Thread: Iraq/Dinar News until 5/23/07 Midnight CST

Iran, Iraq coordinating in OPEC to control price of oil: Iraqi minister

TEHRAN, May 22 (MNA) -- There is continuous coordination between Iran and Iraq in OPEC to control the price of oil, Iraqi Oil Minister Hussein Shahristani said in an interview with the Mehr News Agency published on Tuesday.
There is a satisfactory level of cooperation in the field of oil between the neighboring Muslim countries of Iran and Iraq, both of which enjoy rich petroleum reserves, Shahristani added.

“Iranians are interested in importing Iraqi petroleum for the Abadan petroleum refinery, and they have also asked us to supply the Kermanshah refinery,” he noted.

“Importing (Iranian) oil products is another important issue in the two countries’ relations. Iraq is currently importing oil products, and some Iranian corporations have inked oil products sales agreements with us,” the Iraqi oil minister said, adding that this would continue until Iraq builds new refineries and becomes self-sufficient.

In answer to a question regarding the U.S. reaction to the increasing Iran-Iraq cooperation, he stated, “So far, no one has contacted me to ask me to explain our relations with Iran or any other country, and even if someone tries to do so, as a sovereign state, we do not feel compelled to explain our relations with other countries to a third party.”


Shahristani rejected the claims of a leaked draft of a U.S. Congressional report that said Iraqi oil is currently being smuggled as false and said that the highest level of oil smuggling in recent times occurred during the 2003-2004 period when the United States was controlling Iraq’s oil transactions.



PA/HG

END

MNA

Somethings gotta work

Indian guru in Iraq to promote peace

IANS Tuesday 22nd May, 2007

Indian spiritual guru Sri Sri Ravishankar flew into Iraq Tuesday night to promote the cause of peace in a country ravaged by insurgency and sectarian conflicts.

Ravishankar, who heads the Art of Living (AoL) Foundation, reached Baghdad from neighbouring Jordan after meeting the royalty there, according to information received here.

He is the first Indian spiritual leader to travel to Iraq. He began his tour with Jordan Monday and will leave Iraq Friday.

Ravishankar will meet religious and political leaders in Iraq besides AoL volunteers as well as students in the University of Amman.

Hopefully they're serious and it's not or this

Al-Maliki calls on tribal clans to fight militants across Iraq
Associated Press - May 22, 2007 2:33 PM ET

BAGHDAD (AP) - Iraqi Prime Minister Nouri al-Maliki (NOO'-ree ahl-MAHL'-ih-kee) says his country's fight against terror will be "open-ended and long."

He has called for the creation of "salvation councils" across the country to bring together Iraqis to fight al-Qaida militants.

In a televised address marking the first anniversary of his government, al-Maliki also warned unnamed foreign parties that they would pay a "high price" for meddling in Iraq.

The councils appear modeled after an alliance of Sunni Arab clans, which banded together in the western Anbar province to drive al-Qaida in Iraq militants from their areas.

Al-Maliki's government has been under mounting pressure at home and abroad to show any tangible progress on security, national reconciliation and the economy.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Pro-American Iraqi Sunni leader pays visit to Shiite stronghold in Baghdad
Meeting with sadr supporters signals call for 'reconciliation'
Compiled by Daily Star staff
Wednesday, May 23, 2007



A pro-US Sunni tribal leader made a rare visit to the Iraqi capital's Shiite bastion of Sadr City on Tuesday in a bid for national reconciliation. An Iraqi parliamentary committee has failed to finalize an agreement on amending key articles in the constitution, one of the political benchmarks Washington says are important to end sectarian violence.

After six months of talks, the Constitutional Reform Committee had been expected to present Parliament with a final draft of their recommendations on Tuesday.

Sheikh Hamid al-Hayis, the armed wing chief of an alliance of Sunni tribes fighting Al-Qaeda alongside US forces in Anbar province of western Iraq, visited supporters of hard-line Shiite cleric Moqtada al-Sadr.

"This meeting is a message to Iraqi politicians to get rid of their differences and to seek real reconciliation," Hayis said.

While Iraq is ostensibly led by a unity government of Sunni and Shiite parties, relations have dissolved into acrimonious bickering, paralyzing political life in the violence-plagued country.

"We are trying to pressure [the government] to make political changes for the sake of the Iraqi people who are drowning in the blood of their sons," Hayis added.

The Anbar tribes are hoping to turn their alliance into a national political movement and are fierce rivals to the main Sunni political party, the Iraqi Islamic Party. Sadr's movement, meanwhile, has withdrawn from the government.

