Thread: Iraq/Dinar News until 6/17/07 8:30 PM CST

Originally Posted by billknows

If SA has about 350 billion barrels, then at 3 trillion - we're talking 10X more.

This will make Iraq #1 in oil. In fact this will give them more than the rest of the Middle East combined!

I think that the "off the chart" value of our dinar - just went up![/SIZE][/COLOR]

Sorry....I beleive this is one of those mis-interpation articles again...I beleive what they are say is " 3 billion, 111 million barrels of oil" ......I could be wrong but I have seen this interpeted wrong before

Originally Posted by doublescorpio

Sorry....I beleive this is one of those mis-interpation articles again...I beleive what they are say is " 3 billion, 111 million barrels of oil" ......I could be wrong but I have seen this interpeted wrong before

Approximately one month ago, there was an article posted here that spoke of British Intelligence, secretly doing geologicals and other tests, in the 1990's. Very specifically a British spy was found to have documents which concluded Iraq had over 1 trillion (with a "T") barrels in oil reserves.

I find it quite interesting that this info was from the 1990's.

Speaking of a masterplan for Iraq....

Analysis: U.S. ignorant on Iraq oil law
Published: June 14, 2007 at




WASHINGTON, June 14 (UPI) -- A military leader fresh from Iraq is the latest U.S. government official to push a common but false claim that the controversial draft oil law will lead to a just division of the proceeds from oil sales and pave the way for reconciliation in the war-torn nation. Lt. Gen. Martin Dempsey, former commander of the Multinational Security Transition Command-Iraq, forwarded claims made by the Bush administration and Congress that if Iraq passes an oil law, the fighting factions there will come together because revenue from oil sales will be distributed to all.
The oil law (also known as the hydrocarbons law), however, does no such thing. A separate revenue-sharing law would decide how the oil revenue is spread around the country. It is currently being negotiated, though far behind the hydrocarbons law in the Iraqi legislative process.
Dempsey, who just returned from his in-Iraq duties, told reporters at a Pentagon briefing Wednesday, "There's an interim step toward reconciliation that might better be described as accommodation," finding "ways to become dependent on each other."
The hydrocarbons law is one way, he said, "where you equitably distribute the resources of the nation, thereby encouraging these three groups to depend on each other for some common commodity."
Only a small portion of the law mentions revenue, and explicitly states that, according to the Iraqi Constitution, a separate "federal revenue law" is required to dictate how the revenue is spent.
President Bush, during remarks with visiting Iraqi President Jalal Talabani on May 21, said, "We're working very hard, for example, on getting an oil law with an oil revenue-sharing code that will help unite the country."
Such a law was included in Bush's "benchmarks for reconciliation" in Iraq.
Other U.S. officials, including the vice president during a visit to Baghdad, have expressed U.S. desires for Iraq to pass an oil law, the one with non-existent influence on the oil revenue.
Members of Congress as well push the "oil law" as important, also not distinguishing it from revenue assumptions.
"Iraqi progress on an oil law is good news and an important step forward," Sen. Joseph Biden, D-Del., said in a Feb. 27 statement after Iraqi negotiators initially approved the hydrocarbons law. "Fair-sharing of Iraq's oil revenue is key to a sustainable political solution, but an oil law by itself will not end the sectarian warfare in Iraq," added Biden, who is in favor of breaking Iraq into Shiite, Sunni and Kurdish states.
The Democratic-led Congress, de****e calls from the more progressive members, enshrined the oil law benchmark for the Iraqi government in the Iraq war-spending bill approved last month:
"Enacting and implementing legislation to ensure the equitable distribution of hydrocarbon resources of the people of Iraq without regard to the sect or ethnicity of recipients, and enacting and implementing legislation to ensure that the energy resources of Iraq benefit Sunni Arabs, Shia Arabs, Kurds, and other Iraqi citizens in an equitable manner."
Iraq oil sales made up more than 93 percent of its federal budget last year. Iraq sells about 1.6 million barrels per day.
The oil law would set guidelines for how Iraq's vast 115 billion barrels of proven reserves -- third-largest in the world -- are developed. It would determine the role of the central, regional and provincial governments and the extent of foreign companies' access to Iraq's oil, most of which isn't being pumped (and a lot more is considered to be undiscovered).
"The draft hydrocarbons framework law does not define specific terms for the distribution of Iraq's oil revenue," Christopher Blanchard, Middle East policy analyst for the Congressional Research Service, told United Press International. "The law would require Iraq's Council of Ministers to submit a separate federal revenue law to regulate a central Oil Revenue Fund and ensure the fair distribution of oil revenue."
The revenue law is the legislation that would dictate how and to whom the money is distributed.
"The hydrocarbons framework law is important," Blanchard said, "but if equitable oil revenue sharing is a key benchmark for political reconciliation and progress in Iraq, then the ongoing discussions among Iraqis about the terms of the draft revenue law deserve more attention."
As an occupying power in a country rocked by instability after more than four years of war, the misguided pressure on the oil law from the U.S. government actors is likely to work against their stated aims -- ensuring Iraqis reap the benefits from their oil.



