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

Invitations to strengthen the Oil Federal Council
Translated by IRAQdirectory.com - [10/04/2007]

Experts specialized in the oil sector and academics confirmed, at a symposium held in the city of Amarah in southern Iraq, that the bill of oil and gas which is currently being discussed by the parliament for approval “needs a review and adjustments” that are considered “essential”. They pointed out that there is a need “to ensure that the controversial draft law, will include compensations to the governorates producing oil and gas, with Missan at the top, for the environmental damage caused by oil and gas exploration, and for agricultural land use in oil production”.

The symposium came out with other recommendations demanding not to work by the sharing-production contracts and stick to the risk and service contracts only on condition that any contract cannot be carried out only after gaining the consent of the oil and gas Federal Council.

The seminar also proposed adding supplement 3 to supplement 2, and make it from the jurisdictions of the National Oil Company exclusively; also, the contracts with oil companies must ensure the implementation of oil investment projects and give priority to extraction and production from the border fields, especially the ones common with the neighboring countries, giving priority to contracts that ensure marketing.

Oil expert, Jassim Raheem Al-Ithari, said that “the law should be presented for broad discussion before it is approved”, noting that “articles 111 and 112 of the Constitution did not refer to the other national wealth other than oil and gas. Also the constitutional articles especially article 112, did not refer to the exploited fields that require resolving the controversy about them”.

The Symposium recommended the adoption of Amman symposium recommendations held recently on the law; the legal expert in the Iraqi Oil Ministry, Jabbar Alsaidi, pointed out to “the importance of enhancing anIraqi oil law, re-establishing the National Oil Company and amend articles 111 and 112 of the Constitution, to pave the way for some of the parties to sign contracts without referring to Baghdad”.

He explained that the Cabinet “authorized” some bodies described by “regional” to negotiate and sign contracts just like the Ministry of Oil and the National Oil Company.

The Symposium stressed “the need for the parliament to ratify all contracts and the nomination of a supreme body to resolve the arising disputes“, suggesting “their settlement through the Federal Court”.

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Baldawi: Maliki's tour prelude to economic plan
10 Apr 2007 13:53:00
Tour

Baghdad (NINA) – Member of the parliament's committee of economy, investment and construction has described Maliki's tour around Asian states as key for Iraq's economy.
Amira Al-Baldawi, PhD, said Tuesday the tour is a follow-up to Enforcing the Law's economy-related plans, which will be launched


Speculations for banking boom
10 Apr 2007 13:40:00
Banking
Baghdad (NINA) – An economist has speculated that the next five years will witness quality transformation in the banking sector. Member of the Iraqi Centre for Economic Reform Mudhhir Muhammad Salih said Tuesday, "Iraq's huge financial resources and oil revenues will create quality transformation.

Translated version of http://www.ninanews.com/

Sorry....no subscription to NINA.

Maliki confirms that the Iraqi market is open to Japanese companies
4 / 11 / 2007 9:47:12 AM

Prime Minister Nuri al-Maliki that the Iraqi market is open to Japanese investment companies a way that serves the Iraqi citizens and raise the level of living, and its riches rich Iraq is determined to move forward towards economic reform and construction and reconstruction.

He added Maliki during a reception to the Minister of Economy, Industry and Trade Japanese AMARE at his residence in the Japanese capital of Tokyo this afternoon. There are safe areas in Iraq that could provide the appropriate conditions for investment and receiving foreign companies for the advancement of services and relaunch the reconstruction of Iraq in the country.

From his part, Minister of Economy, Industry and Trade Japanese hoped consistently achievements security as it gives more opportunities to attend international companies in general and Japan in particular for the reconstruction and rebuilding Iraq.

On the other hand, Mr. Prime Minister, received at his residence in Tokyo, and the Defense and Foreign Ministers Japanese both individually and there was an exchange of views and ways of developing relations between the two countries at all levels.

It also signed an agreement to exchange documents between the Ambassadors of Iraq in Tokyo, Japan in Baghdad Bakhos launch granted Japanese loan to Iraq.

