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

Originally Posted by strongtower

YOUR HEAD JUST MIGHT POP OFF THEN BECAUSE MY SOURCES SAY THAT WILL HAPPEN WITHIN DAYS OF EACH OTHER. THE DONG THIS WEEKEND AND THE DINAR NEXT WEEK.

Well then, SO BE IT! Because I'm really LOVIN' what your sources are SAYIN'!

Ivanhoe says INPEX to join in bidding on Iraq field
Thu Apr 19, 3:26 PM
Email Story IM Story Printable View
By Michael Erman

NEW YORK (Reuters) - Canada's Ivanhoe Energy Inc. said on Thursday Japan's INPEX Holdings Inc. will join it in a venture that is considering bidding on a heavy oil field in northern Iraq.
Ivanhoe signed a memorandum of understanding with the Iraqi Ministry of Oil to evaluate the Qaiyarah Oil Field in northern Iraq in October 2004. The field is near but not in the largely autonomous Kurdistan region, the company said.

"It's important to have credibility in the bidding process," Ivanhoe Co-Chairman Robert Abboud said in an interview. "This partnership makes a very credible bidding applicant from the standpoint of experience, knowledge and financial capabilities."

Ivanhoe said it has received approval from the oil ministry for INPEX's participation.
Access to Iraqi reserves, the world's third biggest, is sought keenly by foreign oil firms, but they await ratification of Iraq's oil law. The law will set guidelines under which authorities can negotiate with foreign oil companies.

The legislation will be presented to parliament next week, though the Kurdish region rejects some elements of it.

"The petroleum law must be passed before the bidding process will begin," said Ivanhoe Chief Executive Joe Gasca. "That's the key milestone. We've done a lot of work already. We're prepared to move forward with the process, whenever they get to the point that they want to move forward."

Oil production in Iraq is stuck at around 2 million barrels per day (bpd), well down from the nearly 3 million bpd hit in the final days of Saddam Hussein and even further from the 3.7 million bpd pumped in 1979, prior to the Iran-Iraq war.

Abboud, a former president of Occidental Petroleum , said the details about security and other issues would be worked out after bidding was completed.

He said the company has created an advantage for itself in Iraq "by getting in early and forming relationships with the host government and with the oil people that, incidentally, we've known in Iraq through previous experience for years."

"We think the work that's been done by Ivanhoe personnel over the past couple of years -- maybe longer than that -- provides a significant opportunity," he said.

Ivanhoe said it would keep a majority interest in the venture and INPEX will receive a significant stake.

INPEX will make a $9 million payment within 30 days to Ivanhoe for past field studies and related costs, according to Ivanhoe. The companies will share costs of the venture going forward.

Iraqi oil reserves could be twice as large
A new analysis shows over 200 billion barrels may be availableThe Associated Press
Updated: 10:23 a.m. MT April 19, 2007
WASHINGTON - Iraq’s oil reserves could be nearly twice as large as previously estimated, containing more than 200 billion barrels, a new analysis of the war-torn country’s oil resources says.The consulting firm IHS Inc., in a report released Wednesday, said there may be an additional 100 billion barrels of oil beneath the surface in the western part of the country. The country’s current reserve base is estimated to be 116 billion barrels.
The U.S. Geological Survey has been less optimistic about Iraq’s untapped potential, estimating there exists an additional reserve base of 45 billion barrels.

The IHS report also said Iraq’s daily production, which now stands at 2 million barrels per day, could rise to 4 million barrels a day if the conflict there subsides and new investments in oil infrastructure are made.
In 1979, the country’s best year, Iraqi oil production averaged roughly 3 million barrels a day. Iraqi officials had set a target of pumping and 3.5 million barrels a day by mid-2006, but that goal was not realized.

IHS said its experts performed a field-by-field analysis of Iraqi oil prospects and that it would release a detailed analysis of Iraqi oil reserves next month.

“The market has not had access to this level of data and analysis on Iraq’s oil reserves and production capabilities for many years,” Ron Mobed, president and chief operating officer of the energy division of IHS said in the statement.

A call to Iraq’s oil ministry seeking comment was not immediately returned.

Is that Granny, Jed, Jethro and Elliemae ridding on the horizon?

