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  1. #941
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    Iraq oil law stalled, no end to impasse in sight

    A law that could shape Iraq's future by clearing the way for investment in its oil fields is deadlocked by a battle for control of the reserves and no end to the impasse is in sight, lawmakers and officials say.

    The bill is also meant to share revenue equitably from the world's third largest oil reserves, thus helping bridge the deep divides between Iraq's Shi'ites, Sunni Arabs and Kurds.

    The one thing all sides agree on is the law is vital to securing foreign investment to boost Iraq's oil output and rebuild its shattered economy after five years of insurgency and sectarian fighting that has killed tens of thousands of people.

    But the law remains stalled by bitter rows between Baghdad and the largely autonomous Kurdistan region in the north over who will control the fields and how revenue will be shared.

    "Basically we're talking about political will here," said a U.S. official in Baghdad, who asked not to be identified.

    "These are not technical issues, it's a question of if they have the political will to reach the kind of compromises both sides need to make to achieve this. There's a lack of trust."

    Iraq, currently producing some 2.3 million barrels per day, is seeking major investment to tap its reserves and boost output. It holds 115 billion barrels of proven crude oil reserves, surpassed only by Saudi Arabia and Iran.

    U.S. officials say the main reason foreign oil majors have avoided Iraq is the lack of the law, not security concerns.

    In the absence of the law, Baghdad has opened the door to foreign oil firms by offering a role in servicing existing oil infrastructure. Over 70 companies met the deadline on Monday for submitting documents to qualify to compete in service contract tenders.

    At least four drafts of the oil law have been written, but parliament has been unable to settle on a preferred version.

    The cabinet first agreed a draft a year ago. It was sent back after lawmakers were unable to resolve disputes over the rights of regions, notably the Kurdish region, to negotiate contracts with foreign oil firms and whether the federal or regional governments would control the fields.

    "The law has been debated for a year, that's long enough. If we want Iraq's economy to stand on its own feet, then we should pass it as soon as possible," Ali Hussain Balou, head of the parliamentary oil and gas committee, told Reuters.

    Balou, a Kurd, said he hoped a final draft would be ready for debate in parliament when the legislature returns from its winter recess in the third week of March, although such hopes have been dashed many times before.

    The prime minister of the Kurdistan regional government would soon visit Baghdad for talks on the law, he said.

    DISPUTED ANNEXES

    Much of Iraq's reserves are in the Shi'ite south, but there are also fields in the Kurdish north. There are few proven reserves in Sunni Arab areas in central and western Iraq.

    The latest draft law was sent to parliament this month but did not go any further because cabinet ministers had not signed it correctly, said Balou. It was sent back.

    He said the draft also lacked four controversial annexes that had previously been drawn up to solve the impasse between Baghdad and Kurdistan over control of oil fields and contracts.

    The first two annexes concerned developed and partially developed fields of Iraq's proven reserves. Annex III covered undeveloped fields, while Annex IV listed 65 exploration blocks.

    Another key sticking point has been a federal oil council that the oil ministry wants to manage the industry. The Kurds view that body has wresting too much control from them.

    Abdul-Hadi al-Hasani, deputy head of parliament's oil and gas committee, said the Kurds were adding to tensions by signing oil deals with foreign firms, contracts Baghdad deems illegal.

    "The controversy is about the interpretation of regional authorities to control oil fields," said Hasani, a Shi'ite.

    "The Kurds insist these annexes are not essential and the draft can be passed without them. That is unacceptable."

    The U.S. official said he believed disagreements about revenue sharing could be resolved but that the issue of existing and future contracts remained the biggest obstacle.

    The Kurdistan region government has signed oil deals with foreign companies, insisting it has the constitutional right. This has infuriated the oil ministry in Baghdad.

    The ministry this year halted oil exports to South Korea's largest refiner, SK Energy, and Austria's OMV AG in response to what it says were illegal oil exploration deals with the Kurdish regional government.

    Iraq oil law stalled, no end to impasse in sight | International | Reuters

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  3. #942
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    Quote Originally Posted by Seaview View Post
    Iraq oil law stalled, no end to impasse in sight

    A law that could shape Iraq's future by clearing the way for investment in its oil fields is deadlocked by a battle for control of the reserves and no end to the impasse is in sight, lawmakers and officials say.