Maliki : we have to achieve cooperation and partnership with Japan in many areas
4 / 11 / 2007 9:59:18 AM

Prime Minister Nuri al-Maliki in Tokyo today, Tuesday, we have to achieve a degree of cooperation and partnership with Japan in all areas, pointing out that the desire and willingness of the Japanese government to provide assistance to the Iraqi people.

He added Maliki, in a press conference held in the Japanese capital of Tokyo today quoted Canal (Iraqi) official Iraq has achieved many accomplishments during the last period, the first time that the budget of Iraq to monitor (13) billion dollars for the services.

He pointed out that Iraq also developed in the area of freedoms .. Since we now have a more than (23) satellite channel, many newspapers.

As for the survival of the multinational forces in Iraq, Al-Maliki said that the emergence of the multinational forces from Iraq inevitable with no room to discuss that, but it depends on the development of Iraqi security capabilities. He pointed out that the Iraqi government has sought to develop services and security capabilities to assume security file.

On the subject of Iraqi refugees, Al-Maliki said that the Iraqi government would not abandon the refugees abroad, understand immigrants because of security conditions and not to be refugees for political reasons.

He concluded by saying, we have found understanding and a genuine desire by the Japanese to enter the Iraqi market and that the areas of electricity and oil are the most important in the agreements that we have succeeded in meeting with the Japanese to improve these sectors.

Al-Maliki arrived in the Japanese capital of Tokyo two days ago at the start of an Asian tour that also includes South Korea.

Al-Maliki was expressed during a meeting with the Prime Minister of Japan Shenzhou Abe yesterday evening about Iraq's willingness to continue the friendship between Iraq and Japan and evolve and be long-term in all fields particularly in the economic sphere.

Al-Maliki and that Iraq was keen to launch economic process because they contribute to the improvement of the security situation and expressed his hope the presence of Japan in the area of Iraq's oil, industrial and electricity, the minister said, stressing that Japan may be the first to contribute to the process of building and the reconstruction of Iraq, valuing the role of Japan for its continuing support in Iraq, said that the potential available in Iraq can establish strategic relations between the two countries.

A statement from the Iraqi Council of Ministers that the Japanese Prime Minister reiterated his government's support for the government of Maliki and support of the democratic process and the ongoing security in the country, and said through this visit will develop the relationship between the two countries and stressed the importance of stability in Iraq because it represents the stability of the world and the Middle East, referring to Japan's commitment to provide support and support for the government and people of Iraq through the provision of loans and grants by the Japanese in addition to the renewal of the forces of air transport for a period of two years.

At a meeting of the owners with the Minister of Economy, Industry and Trade Japanese AMARE at his residence in the Japanese capital of Tokyo yesterday confirmed Maliki that the Iraqi market is open to Japanese investment companies a way that serves the Iraqi citizens and raise the level of living, saying that Iraq is rich from its riches are determined to move forward towards economic reform construction and reconstruction.

He added in a statement to the Council of Ministers received news agency (Voices of Iraq) independent copy of which there are safe areas in Iraq that could provide the appropriate conditions for investment and receiving foreign companies for the advancement of services and relaunch the reconstruction of Iraq in the country.

The statement reported that the Japanese minister expressed the hope continuously achievements security as it gives more opportunities to attend international companies in general and Japan in particular for the reconstruction and rebuilding Iraq.

Al-Maliki and holding further meetings with the Ministers of Defense and Foreign Japanese and exchanged views and ways to develop relations between the two countries at all levels.

The statement said the agreement was signed to the exchange of documents between the Ambassadors of Iraq in Tokyo, Japan in Baghdad Bakhos launch Japanese loan granted to Iraq.

USAID-sponsored conference focuses on future of Iraqi banking industry
11 April 2007 (USAID)

Iraqi banking industry leaders and international banking experts gathered in Amman, Jordan April 4 to 5 for the first Iraqi Banking and Finance Conference, Banking in Iraq: The 21st Century Challenge.

More than 200 delegates attended the two-day conference, organized by the U.S. Agency for International Development (USAID) through its Izdihar Private Sector Growth and Employment Generation and Economic Governance II projects.