Sadr, who has not been seen in months, was represented by three MPs from his 30-strong parliamentary bloc, a senior leader in his political office, and the heads of major families living in the neighborhood.

"This visit shows that Iraqi tribes are standing side by side and they are the nail in the coffin of the abhorrent sectarianism which has split our country," said Shiite Sheikh Malik Sewadi al-Mohammadawi.

The head of one of Sadr City's most influential tribes, Mohammadawi blamed the country's sectarian strife on "occupation forces and foreign [Sunni religious extremists]."
The Daily Star - Lebanon - The Middle East's Leading English Language Newspaper

Sunni insurgents, once supported by the Anbar tribes, continue to stage dramatic bombing attacks against Shiite civilians while militias, including Sadr's Mehdi Army, exact their revenge on Sunnis.

In recent weeks, however, Sadr's movement has made moves to reach out to the Sunni community and build on its nationalist, rather than just Shiite, credentials.

Participants at Tuesday's meeting called for improved national security services, for holding internationally monitored provincial council elections, and for "calling any killer of Iraqis a terrorist who has to be fought."

The participants said they hoped to arrange future meetings involving Sadr himself.

"Abu Risha said he would visit Sadr soon," said Abdel-Mehdi al-Muteiri of Sadr's office, referring to Abdel-Sattar Baziyya of the Abu Risha tribe, the leader of the Anbar Awakening coalition. "There will be a meeting soon in the holy city of Najaf. The Sayyed [Sadr] liked and welcomed the idea of the visit," he added.

US President George W. Bush, under pressure to show tangible progress in the four-year-old war, has pushed Iraqi leaders to agree power-sharing legislation are aimed at bringing Sunni Arabs more firmly into the political process.

Members of the Iraqi committee said they would ask political leaders to deal with sensitive issues such as sharing Iraq's oil wealth more equitably and ending a ban on former members of Saddam Hussein's party members holding public office.

"We have agreed on some articles but there are sensitive issues which need an agreement among the political leaders," said Saleem al-Jubouri, a member of the Accordance Front, the biggest Sunni bloc in the Iraqi Parliament.

Jubouri said that Sunni Arab and Shiite members of the committee had disagreed with a Kurdish demand to allow regions to distribute oil income rather than the central government. - AFP, Reuters

Mullah Bakhtiar : no loitering in the normalization of the situation will be reflected in Kirkuk

(صوت العراق) - 23-05-2007

(Voice of Iraq) - 23-05-2007

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Kurdish leader warns : no loitering in the normalization of Kirkuk will reflect on the conditions of all our agreements with Baghdad

Mullah Bakhtiar member body operating in the Patriotic Union of Kurdistan : we can solve our problems with Turkey

Sulaymaniyah : «Middle East»

Said Hikmat Mohammad Karim, alias «Mullah Bakhtiar», a member of the workforce and member of the political bureau of the Patriotic Union of Kurdistan led by Iraqi President Jalal Talabani «Article 140 around Kirkuk and on some disputed areas so far have recognized in the constitution, was expected applied across stages.

He said in an interview with «Middle East» in Sulaymaniyah «We hope to reach the final stages of the application of this article but with regret the reluctance of each successive governments after the fall of the former regime and so far has aggravated some problems between the government of the Kurdistan region and central government».

The Mullah Bakhtiar «We insist on dialogue and insist on solving all problems between us and the central government», adding that «the Constitution of this article is clear and there is no ambiguity or problematic, and the Constitution or laws is the mother political decisions between us and the Center». He warned that «any loitering Any disowned any problematic for the application of Article 140 will reflect on all the things that we agreed, so we hope and pray that we can solve these problems spirit of genuine democracy

».

On Althchidat Turkish military on the border with Zakho addition to the existence of Kurdish military buildup on the border with Iran. Mullah Bakhtiar «We believe that the political circumstance in the region, especially the Iraqi-Turkish relations and the Iraqi-Iranian relations level through which we can discuss any problem spirituality of diplomatic, political and collective responsibility without resorting to threats by Turkey or Iran or any other regional and minds as long as there are no officials to discuss all matters, whether overt or hidden or small or large with the countries of the region there is no need for the language of threats which opposes age »

.