United Press International - Energy - Analysis

Originally Posted by mewannapeg

Analysis: U.S. ignorant on Iraq oil law
Published: June 14, 2007 at




WASHINGTON, June 14 (UPI) -- A military leader fresh from Iraq is the latest U.S. government official to push a common but false claim that the controversial draft oil law will lead to a just division of the proceeds from oil sales and pave the way for reconciliation in the war-torn nation. Lt. Gen. Martin Dempsey, former commander of the Multinational Security Transition Command-Iraq, forwarded claims made by the Bush administration and Congress that if Iraq passes an oil law, the fighting factions there will come together because revenue from oil sales will be distributed to all.
The oil law (also known as the hydrocarbons law), however, does no such thing. A separate revenue-sharing law would decide how the oil revenue is spread around the country. It is currently being negotiated, though far behind the hydrocarbons law in the Iraqi legislative process.
Dempsey, who just returned from his in-Iraq duties, told reporters at a Pentagon briefing Wednesday, "There's an interim step toward reconciliation that might better be described as accommodation," finding "ways to become dependent on each other."
The hydrocarbons law is one way, he said, "where you equitably distribute the resources of the nation, thereby encouraging these three groups to depend on each other for some common commodity."
Only a small portion of the law mentions revenue, and explicitly states that, according to the Iraqi Constitution, a separate "federal revenue law" is required to dictate how the revenue is spent.
President Bush, during remarks with visiting Iraqi President Jalal Talabani on May 21, said, "We're working very hard, for example, on getting an oil law with an oil revenue-sharing code that will help unite the country."
Such a law was included in Bush's "benchmarks for reconciliation" in Iraq.
Other U.S. officials, including the vice president during a visit to Baghdad, have expressed U.S. desires for Iraq to pass an oil law, the one with non-existent influence on the oil revenue.
Members of Congress as well push the "oil law" as important, also not distinguishing it from revenue assumptions.
"Iraqi progress on an oil law is good news and an important step forward," Sen. Joseph Biden, D-Del., said in a Feb. 27 statement after Iraqi negotiators initially approved the hydrocarbons law. "Fair-sharing of Iraq's oil revenue is key to a sustainable political solution, but an oil law by itself will not end the sectarian warfare in Iraq," added Biden, who is in favor of breaking Iraq into Shiite, Sunni and Kurdish states.
The Democratic-led Congress, de****e calls from the more progressive members, enshrined the oil law benchmark for the Iraqi government in the Iraq war-spending bill approved last month:
"Enacting and implementing legislation to ensure the equitable distribution of hydrocarbon resources of the people of Iraq without regard to the sect or ethnicity of recipients, and enacting and implementing legislation to ensure that the energy resources of Iraq benefit Sunni Arabs, Shia Arabs, Kurds, and other Iraqi citizens in an equitable manner."
Iraq oil sales made up more than 93 percent of its federal budget last year. Iraq sells about 1.6 million barrels per day.
The oil law would set guidelines for how Iraq's vast 115 billion barrels of proven reserves -- third-largest in the world -- are developed. It would determine the role of the central, regional and provincial governments and the extent of foreign companies' access to Iraq's oil, most of which isn't being pumped (and a lot more is considered to be undiscovered).
"The draft hydrocarbons framework law does not define specific terms for the distribution of Iraq's oil revenue," Christopher Blanchard, Middle East policy analyst for the Congressional Research Service, told United Press International. "The law would require Iraq's Council of Ministers to submit a separate federal revenue law to regulate a central Oil Revenue Fund and ensure the fair distribution of oil revenue."
The revenue law is the legislation that would dictate how and to whom the money is distributed.
"The hydrocarbons framework law is important," Blanchard said, "but if equitable oil revenue sharing is a key benchmark for political reconciliation and progress in Iraq, then the ongoing discussions among Iraqis about the terms of the draft revenue law deserve more attention."
As an occupying power in a country rocked by instability after more than four years of war, the misguided pressure on the oil law from the U.S. government actors is likely to work against their stated aims -- ensuring Iraqis reap the benefits from their oil.



