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

Central bank fire put out, to resume work Tuesday

Iraqi civil defense teams managed to extinguish the fire that erupted earlier on Monday at Iraq's central bank building in Baghdad without any loss of life, a security official said.

"The fire that erupted at 1:00 a.m. on Monday was completely extinguished by the civil defense teams without any casualties, but caused material damage to the building," Qassem Atta, the official spokesman for the Fardh al-Qanoon security plan, told Aswat al-Iraq – Voices of Iraq – (VOI).

Investigations were under way to detect causes of the fire, Atta said.
Meanwhile, a central bank source said the bank would resume work as of Tuesday.

Earlier on Monday an Iraqi police source said a fire broke out in the Iraqi central bank building in central Baghdad during the early hours of Monday, causing damage and material losses.

"The fire, which started in three floors of the Iraqi central bank building on al-Rasheed Street, central Baghdad, caused damage to the building and its content," the source told VOI.

Central bank fire put out, to resume work Tuesday | Iraq Updates

Central bank's auction canceled because of fire

The Iraqi Central Bank canceled its Monday session after a fire erupted earlier today in its Baghdad-based building without any loss of life, a bank source said.

The source indicated that the bank would resume work as of Tuesday.
Earlier today an Iraqi police source told Aswat al-Iraq, Voices of Iraq, (VOI), that a fire erupted in the Iraqi Central Bank building in downtown Baghdad during the early hours of Monday, causing damage and material losses.

"The fire, which started in three floors of the Iraqi Central Bank building on al-Rasheed Street, central Baghdad, caused damage to the building and its content," the source explained.

Iraqi civil defense teams managed to extinguish the fire without any casualties, Qassem Ata, an official spokesman for the Baghdad Fardh al-Qanoon (Enforcement of the Rule of Law) security plan, said.

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

Central bank's auction canceled because of fire | Iraq Updates

Work on 4 new refineries for Kurdistan to finish in August

The Ministry of Industry and Minerals says work on four small-size refineries for the Kurdish region is expected to be completed in August.

A ministry source said once completed the refineries will have a total capacity of 40,000 barrels a day.

The refineries have been designed and rebuilt by Iraqi technicians and most of the equipment necessary to put them to work is being manufactured internally, the source said.

The source, refusing to be named, said the refineries are expected to meet part of the region’s needs for fuel.

The three Kurdish-controlled provinces of Sulaimaniya, Arbil and Dahouk rely main on fuel imports from Turkey.

Despite the country’s massive oil wealth, imports of fuel have surged since the 2003 U.S. invasion with refining capacity plummeting and fuel needs surging.

Work on 4 new refineries for Kurdistan to finish in August | Iraq Updates

Attempts to smuggle oil, medical supplies thwarted in Missan

Police forces foiled two attempts to smuggle oil derivatives and medical supplies in northern Missan province, a local police source said.

"On Sunday, police personnel from Kimit checkpoint, 20 km north of Amara city, thwarted an attempt to smuggle an amount of 6,380 liters of oil packed in 29 barrels of 220-liter capacity each," the source, who preferred to remain unnamed, told Aswat al-Iraq, Voices of Iraq, (VOI).

"The smuggled oil was en-route to leave the province to be sold in the black market," the source indicated.

Meanwhile, the same checkpoint seized a vehicle carrying medical supplies that were smuggled from provincial health departments.
The source did not specify the type and quantity of medicines seized by the police.

Amara, the capital city of Missan province, lies 390 km south of the Iraqi capital Baghdad.

Attempts to smuggle oil, medical supplies thwarted in Missan | Iraq Updates

Dana Gas to invest $500m abroad

UAE-based Dana Gas said it plans to invest about $500m in Egypt and Iraq's Kurdish province this year to boost output of natural gas, reported Reuters.

Finance Director Neeraj Agrawal said Egyptian gas output would hold steady this year at a minimum 30,000 barrels of oil equivalent per day, compared with 28,400 boepd in the third quarter of last year.

He said the company is also looking to invest in Algeria.

Dana Gas to invest $500m abroad | Iraq Updates

Iraq halts exports to South Korea

Iraq has halted crude exports to South Korea's SK Energy in protest over an oil deal it says is illegal between Korean companies and the Kurdistan regional government, reported Reuters.

Iraq has warned more of its crude buyers that they must back out of deals with the semi-autonomous Kurdish Regional Government in northern Iraq if they want to continue receiving exports. Baghdad has long maintained oil deals that international companies have signed with the KRG are illegal.