He added, «We are ready to discuss all these matters with Turkey, and we can solve all the issues between us and the intricate Turkey and among all the regional countries, I imagine some time ago there were some complications and there were some threats and some of the reactions by us and we are now through diplomatic channels either through the Iraqi Foreign Ministry or direct connection solved, We believe that there is some willingness by Turkey and we welcome these preparations spirituality positive and military movements on the border of Turkey before complicate matters, Turkey tested each of these movements and military interventions along history, and not after the fall of the Saddam regime. The damaged relations Iraqi Turkish relations and hurt Turkish Kurdistan, but hurt the Turkish internal situation and we hope to solve all these problems through negotiation and through and respond to the requirement of common interests between us ».


For the Kurdish movements on the border with Iran, said Mullah Bakhtiar «that there were movements of troops before the Peshmargas and there was movement Astgerbenah Iranian military.

».

And of course the responsibility of the Ministry s Ministry of the Interior in the Kurdistan province and responsibilities of the Prime Minister of the Territory to take precautions military and security precautions, hoping that there are no problems ».

».

He said «I would imagine that there is a response by the Islamic Republic of Iran».


And some warn that the application of federalism will lead to division, said Mullah Bakhtiar «word fragmentation and the separation of the word and the word partition Iraq this political terminology deduced from the principles of democracy in Iraq and are used to distort the democratic process and discredit the process in Iraq ..

.

Why not use was changing the right of self-determination and democratic rights? ».

Regarding manifestations of independence enjoyed by Kurdistan, said Mullah Bakhtiar «We are independent but we are within the Iraqi state but there are some laws passed by the Constitution we practice according to the Constitution, there are some things which belong to the Center of the Ministry of Finance, Defense and planning, but some things belong to the province. There we exercise the powers only and not as an independent state and we practice harmony with the ministries in Baghdad, and there are manifestations of distinguished government in Kurdistan in the management of cultural and legal issues, and there are economic issues and some security issues and some military issues concerning how to protect the border ..There are urban interests of a free economy where there are hundreds of investment companies that invest in Kurdistan economic potential, and there is a clear understanding between the territorial government and the regional States and some international companies ».

The performance evaluation on how the political and administrative management of the territory after the unification of Kurdistan. Bakhtiar explained «Our departments to standardize so far good terms must know every Iraqi Kurdistan and that the unification of the two departments after infighting Kurdistan is not an easy task and simple where the wounds were deep ourselves and with this we must combine the two departments and prove that reunification through practices ministers and directors-general and provincial level and district and sub-district and so far the process is healthy and sound ». However «But with this, there are some obstacles, obstacles, and some problems are still unsolved us, where in the last meeting between us and the political bureau of the Democratic Party of Kurdistan, the presence of the Prime Minister of the Territory discussed these matters with transparency and genuine fraternal spirit».

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

Finance Minister stressed that the country's currency reserves, 21

(صوت العراق) - 23-05-2007

(Voice of Iraq) - 23-05-2007

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Finance Minister stressed that the country's currency reserves of 21 billion dollars ...States canceled $ 140 billion owed by Iraq

BAGHDAD - Adel Mahdi life-23/05/07

The Iraqi minister statement Jabr Zubaidi said that 45 state «debts are canceled on Iraq, with rates ranging between 100 and 80%», noting that the total hit 140 billion dollars ».He said that «a part of the framework agreement signed between the Iraqi government and the International Monetary Fund».

Zubaidi praised the role of Saudi «promised to write off 80% of their loans to Iraq, as well as China, which announced its rules« Paris Club », and the cancellation of 80% of its debt also».

The Iraqi minister in a joint press conference held with the Ministers of Planning and trade Baban farmer Abdul Sudanese and Central Bank Governor Sinan Shabibi, the Iraqi government «moved in the direction of the commercial debt of the companies, and reducing the proportion of 96% of Iraq's debts to companies». He pointed out that the remaining «payments Iraq owes to Arab and foreign companies, did not specify the date».

Also expected Zubaidi «reach a solution with Egypt regarding debts», referring to the «declaring its willingness to cancel debts on Iraq, and only funds Egyptian workers left behind in Iraqi banks», stressing deal with these funds «trust in the banks and ourselves back».

Turning to the Iraqi minister's budget in 2007, adding that «differ from the previous year's budget», noting that «a good budget implementation ministries other than unable to do so», stressing that the funds «will be removed from the ministries that have been unable to implement the budget and giving it to other ministries».

Baban revealed that more than 11 billion dollars, earmarked for investment amount is the largest in Iraq so far, representing government investment », adding that this amount« secure more jobs and enhances the activity of the Iraqi economy ».

