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

Originally Posted by mustang sally

Please excuse, if already posted. Thank you.

Iraq to auction oil, gas blocks once law passed
(Reuters)

23 May 2007

NEW DELHI - Iraq will auction 15 oil and gas assets once a new hydrocarbons law is passed, a top oil ministry official said on Wednesday during a trip to India, where he sought Indian interest to build new refineries.


“Iraq is preparing 15 fields and blocks for first round of auction after approval of the oil and gas law ... tenders are under preparation,” Fayadh Hassan Nima, director general at Iraq’s oil ministry, told reporters.

Oil multinationals are waiting until a new hydrocarbon law, which sets the rules of investment in Iraq, to be passed by the parliament before pumping cash into Iraq.

International oil firms are eyeing its giant and largely underdeveloped oilfields.

Nima said he expected the law to be finalised within “two to three months”.

Iraqi Oil Minister Hussain al-Shahristani said earlier this month all parties had agreed to pass the law by the end of May.

Oil is the country’s main source of the hard currency needed to rebuild its economy, and the energy sector is struggling to recover from years of mismanagement and sanctions.

Baghdad wants to build at least four new refineries to help it solve chronic fuel shortages.

Nima said in New Delhi, it was hoping Indian firms would build two of those refineries.

Iraq has eight oil refineries, none of which were damaged during the invasion. Oil officials say that the plants are operating at only 50 percent-75 percent of capacity, forcing Baghdad to import most of its fuel

still updated articles indicating the law is still actively being discussed and attempted to be settled.

sounds like they wanna peg to the basket of currencies too. im sure they felt as if they needed to opt out of the gcc since they all pledged to keep the dollar peg and now are changing their minds.

Originally Posted by Hkp

Oman affirms "out" of unified GCC currency

ECO-GCC-OMAN-CURRENCY
Oman affirms "out" of unified GCC currency
(With ECO-GCC-NBK-SESSIONS) KUWAIT, May 23 (KUNA) -- Oman affirmed on Wednesday it is opting out on the proposed Gulf Cooperation Council unified currency, adding it would reconsider the matter when the currency is circulated.

In a press statement on the sidelines of the 8th GCC Banking Conference, Executive President of Central Bank of Oman Hamood Saqoor Al-Zadjali said the decision not to partake in the currency's adoption was taken in view of Oman's current development plan and a number of arising developments.

The GCC's standards for the monetary union are good and necessary, he noted.

He said Oman believed that any drastic decline in oil prices would greatly affect the nation and its economy, as well as its role over the unified currency.

As for the possibility of Oman changing its stance in the future, he said this matter could only be determined with time, wishing other GCC nations all the best in this regard.
(end)
kt

KUNA 231357 May 07NNNN

Kuna site|Story page|Oman affirms "out" of unified GCC currency ...5/23/2007

Originally Posted by Mike5200

Bill I for one agree with you, this is a HUGE amount of BS - Let me clarify, the original author( Investdinar) is from that other forum where he has been one of the biggest naysayers until all of the good news out of Iraq the last few months nudged him into the Grow-Slow camp ( the place where former naysayers think they still have credability) I think the only reason people take him seriously is because he has a stern looking avatar. William Knowles HE IS NOT! You might as well listen to Munnybags without the model!

Much appreciated!

Originally Posted by Hkp

Mustang Sally, thanks for that news article. Here's a similar or exact one but a little longer.

*************************

Leading Indian business chamber signs MoUs with three Iraqi industry ECO-INDIA-IRAQ
Leading Indian business chamber signs MoUs with three Iraqi industry
chambers NEW DELHI, May 23 (KUNA) -- In a bid to kickstart the Indo-Iraqi business-to-business ties, leading business chamber Federation of Indian Chambder of Commerce and Industry (FICCI) Wednesday signed Memoranda of Understanding (MoUs) with three leading Iraqi chambers - International Union of Businessmen in Iraq, Iraqi Trade Chamber Management Council and Iraqi Businessmen Union.

The MoUs were signed here today by Saket Mehra, Co-Chairman, India-Iraq Joint Business Council (JBC) on behalf of FICCI and Abdul Hameed Al-Ukaby, Chairman, International Union of Businessmen in Iraq, Firas Al Hamadani of Iraqi Trade Chamber Management Council and Abdul Hussein J Rasheed Mubarka of Iraqi Businessmen Union.

The MoUs envisage encouragement and facilitation of contracts and other commercial and economic cooperation agreements between companies from both countries authorised to initiate foreign trade and international economic cooperation. Apart from undertaking complete market and publicity studies, the respective chambers of the two countries would provide the necessary support to companies participating in trade fairs and exhibition organized in Iraq and India.

