Thread: Archive Latest News - Think Tank - 16/08/07 - 03/11/07

Kuwait to sell stake in Iraqi bank

Kuwaiti investment firm Iraq Holding said on Tuesday it was in talks to sell its 20% stake in Iraqi lender Bank of Baghdad.

The company did not identify the buyer in a statement on the bourse web Site, saying only it expected a profit of around 3 million dinars ($10.73 million) if a deal was concluded.

"The company announces that it is in negotiations with one party," it said.

Bank of Baghdad, founded in 1992, has expanded its business since the central bank allowed private lenders to offer full banking services, and has opened an international banking unit, according to its Web site.

Kuwait to sell stake in Iraqi bank | Iraq Updates

Rice: Dividing Iraq will Be a Big Mistake

American Secretary of State Condoleezza Rice announced yesterday her rejection to divide Iraq, while the Democratic Senator Joseph Biden defended his plan to divide the country which has been issued by the Congress last week, where he requested to meet President George Bush to explain his plan.

In an interview with the New York Post newspaper, Rice said “you know, decentralization and federalism is in their (the Iraqis’) Constitution. But you can’t partition; this isn’t kind of ethnic enclaves.”

”The dividing will be a big mistake. We can not do this, simply because the Iraqis don’t want it”, as she told al-Sharq al-Awsat newspaper.

The American Presidency elections candidate Joseph Biden criticized the Iraqi PM Nouri al-Maliki and the American Embassy in Baghdad and said “in al-Maliki’s and the Iraqi officials’ point of views, we shouldn’t express our views, and I don’t know who they were criticizing?”

”Ambassador Ryan Crocker knows from the wide discussions that we made, the plan is not dividing process”, he added.

PUKmedia :: English - Rice: Dividing Iraq will Be a Big Mistake

Iraq oil exports jump

Iraq's oil exports rose in September after the sale of nearly five million barrels of Kirkuk crude from the country's northern fields, shipping sources said on Tuesday.

Exports in September climbed to 1.67 million barrels per day (bpd) from 1.52 million bpd in August, according to shipping data compiled by Reuters.

The increase in shipments will bring in more revenue for Iraq as it coincides with a jump in oil prices to a record high of $83.90 a barrel for US crude WTI on September 20.

Exports rose because Iraq sold 4.6 million barrels of crude from its northern Kirkuk oilfields, offsetting a decline in shipments from its main terminal Basra in the south.

Iraq oil exports jump | Iraq Updates

Turkey Stops the Flights between Germany and Kurdistan

After stopping the flights between Germany and Kurdistan by Turkey, it was scheduled that the airline journey would start again last night.

While passengers prepared to start journey from Frankfort and Munich to Erbil and Sulaimani, Hamburg International Company informed Zozik Airline Company in Kurdistan that Turkey decided to stop all the journeys since (6:30 PM at Berlin time), using Turkish air.

PUKmedia :: English - Turkey Stops the Flights between Germany and Kurdistan

Iraq oil makes it to Jordan refinery

The first batch of discounted Iraqi oil in four years has overcome the security impasse and reached a Jordanian refinery.

A spokesman for Jordan's Energy Ministry, Maher al-Shawabkeh, told the Jordan News Agency eight tanker trucks with 10,000 barrels of oil have been unloaded at the Zarqa Oil Refinery.

The oil from the Kirkuk oil fields was supposed to be $18 less than market price, according to a deal signed a year ago. Earlier this month Iraq knocked another $4 off the price.

The deal was to provide at least 10 percent and then growing to 30 percent of Jordan's estimated 100,000 barrels per day needs. Officials from both sides allude to eventually supplying all 100,000 barrels.

But the security on the road from Kirkuk to the Jordanian border, where Jordan is to take possession of the oil and thus security of it, has been too dangerous to transport.

Over the past week officials in Iraq have assured Amman the oil is on its way and the first shipment has arrived.

Iraq oil makes it to Jordan refinery | Iraq Updates

High Committee of Implementation of Article 140 Issues the Decision Number 6


High Committee Implementation of Article 140,held its 21st meeting headed by Dr. raid Fahmi ,the head of the committee, and in attendance of Dr. Mohamed Ihsan ,representative of Kurdistan region ,Narmin Othman, deputy head of the committee and the other members of the committee issued the decision number 6 concerning Tiseen and Hamzali areas.