The name of the program : a panorama
The program : ultimate Ramahi
Date : Tuesday, the 4-17-2007

The guests :
Hussein Shahrastani (Iraqi Oil Minister)
Mahmoud Othman (member of the Iraqi parliament)
Issam Al-Chalabi (and the former Iraqi Minister of Oil)
Iyad Jamal Din (member of the Iraqi parliament)
Mustafa Alaoui (NDP)
Essam Al (a leading role in the Muslim Brotherhood)

- Law of Iraqi oil to Iraqis why it is different? Is this a step towards unification or division? No fears of global companies?
- In Egypt, penetrate or test, the Muslim Brotherhood facing constitutional amendments Bshaaarham "Islam is the solution".
Muntaha aged : Welcome to the panorama us tonight, these headings will be the focus of our first stop, but with a summary of the most important news.
[] News Summary
Muntaha aged : Welcome to you again, say supporters that ensures equal distribution of oil imports, The opponents, opens the door for oil companies, American and British to put their hands on the wealth of Iraq, the new Iraqi oil law ratified by the government to finally drafted to be put in the parliament already has elicited mixed among Iraqis, some of whom have called for the postponement of the year in light of the fragile security situation. while others reduces the seizure security in light of the urgent need for Iraq to develop the oil sector. In any case, there was unanimity on the importance of the issue and should be discussed in detail.

The Iraqi oil, why is it the Iraqis?

Muhammad Ali : the success of a draft bill of oil, which has been ratified by the new Iraqi government believes that it will have attached to it imports oil, which constitute the third largest oil reserves in the world, the Iraqi governorates, eighteen equally.
The draft agreed upon by all political forces Chairperson of the government which is a breakthrough in the political and economic transition in Iraq. but it is feared by some, and perhaps many of the major companies that put their finger on the global oil wealth of Iraq, despite the fact that the law is aimed as it is said to contribute to the settlement of potential conflicts between the Sunnis and Shiites on the reserves.
The draft devoted to the application of the law call Territories from the fact that it allows the semi-autonomous Kurdish government in northern Iraq to review actual contracts signed with foreign companies to ensure their conformity with the articles of the new law, to decide a committee of independent experts in the contract if a dispute occurred.
According to the draft, the possibility of other local authorities in the Federal Territories to be established for negotiations on deals for oil on the procedures and directives established by the Federal Council of the oil and gas, the Oil Ministry will supervise and monitor the oil sector in the country, and restore law restructuring the Iraqi National Oil Company to become a holding company independent.
And while the Prime Minister says that the draft unite the Iraqi people, experts ask most Ministers has been pioneering the postponement of this law, since the Constitution is being amended, as the security situation inappropriate, at a time when foreign presence is still maintained without unanimity on it, either favor Visseron to accelerate imposed the urgent need for Iraq to develop oil and gas sector to obtain wealth to help development. They say that the time does not fit the security argument to justify postponement because large parts of Iraq is stable security.
And between refusal and support and in order to preserve the oil remains one of the main reasons why the prevailing tensions, especially Basra, and the law, which raises a debate with the elite has blamed many ordinary Iraqis. The success of Muhammad Ali-Arab.
Muntaha aged : We welcome here in the studio with Mr. Hussein Shahrastani Iraqi Oil Minister, Welcome to you with us, Mr. Minister, how will .. I mean what the law says how the new law will distribute the oil imports of Iraqi oil to the governorates eight ten equally?
Hussein Shahrastani : The law is clear, and perhaps the most important advantage of this law is to emphasize Iraq's unity and equality among Iraqis, regardless of their regions and their governorates everyone enjoy this wealth, oil revenues comes to the federal one, which will be distributed to all regions of Iraq commensurate with the number of inhabitants, This is why we believe that the cornerstone of the law implies the Iraqi people's unity and equality between the Iraqis and preserve the national unity of Iraq ..
Muntaha aged : even oil Kurdistan ..
Hussein Shahrastani : Yes, all the oil in Iraq, regardless of any of the regions of Iraq, revenue came to the federal one, and distributed through the annual budget presented by the government to the House of Representatives and endorsed by the regions by the number of its inhabitants.
Aged : some very mean to take this law is not clear on the issue of service contracts and the production and development, service contracts that is not given the opportunity for the Iraqis as they had not been given considerable leeway to develop Banna infrastructure for the exploration and extraction of oil. while this right given to foreign companies, which some say makes this partnership to foreign companies with Iraqi oil, and not without contracts or pay a certain price for a given?
Hussein Shahrastani : the law does not specify what kind of contracts to be concluded, but the task of the Federal Council of oil and gas, what is most important in my opinion is the law of life for the Iraqi National Oil Company, and the allocation of Alhaqulh giant and very large for the company exclusively, when law four supplements, Supplement No. 1 and Supplement No. called two Iraqi oil fields discovered large and devoted exclusively to the Iraqi National Oil Company, now the Iraqi national oil company that was able to develop these fields and increase production capacity for its own use or foreign loans, have this right, though willing to cooperate with contracts or service in any way they deem appropriate with international companies, is determined, but the contract must be submitted to the Federal Council for approval.