United Press International - Energy - Analysis

Wow, I'm glad they are finally getting the HCL figured out
but this sounds like they won't be helping their people out with the revenue
sharing any time soon.
If they can implement the HCL without the seperate Revenue Sharing Law
then perhaps an RV would help the people out while they wait for it to
become finished.

Originally Posted by billknows

If SA has about 350 billion barrels, then at 3 trillion - we're talking 10X more.

This will make Iraq #1 in oil. In fact this will give them more than the rest of the Middle East combined!

I think that the "off the chart" value of our dinar - just went up![/SIZE][/COLOR]

I think it's a typo. Check out this report.



Iraq Development Program - Basrah contains huge oil wealth


Oil researcher, Ahmad Al-Husseini, said that geological studies "in Iraq showed that there are about 530 geological complexes of good prospects for oil; about 115 sites have been drilled so far with reserves estimated at about 111.3 billion barrels of oil, which leaves 415 locations requiring exploration."


He pointed out, "reserves in the 415 sites unexplored for various reasons are estimated at over 215 billion barrels." He believed that regions and provinces rich in oil "will include in future nearly two thirds of Iraq."

Al-Husseini pointed out, in a symposium organized by the University of Babylon on the oil and gas law and attended by oil and economy experts, that oil reserves in Iraq "are parallel to those discovered in Saudi Arabia which is today the top producer of oil in the world."

Originally Posted by Howard Nomoney

I think it's a typo. Check out this report.



Iraq Development Program - Basrah contains huge oil wealth


Oil researcher, Ahmad Al-Husseini, said that geological studies "in Iraq showed that there are about 530 geological complexes of good prospects for oil; about 115 sites have been drilled so far with reserves estimated at about 111.3 billion barrels of oil, which leaves 415 locations requiring exploration."


He pointed out, "reserves in the 415 sites unexplored for various reasons are estimated at over 215 billion barrels." He believed that regions and provinces rich in oil "will include in future nearly two thirds of Iraq."

Al-Husseini pointed out, in a symposium organized by the University of Babylon on the oil and gas law and attended by oil and economy experts, that oil reserves in Iraq "are parallel to those discovered in Saudi Arabia which is today the top producer of oil in the world."

The part you highlighted is referring to proven reserves. Notice the 111.3 billion is only referring 115 sites out of approximately 530.

There have been soft estimates regarding unproven reserves, in the trillions for awhile.

Invitation to a partnership between the private in Iraq to reform of the banking system and monetary policy
قديةInvitation to a partnership between the private in Iraq to reform of the banking system and monetary policy



من.One of the most prominent tasks facing Iraq in the current transitional phase, the follow-up program of economic reforms on all levels in order to increase economic growth and enhance the role of the private sector and address the chronic imbalances in several areas, in particular monetary and fiscal policy as well as create jobs and reduce poverty area. .This requires improving the efficiency of public administration and institutions and effectiveness through the development of means and methods aimed at developing human resources and the widespread use of modern innovations in information and communication technology and modern management.

لا.There is no doubt that the reform of public administration targeted several areas, caused by the heavy legacy suffered by Iraq and the policies resulting from the work of the former Central and methods, coupled with the isolation and away from the global economic system. .Moreover, the continued deterioration of the security situation and lack of stability and the slowdown in the application of reforms, adopting unilateral policies are incompatible with the quality characteristics of the Iraqi state.

Economy)، الا تي:Although the tasks of reform is just as a matter of principle and orientation from those that arise in the transition economies (Transitional Economy), but Iraq is the need to focus on the following :

- .- Address the excessive size of the public sector and the weakness of effectiveness, since the bulk of the structural economic sector based on the institutions and companies owned by the State (some 192 companies, business, industrial, agricultural) As a result, finding suitable formulas to reduce the volume of through privatization or appropriate rehabilitation to ensure the effectiveness of these projects, efficiency and profitability of businesses.

- ( Create the appropriate environment to enable the private sector to play a leading role in the national economy through reforms of the legal, administrative and financial, or other words secure environment conducive to the activities of the Special (Business Environment) hand, the adoption of a long-term strategy to diversify the national economy (Economic diversification) on the other hand.