Conference participants included representatives from the Central Bank of Iraq, Government of Iraq agencies, regulators, Iraq private and state owned banks, regional and international banking groups, non-bank financial institutions, bank training and certification organizations, banking experts and international donors.

In his opening remarks, USAID/Iraq Deputy Mission Director Mike Harvey said: "Support to the banking sector is a specific priority for USAID and this conference demonstrates our commitment to this important foundation of the Iraqi economy."

Harvey also mentioned that USAID is proud to be associated with the Iraqi Company for Bank Guarantees, which is already achieving its objectives of providing cash-flow based loan guarantees to small and medium enterprises in Iraq.

Daniel Weygandt, Economic Minister-Counselor at the U.S. Embassy in Baghdad, said: "This event is the first time that Iraqi public and private sector representatives along with regional and international partners have come together to discuss the current status and challenges facing the development of the financial services industry in Iraq."

During the plenary sessions participants took stock of global and regional banking developments and their implications for the Iraqi banking industry post April 2003. Topics discussed were:

-Iraqi monetary policy;

-Regulation and supervision of the banking industry;

-Rehabilitation of the state owned banks;

-Development of the private banking sector, introducing new banking products and services;

-Improvements to the payments, check processing and clearing systems;

-Development of a bankers association, banker training and certification organization; and

-The need for banks to adopt international financial reporting standards.

Deliberations from the plenary sessions will be compiled in a recommendations paper for distribution to policy makers, regulators, donors, conference partners and interested parties.

"This Iraq Banking and Finance Conference was the starting point for all stakeholders as they move towards building a banking industry in Iraq that is well positioned for the challenges of the 21st century," Baljit Vohra, Chief of Party of the USAID-funded Izdihar project, said.

USAID-sponsored conference focuses on future of Iraqi banking industry | Iraq Updates

Iraqi trade minister discusses moves on debt cancellation at Arab summit
11 April 2007 (Iraq Development Program)

Iraqi Trade Minister Dr Abd-al-Falah Hasan al-Sudani has stressed that the most important achievement at the economic level of the Riyadh summit, which was held in Saudi Arabia last month, was to convene meetings for the cancellation of Iraqi debts to a number of Arab countries.

Al-Sudani said : "Saudi Arabia was one of the countries with which there were dialogues about the cancellation of debts." He stressed that Riyadh showed positive response to this issue, and the readiness to convene bilateral negotiations through which solutions based on the interest of Iraq and its people could be reached. Al-Sudani pointed out that the Saudi officials had pledged to invest in industry and trade in the secure zones, and in the regions along the borders between the two countries, such as Al-Samawah, Al-Anbar, and others.

They had also pledged to increase the volume of trade exchanges, and to participate in developing the economy and restoring the economic structures of its sectors.

With regard to the debts to Kuwait, Al-Sudani pointed out: "There are several sides conducting continuous negotiations with the Kuwaiti side, and a high level delegation is preparing to visit Kuwait soon for this purpose."

As for the most important achievements of the Iraqi delegation that participated in the Riyadh conference, Al-Sudani explained: "The Riyadh conference resulted in achieving many points in the interest of Iraq. We agreed with many Arab countries to increase cooperation in all economic, trade, and political fields. Also important resolutions were issued with regard to the Arab free-trade zone, and the measures to facilitate the customs and excise agreements that would achieve the third stage of the Arab economic unity. The conference also discussed the issue of Arab cooperation to support the health and education services, and it was agreed to convene a meeting of the Arab education ministers to study the reality of Arab education and the problems of education in the Arab region. Moreover, the issues of communications and electricity were discussed, and there is a proposal submitted by Kuwait and Egypt to convene an Arab economic summit."

Among the other economic topics that were subject to discussion was the issue of Arab trade and economic cooperation -especially by the Gulf Cooperation Council through the use of borders, roads, and ports -and urging all the Arab countries to invest in Iraq. The minister revealed that he conducted many negotiations with the Gulf countries that focused on revising the bilateral relations, especially those related to the fields of air travel and judicial issues.