Non role in the negotiations and writing contracts for oil

Muntaha aged : Non role in the negotiations and writing contracts, may have a specific role or all, it must be the Federal Council?
Hussein Shahrastani : No Iraqi constitution, which was voted upon, and by the way 80% of the Iraqi people voted for the Constitution, and the foundations of a federal system in Iraq, and there is the distribution of powers between the federal government and provincial governments, as in this law is that the fields, the type of contract, modeling contracts, the negotiation is accepted by Iraq or does not accept all these things and decide pending in the Federal Council, which is chaired by the Prime Minister and the ministers of oil, finance and planning and the Central Bank Governor and the representative of the minister of the Kurdistan attune and head the Iraqi National Oil Company and others, this is for the Council to decide, but after modeling and negotiation mechanisms and standards and all matters relating to rehabilitation of the Territory's right to negotiate with the companies qualified, in accordance with the model adopted and the field that has been specifically, and sign initialed this is not considered a final course, but before the Federal Council and after approval by the Federal Council and not be effective it is not.
Muntaha aged : I mean if they initially negotiate and then presents the final decision of the Federal Council?
Hussein Shahrastani : negotiation, but the foundations of the Federal Council, according to the model subject of the Federal Council and the field determined by the Federal Council.
Muntaha aged : When is expected to introduce this project to the parliament or the law?
Hussein Shahrastani : Project draft law presented to the Council of Ministers, and the way it was voted unanimously Perhaps the rare case that the Council of Ministers voted unanimously for the law, we do not forget that the Council of Ministers and national unity, all Iraqi parties now Mshakh whether the United Iraqi Alliance coalition of Kurdistan Iraqi Accord Front list all parties participate, and fails one in the voting for this law, went to the State Consultative Council to be reworked legally, It is then submitted to the parliament for discussion, of course, to amend it if necessary and then voting for him.
Muntaha aged : the specific dates?
Hussein Shahrastani : Yes, we agreed in principle between the political blocs must strive with one of the legislation this law before the end of May 2007.
Muntaha : aged, there is a charge of urgency, I mean, some people say they are against the law say that it is unnecessary to the wheel as long as the security situation as it is in Iraq, and there are already fears that foreign companies exploit this unfortunate situation in Iraq. and the lack of infrastructure capable of producing oil in Iraq for the participation of the Iraqi people in the oil, which imposes the Constitution because the Constitution says the oil belongs to the Iraqi people.
Hussein Shahrastani : First, regarding the subject of the wheel, this draft prepared by the Iraqi Ministry of Oil of the month of June 2006 and we are now discussing about a year in this law, the law did not even discuss the constitution all this time and took the oil, there was no need, But with this that there were observations of the House of Representatives means is the natural place for the discussion of any law, If the Board felt that it needed more time to discuss it right is the right to use all the experts, but what has been said that the oil companies will monopolize the oil of Iraq, a charge void of course, because the law illustrates, in no uncertain terms, that the property of the Iraqi people, the decision of the Federal headed by the Prime Minister, the national oil company is responsible for the bulk of the oil reserves of Iraq.
Very good Ramahi : National Oil Company Is Alainok able to mean the production, exploration and investment Iraqi oil? Or they must take time to prepare the same company originally?
Hussein Shahrastani : a first oil in the Middle East has been discovered in Iraq, more cadres Arab oil was produced from foundations and institutes Iraqi oil, Iraq has long experience in this area, yes, during the years of Saddam futile wars and the siege that followed there has been a leak of Iraqi energies outside Iraq, many of them concern that due to Iraq, but there are many qualified Iraqi, with all of this enormous reserve of Iraqi oil by all means and needs to be immense energies, and the National Oil Company assisted by experts and other service contracts and any other contract that was needed to do so.
Muntaha aged : One last question if I may, briefly Excellency the Minister, I mean, some people go to say that this is perhaps the desire of the American President George Bush to be the draft law now before the Parliament, because he said he must pass a new law to help investments in the development of the oil industry and to be feared?
Hussein Shahrastani : Americans may be willing to be a law of oil in Iraq, but that Iraq is concerned, as far as the Iraqis do not have a law for the development of this vast wealth in Iraq, the Iraqi people now live in a state of poverty is not commensurate with the natural resources existing and the development of this wealth must be a law, and now the Iraqi state institutions and the state constitution and state laws. we must create laws to allow us to develop this wealth.
Muntaha aged : Your Excellency, Mr. Hussein Shahrastani Iraqi Oil Minister allow in the studio Thank you very much.
Hussein Shahrastani : Welcome to you.
Muntaha aged : We will continue our discussion on the law of the Iraqi oil with guests will join us after we together this report on the oil and oil fields in Iraq.