    The bill is also meant to share revenue equitably from the world's third largest oil reserves, thus helping bridge the deep divides between Iraq's Shi'ites, Sunni Arabs and Kurds.

    The one thing all sides agree on is the law is vital to securing foreign investment to boost Iraq's oil output and rebuild its shattered economy after five years of insurgency and sectarian fighting that has killed tens of thousands of people.

    But the law remains stalled by bitter rows between Baghdad and the largely autonomous Kurdistan region in the north over who will control the fields and how revenue will be shared.

    "Basically we're talking about political will here," said a U.S. official in Baghdad, who asked not to be identified.

    "These are not technical issues, it's a question of if they have the political will to reach the kind of compromises both sides need to make to achieve this. There's a lack of trust."

    Iraq, currently producing some 2.3 million barrels per day, is seeking major investment to tap its reserves and boost output. It holds 115 billion barrels of proven crude oil reserves, surpassed only by Saudi Arabia and Iran.

    U.S. officials say the main reason foreign oil majors have avoided Iraq is the lack of the law, not security concerns.

    In the absence of the law, Baghdad has opened the door to foreign oil firms by offering a role in servicing existing oil infrastructure. Over 70 companies met the deadline on Monday for submitting documents to qualify to compete in service contract tenders.

    At least four drafts of the oil law have been written, but parliament has been unable to settle on a preferred version.

    The cabinet first agreed a draft a year ago. It was sent back after lawmakers were unable to resolve disputes over the rights of regions, notably the Kurdish region, to negotiate contracts with foreign oil firms and whether the federal or regional governments would control the fields.

    "The law has been debated for a year, that's long enough. If we want Iraq's economy to stand on its own feet, then we should pass it as soon as possible," Ali Hussain Balou, head of the parliamentary oil and gas committee, told Reuters.

    Balou, a Kurd, said he hoped a final draft would be ready for debate in parliament when the legislature returns from its winter recess in the third week of March, although such hopes have been dashed many times before.

    The prime minister of the Kurdistan regional government would soon visit Baghdad for talks on the law, he said.

    DISPUTED ANNEXES

    Much of Iraq's reserves are in the Shi'ite south, but there are also fields in the Kurdish north. There are few proven reserves in Sunni Arab areas in central and western Iraq.

    The latest draft law was sent to parliament this month but did not go any further because cabinet ministers had not signed it correctly, said Balou. It was sent back.

    He said the draft also lacked four controversial annexes that had previously been drawn up to solve the impasse between Baghdad and Kurdistan over control of oil fields and contracts.

    The first two annexes concerned developed and partially developed fields of Iraq's proven reserves. Annex III covered undeveloped fields, while Annex IV listed 65 exploration blocks.

    Another key sticking point has been a federal oil council that the oil ministry wants to manage the industry. The Kurds view that body has wresting too much control from them.

    Abdul-Hadi al-Hasani, deputy head of parliament's oil and gas committee, said the Kurds were adding to tensions by signing oil deals with foreign firms, contracts Baghdad deems illegal.

    "The controversy is about the interpretation of regional authorities to control oil fields," said Hasani, a Shi'ite.

    "The Kurds insist these annexes are not essential and the draft can be passed without them. That is unacceptable."

    The U.S. official said he believed disagreements about revenue sharing could be resolved but that the issue of existing and future contracts remained the biggest obstacle.

    The Kurdistan region government has signed oil deals with foreign companies, insisting it has the constitutional right. This has infuriated the oil ministry in Baghdad.

    The ministry this year halted oil exports to South Korea's largest refiner, SK Energy, and Austria's OMV AG in response to what it says were illegal oil exploration deals with the Kurdish regional government.

    Iraq oil law stalled, no end to impasse in sight | International | Reuters
    so much for doing the right thing and passing this oil law,which,by the way,has been debated over and over and over again,for over a year,to help their people..greed....corruption..dishonesty..lack of trust...some countries never change....IMHO...Pat

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  5. #943
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    Minister denies Iranian trespass on Iraqi oil fields

    Iraqi Oil Minister Hussein al-Shahrestani denied news that Iran trespassed on Iraqi oil fields, describing these news as “baseless.”

    The minister told Aswat al-Iraq – Voices of Iraq (VOI) by phone that he visited field number five, Majnon fields, which is the closest field to the Iranian border, only 2 KM away, "and there are no Iranian forces in the region."

