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

Rafidain Bank Chooses Misys Consortium Over Temenos for Turnkey Core Banking Solution
Misys/ B-Plan Solution Part of Major Restructuring Programme for Iraq's Largest State Bank

Misys plc, the global application software and services company, today announces that Rafidain Bank, the largest state bank in Iraq, has selected an integrated turnkey core banking solution from Misys and B-Plan Information Systems.

The agreement between Rafidain and the Misys/B-Plan consortium was endorsed by the Minister of Finance, as part of the modernisation programme of the state-owned banks. The Misys/B-Plan solution was chosen ahead of competing bids including those from Temenos and Systems Access. It will underpin the restructuring programme aimed at improving performance and enabling Rafidain to compete more effectively in an increasingly open and competitive environment.

The solution includes the deployment of electronic clearing systems, the core banking solution from Misys and the supporting hardware and communications network across the bank's 148 domestic and 7 international branches, in Beirut, Cairo, Jordan, Abu-Dhabi, Manama (Bahrain) and Sana' (Yemen). The project, which is one the largest of its kind in the world, will allow the bank to deliver competitive products and an excellent service to Rafidain's domestic and international customers.

In December 2006, a formal memoranda of understanding (MOU) was signed between the Central Bank and the Ministry of Finance on the restructuring of the state-owned banks, including Rafidain Bank. This covers the steps and sequencing for operational and financial restructuring of these institutions over the next few years, including the deployment of electronic clearing banking system.

Mr. Bayan Jabr, Iraq's Minister of Finance, states, "I am determined to modernise the banks. My wish is that every Iraqi citizen has a Visa card and for every Iraqi citizen to have a bank account which he is able to manage through the internet, regardless of whether he is a government employee or not. This is my dream which I am working to make it a reality. I have now signed a contract for such a system for the Rafidain Bank."

Guy Warren, EVP and General Manager. Misys Banking, comments, "One of the key deciding factors for the Government of Iraq was Misys' leadership position in the industry and we are honoured to be an integral part of such a crucial restructuring programme for the bank. Our deep knowledge of the market alongside B-Plan's expertise in implementing turnkey ICT solutions in Iraq, will enable Rafidain to maintain its leading position in the region and compete more successfully internationally. This is another example of our proven technology and top class services skills beating Temenos in competitive pitches."

Shirko Abid, CEO of B-Plan, adds, "The advanced solution and the broad regional experience Misys has built up over the last two decades, coupled with our strong position as a provider of mission-critical turnkey solutions was crucial to the deal. We are already beginning the first phase of implementation and I look forward to working closely with the bank as we help it deliver enhanced services to its customers."

About Misys plc

Misys plc, provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.

In banking and treasury & capital markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare, Misys is a market leader, serving more than 100,000 physicians in 18,000 practice locations and 600 home care providers. Misys employs around 4,500 people who serve customers in more than 120 countries.

We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.

B-Plan Information Systems Limited was established in 1993 in Manchester (UK) by two Iraqi Kurdish brothers and is now well recognised for the provision of financial and operational IT management solutions in the UK and Ireland. As a result of an alliance with Misys and more than three years of successful market penetration of the Iraqi public sector, the Misys/B-Plan consortium has secured the contract for the deployment of Misys BankMaster as the first electronic clearing system at Rafidain Bank, the largest Iraqi state bank. This success underlines the Misys/B-Plan consortium as the dominant player for the provision of mission-critical turnkey ICT solution in Iraq.

Rafidain Bank Chooses Misys Consortium Over Temenos for Turnkey Core Banking Solution | Iraq Updates

Sterling Energy's CEO: Company 'Not Averse' to Consolidation

Sterling Energy PLC, the AIM-listed oil and gas producer, is "not averse" to ongoing industry consolidation, said Graeme Thomson, the group's new chief executive.

