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

No improvement in electricity output– minister

There has been no improvement in the production of electricity in the country in the past 12 moths, Minister of Electricity Kareem Waheed said.

Waheed warned hard-hit Iraqi households not to expect better power supplies before 2011.

Waheed’s remarks come as most of the country is currently plunged into darkness with the national grid barely capable of providing two hours of continuous supply a day.

The minister said the electrical sector’s stagnation was not due to lack of allocations. In a press conference in Baghdad, he gave no figures but it is estimated that his ministry’s budget has been in billions of dollars since the 2003 U.S. invasion.

He said he hoped Iraqis will see ‘tangible improvement’ by the end of 2008 as new power plants with a total capacity he estimated at more than 1000 megawatts come on stream.

Correspondents say the minister made similar promises at the start of 2007 but instead of improvement power output plunged to levels unseen before.

Waheed said lack of electricity and shortages were due to foreign firms’ unwillingness to work in the country.

Waheed also blamed lack of fuel which has put key plants out of operation.

Azzaman in English

Damascus-Baghdad: settling the debt of "Iraqi Airways"

An official source at the Iraqi Ministry of Finance, said the Minister of Finance, Baqir Jabr Al-Zubaidi, agreed during his recent visit to Syria, to pay the debt of the "the Iraqi Airways Company" belonging to "Arabic Syrian Aviation Foundation" on the 1979, and from 27-11 -- 2000 to 12 - 5 - 2003.

The source added that the Syrian side committed itself to examine any claims of the Iraqi Airways for that period, if proven correct.

The same source said that the coming period will witness the opening of the Iraqi-Syrian bank (Al-Rafidain Bank of Commerce) in Damascus, with a capital of $60 million; %25 for the "Commercial Bank of Syria", %24 for the "Iraqi Al-Rafidain Bank", %26 for Syrian businessmen and %25 for Iraqi businessmen.

The source added that the opening of the bank will be a great relief for Iraqi retirees living in Syria, so that they will be able to receive their salaries through this bank at any currency they wish.

Damascus-Baghdad: settling the debt of "Iraqi Airways"

Iran President due in Iraq before March 20

Iranian Foreign Minister Manushaher Mottaki announced that Iran’s President Mahmoud Ahmedinejad is heading to Iraq before March 20 in the first visit of an Iranian President to Iraq since the Islamic Revolution.

In another context, Mottaki noted in a press conference aired on Iranian TV, Press TV, that there were some reservations on the new round of talks with the United States on Iraq. He added that he has conveyed his country’s remarks to the US and has received responds which Tehran is studying currently without giving further details. Mottaki called on the United States to respect the outcome of negotiations.

Alsumaria Iraqi Satellite TV Network | Iraq News | Iran President due in Iraq before March 20

Al Maliki proposes to form new Iraq Cabinet

Iraqi Prime Minister Nuri Al Maliki affirmed in a special interview in Jadal Iraqi talk show on Alsumaria that he has proposed to form a small government comprising between 17 and 23 ministers whose names are almost ready. In response to a question about referring back the pardon law from the ministerial council to the parliament, Al Maliki denied withdrawing any law besides the Justice and Accountability Law.

In another context, Al Maliki announced that he is heading to Mosul next week to set an operation room to chase down Al Qaeda. As for the national reconciliation issue, Al Maliki told Alsumaria that a conference will be held next March for all parties participating in the political process, while Baathists are represented individually as the Constitution bans to deal directly with Baath Party.

Moreover, Al Maliki affirmed that Anbar awakening council will have a role in the political process while awakening members would merge into security forces and engage in civil jobs.

