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

U.S. says it spent $260 million on Najaf

The United States has spent $260 million on reconstructing the religious city of Najaf during the past four years, its Iraq ambassador said.

The ambassador Ryan Crocker made the remarks in a rare visit to the city during which he met with the provincial officials including Governor.

The ambassador said he was “pleased with the development in Najaf. We have found many great achievements. There is prosperity and stability.”

It is the first visit to Najaf by a U.S. ambassador in Iraq. The visit was made in response to an invitation by the provincial council.

U.S. says it spent $260 million on Najaf | Iraq Updates

Petrel dismisses Iraq lease fears

Irish exploration company Petrel Resources yesterday dismissed fears that it will loose out on its Iraqi oil leases because of a new law designed to attract major oil firms to invest in the country.

The law is aimed at oil majors such as Exxon Mobill, companies big enough to meet the estimated $75bn bill to revamp the country's oil industry.

Petrel has been active in the region for several years and a spokesman said he was happy that its oil interests were secure, despite the new law.

A spokesman for the company said there is "a perfectly good Saddam-era law already in place, under which deals were concluded in the 1980s and 1990s. "

Exxon Mobil Corp, Royal Dutch Shell Plc, BP Plc, Chevron Corp and Total SA are negotiating with Iraq for contracts to help boost the nation's oil-output capacity by 20pc, Iraqi Oil Minister Hussain al-Shahristani said.

Iraq expects to lift production to 4.5m barrels a day by 2012, thanks to a licensing round that will be held this year. Iraq has just 27 fields in production, out of about 80 fields.

Petrel dismisses Iraq lease fears - Irish, Business - Independent.ie

Hoshiyar Zebari Meets Ambassador of Russia in Baghdad

Mr. Hoshiyar Zebari, the Iraqi Minister of Foreign Affairs met yesterday in Baghdad with Mr. Vladimir Jamov the Russian Ambassador in Iraq. They discussed a number of common issues and the recent visit of Mr. Hoshiyar Zebari and a delegation to Moscow.

Mr. Hoshiyar Zebari emphasized Iraq’s will to continue collaboration with Russia and to raise the bilateral relations to higher levels in a way which serve the interests of both countries.

Mr. Vladimir Jamov appreciated the worm reception by the Iraqi Minister, he indicated that he share his views.

On the other hand, Mr. Hoshiyar Zebari received Serbia’s Ambassador in Iraq Mr. Nino Malfetish.

They discussed different aspects of bilateral relations between both countries and ways of developing relations to serve their joint interests of both peoples.

Mr. Nino Malfetish explained his country’s attitude towards the Declaration of Independence in Kosovo.

PUKmedia :: English - Hoshiyar Zebari Meets Ambassador of Russia in Baghdad

Kurdistan Region President to Visit Kuwait

A private source from Irbil city said, on condition of anonymity “Kurdistan Region President Massoud Barzani will pay a visit to Kuwait today. He is going to be accompanied by PUK politburo member Mr. Mustafa al-Sayed Qadir, Investment Organization head Hersh Muharam and Kurdistan Presidency Diwan head Fuad Hussein.”

“The Region president is going to discuss with Kuwaiti officials bilateral and economic relations between the Region and Kuwait”, the source added.

PUKmedia :: English - Kurdistan Region President to Visit Kuwait

47-million-share foreign contract in ISX

The Iraqi Stock Exchange's (ISX) session on Tuesday saw the conclusion of a foreign contract of 47 million shares at a value of 1,450 Iraqi dinars per share.

The contract was made by a foreign company, which bought the shares from companies working under Basra Bank.
The ISX opened its session earlier today with a one-million-share contract at a value of 1,400 Iraqi dinar (1 U.S. dollar =1,223 Iraqi dinars) per share.

The Iraqi Stock Exchange holds three sessions a week: Sunday, Tuesday and Thursday

Aswat Aliraq

Hike in the demand for the dollar in daily auction

Demand for the dollar soared in the Iraqi Central Bank's auction on Tuesday, registering at $127.325 million compared to $89.40 million on Monday.

"The demand hit $6.915 million in cash and $120.410 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,210 Iraqi dinars per dollar, unchanged for the tenth session in a row," according to the central bank's daily bulletin which was received by Aswat al-Iraq- Voices of Iraq- (VOI).

The 13 banks that participated in the auction offered to sell $700,000, which the bank bought at an exchange rate of 1,208 Iraqi dinars per dollar.

Speaking to VOI, Ali al-Yasseri, a trader, said that remittances have increased after traders lost hope that the exchange rate will decline during the current week, urging them to make all remittances on Tuesday.

