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

Please excuse if already posted. thank you.

Iraq MPs, experts start oil law talks in Dubai (18/04/07)

Iraqi parliamentarians and experts began a meeting in the United Arab Emirates on Wednesday to discuss the war-torn country's oil law that will give its regions the right to negotiate with global firms on developing oilfields.

"This is one of a series of technical workshops that we are holding to discuss the oil and gas law," Iraqi Oil Minister Hussain al-Shahristani told Reuters as he entered the meeting in the emirate of Dubai.
An Iraqi official told reporters in Dubai on Tuesday that at least three ministers, including Shahristani, would be among some 60 Iraqi parliament members and oil experts attending the meeting.

Some of the technical experts lived in third countries and did not wish to travel to Iraq for security reasons.

In February Iraq's cabinet endorsed a draft oil law, which is awaiting parliament's ratification, regulating how wealth from the country's vast oil reserves will be shared by its ethnic and sectarian groups.

The OPEC member has the world's third-largest proven oil reserves and needs billions of dollars to revive its oil sector, which is crucial for rebuilding its shattered economy.

Shahristani said earlier this month that it was "achievable to pass the law within two months since all political parties are in favour".

The long-planned law will also restructure the Iraq National Oil Company as an independent holding firm and establish a Federal Council as a forum for national oil policy.

The world's top oil companies have been manoeuvring for years to win a stake in Iraq's prized oilfields such as Bin Umar, Majnoon, Nassiriyah, West Qurna and Ratawi, all located in the south of the country. (for related story click on [nN17209781])

Companies such as energy giant BP <BP.L> is keen on working on a range of oil and gas projects in the country, but is waiting for parliament to pass the oil law and for security to improve before boosting its role.

Iraq has said it was targeting oil production of more than 4 million bpd in 2011. A Reuters survey shows that it produced 1.97 million bpd in March, up from 1.89 million bpd in February.

Source: Reuters

Hang in there Gert. Maybe we will get to play in May

5. Iraq: Open for business!

IMF lending and debt relief to Iraq is in part contingent upon the country's development of a petroleum law. Stipulated in an agreement signed before the election of the new government, and without meaningful public scrutiny, the law is currently being debated by the Iraqi Parliament. It will establish a Federal Oil and Gas Council, staffed in part by Big Oil executives. "The new law would grant the council virtually all power to develop policies and plans for undeveloped oil fields and to review and change all exploration and production contracts," Juan Gonzalez reported in the Daily News on Feb 21. Conveniently, it would seem, these companies will be some of the very same US and British companies formerly excluded from Iraq's oil industry due to US sanctions against the country; the Iraqi National Oil Company won't have any advantage over these foreign companies. "Since most of Iraq's 73 proven petroleum fields have yet to be developed, the new council would instantly become a world energy powerhouse," Gonzalez wrote. Contracts with international companies will likely be similar to controversial production-sharing agreements, which could prolong and exacerbate poor governance by allowing investors in the oil and gas sector to effectively bypass the weak or absent legal and regulatory frameworks.

http://www.iraqdirectory.com/DisplayNews.aspx?id=3527

Originally Posted by Adster

Par value to me suggests 1 to 1 with the disney dollar. This is their plan IMO initially, always has been.

I hate to even ask this and appearing stupid....but what is the Disney dollar?

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

WOOTTTTTT!!!!!!!!

....And I will raise your WOOT with a

WEEEEEEE HAAAAAAAAAA!

Hell, I'm ALL IN!

YAAAAAHHHHHOOOOOOOOO!!!!!

Chin up Boogs! This is all rediculously positive!

Originally Posted by ccgideon

I hate to even ask this and appearing stupid....but what is the Disney dollar?

The fiat currency known as the U.S. dollar.

Originally Posted by shotgunsusie

WOOTTTTTT!!!!!!!!

MAKE IT DOUBLE!!

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.


What's with this? I thought that Russia had resolved this awhile ago?!

Originally Posted by Jola

The article above is written by Henry Thompson, professor at Auburn University, he is an internationally recognized economist, with a bunch of books out about International Economics. I will take his opinion over a rumor any day.

h-e-double hockey sticks YEAH!!!!

Originally Posted by Lunar

Kurds consider a bill Iraqi oil and gas "Bathi
(Voice of Iraq) - 18 - 04-2007

Dubai, UAE (CNN) -- refused Asti Horani and Petroleum Minister of the Kurdistan Wednesday strongly draft of the amended draft law new oil and gas was in violation of the constitution, stressing that the Kurds would follow the work under the contracts they have entered into previously.