The decision stipulates:

1-Returning those properties, which illegally and as an aftermath of the policies of expulsion and displacement because of sectarian and ethnic causes were confiscated by the former regime and were not used for public utilization, to heir owners and pardoning them of that reward they received instead.

2-Returning of all those agricultural lands, which illegally and as an aftermath of the policies of expulsion and displacement because of sectarian and ethnic causes were confiscated by the former regime and were not used for public utilization in districts of 63 and 39 of Tiseen and Hamzali, to their legal owners.

3- Orders to be issued for Directorate General of House Registration that not to commit any measures concerning those properties which are located in districts of 63 and 39 of Tiseen and Hamzali which illegally and as an aftermath of the policies of expulsion and displacement because of sectarian and ethnic causes were confiscated by the former regime. In case of returning these properties to their legal owners, compensations to be made to current owners of these properties fairly.

This decision to be signed by Iraqi Council of Ministers.

PUKmedia :: English - High Committee of Implementation of Article 140 Issues the Decision Number 6

Refinery Expansion & Upgrade Interactive Forum to be held in Qatar

Fleming Gulf is to present Refinery Expansion & Upgrade Interactive Forum from the 28th -29th November in Doha Qatar.

Surpassing the upcoming challenges and responding swiftly to a highly volatile and susceptible market arena is actually the growing global concern for the refineries in the present time. Ever since the demand explosion of 2004 and subsequent supply tightening, the refining industry has benefited from attractive margins.

The refineries have been on the profitable end due to the global shortage in refining capacities, thereby building on their net earnings. With refineries piling on their profits, the question arises, how much of it will be re invested in building new refineries to keep pace with the growing demand?

The re-investment prospects appear slim as new refinery set ups are not only costly but call for a crucial investment due to increased time frame in cost recovery (ROI) especially when the market suffers from high degree fluctuations. On looking the current market dynamics and trends, it is imperative to explore the drivers and uncertainties behind capacity expansion, upgrading versus expansion and implications for future returns.

Often the refining industry is not very lucrative - as oil prices change the refinery margins may become negative due to the relatively lower product prices compared to crude oil. Product prices are then strongly influenced by supply and demand and inventory levels. The demand is influenced by economic growth and, in the short-term, seasonal climatic factors. Because of this, the economics dictate that it is more cost effective to upgrade an existing refinery rather than construct a new one from scratch.

Hence, Fleming Gulf is duly proud to present Refinery Expansion & Upgrade Interactive Forum (28th -29th November '07) in Doha (Qatar), as a unique annual gathering that will bring together heads of refining from region's leading oil and gas companies to address the key issues associated with current shortages and discover the latest strategies, solutions and technologies that can be implemented to ensure profitable operations and consistent performance for future expansion and upgrading of refineries.

The event promises to attract a diverse group of delegates from around the local and international market, each a stakeholder in the field of refineries and will provide an ideal opportunity to meet and brainstorm optimum ways of working in harmony and propagate the need of building additional capacity by expansion and upgrade for not only achieving market leadership but also to meet the emerging specifications.

Experts from the leading companies in the ever evolving industry will come together and put forward their issues and experiences in devising strategies for profitable refinery expansion and upgrade. Senior Level Management Executives from well renowned companies like Qatar Petroleum, SAMIR, Kuwait Petroleum Corporation, Fluor, Supreme Council of Environmental & Natural Reserves, Sohar Refinery Company, Jordan Petroleum Refinery Company, Reliance Industries, APICORP, Ministry of Industry & Minerals- Iraq etc will showcase the critical issues and concerns faced in their field of operations and strategies adopted to emerge as thriving market players. Hence, you'll definitely take away practicable insights and benefit from the experiences of these industrial leaders.

Refinery Expansion & Upgrade Interactive Forum to be held in Qatar | Iraq Updates

Turkey Prevents Kurdish Airline companies Crossing its Airspace

After Germany decided to resume flights with the Iraqi Kurdistan region, following the cessation of flights for a period, Turkey decided to prevent aircrafts of the Kurdish national airline companies from crossing its airspace.

In this regard, Director of Zozik Aviation company, Nawzad Dizaee, told PUKmedia: "At a time when many citizens intended to travel via the airports in Frankfurt and Munich airports in Germany to Sulaimaniyah and Erbil, we were told yesterday by the Hamburg International Airline company that the Turkish government would not allow any Kurdish company to cross planes for its airspace, where the decision came from an official letter from Turkish Aviation Agency.