    "The nearest Iranian oil field is about 30 km from the Iraqi borders and this refutes all claims of Iranian violations," the minister explained.

    He assured the Iraqi people by saying "we cannot waste our oil wealth."

    Meanwhile, the spokesman for the Iranian foreign ministry said his country was ready to discuss the issue of oil fields bordering the two countries on the basis of article 5 of the protocol signed between the two countries on June 13, 1975.

    Minister denies Iranian trespass on Iraqi oil fields | Iraq Updates

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  7. #944
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    Iran, Iraq to cooperate in joint oilfields

    Iraq's Oil Minister says there is general agreement with Iran to form a bilateral commission to invest in the development of joint oilfields, PressTV reported.

    He said Iran and Iraq will sign a bilateral agreement soon to invest in their joint oilfields, including the Majnoon field, the Iraqi daily, al-Sabah, quoted Hussein al-Shahristani as saying.

    He described reports on abuse of the Majnoon oilfield by Iran as 'not true'.
    The Majnoon oilfield is located near the common border with Iran and is estimated to contain 30 billion barrels of oil, which makes it one of Iraq's largest fields.

    According to statistics by the US Department of Energy, Majnoon had a production capacity 50,000 barrels a day prior to the US-led invasion of Iraq in March 2003.

    Iran News - Iran, Iraq to cooperate in joint oilfields

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  9. #945
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    European commissioner discusses energy partnership with Iraq

    The European Commission energy advisor has held several meetings with Iraqi officials from the ministries of foreign affairs, oil and planning to discuss the possibility of establishing a EU-Iraq strategic partnership.

    "Arriving in Baghdad on Saturday, the commission's energy advisor Faouzi Bensarsa is currently holding meetings with Iraqi officials to examine the possibility of setting up a strategic partnership in energy between Iraq and the European Union," read a statement released by the commission's delegation in Baghdad and received by Aswat al-Iraq, Voices of Iraq, (VOI).

    The energy advisor met with representatives from the Iraqi ministries of foreign affairs, electricity, oil and planning as part of cooperation between the EU and Iraq.

    "Energy is a fundamental element for the development of the Iraqi economy. The EU's energy market, the largest unified market in the world, provides opportunities for the development of Iraqi power supplies, particularly in the natural gas sector," according to the statement.

    "Iraq has a huge potential for renewable energy, particularly the solar energy, and it will certainly benefit from the EU's technology in this aspect," the statement pointed out.

    The partnership has been set as part of the EU's external energy policy for the period 2007-2009, the statement indicated, highlighting significant progress achieved on the Arab Gas Pipeline and envisioning a full partnership with Iraq in the near future.

    European commissioner discusses energy partnership with Iraq | Iraq Updates

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  11. #946
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    Saudi, Norway: Oil Supply is Adequate

    The world's oil supply for the global market is adequate, claims Saudi Arabia and Norway, the two largest oil exporters in the world.

    The Saudi Press Agency, which released the statement on Feb. 17, stated, "The two parties noted the stability of the market in terms of the sufficiency of oil supplies." The comments were made when Saudi Oil Minister Ali Al-Naimi and Norway's Energy Minister Aaslaug Haga met in Riyadh to discuss oil supply, demand, and commercial stocks.

    The comments come amid calls from Iran for OPEC to cut supplies during its March meeting.

    On Feb. 18, OPEC showed the price of a basket of 12 crudes to be $91.73 a barrel on Feb. 15. This constitutes an increase in price from the $90.79 from Feb. 14, according to OPEC Secretariat calculations.

    The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and BCF 17 (Venezuela).

    Saudi, Norway: Oil Supply is Adequate | Iraq Updates

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  13. #947
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    Edison Registers for Iraqi Akkas Development Project

    Iraq's February 18 deadline to apply for participation in the country's Akkas natural gas field brought with it registration documents from the Italian power company Edison SpA, according to Dow Jones. With the registration documents comes the opportunity for the company to bid on interest and active participation in the development of the field.

    This comes as no surprise as the Italian newspaper Il Sole-24 Ore reported Edison's interest in Akkas earlier in February. The Italian daily reported that preliminary bid documents had been filed with Iraqi Oil Minister Hussein al-Shahristani after Edison executives discussed the possibility with him at a conference in Vienna.