Sterling, like any other AIM-quoted oil company, has been a persistent subject of takeover speculations as their mid- and large-cap peers, hard pressed to grow production and reserves, actively hunt for potential deals.

"We're not averse to consolidation," Thomson told Thomson Financial News in a phone interview, adding that interested suitors have "always been flirting" with the company.

But Sterling preferred to focus on building up its existing operations and strengthening its finances, he stressed.

"We have to make sure we're living within our means," added Thomson, the former finance director who just took on Harry Wilson's role. Wilson, the group's CEO since its listing five years ago, is now the deputy chairman. Both Wilson and Thomson are founders of the company.

Sterling refinanced all of its bank debt in December following the takeover of Whittier Energy Corp, the Nasdaq-listed oil company it bought for 145 mln usd in cash, including 43 mln usd in assumed debt, in March. It also borrowed money to partly finance the deal.

The refinancing agreement allowed Sterling to keep 154 mln usd in borrowings and 4 mln usd of undrawn facilities. The company has cash of around 14 mln usd.

The recent interest rate cuts will reduce the group's annual financing costs by around 3 mln usd, said Thomson.

Sterling's growth projects are all well funded, particularly its core US operations where capital spending for this year is expected to reach 45-50 mln usd.

The group's US production totaled 4,800 barrels of oil equivalent per day at end-2007, of which 80 pct was gas and 20 pct was liquids. Fourth-quarter volumes however averaged at around 4,200 boepd, hit by natural production declines, bad weather and delays in the delivery of equipment.

Sterling is aiming for a "modest" increase in US output this year, and is planning to cut the number of wells it is drilling in the country to around 25-30 from its previous programme of 40, added Thomson.

Its reserves in the US are currently being evaluated, though there are indications the proved and probable estimates there could reach 110 bln cubic feet of gas equivalent, about 65 pct of which are proved.

Increased US production will boost Sterling's overall output for 2008 to over 6,000 boepd, including the contribution from its projects in Mauritania, added Thomson.

Sterling pumped 5,500 boepd in the second half of 2007, up from 4,900 boepd in the first half, bringing the average for the full year to around 5,300 boepd, he said.

The company does not plan to dispose of any of its assets outside the US, which include those in Mauritania, Gabon and Madagascar, Thomson said.

Sterling is also progressing with its exploration plans for the recently acquired Sangaw North license in Iraq. It signed a production sharing contract with the regional government of Kurdistan in November.

Sterling Energy's CEO: Company 'Not Averse' to Consolidation | Iraq Updates

Iraq lacks potential to benefit from joint oil fields

The Oil Ministry has denied reports that Iran was stealing crude from oil fields straddling international borders.

The ministry inspector general Abdulkarim al-Aibi said reports that Iran was smuggling crude from a joint oil field in Ammara were incorrect.

Former head of the country’s integrity commission had accused Iran of stealing crude from a field he termed ‘al-Teeb’, saying that Tehran was drilling at least 15 oil wells there.

But Aibi said there was no field with such name.

“The joint fields with Iran are those of Naft Khaneh and Missan,” he said.
He said the he could not understand why the commission’s head mentioned Iran and ignored Kuwait which he accused of “stealing millions of barrels of Iraqi crude.”

The inspector said Iraq has formed a committee to “coordinate with neighboring states the exploitation of joint oil fields.”

However, he added, Iraq lacked the means to play its part in benefiting from these fields while neighboring states particularly Kuwait “are in a much better position.”

“I cannot understand the target of making such statements as well as their timing. It is strange to raise the issue of joint oil fields with Iran and ignore how Kuwait has been stealing millions of barrels for years and up to the present time,” Aibi said.

Iraq lacks potential to benefit from joint oil fields | Iraq Updates

Better ports for stronger Economy

Ports are crucial for any developed polity. Rebuilding the infrastructure in a country like Iraq requires active ports that can respond to the massive demands of an expanded open economy.