The Sudanese to the difficulties faced by his ministry, especially in areas relating b «finance, import, transport and storage as well as financial difficulties and the problems of administrative corruption». He declared that the Ministry «imported 2 million tons of grain and other food items to meet the needs of the ration card».

With Shabibi said that this year «witnessed relatively stable inflation ranged between 40 and 45%», pointing to the bank's success in raising hard currency reserves reached 21 billion dollars ».He considered that the amount «well, and can provide a reassuring stability».

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

«South Oil» evolution fields in Nasiriyah

(صوت العراق) - 23-05-2007

(Voice of Iraq) - 23-05-2007

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Nasiriyah (Iraq) life-23/05/07

Is «South Oil Company» to develop extensive study aims to develop three fields of oil production in the province of Nasiriyah (400 km south of Baghdad).

The source in the company pointed out that these fields «will actually increase energy production in the oil fields of up to 500 thousand barrels a day», pointing out that the development of «include fields Graves and Abu column Nasiriyah, as production capacity of Gharraf field to more than 120 thousand barrels per day, fields Abu column to 110 thousand barrels a day. With expected to «production capacity of the field Nasiriyah to 300 thousand barrels a day».

The source pointed out that the company has developed the oil fields of Dhi Qar, manages the operations of oil production in the province, stressing that the investment of these fields «will contribute to the increase in the ceiling on crude oil production in the southern region, and benefit the development of the national economy and to provide services to maintain generally».

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

IMF official hails the GCC "regional" economic model

ECO-IMF-TUNIS-GCC
IMF official hails the GCC "regional" economic model
(with photos) TUNIS, May 22 (KUNA) -- A senior official at the International Monetary Fund (INF) has commended the leading economic merger model of the Gulf Cooperation Council (GCC) member states at the regional level.

The GCC merger offers a "model of economic integration for the Arab Maghreb, Arab Mashreq and Central Asian states to counter economic challenges and create a favorable investment and private-sector environment as well as curbing unemployment," Assistant Director for the Middle East and Central Asia Region at the IMF Omar Tahari added.

Tahari was addressing on Tuesday a joint press conference with the governor of the Central Bank of Tunis for presenting the IMF regional report on "Middle East and Central Asia Regional Economic Outlook." Tahari highlighted the successful monetary and financial policies adopted by the GGC six member states, either for using the oil revenues for domestic and external investments or the flexible foreign exchange policies.

He also expected the GCC monetary union, slated for 2010, to bolster economic stability and growth saying that the IMF Director had encouraged the member states to proceed with the process during a recent Gulf tour, as a basis for regional economic merge to stand the impact of the economic globalization and trade.

Tahari, a Tunisian, expected the oil prices to settle at USD 61 a barrel at least till October saying that the IMF prepared regular bi-annual reports and set predictions He also anticipated that the oil revenues would be slightly on the decline in 2007 to USD 570 billion, based on USD 61 for a barrel, against USD 64 last year. Based on Tahari's predictions, oil exports of the Gulf region are expected to fall by USD 45 billion and public budget revenues by USD 35 billion.

But still this depends on the current findings and data and it is hard for any one to predict the developments that might take place on the world markets regarding the security and psychological factors that govern oil prices.

As for the IMF report, he said that it covered 14 oil-exporting countries, including the GCC, six emerging markets and 12 low-income countries.

According to the report, presented for the first time outside the IMF headquarters in Washington, the Middle East and the Central Asian countries look ready to start a new year of strong economic performance so that the region's GDP would exceed 6 percent in 2007, for the fifth successive year.

That positive economic performance has been attributed to high oil prices and other non-petroleum basic commodities, a favorable financial environment and the sound policies in many of the region's countries.

He expected the average inflation rate in the region to hit 9 percent in 2007, against 7.5 percent last year. Oil states, in particular, will be hit by the rise for the increase of oil prices leading to a rise in the real exchange rates.(end) nm.
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Economists discuss prospects, challenges facing GCC equity markets

ECO-LD GCC-NBK-SESSIONS
Economists discuss prospects, challenges facing GCC equity markets
KUWAIT, May 22 (KUNA) -- A number of economists discussed Tuesday issues relevant to challenges facing Gulf Cooperation Council (GCC) equity markets.

During the second session of the 8th GCC Banking Conference, themed "Managing Growth and Risk in an Era of Openness," Group General Manager of Corporate Banking at the National Bank of Kuwait (NBK) Shaikha Al-Bahar said those markets had witnessed great growth in credit, revenues, deposits and investments.

Despite the current boom, "we have to be selective" in administration, corporate governance and investments, she noted.