    Akkas is one of Iraq's largest gas fields. Located near the Syrian border, it could easily tie into a proposed Arab gas pipeline that would tie Arab states to the European markets through Turkey. Gas reserve estimates for the field are placed at approximately 200 billion cubic meters, with the possibility of producing more than 12 million cubic meters per day.

    Iraq plans to announce contenders for the E&P licenses by the end of March. The final decision for participation will be made in the second quarter.

    Other companies looking for participation include Royal Dutch Shell and France's Total.

    Edison Registers for Iraqi Akkas Development Project | Iraq Updates

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  15. #948
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    Dealers Impede Progress in ISX Performance - Researcher

    Within the activities of the Iraqi – American Chamber of Commerce and Industry (IACCI)-sponsored- three day conference that started in Baghdad on 15/2/2008, Dr. Hussam Al-Samoq presented a research titled "Role of the Iraqi Stock Market in the Economic Cycle".

    In his research, Dr. Hussam Al-Samoq, said "During the second term of 2004, dealers didn't object on the new parameters of the Iraqi stock market at that time, because stock prices were heading-up, as an outcome of news about partnerships with foreign companies, and possible foreign investments that were supposed to assist Iraqi companies in general."

    ISX was founded on 18 April 2004, an economic market with financial and administrative independence which is administered by a council of nine members representing various segments of the economic sectors called the Board of Governors.

    In March 2007, Iraq Securities Commission (ISC) approved allowing non-Iraqis to make trades at Iraq Stock Exchange (ISX).

    The circulation index of shareholding companies in the market are from 300 to more than one billion shares per day with a value hitting between 600 million dinars to more than three billion in a session, as indicated in the daily, weekly and monthly press published by the Market.

    But, after six months of establishment and operating, according to Al-Samoq, "Disability of the Iraqi Stocks Market's management to run that marker properly, within the newly introduced circumstances, had been surfaced."

    In his research, Al-Samoq attributed the alleged disability on the part of the management to "the ties between that management and some dealers in the market".

    Stock prices began to collapse very quickly, reaching dangerous limits, as Al-Samoq explained, "But, the Market's management didn't embrace any measures so as to at least minimize the horrible effects of that deterioration."

    The researcher added "That market's management was only interested in temporary profits, regardless of any possible results."

    The only victim in all this, as Al-Samoq clarified, was the Iraqi investor and the national treasury, while some dealers became billionaires within a day and night.

    "Stock prices of some companies had been sharply dropped, from 120 Iraqi dinar (ID) per stock to 0.85 ID," Al-Samoq said.

    The researcher noted "these violations had enabled the Iraqi Stock Market's management to gain more profits".

    Dr. Al-Samoq submitted a bunch of recommendations to reform the Iraqi Stocks Market.

    "Employing the long-term experiences of other countries, like Kingdom of Saudi Arabia, United Arab Emirates, Kuwait, and Lebanon that allow foreign residents to invest in stock markets there and putting limits on daily dealing hours."

    The researcher also recommended that "The Legislation related to the Iraqi Stocks Market shall be re-drafted so as to be suitable for the new economic environment in Iraq, and to guarantee fair and transparent dealings in that market."

    Dealers impede progress in ISX performance-researcher | Iraq Updates

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  17. #949
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    Zain's Iraq CEO calls for private sector to increase role in Iraq economy during Dubai summit

    At an Iraq Defence, Security & Communications Summit held in Dubai on 16th and 17th of February, key decision and policy makers from the Iraqi and US governments as well as representatives from Iraqi and international private sector companies met to build on relationships designed to further progress the development of the country.

    The event was hosted by the Iraq Development Programme and included keynote speeches and presentations from Iraqi Ministers and US Government officials.

    Supportive of the government of HE the Prime Minister, Nouri Al Maliki, key note speaker, Ali AL Dahwi, CEO of Zain in Iraq, called for the Iraqi and US governments to further facilitate and provide incentives for the private sector to play a leading, stronger and more influential role in the areas where economic development has been held back.

    Citing the mobile telecommunications business as a private sector success case, Al Dahwi commented, 'Look at what we have managed to achieve! Under very challenging circumstances, our company alone contributes to the Iraqi economy more than $250m annually in direct and indirect salaries, where we directly employ more than 2,500 people and upwards of 50,000 other individuals indirectly. This is directly contributing to the financial welfare of over 250,000 Iraqis.'