The most important oil fields in Iraq

Secretary Abu Yahya : Iraq is one of the most progressive countries of OPEC, and oil began to flow in Iraq since 25 of the last century.
Oil crops are concentrated in the Basra area located south of the country, and Kirkuk, situated to the north west of the country.
Iraq has been through the harbors of the South-and-a-half million to one million and 650 million barrels of crude oil daily, according to figures published by the Ministry of Oil of Iraq.
Out of the 74 oil crops, and discovered the list has been exploiting only 15 gas fields only, will export most of Iraq's oil production abroad, and the Iraqi oilfields Northern linked via pipelines passing through Turkey to the Turkish port of Ceyhan, while the export of oil in the southern regions through the port of Umm Qasr port on the Gulf, and there is also a pipeline linking Iraq with Syria and Jordan, Palestine, but most are abandoned or neglected.
Iraq's oil reserves amounted to 112 billion barrels, but oil experts say that there is land not yet discovered has lifted the reserve to 200 billion barrels, in case the stability of the country, security, technological advance in the field of exploration of Iraq will enable extraction quantities of oil estimated at 300 billion barrels.
Some analysts believe that Iraq's capacity to produce oil will arrive within the next five years to about 10 million barrels of oil a day.
Sabotage operations that targeted installations and oil pipelines led to losses of more than six billion dollars in the last year alone, the number of sabotage operations during the past year 186 operation targeting oil pipelines and installations, and the cost of Iraqi oil production among the lowest in the world if hit-and-a-half dollars per barrel maximum, what makes Iraq a wealth of the rich oil and the enormous financial returns.
Secretary-Arab Abu Yahya.
Muntaha aged : We welcome Bused Issam Al-Chalabi, the former Iraqi oil minister, who joins us from Amman, and Mr. Ayad Jamal Al-Din, member of the Iraqi parliament, which will join us on the phone from Baghdad. also join us on the phone from Erbil Mahmoud Othman, a member of the Iraqi Parliament from the coalition of Kurdistan, Welcome to you all and never allow Irbil Mr. Mahmoud Othman, Mr. Mahmoud was with us Iraqi Minister of Oil while ago, talked about that all Iraqi oil resolution which will be due to the federal government to the Federal Center, is also oil PKK in Kurdistan existing fields there will also to the central government?
Mahmoud Othman : I think at the outset that, according to the Constitution was the PKK has another point of view, should be wealth in the ground-extracted from the powers of the Territory of extraction but the agreement with the central government, but it now appears that the final decision is due to the Federal Council in Baghdad. This kind of bargain approved by the Kurds after American pressure, because the Americans intervened in the matter, and I think their intervention led to the perception that the law is for their benefit and therefore there are some negative responses to the law of this cornerstone of course.
Muntaha aged : the Kurds in this subject?
Mahmoud Othman, of course : the Kurdistan Alliance agreed to the draft, and, of course, could be discussed in the House, but I think that the law itself good points, as described oil minister, but at the same time I think the urgency factor wheel in putting the law and get the formula. and also I think the criticism is the lack of adequate consultation with the oil experts, we have many experts Iraqis at home and abroad, and was supposed to be consulted so that the law is not a political, not a legal character, and got us this age when the Constitution also, the Constitution did not discuss the subject with many legal experts, so that was where Beliers many of the legal terms.
Muntaha aged : Sayed Mahmoud Othman, a member of the Iraqi Parliament from the coalition of Kurdistan Thank you very much, and go to Mr. Issam Al-Chalabi, the former Iraqi oil minister, who joins us from Amman, Mr. Essam mean Iraqi Oil Minister says that the draft law put forward since June 2006, and now we are close to June 2007, So are the tribunes or not the government has hastened to approve the draft of this law what do you think?
Issam Al-Chalabi : I mean, I wanted to be Dr. Hussein Shahrastani us in the dialogue, so I am mentioning of the points made by stating, and I hope that I have enough time for this issue ..
Muntaha aged with time : preferred ..
Issam Al-Chalabi : The first point was that the main point of this law is the subject of the distribution of financial resources, a point that is not the truth never fully correct, supposed to submit a draft bill to the House last indefinitely draft law distribution of oil revenues, What mentioned in the Law of oil is the only thing the rule 11, which is re-stated in the Constitution, and therefore could handle the issue of the distribution of financial resources, a separate law, and they can be done years ago, as had been done in the past, Please do not be confused between the two, the second point, speaking on the topic of the Iraqi National Oil Company is said to have blown give tremendous work and stated that there were four supplements, yes Supplement one and two to the Iraqi National Oil Company, but he did not touch on three Supplement No. 26, which includes oil gas fields hitherto, these fields have been discovered over the covenants and previous years, and there is no justification given to foreign companies only through the Iraqi National Oil Company itself, and the formulas that does not mean waiver of the oil wealth to foreign companies. and consequently, there is a lot of flaws in the law division of responsibilities and powers, has been in Iraq since the first days of the occupation to the various formulas for the division of Iraq, a religious school of thought ethnically pertains to what remains is oil, oil is the main factor that could work to be adopted as a unified, As we now allocation of responsibilities between the Ministry of Petroleum and Oil Company and the Iraqi national working on throughout Iraq, and there territory and possibly other regions will, and there producing provinces are based receipt of a number of fields, textures, and then negotiate with the companies and then referred to the Federal This is something that will create a lot of contradiction and conflict if not discrepancies year among these parts, Valtali must take the Iraqi National Oil Company for the management of these fields and the establishment of companies preoccupied be set up for the purpose of the work pertains to the maintenance and distribution of oil wealth, either with regard to urgency to the question of urgency, which I pointed out to him by now .. What was stated that the first draft submitted in June of last year, yes, this is true, but the negotiation and here I mean touch to what Dr. Mahmoud Othman from the Kurdistan region and rightly so, that he was not only during the negotiation of a limited number of persons from the central government with the Kurdistan region, No subject is not on the oil experts in the Ministry of Oil and the oil experts who are abroad once, to claim transparency Where is the transparency? unannounced reduce this moment even in the newspapers and media Iraqi, did not send to this day formally to the House of Representatives to learn it, So did this quick? little deliberate, and perhaps reach a formula better