- .- Providing the appropriate atmosphere and the necessary means to strengthen the links between the Iraqi economy and the global economy and to break the isolation chronic factors suffered by many decades. ولعل .Perhaps the fiscal and monetary policy and banking sector highlight at the forefront of economic reforms desired, given the importance of the direct role of the private sector in the national economy, stimulating economic growth and addressing the dilemmas of unemployment, inflation and raise the standard of living, and other issues of macroeconomic reform Macroeconomic Reforms, and this is what we are seeking to address in this contribution.

- ة.- Reform of fiscal and monetary policy and the development of the banking sector, that the priorities of economic reform requires strengthening of the partnership between the private sector and public sector, to develop the country's public administration on the basis of modern players and free from bureaucratic constraints and the old concepts. .The financial sector reform, monetary and banking system are an important venue, consequently, to adapt the bilateral relationship between the private and public sectors in the direction of promoting industries and small and medium-sized enterprises and expansion, and contributing to the diversification of the national economy in the long run.

.It is known that several actions taken in recent years to remove the imbalances in the fiscal and monetary policy and the reform of the state budget, mainly to reduce the current expenditure (Current Expenditure) for the benefit of investment spending, through the gradual elimination of the so-called manufacturing expenses represented substantial support (Subsidies) provided by the State for more than a few goods and services. .The reforms aim to liberalize prices ultimately address distortions in the pricing system as one of the pillars of market mechanisms, as well as reducing the deficit in the state budget. Stand-by Arrangement لا).However, the most important part absent in this package of reforms in the agreement concluded between Iraq and the IMF Stand-by Arrangement does not provide a solution to the dilemma of total reliance on oil revenues as a basis for financing the state budget and other economic activities (the share of oil revenue more than 90% of the balance resources State, also constitute more than 60% of GDP).

.De****e the reform steps taken in the area of reduced support, but the economic consequences are still heavy for the economic hardships faced by the citizens, as is the direct cause of the reasons for the increase in inflation in the country. .It is possible cuts to support other arrangements according to the reform with the International Monetary Fund before the end of the current year, will lead to a lot of new citizens unless the problem of low incomes and high rates of inflation.

.The monetary policy witnessed significant reforms in recent years, was in the issuance of a new law on the Central Bank of Iraq aims to preserve its independence and its role in the transition to a market economy established as a pillar of the transitional tasks of the national economy. .As the national currency, the new unified, in addition to taking steps to promote successful international reserves of the national currency, enabling Iraq to achieve this objective, which now has $ 17 billion reserve currency, a phenomenon that had not been officially recorded since 1980, when the size of the reserve about 40 billion dollars.

.However, the monetary policy announced by the Central Bank and based on the recently increased interest rates on deposit and lending, created a difficult situation for the private sector and went to increase investment and the development of small and medium enterprises. Tight Policy .Politics strict practice Tight Policy weakened the chances of partnership between the private and public sectors and the potential to increase economic growth and address the problem of unemployment and other necessary tasks. إاته.It is essential for the state and public institutions, in the current conditions in Iraq, to adopt monetary policy believes generous banking facilities to enable the private sector to contribute to economic growth and expansion of activities. .The argument put forward to justify this policy is deflationary, it is not acceptable to economists and businessmen organizations. فمع.While recognizing the need to reduce inflation, which rose at the end of last year, leading to a deflationary policy consequences are serious recession and low investment and not to contribute to securing employment in a country where unemployment exceeding 50%.

.It must be stressed that inflation problems, isolation from the rest of the problems plaguing the economy, lead to a one-sided view of the rule instead of a comprehensive national strategy for development and reform. .Measures taken to counter inflation lead to the deepening recession and the weakening of the role of the private sector and deprived of banking facilities for the development of its activities and increase investments.

.It should be noted that the interest rate announced by the Central Bank amounted to 23% recently, which is not allowing the possibility of expansion in bank lending and deprive investors of the benefits of national channel financing mainly led to the suspension of projects and plans of many private sector was working to implement. .Indeed, the political CBE deflationary monetary theory guided Monetary Theory classical adopted by the International Monetary Fund, which have caused problems and serious economic consequences at the expense of expansion in the economic growth and development of the national investment and address the problems of unemployment and poverty. .More correctly, in this area build theoretical development aimed at addressing the economic problems and achieve reforms College into a single package and interdependent. .From here we can see that a deflationary policy does not serve to strengthen partnerships with the private sector to develop the national economy.