Al-Bahar outlined the status of the GCC banking sector in terms of equity, debt, investments, financial tools, consolidations and other issues.

On his part, Dr. George Makhoul, President of Morgan Stanley's Middle East and North Africa Division, said markets were systems that required overall control through regulations, administration, retail investments and other factors that were not properly developed in this region.

Some organizations, he said, played a leading role in funding, investments and development, adding that this was not a game because institutional investors played a great role in stabilizing the market.

"We see rationality in evaluating firms" in Saudi Arabia and the United Arab Emirates (UAE) and there is a need to increase volume by boosting financial tools through a healthy market on the basis of debt and equity, not only equity, he explained.

He urged opening GCC markets to certain selected international firms, and not to all organizations as that would repeat the south-Asian economic crisis by having "a free for all." He stressed the role of economic consolidation in growth and development.

The circular logic, also knows as Catch 22, should be avoided through a regulatory approach in this region when addressing matters of unified currency and economic integration, he said.

The Gulf's local and cross border merges between firms, noted Makboul, did not have a system to protect small investors and that should be settled.

CEO of Bahrain's Gulf International Bank Dr. Khaled Al-Fayez said GCC banks were greatly boosted by the region's economic growth due to increased avenues from oil.

Despite the banking sector's great size and performance, devastating declines took place in GCC stock markets because of greed and lack of expertise, he noted.

Our markets have wrongly shifted from investment to speculation and that is evident from the large number of trades taking place, said Al-Fayez, who added that small investors mainly followed steps taken by major investors.

A lot of people, he said, think that stock market authorities control the price of shares, but these authorities' role is relevant to ensuring absolute transparency and integrity of trades.

He said stock markets still needed more in terms of regulating initial public offerings (IPOs), trades, disclosure and corporate governance.

GCC banks have developed their services to face the boom associated with local, regional and global economic growth, he said.

These banks, he noted, faced challenges relevant to boosting financial capabilities that brought up the issue of merging these institutions to be able to match international banks.

Other challenges include developing financial and investment tools, he added. (pickup previous) kt.
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Kuna site|Story page|Economists discuss prospects, challenges facing GC...5/22/2007

Bankers deem GCC banking sector as promising

ECO-2LD GCC-NBK-SESSIONS
Bankers deem GCC banking sector as promising
KUWAIT, May 22 (KUNA) -- A number of banking experts considered on Tuesday the Gulf Cooperation Councils banking sector to be quite promising, expecting it to achieve further growth and development with the next few years.

During the second third session of the 8th GCC Banking Conference, themed "Managing Growth and Risk in an Era of Openness," the experts linked between this sectors growth and governmental attention devoted to it.

CEO of National Bank of Kuwait (NBK) Ibrahim Dabdoub said GCC economies were witnessing a golden age that differs from previous stages because common belief back then viewed increases in oil prices as a sign of economic blossoming, and vice versa.

The reason behind that belief, he said, might be relevant to lack of proper understanding, failure in utilizing increased revenues or overly optimistic outlooks about the Gulfs economic situation.

He said the rules of economy have changed as the world is witnessing swift and unprecedented changes when it comes to openness and globalization, which led to fierce competition in marketing commodities, services, information, manpower capital and effective administration.

On his part, Chief Economist of Saudi Arabias National Commercial Bank Dr. Said Al-Shaikh said the regions economic experts feel optimistic about increasing oil prices, stressing the necessity of paying attention to forecasts expecting less demand on oil with increasing demand on gas.

That should encourage GCC states to diversify income sources that limit sole reliance on oil, he noted.

The banking sector, he said, can have a greater role in diversifying income sources in a manner that will serve the GCCs desired economic integration.

Chief Economist of Saudi Arabian Monetary Agency (SAMA) Brad Bourland lauded the efforts of GCC nations to diversify income sources.

Currently, the regions countries are paving the way to establish investment opportunities in non-oil sectors and GCC banks should be prioritized in this matter by involving them in projects, he explained.

All developed economies, he said, pay great attention to the private sector and so should GCC nations.

Chief Economist of NBK Dr. Randa Azar outlined scenarios relevant to the GCCs economic outlook, noting that the region was going through some really good times.

Those good times, she said, should be properly invested through arranging economic affairs to ensure coping with the expected population boom.

Azar noted that the most urgent economic problem facing GCC economies was relevant to the expected decrease in the USD Dollars discount price, adding that this matter has to be seriously dealt with.(end) kt.
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