Basra is the most important Iraqi province (550 km to the south of Baghdad – capital of Iraq), not only because of its oil and gas resources, but because it also lies, with all its ports, at the northern edge of the Arabian Gulf.

On 1919, the General Company of Iraq Ports started operating, but within a limited level of authorities, because at that time, the only port of Iraq, Al-Maaqal, was dominated by the British forces that occupied Iraq after World War I. Iraq officially received that port from the Brits on1937.

The naval expert, and resident of Basra city, Kadhom Al-Hamami, told Aswat al-Iraq – Voices of Iraq – (VOI) "From 2003 to 2005, revenues of Iraqi ports peaked, and those harbors were able to compete with other ports in the landscape of the region, despite the pressures that were imposed by some lobbies of the substitute ports in Syria, Jordan, and some Gulf countries, such as UAE."

After the Iraqi invasion to Kuwait on August 1990, the international community represented by the United Nations Security Council (UNSC) imposed sanctions on Iraq, and Iraqi ports became part of the governmental agenda of smuggling oil as an approach to break the embargo down.

Between 1990 and 2003, Iraqi ports dealt with suspected ships, small carriers of oil that belong to oil mafias, and a new mentality emerged in the behavior of the staff of those ports, corruption.

Iraq continued using alternative ports of Al-Aqaba – Jordan, Lathqiya – Syria, and Jehan – Turkey, even after the implementation of the Memorandum of Understanding, on 1996, that was signed by the Iraqi government and the United Nations Security Council, which came as a response to the humanitarian needs of Iraq.

DG of the General Company of Iraq Ports (Based in Basra Province, Al-Maaqal), Salah Khdhayier Abod, pictured how Iraqi ports suffered a lot saying "Infrastructure of my company was heavily damaged during the past decades, as a result of wars, embargo, and negligence."

Abod said to VOI "Ports' rebuilding process started in early 2005, and efforts now concentrate on rehabilitating, in fact recomposing this company. 70% of ports' incomes are devoted to rebuild the Iraqi ports and to pay the salaries of the working staff, while the rest (30%) goes to the Ministry of Finance in Baghdad," emphasizing that the Japanese government donated $250 million to develop harbors of Iraq.

Qualitative changes in ports of Iraq began after the military coup of 1958 that put an end for the monarchy in Iraq. During the period from July-1958 to February-1963, Iraqi ports had been widely improved, and become distinguished among other ports in the world to the extent that Iraqi harbors, in that era, were the consultant reference for other ports in the Gulf.

Ports of Iraq delegated many young Iraqis to Britain in early 1960s, where they were highly trained and became able to handle the different aspects associated with ships and harbors.

In 1963, there was another coup in Iraq, but Iraqi ports continued to move on the same previous path of hardworking and seriousness.

Early 1970s, and after the Baathist coup on 1968, Umm Qasr port was constructed, and on 1974, Khor Al-Zubair port, and Abu Floos small harbor (Very busy nowadays, because it is devoted to the Iraqi private sector) started working.

Trips started to appear on the motion curve of Iraqi ports on 1980, the performance slope of those harbors went sharply down, due to the Iraqi – Iranian war. The infrastructures of ports in Iraq, which were closed because of that war, were severely destructed due to the Iranian airstrikes. Iraq started using alternative harbors, for both import and export purposes, like Al-Aqaba in Jordan, Al-Dammam in KSA, and Ceyhan in Turkey.

As the Iraqi – Iranian war lasted 8 years, until August 1988, experts of Iraqi ports were killed, retired, or preferred to leave Iraq to join a new career at one of the ports in the Gulf States or elsewhere.

In addition to the current four harbors, the General Company of Iraq Ports is planning to construct two more ports; Al-Faw Port and the Larger Port; preparations to establish the former started in 2006, while the later is still in the design phase.

The first stage of the larger Port requires at least $13 billion, but according to Abod, it deserves this budget, "In case that it would be constructed, the Big Port will make Basra a major active trading center in the region that brings enormous incomes."