The Kurdish minister to throw new draft "in the waste basket", accusing them as "state and national" because of its emphasis on the centrality of oil resolution, contained in the resolution of the restructuring of the Iraqi National Oil Company.

In an interview with the CNN in Arabic, did not wish to confirm the determination Horani Kurdish member of the Iraqi Parliament to vote against the law, and the intimation that things are still at a preliminary stage and up to the draft after the Council of Ministers.

The Minister undervalued Kurdish Kirkuk file from the effects of this dispute between the new government of Kurdistan and the central government, as the oil wells in the city will follow the National Oil Company forthcoming.

Horani said that the crux of the matter is limited to the diagnosis of the real role of the prospective foreign investments, which will have the effect of the new law restricted, after its 82% of Iraq's oil product currently under the authority of the national company, which will have a margin of only 18% to foreign companies.

Horani positions came during a seminar to discuss the draft law of oil and gas new Iraqi organized by the Iraqi Parliament in Dubai, United Arab invitation of the Iraqi Business Council, has summoned a reply from Sheikh Khaled al-Attiyah, Vice-President of the Parliament, which urged the participants not to use inappropriate language.

Conversely said Hussein Shahrastani, Iraqi Oil Minister, said that his government "will be submitted to Parliament next week," most likely to be endorsing it and the package of similar projects, mainly on the organization and distribution of financial resources.

Shahrastani said that the draft law "was discussed throughout the six months to get materials on which everyone agrees," and stressed that the oil and gas "belongs to all the Iraqi people and must distribute dividends to all the districts by population."

And on the veracity of the rumors about the tendency of Iraqi parties to agree to amend the initial draft is due to the discovery of huge oil stocks in the Sunni areas of the site confirmed Shahrastani CNN Arabic discovery of a giant new fields in the western region near the Syrian border called "Ekaas."

However, he attributed the emerging consensus on the draft to the "joint commitment by all parties to the Iraqi parliament to approve the bill before the end of May," he said.

The Iraqi minister of special materials to ensure the survival of Iraq's oil under the control of the Iraqis, stressing that priority should be given to investments and companies on the basis of efficiency, in an implicit response to question the ability of the Iraqi government to refuse offers of American companies.

For his part, explained the Papan, the Minister of Planning and Development Cooperation said that the endorsement of the Iraqi Council of Ministers by the federal fund-raising Iraqi oil revenues is critical to the debate about the identity of oil wealth, and returned to the Iraqi people instead allocated to maintain productive population.

The Papan that 92% of the incomes from Iraq's current oil revenues, and called for the rapid rise in this sector is expected to suffer the world over the next five years from the "oil hunger" of Iraq would be a big role in saturated.

As for the criteria, which would distribute oil revenues, the Iraqi minister disclosed the existence of two main Qus size of the preserve first, and by the damage suffered during the previous regime and the events that followed.

However, these positions have not received the approval of the minister Asti Horani, and Petroleum Minister Kurdistan, who believed that the new draft law in violation of the Constitution and restore "focused" sector in the capital, describing the matter as a prejudice to the Kurdistan region, which "jumped great leaps forward and now has the special oil," as he put it.

Horani and criticized the formation of an independent Iraqi oil, arguing that there Ministry, demanding access to Kurdistan's share of oil revenues directly without passing through the Ministry of Finance.

It was during the review of the data for the Iraqi oil, where experts confirmed the existence of a fixed amount of reserves 115 billion barrels, with expected reserves are estimated at between 215 and 330 billion barrels, which puts Iraq on an equal footing with Saudi Arabia.

It is noteworthy that Iraq's oil production is now less than 2 million barrels, a figure much lower than the ability to export, but the structure of the infrastructure sector, which suffered severe damage during the years of embargo and war to prevent it.

The new draft law amending the previous draft and some negotiations approved most of the participants in the symposium on the grounds that it had "quotas."

The revive the national oil company of Iraq and the establishment of a joint fund for oil revenues highlighted the axes of this law, in addition to the new division of oil wells, which will be given production rights in 52 oil wells to a national company, will compete with foreign companies to invest 26 wells human unproductive after alongside Neil exploration licenses.

yeah they want it done before that meeting in egypt!!!