Thread: Archive Latest News - Think Tank - 01/01/08 - 14/04/08

Preparations for World Economic Forum start off in Switzerland

Preparations have started in Switzerland to launch the World Economic Forum that includes a number of economic and political leaders mostly from northern countries. Issues of economic stagnation in the United Sates and the rise of oil prices are expected to take the upper hand of talks during the conference.

Alsumaria Iraqi Satellite TV Network | Economics News | Preparations for World Economic Forum start off in Switzerland

Iraq non approved budget delays processing of ratio cards

Iraqi Trade Minister Abdul Fallah Hassan Al Sudani affirmed that non-approval of 2008 Budget has delayed contracts on ratio cards. He added that the Ministry has called to find new mechanisms to proceed with contracts on ratio cards.

Alsumaria Iraqi Satellite TV Network | Economics News | Iraq non approved budget delays processing of ratio cards

Minister: Iraqi economy vulnerable

Iraqi Finance Minister Jaber al-Zubaidi said he's concerned with the country's economy amid U.S.-Iranian regional tensions and domestic disputes over oil.

In an interview with the al-Hayat newspaper Zubaidi said should the U.S. dispute with Iran over its nuclear policy and alleged interference in Iraq escalate into a military confrontation, Iraq would essentially lose its only Gulf sea port for exporting oil. He said finding an alternative port was unlikely.

He said the Iraqi government is also concerned with demands being made by Kurds in northern Iraq, where much of the oil reserves are, the report said.

He said he didn't like the way negotiations between regional Kurdish administrators and the federal government were being handled, Alsumaria reported.

Zubaidi said "using media for dialogue is not as efficient as calm direct negotiations," the report said.

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Govt. grants long-term loan to establish business projects in Wassit

Wassit’s provincial council on Thursday said the Labour and Social Welfare Ministry started to assess loans seekers' requests to help establish small projects.

“Ministry of Labour and Social Welfares started the process of selecting the valid applications and granting the applicants 3-10 million Iraqi dinars ( $2460- $12,300) to help establish small productive project”, said Maytham Disher, a member Wassit’s provincial council's loans committee, told Aswat al-Iraq-Voices of Iraq (VOI).

He noted “3,000 individuals applied for the loans and the accepted valid applications were categorized into groups”.

Disher pointed out “the groups were university and institutes graduates registered at the ministry, owners whose shops damaged by armed operations and forcible relocated individuals who returned to their native dwellings”.

The provincial council member said that 1,222 billion Iraqi dinars(about $15 millions) were allocated to the loans program.

He added “the loans-term would be offered to owners of productive factories registered at the Industrial development office and paid back at 2% interest”.

“The short-term loan would be offered to unemployed graduate resitered at the job centre and forcible relocated families wishing to return to their dwellings by helping find life sustaining job”, he highlighted.

The first stage of the ministery’s campaign to grant loans to the unemployed stared in Baghdad last year, while the second stage included other provinces.

Kut, the capital of Wassit province, lies 180 km south-east Baghdad .

Govt. grants long-term loan to establish business projects in Wassit | Iraq Updates

Demand for dollar up, exchange rate stable at daily auction

Demand for the dollar was higher in the Iraqi Central Bank’s auction on Thursday, reaching $91.395 million compared to $55.245 million on Wednesday.

"The demand hit $13.095 million in cash and $78.300 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,213 Iraqi dinars per dollar, unchanged for the third session in a row," according to the central bank's daily bulletin which was received by Aswat al-Iraq - Voices of Iraq - (VOI).

The 15 banks participating in the auction offered to sell one million dollars, which the bank bought at an exchange rate of 1,211 Iraqi dinars per dollar.

In statements to VOI, Ali al-Yasseri, a trader, said, "the overall size of demand increased as yesterday's session was not attended by many traders due to the rainy weather leading them to make more bids in today's session."

Al-Yasseri added "the hike in demand for dollars in cash was due to that Thursday is the last day of the week in Iraq and traders usually need to pay their financial commitments cash in dollar."

The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Demand for dollar up, exchange rate stable at daily auction | Iraq Updates

Conoco Open to E&P in Iraq and Iran; If Safety Improves

ConocoPhillips Chief Executive Jim Mulva stated that the company is interested in doing business in Iraq and Iran, as long as security concerns and political issues are resolved.

"To the extent that we have security, we'd like to be doing things in Iraq," he said, reported Dow Jones, in a conference call on Jan. 23. "To the extent that … sanctions get lifted and better political relations (exist), we seriously would like to take a look at Iran.

Mulva expanded the company's future reach, including Kuwait as a potential geographic locale for the company to conduct business.

Conoco Open to E&P in Iraq and Iran; If Safety Improves | Iraq Updates

Iraqi oil exports rose by 9.2%-oil ministry

Iraqi oil ministry on Thursday said the levels of exported oil and revenues in 2007 rose by 9.2 compared to the previous year.