Better ports for stronger economy | Iraq Updates

‘Jordan Wants Better Iraq Ties, Real Progress in Peace Process’

His Majesty King Abdullah on Monday said Jordan is keen on better ties with Iraq in various areas of cooperation, especially the economic and trade fields.

He told visiting Iraqi Finance Minister Bayan Zubaidi that improved cooperation would serve the interest of both countries, reiterating Jordan’s support for its eastern neighbor’s national reconciliation efforts and endeavors to rebuild a secure, unified and stable Iraq.

The King stressed that the unity and solidarity of the Iraqi people is the answer to the challenges facing their country.

Zubaidi said his country has extended a call to Jordanian businessmen to invest in Iraq, “which is now witnessing a considerable economic recovery in all sectors”.

Also Sunday, Minister of Finance Hamad Kasasbeh discussed with Zubaidi and the accompanying delegation ways to enhance bilateral cooperation, frozen Iraqi assets in Jordan and financial claims Iraq owes Jordan’s private sector.

The two sides stressed the need for a fixed timetable to settle all outstanding issues and agreed to authorize technical committees from both sides to finalize all files in question.

The two countries agreed late November to settle the outstanding financial file.

Zubaidi also discussed with officials recently a proposal to carry out a feasibility study to extend an oil pipeline between Hadeetha and Aqaba.

PUKmedia :: English - ‘Jordan Wants Better Iraq Ties, Real Progress in Peace Process’

Establishing the “Iraqi Political Powers and Parties Organization” in Sweden

A number of Iraqi political parties have signed a joint agreement to establish the Iraqi Political Parties Organization in Sweden. This organization includes Iraqi Supreme Islamic Council, Kurdistan Democratic Party, Patriotic Union of Kurdistan, al-Daawa Islamic Party, Iraqi Communist Party, al-Sadr Movement, Assyrian Democracy Movement, al-Fadhila Islamic Party, Kurdistan Communist Party, Kurdistan Proletariat Party, Kurdistan Social Democratic Party, Islamic Work Group and Iraqi National Conference.

According to its statement of principles, the organization was established to communicate with the Iraqi community in Sweden to benefit from its potentials and encouraging them to participate in all the activities which can bring peace to Iraq.

The organization is also called to support the political process in Iraq, building a federal and democratic country and dividing the Iraqi wealth in a just and fair way.

PUKmedia :: English - Establishing the “Iraqi Political Powers and Parties Organization” in Sweden

League of Arab States Delegation to Baghdad

After a meeting with Dr. Akram al-Hakim the Iraqi State Minister for National Dialogue Affairs yesterday, Amr Musa the Secretary General of the League of Arab States ,announced that a high delegation headed by his assistant Ahmed bin Hely ,is going to visit Baghdad in the next few days.

Amr Musa said that the delegation will continue the discussions with various Iraqi groups in order to activate the political process towards reconciliation.

On the other side Dr. Akram al-Hakim, emphasized that his discussions with Musa focused on the League’s role concerning the National Reconciliation.

In a response to PUKmedia reporter’s question about any red lines in the invitation to the second conference for the National Reconciliation, intended to be held next month, Dr. Akram al-Hakim said” Frankly there are no conditions or red lines, the political process will decide the reconciliation sides, we want those who are outside this process to be a part of it. Situations in Iraq cannot be settled without this process.”

PUKmedia :: English - League of Arab States Delegation to Baghdad

Turkey will resume providing Duhok with Electricity

Turkey will resume providing Duhok province with electricity in the coming two days, a source from the Iraqi deputy PM, Barham Salish’s office announced today during a press release.

The Iraqi government has held the Iraqi Minister of Electricity the mission to negotiate with the Turkish authorities to deal with the issue of electricity of Duhok.

It is worth mentioning the Turkish authorities previously were providing Duhok with 200 mw of electricity daily.