Originally Posted by strongtower

YOUR HEAD JUST MIGHT POP OFF THEN BECAUSE MY SOURCES SAY THAT WILL HAPPEN WITHIN DAYS OF EACH OTHER. THE DONG THIS WEEKEND AND THE DINAR NEXT WEEK.

I hope it happens in that order I'll hunk a few more grand down on the dinar with this new found money... if there is time enough to do it that is.....

Study : 100 billion barrels of oil in the Sunni areas of Iraq
(Voice of Iraq) - 19-04-2007 shall Sotaliraq.com - ÕæÊ ÇáÚÑÇÞ

Colorado, United States (CNN) -- An independent study prepared by the international consulting pioneer in the field of energy, that the current estimates of Iraqi oil reserves had doubled with the presence of huge stocks of over 100 billion barrels under the desert sand western region inhabited by the Sunni majority, which until recently was bereft of those wealth concentrated north and the south of the country.

The study estimated that the company published Wednesday IHS taken from the jurisdiction of the Colorado-based American, said that turning those amounts to Iraq, one of the biggest oil exporters in the world, the most attractive to international companies in this sector, in the event of successful efforts to improve the security conditions in that region.

It is known that the oil reserve established in Iraq of 115 billion barrels, and if the new reserve was confirmed, Iraq will by Iran to become the second largest oil wealth behind Saudi Arabia, with a reserve of at least 215 billion barrels.

The Iraqi Oil Minister Hussein Shahrastani has alluded to this Wednesday in an interview with the CNN in Arabic, which confirmed the discovery of a giant new fields in the western region near the Syrian border called "Ekaas."

The balloon study is the first research independent consultant since the American invasion of Iraq in 2003 Baghdad to be able to double their production capacity and lifting to four million barrels per day within five years, if we have the necessary investments.

The western region, which has talked about the institution of the majority Sunni area, where armed groups, and is well known for opposing any laws that limit the profits of oil nationwide that contains that article, as this would have an exception, as it was the general belief that the non-oil.