“The revenues of exporting oil amounted to 39.8 billion dollar, while the total quantities of the exported crude by the Iraqi marketing company reached 1.634.125 million barrels over 2007," the ministry said in a statement received by Aswat al-Iraq- Voices of Iraq-(VOI).

The announcement noted the Southern Oil Company held the major share by exporting 556.605.655 millions barrel, while the share of Kirkuk ’s oil company, in northern Iraq, was 39.849.791 millions barrel.

The turnovers of oil exports yielded $39.8 millions dollars, of which 31 millions went to the fiscal budget for the calendar year 2007.

Iraqi oil exports rose by 9.2%-oil ministry | Iraq Updates

Iraq launches its second oil carrying tanker

Iraqi Oil Ministry spokesman on Thursday said the ministry would inaugurate the second oil tanker of the newly-founded carrying fleet at southern Basra port next Sunday.

“The ministry would inaugurate Furat Oil tanker with a total capacity of 14 thousands tons”, Assem Jihad, the oil ministry spokesman told Aswat al-Iraq-Voices of Iraq (VOI), “the new oil carrier has the same specifications of Dijla,the first oil tanker, that launched on Jan 18th”.

The spokesman noted the ministry contracted Chinese company to manufacture the tanker with European-Swedish techniques.

The third and larger oil tanker with a total capacity of 18, 66o thousands tons is expected to join the fleet in the upcoming three months
Iraqi oil carrying fleet was established in 1972 with different types of carriers, yet has stopped in the wake of the Iraqi-Iranian war in 1980.

Iraq launches its second oil carrying tanker | Iraq Updates

Update.......

Kurds in Baghdad for new oil talks

Iraq's Kurdish oil leaders are in Baghdad to clear an impasse over oil control, though the national oil minister is reportedly not in town.
That could be the point, since some Kurdish leaders have called for Oil Minister Hussain al-Shahristani to be removed from office.

Shahristani has confirmed attendance at the World Economic Forum in Davos, Switzerland, which began Wednesday. A U.S. State Department official is reportedly mediating.

The Kurdistan Regional Government and the national government have been at an evolving stalemate over oil issues for more than a year. The two sides have yet to reach agreement on a new national oil law, called for in the constitution but stalled over its interpretation.

The KRG favors decentralized oil control, allowing the producing regions and provinces more say in the pace and method for developing the respective oil sector. Others want the oil strategy to be a central one.

The KRG has been developing its oil sector for three years. It has little of Iraq's proven oil reserves -- the third largest in the world -- but experts say there could be a bonanza when it's fully explored. The KRG had signed a small handful of deals with international oil firms prior to February 2007 when a deal was supposedly reached over the oil law.

But disagreements over control arose, and a wedge between the two sides grew. In August the KRG passed its own regional oil law and since then has signed dozens of new deals.

Shahristani initially called them illegal, then null and void, and has since made good on the threat to blacklist any oil firm with a KRG deal from receiving any contracts in upcoming national tenders.

"The oil companies operating in the Kurdistan Region insist on working in the region and don't pay any attention to Shahristani's threats," said Falah Mustafa Bakir, The Kurdish Globe reports. Bakir won't meet with Shahristani, The Globe reports, and Mahmoud Othman,Kurd Net - Kurdish web center & Kurdistan News a Kurd and parliamentarian, said the current meetings on the oil issue will be final.

Weekly Petroleum Argus reports the Kurds are asking Prime Minister Nouri al-Maliki to delegate his energy adviser, Thamir Ghadhban, instead of Oil Minister Hussain al-Shahristani in new oil law talks in Parliament's Energy Committee.

KRG Minister of National Resources Ashti Hawrami led a delegation last month as well. The Globe reports Reuben Jeffrey, a top U.S. State Department official tasked with moving the oil law along, will facilitate.

Kurds in Baghdad for new oil talks | Iraq Updates

Parliament debates salary scale

The Iraqi parliament held its regular session on Thursday to discuss the draft law on the salary scale for government employees, a parliamentary media source said.

"Under the chairmanship of Deputy Speaker Sheikh Khaled Atiyya, the parliament held its regular session this afternoon, which opened with the second reading of the draft salary scale law," the source, who requested anonymity, told Aswat al-Iraq, Voices of Iraq, (VOI).

Also on today's agenda is the second reading of the draft mortuary law and a discussion of a recent report submitted by the parliamentary education committee's on university service and PhD holders, the source indicated.

Last week, a parliamentary vote on a draft law on university service and granting financial allocations to PhD holders was halted following an objection from the Iraqi Minister of State for Parliamentary Affairs Safaa al-Safi.

Head of the committee on education in the Iraqi parliament Alaa Makki told VOI that the majority of parliamentarians approve a 200% pay raise for academics, as proposed by the Iraqi Ministry of Higher Education.

The Iraqi government rejected the proposed raise and suggested a lower raise of 100%, which was categorically rejected by the committee.

Parliament debates salary scale | Iraq Updates