PUKmedia :: English - Turkey will resume providing Duhok with Electricity

BP positions itself for share of Iraqi oil

BP has been holding meetings with Iraqi oil officials as it speeds up plans to re-enter one of the biggest but politically most controversial oil provinces in the world, five years after the toppling of Saddam Hussein by the British and US military.

The move comes as BP is drawing fire for abandoning any pursuit of green credentials. Environmental groups accuse the new chief executive, Tony Hayward, of "recarbonising" a once enlightened oil group.

BP said it was "possible" some of its executives might meet the Iraqi oil minister, Hussain al-Shahristani, today at a Royal Institute of International Affairs conference in London, sponsored by BP, Shell and other western oil majors.

A spokesman for BP, which will report annual profits of about $18bn, confirmed managers met Iraqi oil officials last week in Jordan and talked about providing technical assistance.

Iraq has more than 115bn barrels of recoverable reserves, an attraction for oil groups at a time when easily recoverable reserves are becoming more difficult to secure.

BP was last night playing down any likelihood of an imminent move into Iraq. "It is a country of interest to us but we are waiting for political and security stability to return before we will take anything further," a spokesman said.

The group has already undertaken technical studies on the Rumeila oilfield for the new government of Iraq. It is gearing up for further involvement following the drafting of a new oil law in Iraq. The chief executive of Shell, Jeroen van der Veer, also admitted last week that his company was looking closely at re-entering Iraq.

When British and American forces invaded five years ago, Tony Blair and George Bush denied they were waging war to secure oil supplies.

The appearance of Shahristani with British energy minister Malcolm Wicks today will be met with campaigners from the charity War on Want and other groups that have formed a coalition called Hands Off Iraqi Oil. They claim the country will lose "billions of pounds in oil income" under the proposed new law which they say the British and US governments are pressing Baghdad to sign.

"It is a scandal that BP and Shell intend to raid Iraqis' oil wealth for themselves. Not content with record profits, they would deny millions of people the money needed to rebuild their shattered land," said Ruth Tanner, senior campaigns officer at War on Want.

Meanwhile the Platform campaign group accused Hayward of starting BP on a dangerous programme of "recarbonisation" since he took over last April from Lord Browne, who had vowed to take the company "beyond petroleum".

James Marriott, of Platform, said: "Moving into the tar sands of Canada and dropping a carbon capture and storage plan for Peterhead are part of a recarbonisation of BP. It might help the share price in the short term but longer-term Hayward is exposing the company to the dangers of a rising carbon price and falling oil price."

http://www.iraqdirectory.com/DisplayNews.aspx?id=5496

Iraq To Send Technicians To Doha For Gas Project Talks-Qatar Min

Iraq will send representatives to Doha, Qatar in the coming weeks to talk about how the countries can cooperate on future gas developments, Qatar's Oil Minister Abdullah bin Hamad Al Attiyah said Monday.

Speaking on the sidelines of the Chatham House Middle East Energy conference in London, Al Attiyah said: "We will have two technical teams (from Iraq) to talk in Doha on how to cooperate."

Asked what the focus of their work would be, he replied: "Let's let them do their work first."

Iraq's Oil Minister Hussein Al-Sharistani Friday began talks that could see the tiny but influential gas-rich emirate of Qatar invest in gas developments there, a further sign that increasing stability in the war-torn country is igniting the interest of overseas investors.

An Iraq official confirmed the meeting took place but wouldn't supply details of the discussions.

Qatar, with the third largest gas reserves in the world, is a leading generator of technology-driven gas projects, boasting huge liquefied natural gas terminals and, with Royal Dutch Shell PLC (RDSB.LN), the world's largest project to turn gas into low-emissions fuels such as diesel and jet fuel.

About 600 million cubic feet of associated gas is being flared each day from oil fields in Southern Iraq, a person familiar with the details told Dow Jones Newswires in Vienna last week.

http://www.iraqdirectory.com/DisplayNews.aspx?id=5497