Addressing an interactive meeting of Indian industry leaders with the official cum business delegation from Iraq organized by FICCI, after the signing-in ceremony, Haifa A Hamid Al Kharadagi, Director General (Investment), Ministry of Industry, Iraq, invited Indian investors to participate in the rehabilitation projects identified by the Iraqi government. Kharadagi said the new investment law framed by the Iraqi government gives wide-ranging guarantees to foreign investors. Iraq, she said, was looking for Indian partners for production sharing and management contracts in areas such as oil, industry, electricity and trade.

According to the new investment law of Iraq, the investor shall have the right to take out the capital he brought into Iraq and its proceeds in accordance with the provision of this law and pursuant to the instructions of the Central Bank of Iraq in an exchangeable currency after paying all his taxes and debts to the Iraqi Government and all other authorities, she said, adding, "the foreign investor shall have the right to exchange shares and bonds listed in the Iraqi Stock Exchange and form investment portfolios in shares and bonds." (end) dr.bz.


KUNA 231612 May 07NNNN

Kuna site|Story page|Leading Indian business chamber signs MoUs with th...5/23/2007

[QUOTE=oldskiier;204278]This is not the Oil Law.....Is It ???
A Month's Delay....
To solve contentious points

Parliament extended the work of the Constitutional Review Commission one month

I'm so bleeping confused with all the yes/no, very soon/next tuesday/next week, accepted/postponed, of urgent matter/in due time.... Oh, I must step away from the keyboard until my head stops spinning and eyes stop seeing both light and dark. Who can answer the ???? above.
Still waiting

Originally Posted by oldskiier

This is not the Oil Law.....Is It ???


A Month's Delay....
To solve contentious points


البرلمان يمدد عمل لجنة مراجعة الدستور شهراً واحداً


Parliament extended the work of the Constitutional Review Commission one month


بغداد - الصباح


Baghdad-Sabah.


قرر مجلس النواب تمديد عمل لجنة مراجعة الدستور شهراً واحداً لايجاد حلول للمواد الخلافية بين قادة الكتل السياسية من جهة واعضاء اللجنة من جهة اخرى.


The House decided to extend the work of the Constitutional Review Commission one month to find solutions to controversial material between the leaders of the political blocs on one hand and members of the Commission on the other hand.
وكان مسعود بارزاني رئيس اقليم كردستان قد جدد امس رفضه تأجيل المادة 140 من الدستور الخاصة بكركوك .


It was Massoud Barzani, head of Kurdistan region has been renewed yesterday his refusal to postpone Article 140 of the Constitution of Kirkuk.


Translated version of Sotaliraq.com - ÕæÊ ÇáÚÑÇÞ

No not the oil law - pertains to whether or not the Kurds will govern the city of Kirkuk and the surrounding area.

Originally Posted by shotgunsusie

According to the new investment law of Iraq, the investor shall have the right to take out the capital he brought into Iraq and its proceeds in accordance with the provision of this law and pursuant to the instructions of the Central Bank of Iraq in an exchangeable currency after paying all his taxes and debts to the Iraqi Government and all other authorities, she said, adding, "the foreign investor shall have the right to exchange shares and bonds listed in the Iraqi Stock Exchange and form investment portfolios in shares and bonds." (end) dr.bz.


Oh, Lord what does it all mean. "New" investment law does not mean "draft"..did they get it done. Somebody's got know the answer or humor me at the very least.

They are referring to the FIL, not anything newer.

Originally Posted by Mike5200

No not the oil law - pertains to whether or not the Kurds will govern the city of Kirkuk and the surrounding area.

Thanks !!! I thought that the Oil Law was ...a change in the constitution too...and just maybe it was is the same delay .....but I didn't think it would be ...:) I think it will be coming out soon......sure quiet though ......

Originally Posted by Countrygirl70

According to the new investment law of Iraq, the investor shall have the right to take out the capital he brought into Iraq and its proceeds in accordance with the provision of this law and pursuant to the instructions of the Central Bank of Iraq in an exchangeable currency after paying all his taxes and debts to the Iraqi Government and all other authorities, she said, adding, "the foreign investor shall have the right to exchange shares and bonds listed in the Iraqi Stock Exchange and form investment portfolios in shares and bonds." (end) dr.bz.


Oh, Lord what does it all mean. "New" investment law does not mean "draft"..did they get it done. Somebody's got know the answer or humor me at the very least.

The Foreign investment Law has been done since Oct 2006 !!!! just has not been implemented yet ....but very soon !!! as in the first of june !!! with the ISX