Alsumaria Iraqi Satellite TV Network | Iraq News | Al Maliki proposes to form new Iraq Cabinet

Iraqi Oil Ministry to inaugurate new oil tanker in Basra

Iraqi Oil Ministry announced that the ministry will launch a second oil tanker in Basra port next Sunday. Ministry official spokesman Issam Jihad said the tanker that will be known as the Furat Oil tanker has a total capacity of 14 thousands tons. He added that it has same descriptions as the first oil tanker, Dijla, which was inaugurated on January 18, 2008. He added that the ministry has contracted with a Chinese company regarding the oil tanker supplied with Swedish equipments and techniques.

Alsumaria Iraqi Satellite TV Network | Economics News | Iraqi Oil Ministry to inaugurate new oil tanker in Basra

Iraq plans to bring in international investments in Basra

Deputy Prime Minister Barham Saleh affirmed that Iraq is deploying utmost efforts to draw international investments and develop local working sector in Basra. On the sidelines of the world economic forum in Dafus, Saleh hoped circumstances would be appropriate to help the government draw investments and provide Basra residents job opportunities and improved living standards.

For his part, Michael Wirinj, appointed president of Basra development committee noted that oil industry sectors, airlines and agriculture are fields that attract investments. While he demeaned security threats in the province, Saleh confirmed that several oil and gas companies operate in risky areas.

Alsumaria Iraqi Satellite TV Network | Economics News | Iraq plans to bring in international investments in Basra

Four small refineries in Kurdistan at hand

The Ministry of Industry and Minerals announced that it is expected to complete the build up of four small refineries in Sulaymaniya and Arbil provinces in Kurdistan this year for the Oil Ministry. A source from the Ministry noted that 75% of the contract has been achieved at the end of 2007 while completion works still need to be done.

On the other hand, Finances Minister Baqer Jaber Al Zubaidi declared that the Ministry has started to increase the number of private banks and double financial credits as well as to raise related allocations.

Alsumaria Iraqi Satellite TV Network | Economics News | Four small refineries in Kurdistan at hand

Dana Gas Company to invest $500 million in Egypt and Kurdistan

DANA Gas Company registered in Abu Dhabi stock change said that it would invest 500 million dollars approximately in Egypt and Kurdistan region, North of Iraq, this year in order to boost its production of natural gas and added that it also intends to enter Algeria.

A source in the company said that the investments will be in drill, production, transportation and refining fields. The same source added that Kurdistan production of natural gas will start in next July and that the region will exceed Egypt this year to become the company’s principal source of income.

Alsumaria Iraqi Satellite TV Network | Economics News | Dana Gas Company to invest $500 million in Egypt and Kurdistan

Iraq halts pumping crude oil towards Ceyhan Turkish port

Issam Jihad, Oil Ministry Spokesman said today that Iraq stopped pumping crude oil from Kirkuk northern fields towards Turkish Ceyhan port. The same sources added that Iraq intends to carry on pumping oil towards Turkey but on an interrupted basis in order to avoid sabotage operation against oil pipelines. One should note, that a naval source had announced that Kirkuk northern fields crude oil exports are halted since Friday. The same source affirmed that reservoirs in Turkish Ceyhan port contain about 400 thousand barrels of Kirkuk crude oil. He added that oil tankers wait in Ceyhan port to be loaded with 2 millions 200 thousand barrels, in addition a fourth tanker is about to arrive in order to transport 1million barrels load.

Alsumaria Iraqi Satellite TV Network | Economics News | Iraq halts pumping crude oil towards Ceyhan Turkish port

Iraq halts exporting oil to SK Energy South Korean company

A source in Ministry affirmed that Iraq decided to halt exporting 90 thousand oil barrels daily towards South Korean Company SK Energy starting the beginning of January and that in protest at an exploration deal involving Korean firms in Iraqi Kurdistan.

The same source said that Baghdad government gave the Korean company until the end of the month back out of the Kurdistan deal if it wants to resume the contract. He also added that the government also informed other companies of the necessity of canceling their contracts with Kurdistan region government.

Alsumaria Iraqi Satellite TV Network | Economics News | Iraq halts exporting oil to SK Energy South Korean company