Nobody knows yet whether the study was to change attitudes in Iraq from the federal system, the distribution of oil wealth, noting that IHS confirmed its determination on its website published a detailed map (Atlas) illustrate the geographical distribution of Iraqi oil.

The Iraqi government has, as a result of political settlements, to amend the initial draft of the law by the oil and gas, so they can return to the national memorial for Iraq's oil, and the deposit of all the country's oil revenues to a central fund one.

This has raised objection large segments, mainly Kurds, as described Asti Horani, Minister of the government of the Kurdistan oil project as "a Ba'athist and nationalist", he said, adding his government full support.

Maliki to visit Kuwait

--------------------------------------------------------------------------------

Baghdad, 19 April 2007 (Al-Sabaah)

Prime Minister Noori Maliki charged six ministers of his Govt. with manage the ministries which Sadr movement abandoned it till appointment new ministers within changes include ten ministries.

While Cabinet allocated $25 million to help Iraqi refugees abroad besides distribution rations to who need it, the Cabinet formed a panel to review affairs of detainees and arrested in prisons.

These developments came close to international and regional political activity, and shortly before Arab tour of Prime Minister which includes Egypt, Saudi Arabia and Kuwait, after adding Kuwait to the tour as source at the Cabinet said.

54 States reduce its debts on Iraq

--------------------------------------------------------------------------------

19 April 2007 (Iraq Directory)

The Ministry of Finance said that the number of countries that have reduced their debt on Iraq hit 54 states, and the government is continuing its efforts to reduce the remaining debt and hopes to reduce some of its debt to the rate of 100%, while the Adviser of the Prime Minister for Economic Affairs, Kamal Al-Basri, said the Paris Club settlement stipulated stopping the State’s subsidy to a number of sectors and activities in order to drop 80% of Iraq's debt.

The Ministry of Finance noted that the follow-up efforts of the Ministry will continue in order to cancel the debts of Iraq once and for all to promote the economic reality of the country and ensure a decent life for all its citizens; the Ministry was working to repatriate funds, especially those funds and real estates stolen by the former regime and his followers and smuggled outside the country, as well as following-up Iraq's dues for loans granted to some countries where the Iraqi Fund for Foreign Development is following-up Iraq’s debts and their benefits according to time periods.

Adviser of the Prime Minister for Economic Affairs said that there is a plan to compensate the current ration card with cash and provide a competitive market for supply materials; the plan will be implemented in three provinces: Dahuk, Samawah and Hillah, where the amount of compensation will be $ 10 per person, since the volume of the State’s expenditure, the big deficit in its budget and the total amount of the government’s subsidy has become a major burden on the State’s budget and its economic growth.

As for the oil and gas law, he said that the structure of law consists of the Oil Ministry, the Federal Council and the Provinces Body, and these three official quarters are under the control of the Cabinet; the law gives the State the central planning and putting the oil policy of the country while it leaves the provinces the freedom of implementing and applying those plans and policies. He continued that Iraq needs 200 billion dollars for reconstruction, and this amount can only be provided after 20 years if the National Oil Company were able to maintain the production of three million barrels per day.

Nasriya has 5% of Iraq's oil reserves

--------------------------------------------------------------------------------

Baghdad, 19 April 2007 (Al-Sabaah)

Studies carried out by Oil Ministry found that Dhee Qar province has 5% of Iraq's oil reserves, while the Ministry decided transfer ownership of houses which locate out of security zone of oil companies and facilities to their residents, authorized source at the Ministry said.

He added that among new oil fields, Nasriya field which contains 4. 35 billion barrels, Furat field contains 900 million barrels and Rafidien field contains 5 billion barrels.

He mentioned that transferring ownership at first step would include southern and middle provinces to appreciate workers efforts.

Annual inflation index rises in Iraq within a year by 36.6 %

--------------------------------------------------------------------------------

19 April 2007 (Iraq Directory)

Iraqi Ministry of Planning and Development Cooperation said that the annual inflation index rose in one year (from March 2006 to last March) by 36,6 %.

It stated in a report that the monthly indicator of inflation also rose last March by 1.3 % which is a record, reflecting the prices of goods and services provided to the consumer.

The report was prepared in the Central Agency for Statistics and Information Technology at the Ministry on the basis of field data collection on the prices of goods and services that form the consumer basket of retail prices in selected markets in Baghdad and other governorates.

The report said the rise was the outcome of the high index of food and clothes, fabrics, footwear, furniture, transport, communications, medical services, medicines and rent, which form 94.4 % of total domestic consumer spending.