Iraqi Trade Minister, Abdel farmer Hassan Sudanese News, which was sung by some of the media that there is an intention to cancel the ration card and replace the amount of Mali. He stressed in a statement that the Sudanese government <allocated sufficient sums for the purpose of supplying all the components of the ration card of 2007 and we have already signed contracts with major international companies for the purpose of supplying these items>.

But Sudanese However <that there are already some special studies on the seriousness of the replacement items but did not raise the amounts are unrealistic because of the situation in the country and the need for people to these items, so the government is committed to providing the vocabulary>.
Middle East

Kurdish forces in the Netherlands to discuss Article 140
(Voice of Iraq) - 18 - 04-2007

The Office of Sulaymaniyah / organized forces and Kurdish parties in the Netherlands symposium on Mr. Rzkar chairman of the council of the province of Kirkuk in the city of Rotterdam Dutch Media focused on Kirkuk and Article (140) was attended by representatives of political parties and associations and Kurdish organizations and the collection of the Kurdish community in the Netherlands, speaking on Rzkar on the current situation of Kirkuk, pointing to a Kurdistani Kirkuk as confirmed by documents and historical evidence confirming that the successive regimes of governance in Iraq marginalized the city of Kirkuk, but did not the developers and service they need another five years to meet the needs and deficiencies that affect them,

He said because of the legal vacuum We in the governorate of Kirkuk, we developed a special program to work commensurate with the Constitution and act according to a federal system, pointing out that the problem of Kurds in Kirkuk not only in the presence of oil in the soil, but because there are other parts of Kurdistan, where oil, and highlighted the President of the Province Kirkuk light on the projects, which are being held by the Americans and the government of Kurdistan, said : been providing assistance to the deportees returning to Kirkuk, including financial aid and Mr. Rzkar on speaking to the efforts of some parties, and those who seek to sabotage the relations through obstacles and create problems between the components of the city, pointing out attempts and terrorist attacks launched against the city and kids, appraising the role of government Asaish Kurdistan region in the protection of the security of Kirkuk and devoted part of the symposium to answer the questions and queries of the attendees.

Exploration Contract Ratified by Kurdistan Regional Government
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ CALGARY, March 2 /CNW/ - WesternZagros Limited ("WesternZagros"), a wholly-owned subsidiary of Western Oil Sands Inc. ("Western"), received confirmation today that its Exploration and Production Sharing Agreement ("EPSA") has been ratified by the Kurdistan Regional Government ("KRG") and confirmed by His Excellency Nerchivan Barzani, Prime Minister of Iraqi Kurdistan. As part of the ratification process, WesternZagros has worked with the KRG to finalize its EPSA area boundary and other key terms in line with draft petroleum legislation. The final EPSA area encompasses 2,120 square kilometers (approximately 524,000 acres) and holds a number of high potential prospects.

Dr. Ashti Hawrami, the KRG's Minister for Natural Resources commented, "We're delighted WesternZagros is moving forward with its exploration program. WesternZagros is one of the most professional companies in the Kurdistan region of Iraq and we welcome the investment and expertise they bring to the region. The KRG is committed to providing a strong investment environment for companies such as WesternZagros."

Kurdistan offers tremendous long-term growth potential and WesternZagros is committed to working alongside the government and the people of the Kurdistan region to ensure its goals are consistent with the aspirations of the new democratic regime over the long-term. WesternZagros is encouraged by recent developments with respect to the draft Federal Oil Law which has been approved by the Iraqi cabinet for consideration by the Iraq Council of Representatives.

About Western Oil Sands

Western Oil Sands Inc. is a Canadian corporation listed on the Toronto Stock Exchange under the symbol WTO. Our vision is to create shareholder value through the opportunity capture and development of large, world-class hydrocarbon resources. Our primary asset is our 20 per cent undivided interest in the Athabasca Oil Sands Project. Western is also pursuing initiatives related to in-situ and technology development as well as downstream opportunities. WesternZagros Limited, a wholly-owned subsidiary of Western, is pursuing conventional oil and gas exploration opportunities in the Federal Region of Kurdistan in Northern Iraq. For additional information, visit Western Oil Sands :: Home .

Source: Western Oil Sands