Iraq halts exports to South Korea | Iraq Updates

Parliament postpones voting on provinces bill, budget

The Iraqi parliament on Monday decided to postpone the vote over the state budget 2008 and a draft law on provinces until next Monday.

"Parliament's Speaker Mahmoud al-Mashhadani said that most of the parliamentary blocs, including Fadhila (Virtue) party, Daawa party, Sadrists, Kurdistan Coalition (KC), Iraqi Accordance Front (IAF), Supreme Iraqi Islamic Council (SIIC) and independents, agreed to postpone the vote on the 2008 budget," the parliament's media office said in a statement received by Aswat al-Iraq - Voices of Iraq - (VOI).

"The budget's problem is mainly centered around Kurdistan's share," al-Mashhadani said.

"The parliament also decided to postpone the vote on the draft law on provinces until next Monday," the statement also said.

Al-Mashhadani had set today's session to vote over the state budget 2008 and a draft law on provinces.

Iraq's parliament had witnessed debates since December 2007 on the state budget for the year 2008, for which the Iraqi government allocated 48 billion dollars.

Parliament postpones voting on provinces bill, budget | Iraq Updates

Ex-minister warns of Iraq's economic ordeal

Iraq's former minister of planning has warned of Iraq's economic "ordeal," stressing the need for sound management of the accumulative cash surplus.

"Iraq has a cash reserve of more than $20 billion, which has boosted the value of the Iraqi dinar and its purchasing power, in addition to a large credit of over $10 billion by the Iraqi Development Fund," Former Minister Mahdi al-Hafiz, who is also a member of the parliamentary economic committee, indicated in a thorough study published by the Jordanian al-Ghad (Tomorrow) newspaper on Monday.

Hafiz highlighted the need to adopt a thoughtful strategic vision and setting up profitable programs with the aim of preserving the country's natural resources and ensuring a reliable source of income.

The study also called to reconsider the budget’s spending structure and rationalize the expenditure.

"Outlining the weaknesses in the current policy and the economic performance is a must to rectify all deficiencies and implement the required structural reforms," the study explained.

The study criticized Iraq's increasing dependence on oil export revenues as a main source of income. According to the 2008 budget, over 85% of Iraq's income is generated by oil exports, which the study said poses great risks to the economy in case of oil price fluctuations.

The minister also described the shortage of direct and indirect tax revenues as an indication of a lagging economy, but said that the mobile phone revenues are quite promising.

The study concluded by outlining some aspects, which Hafiz said must be carefully handled to sustain a healthy economy. Enforcing the rule of law and ending the presence of foreign troops in the country are the first priorities set by the study.

Ex-minister warns of Iraq's economic ordeal | Iraq Updates

Trade ministry encourages private sector coordination

Iraq's Minister of Trade Abdul Falah al-Soudani revealed a plan for coordination with the private sector and its involvement in the import and distribution of ration card items, a ministerial statement said.

"The private sector has great responsibility for outlining the performance of the Iraqi economy, which we seek to convert from central planning to a free economy that allows real participation of the private sector in the management process under state supervision," read a trade ministry statement released on Monday and received by Aswat al-Iraq, Voices of Iraq, (VOI).

During his meeting with the chairman and members of the Iraqi chambers of commerce, the minister stressed his belief in the need for a gradual change, which he said will allow people of experience to play a major role in framing the country's economic policy.

The minister further called on Iraqi importers to take part in the ministry's projects, explaining that many state-run companies will be privatized in the near future.

Trade ministry encourages private sector coordination | Iraq Updates

61 import/export licenses for Iraqi traders in Jan.

The Iraqi Ministry of Trade granted 61 import and export licenses for Iraqi importers and traders in January 2008, the General Company for Iraqi Fairs said on Monday.

"A ministerial department granted 17 date export licenses and five licenses for exporting organic solvents, dyes, chemical substances, raw agricultural products, and sulfur," the general director of the company, Sabti Jumaa Hassan, said in a statement released by the company on Monday and received by Aswat al-Iraq, Voices of Iraq, (VOI).

"Meanwhile, the import licenses were 39 to bring in eggs, milk, frozen chicken, fuel, veterinary medicines, fodder, meat, fish, and cotton from Arab, Asian, European, and Latin American countries," Hassan added.

61 import/export licenses for Iraqi traders in Jan. | Iraq Updates