With regard to the aid granted by the ministry to the afflicted Iraqi families, especially the displaced, the minister pointed out, "Recently the ministry introduced a programme to face up to emergency circumstances. The ministry has secured the provision of dry foodstuffs sufficient for a lengthy period, and is updating these foodstuffs continuously. Moreover, the ministry continues to secure all the quotas of the tense governorates through coordinating with the tribes and security authorities. At the same time, our departments secure comprehensive food quotas for the displaced families in all the regions in which they have arrived."

The minister said that his ministry decided to distribute "food aid to thousands of the poor families and to those displaced from their areas of residence. This is in addition to providing the necessities, and treating the problems caused by the current circumstances.

The minister pointed out, "The plan to impose the law has resolved some of the problems faced by some agents in the tense regions in conveying the articles of the ration cards to the sons of our people in general. This is particularly true as the ministry has provided the means for good storage for periods that could extend to four or five months in order to cover the shortage in these articles.

Iraqi trade minister discusses moves on debt cancellation at Arab summit | Iraq Updates

The House of Representatives held its second session today
4/ 11 / 2007 10:28:45 AM

The House of Representatives held its Al (12) today, Tuesday, in Baghdad and to discuss a number of items on its agenda.

It is assumed that the agenda includes reading the names of the absent members of the meeting and discuss the request of the Education Committee on the printed curriculum and teacher holiday.

Also on the agenda for today the first reading of the draft law on accession to the Optional Protocols Protocols to the Convention on the Rights of the Child, as well as the second reading of the draft Law on the Ministry of Municipalities and Public Works.

The meeting also discussed the second reading of the draft law on amendment of the second order (30) for 2003 amending the scale of salaries to civil servants.

Dept. of the Army issues re-solicitation for construction projects in Baghdad
11 April 2007 (PortAl Iraq)

The Department of the Army, U.S. Army Corps of Engineers, Gulf Region Central District, has issued a re-solicitation notice for a Multiple Award Task Order Contract (MATOC) for the construction and for construction-related projects at Camp Cropper within Camp Victory installation in Baghdad, Iraq.

The close date is May 12.

Up to three construction contractors will be selected for this contract.

The solicitation for this project will be issued in electronic format only and will be available for download by April 12.

Dept. of the Army issues re-solicitation for construction projects in Baghdad | Iraq Updates

Central Bank of Iraq's auction sales show increase against last week's sales
11 April 2007 (PortAl Iraq)

On April 8 the Iraqi dinar was at ID1272; last week's rate was ID1273 per dollar. The amount sold at auction price increased from last week's auction.

U.S. dollar total sales at last week's auction totaled $42,400,000; this week's auction saw a total of $49,825,000.

Central Bank of Iraq's auction sales show increase against last week's sales | Iraq Updates

Japan to give Iraq loans for water, electricity projects
11 April 2007 (PortAl Iraq)

The Government of Japan has announced its intention to provide loans up to 57,716 million yen to Iraq for implementing the Basrah Water Supply Improvement Project and the Electricity Sector Reconstruction Project in Kurdistan Region.

This announcement was made by Prime Minister Shintaro Abe to Prime Minister Kamil Al-Mariki during the summit meeting in Tokyo today.

The loans will have a 0.75 percent interest rate and a 40-year repayment period (including a 10-year grace period). The procurement method is general untied.

Basrah Water Supply Improvement Project

The maximum amount of this loan is 42,969 million yen.

According to Japanese officials, the water supply system in Basrah City and Hartha City must be improved through working on water supply facilities such as water treatment plants, transmission lines and distribution networks.

Electricity Sector Reconstruction Project in Kurdistan Region

The maximum amount of this loan is 14,747 million yen.

The electricity sector is the basis of any economic and social activities in Iraq, according to the Japanese Government.

"However, the function of power supply and distribution in Kurdistan Region (northern governorates comprising of Dohuk governorate, Erbil governorate and Sulaimaniya governorate) as well as all over Iraq has been greatly deteriorated by insufficient new investment and maintenance for the power sector resulting from conflicts including Iran-Iraq War and the Gulf War, and economic sanctions," the Japanese Government stated.

By supplying equipment and developing necessary facilities for the substation and distribution system, this project aims to stabilize the power supply in the Kurdistan Region.

Japan to give Iraq loans for water, electricity projects | Iraq Updates