PUKmedia :: English - Turkey Prevents Kurdish Airline companies Crossing its Airspace

FBI team to probe Blackwater's role for last 11 months

Amid questions of reckless behaviour by US contractors, the FBI is sending a team to Iraq to investigate the role of Blackwater USA in last 11 months before shoot-out in Baghdad that killed at least 11 Iraqis, an FBI spokesman said on Monday.

Special Agent Richard Kolko said the Federal Bureau of Investigation was making the move at the request of the State Department to examine evidence in the September 16 shooting and to pursue possible criminal charges in light of allegations that guards working for Blackwater might have shot innocent Iraqi citizens.

"The results of the investigation will be reviewed for possible criminal liability and referred to the appropriate legal authority," Kolko said.

Private security contractor Blackwater USA has had to fire 122 people over the past three years for problems ranging from misusing weapons, alcohol and drug violations, inappropriate conduct, and violent behaviour, according to a report released on Monday by a congressional committee.
That total is roughly one-seventh of the work force that Blackwater has in Iraq, a ratio that raises questions about the quality of the people working for the company.

The report, prepared by the majority staff of the House Oversight and Government Reform Committee, also says Blackwater has been involved in 195 shooting incidents since 2005, or roughly 1.4 per week.

In more than 80 per cent of the incidents, called "escalation of force," Blackwater's guards fired the first shots even though the company's contract with the State Department calls for it to use defensive force only, it said.

"In the vast majority of instances in which Blackwater fired shots, Blackwater is firing from a moving vehicle and does not remain at the scene to determine if the shots resulted in casualties," according to the report. The staff report paints Blackwater as a company that's made huge sums of money de****e its questionable performance in Iraq. Blackwater has earned more than $1 billion (Dh3.67 billion) from federal contracts since 2001, when it had less than $1 million (Dh3.67 million) in government work.

Witness says: 'They opened fire without provocation'

Abdul Wahab was leaving the bank where he works and wanted to head towards the Mansour district in Baghdad on the afternoon of September 16.

There was an Iraqi National Guards road block on the street, so he had to take a detour which led him to Al Nusour circle. On the circle there were three armoured vehicles close to the Al Harithia Palace, where there was a group of photographers taking pictures of the newly re-built vicinity.

There was also a traffic jam. Abdul Wahab was patiently waiting for the traffic to move. "Everything was calm, but the next thing we all saw was Blackwater USA helicopters opening fire haphazardly, shooting at civilians caught up in the traffic and around the nearby houses, the armoured vehicles started shooting as well, and one civilian car close to the armoured vehicles caught fire."

The whole incident took about 15-25 minutes. In the midst of the chaos, Abdul Wahab was trying frantically to push through towards a side road close to Al Ameerat Street.

The armoured vehicles were behind him and he felt his car was hit by a heavy body. Soon afterwards, he felt a bullet had hit his right arm. He threw himself out of the car, where he was further hit by splinters.

His car was hit by several bullets. "I had my car windows down, and I can assure you, no explosion took place before the helicopters and the armoured vehicles started shooting at us".

FBI team to probe Blackwater's role for last 11 months | Iraq Updates

Kurdistan Parliament Ratified Several other Articles of the Judicial Authority Draft Law

Kurdistan region Parliament held today, a session headed by Mr. Adnan Mufti, the Speaker of Kurdistan region Parliament. The agenda of the session , in addition to continuation to presentation and discussion of articles of the draft law of the judiciary authority in the Kurdistan region, included preliminary reading of five draft law projects which were: to fight and prevent the practice of monopoly and the consumer protection in Kurdistan region,

draft law of service and retirement of peshmerga, amendment of the law of the Ministry of Education No. 4 of 1992, amendment of Law of the Ministry of Industry in Kurdistan region No. 11 of 2006, and finally the draft law of journalistic work in Kurdistan region.

Then legal committee in Kurdistan region parliament read the remaining articles of the draft law of the judiciary authority, in which 54 article were approved in the past four sessions. The legal committee in Kurdistan region parliament presented the legal Article, starting with article 55, After extensive discussion ,Kurdistan region Parliament ratified the Articles 55, 56, 57, 58, 59, 60 and 61 unanimously.

It was also validated that the financing of the judiciary budget will be from fees and fines and what allocated by the KRG to the Judicial Council.

PUKmedia :: English - Kurdistan Parliament Ratified Several other Articles of the Judicial Authority Draft Law