.And then comes the reform of the Iraqi banking urgent task to find an effective market economy and strengthen partnerships with the private sector to achieve economic priorities put on the national agenda. .In sum, the banking industry is operating in Iraq at the present time in the form of sound, and lead banks, the primary function of financial intermediaries.

إذ .Noting the availability of huge liquidity in the banking system must be transformed into private hands by way of bank lending. .It also has banking practices ancient strain of the industry at a time when new problems. د.In addition to highlighting the urgent need to develop training programs and building institutional and human capacities, to enable the banking sector to play its desired. .It must recognize the need to update the level of implementation mechanisms and performance through effective integration with the global economy.

http://64.233.179.104/translate_c?hl...px%3Fid%3D3936

Iraq making progress, minister tells impatient US --------------------------------------------------------------------------------

Fri 15 Jun 2007
NEW YORK, June 14 (Reuters) - Iraqi Foreign Minister Hoshiyar Zebari insisted on Thursday his government was making progress on political reforms, including a disputed oil law, in the face of growing impatience from Washington.

Zebari was pressed over slow progress on "benchmarks" at a meeting of the Council of Foreign Relations in New York the day after the U.N. Security Council renewed the mandate of the U.S.-led multinational force in Iraq.

Washington is pressing for progress in areas such as a revenue-sharing oil law, changes to a law banning former Baath party members from public life, and constitutional reforms.

Thousands of extra U.S. and Iraqi troops have been deployed in Baghdad in recent months in an operation whose success will be crucial to the U.S. debate on how long to stay in Iraq.

Democrats, empowered by victory in U.S. midterm elections last year, are pressing for a timetable to reduce troops.

"We are mindful of that, that we are put under some pressure to move faster," Zebari said.

"These issues are very important, they are existential issues for Iraq," he said. "They're not bound by certain time lines, to be squeezed and to be resolved very quickly."

He said the government was determined to bring all sides into the process rather than ruling by absolute majority, even if that was slower.

A draft oil law was passed by the cabinet in February but it still needs to be passed by parliament. Kurds have threatened to block it, opposing some annexes to the law.

"I believe the oil law is very close (to passing)," said Zebari, who is a Kurd. "There's a high possibility that the law will be legislated because a great deal of progress has been made about the ownership issue, distribution, fair sharing."
Pressed over how long U.S. troops would need to stay in Iraq, Zebari declined to set any time. He said he would return to the United Nations in December when the current mandate comes up for renewal and consider the issue then depending on conditions on the ground.

He said no Iraqis wanted U.S. troops to stay indefinitely, but that they were needed for now to avert all out civil war.

And he said even after foreign troops go, he envisioned some kind of "security partnership" with the United States.

"The stakes are too high," he said. "That's why for now we are thinking of some long term arrangement between Iraq and the United States beyond ... this regular extension of the mandate."


http://today.reuters.co.uk/news/Cri...oryId=N14208723

Follow the financial obligations of import and export transactions and stop format No. 6

Source : file Press-14/06/2007

The Iraqi Central Bank all licensed banks need to follow the financial obligations arising from the import and export transactions completed in banks or branches with the Iraqi ministry of trade related and exporters and importers and other sectoral bodies without reference to the Central Bank, taking into account the implementation of the commitments towards the Anti - Money Laundering Act No. 93 of 2004.

F Meanwhile, the Central Bank has decided to suspend the export form No. 6, containing pledge to the price of the goods exported.

The Ministry of Planning : the establishment of consultative status to government contracts

Source : file Press-14/06/2007

The Ministry of Planning and Development Cooperation in the formation of consultative status to contract government. This came during a formal letter has been circulated by the ministry to all ministries and departments, including the city of Karbala and the Kurdistan region.

The center includes a select group of consultants and experts, Iraqi and international individuals and companies specialized in the fields of contracts and supplies, procurement and application instructions for the implementation of the law on government contracts (1) of 2007 issued by the ministry.

A source in the ministry said that the center aims to provide technical and legal assistance to all departments and divisions in the labor contracts and the institutions of the State which is implementing the general budget of the government and in particular the investment budget and budget development regions and accelerate reconstruction and also includes provision of technical and legal advice in the area of public contracts in all its forms such as contracts and construction contracts processing and service contracts to all government departments. The Center also monitored the contracts by government departments and divisions of public contracts and overcome the difficulties and obstacles that stand legal means in the implementation of the investment program with high efficiency, the ministry hopes that through this support and assistance to accelerate the implementation of the budget and strengthen the capacities of government institutions and higher levels of performance there.