    Al Dahwi went on to propose initiatives needed for sustainable economic growth and progress such as the creation of a Council for Economic Development and Reconstruction that would act independently from the government. He also stressed the need to adopt eGovernment systems as such would accelerate growth and help eliminate corruption which is at the heart underdevelopment and insecurity.

    Al Dahwi went on, 'The telecoms industry in Iraq is ready and waiting to be invited to take a leading role across those areas where their expertise and skills can make a real and rapid impact on the country's development. Zain has already invested considerable sums putting in place 10,000 kilometers of transmission lines using over 2,000 mobile sites. We will continue to invest in the necessary technologies needed to re-vitalize the economy. However, we need to be reassured that the Iraqi and US Governments will support private enterprise in leading development programs.'

    On the matter of security, he contested that true and enduring security will only be realized through private sector development and the return of basic utilities such as electricity and water.

    In closing, Al Dahwi sent a clear message to Iraqi expatriate businessman, challenging them to return to Iraq with their expertise and knowledge in order to help realize the vision of a strong and successful Iraq. Noting his own and successful journey which began 4 years ago, Al Dahwi confidently predicted that those who invest in Iraq today will reap enormous rewards in the years to come.

    Zain's Iraq CEO calls for private sector to increase role in Iraq economy during Dubai summit | Iraq Updates

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  19. #950
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    Britain publishes Iraq WMD dossier first draft
    British government accused of using spin doctors, not intelligence analysts to lead public opinion on Iraq invasion.

    The British government on Monday released an early draft of its controversial dossier on Iraq's alleged weapons of mass destruction (WMDs), after losing a bid to keep it secret.

    The 30-page draft, drawn up by the Foreign Office's then communications director John Williams on July 24, 2002, and classified "confidential," had been the subject of a request under Britain's freedom of information laws.

    Campaigners have been pushing for it to be made public, claiming it could show that the final dossier -- in which it was claimed Iraq could launch WMDs within 45 minutes -- was the work of government "spin doctors."

    The government has always maintained Williams' paper was not relevant as the final dossier was the work of its intelligence agencies. The 45-minute claim -- later discredited -- is not contained in the press chief's document.

    Instead, it concentrates on allegations that former Iraqi president Saddam Hussein's regime had acquired uranium, retained the ability to manufacture chemical and biological weapons and was developing long-range missiles.

    At one point a hand-written note in the margins calls for more detail about the chemical weapons used by the Iraqis.

    It also focuses on the atrocities committed by Hussein's regime, and its defiance of the United Nations.

    Foreign Secretary David Miliband said in a written statement to parliament that the draft was withheld because of concerns it could deter officials from giving frank advice if they feared it could be made public.

    Williams' paper "was not commissioned as part of the formal drafting process and was not used as the basis for the dossier which the government subsequently published," he added.

    In a comment piece published in The Guardian, Williams wrote that he thought that putting together a dossier was "tactically unwise," but volunteered to write the draft in order to "influence the argument it made."

    "In the year and a half since I left the Foreign Office, I have thought a lot about how we got such a big thing so wrong. And I have questioned my own role," he wrote.

    The published dossier -- which came out in September 2002 -- was at the heart of a row between the government and the BBC, which accused it of overstating or "sexing up" the claims about WMDs to make the case for war.

    Weapons inspector David Kelly was later found dead after being identified as the source of the BBC report. A subsequent inquiry said the government had not inserted the 45-minute claim against the wishes of the intelligence community.

    Edward Davey, the foreign affairs spokesman for the smaller opposition Liberal Democrats, who opposed the 2003 invasion of Iraq, said there were still broad similarities between Williams' paper and the published version.

    "The government cannot continue to deny the major role that spin doctors played in creating this dossier. The core analysis of the threat allegedly posed by Iraq is the same in both documents," he said.

    Davey's counterpart at the main opposition Conservative Party, William Hague, said similarities between the Williams document and the published dossier was fresh proof the government had "spun" its case for war.

    "This is yet further evidence that spin doctors, not intelligence analysts, were leading from the first in deciding what the British people were told about Iraq's weapons of mass destruction," he said.

    He also renewed calls for a public inquiry into the war.

    Britain publishes Iraq WMD dossier first draft | Iraq Updates

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