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

Aswat Aliraq

Cabinet reshuffle, cupidity for positions capture Baghdad press

Iraqi newspapers gave prominence in their Tuesday issues to the expected cabinet reshuffle, criticizing what they described as the current struggle of political blocs for personal gain at the expense of public good.

The independent daily al-Mashriq newspaper published an article by Hamid Abdullah in which he said that Iraqi politicians have finally found out that the quota system is a danger that should be resisted.

"The discovery was late though, and their admission of the threat came after Basra's destruction," the author explained, adding that others who benefited from the fruits of the quota system will remain loyal to it and "will defend it until the cows come home."

The author further lashed out at some Iraqi officials for their greediness for authority. "Our politicians were appointed to the government not because they are efficient leaders, key political symbols or because they had been elected by the aggrieved people. In fact, each of them was brought in to represent his sect, ethnicity and region," the author indicated.

"Today we hear voices calling for the formation of a government away from all sectarian criteria. These voices also stress that the government should represent all segments of the Iraqi people and should not be wholly controlled by a partisan or sectarian majority, highlighting the significance of having representative ministers of Sunnis, Shiites, Kurds, Turkmen, Sabians, Yazidis…," the author added.

Describing the situation as a vicious circle, the author wondered if any political bloc would give up its seats in the government for more efficient ministers. If this does not work we are back to square one," the author noted.

Dar al-Salam, the daily mouthpiece of the Iraqi Islamic Party led by Sunni Vice President Tareq al-Hashemi, published an editorial in which it discussed the balance and wide participation in the decision-making process.

The article says that current talks about patching up the government may be useful, stressing the importance of a preceding agreement between political blocs on the expected reforms.

Aswat Aliraq

And so it goes on.......

Debate over Iraq oil contracts ongoing

Oil debate is ongoing in Iraq mainly regarding the wrangle over oil contracts signed between Kurdistan region and foreign firms. In this context, Kurdistan leader Massoud Barazani labeled stands of Oil Minister Hussein Al Shahristani as aggressive threatening to file a complaint against him before the constitutional court. For more details, click on play movie to watch the video report of this article

Debate over Iraq oil contracts ongoing | Iraq News | Alsumaria Iraqi Satellite TV Network

Originally Posted by Seaview

And so it goes on.......

Debate over Iraq oil contracts ongoing

Oil debate is ongoing in Iraq mainly regarding the wrangle over oil contracts signed between Kurdistan region and foreign firms. In this context, Kurdistan leader Massoud Barazani labeled stands of Oil Minister Hussein Al Shahristani as aggressive threatening to file a complaint against him before the constitutional court. For more details, click on play movie to watch the video report of this article

Debate over Iraq oil contracts ongoing | Iraq News | Alsumaria Iraqi Satellite TV Network

Interesting,

Good move by the Barazani on behalf of Kurd's, they will not be bullied by the likes of Al Shahristani, so this is getting real interesting. My bet is on Kurd's.

Good luck to all, Mike

Blacklisting fear keeps RIL off Iraq Auctions

NEW DELHI: Mukesh Ambani-controlled Reliance Industries Ltd is staying away from signing up for acreage auctions in Iraq for fear of being blacklisted by the government for signing oil deals with the Kurdistan Regional Government (KRG). Iraq's call to global firms to register for developing oilfields closed on Monday when state-owned ONGC queued up but not Reliance.

Reliance had fallen foul of the Iraqi government for signing a deal with the Kurdish authorities for the Rovi and Sarta blocks in northern Iraq, paying a signature bonus of $15.5-17.5 million. Nearly 80% of the blocks, measuring 450-500 sq km, are made up of oil-bearing structures and the company had expressed confidence of making a discovery soon. The deals with Reliance was part of seven contracts signed by the Kurdish government in defiance of Baghdad's exploration law.

On November 15, Iraqi oil minister Hussain Al-Shahristani said in response to a specific question from TOI at the sidelines of the 3rd Opec Summit in Riyadh: ‘‘There is no legislative vaccum in Iraq... these contracts have no standing with the Iraqi government. The companies that have signed the contracts (with the Kurdish region) will have to face dire consequences... they may compromise chances of getting future contracts in the country.''

Al-Shahristani said the ‘‘companies have been told'' about the consequences. Asked what could be those consequences, the Iraqi minister said: ‘‘Well, for one they will not be allowed to take Iraqi oil out of the country.''

The Kurdish deals have angered Baghdad, which opposes the unilateral sell-off of oil blocks in the absence of a national oil law.

Iraqi PM Nuri Al-Maliki's government had urged the Kurdish regional government not to sign any deals until the new national oil law is passed in Parliament.

Blacklisting fear keeps RIL off Iraq auctions-India Business-Business-The Times of India