Thread: Archive Latest News - Think Tank - 15/04/08 - 26/08/08

Demand for dollar up at daily auction

Demand for the dollar was up in the Iraqi Central Bank's auction on Sunday, registering at $55.190 million compared to $ 47.210 million on Thursday.

"The demand hit $5.880 million in cash and $49.310 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,199 Iraqi dinars per dollar, unchanged for the second session running,” 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 $1.800 million, which the bank bought all at an exchange rate of 1,197 dinars per dollar.

Speaking to VOI, Ali al-Yasseri, a trader, attributed the relatively lower demand for the dollar to the small number of the banks that participated in today’s session and to the small size of the remittances.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Aswat Aliraq

Dana Gas investment to top $500mn this year
UAE-based Dana Gas will boost its investment to over $500 million in projects in Northern Iraq, Egypt and the UAE this year, the company announced on Sunday.

The investment follows news last week that the company’s first-quarter net profit rose to $6.81 million, up 19% from the year-ago period, spurred by record oil prices.

Ahmed Al-Arbeed, ****utive director of Dana Gas Upstream, said the firm would focus on implementing projects in the UAE and the Kurdistan region of Iraq, while expanding its drilling programme of new wells in Egypt.

“Dana Gas has already established strong positions in all areas of the natural gas business in the UAE, Egypt and Iraq, and we will continue to build upon these as well as expand into new countries in the GCC region and North Africa, especially in view of the record oil prices currently witnessed,” Al-Arbeed said in a statement.

With energy prices and demand increasing across the Middle East, a recent report by Apicorp has estimated over $210 billion of investment is required in the region’s natural gas industry in the next five years.

Dana Gas is currently implementing a $650 million integrated gas project in Iraq’s Kurdistan region in a joint venture with Crescent Petroleum. The project, which involves gas development, production, processing and pipeline construction, is the largest private sector energy project in Iraq, and is over 80% complete.

In the UAE, Dana Gas has signed a 25-year concession agreement for exploration and development of gas in an area of over 1,000 square kilometres offshore from Sharjah, including the development of the discovered Zora Gas Field.

Dana Gas investment to top $500mn this year - Energy - ArabianBusiness.com

PM: Provincial elections to be held in different times to guarantee fairness

Iraqi Prime Minister Nouri al-Maliki revealed on Sunday that his government would hold the provincial elections at different times and not during one single day in order to guarantee fairness and avoid result manipulation.

Maliki gave the statements during an official meeting on Sunday with the UN envoy to Iraq Staffan de Mastura.

"The government is resolved to provide an appropriate atmosphere for holding the provincial councils elections in the right way," a statement by Maliki's office read on Sunday as received by Aswat al-Iraq – Voices of Iraq – (VOI).

"Maliki noted during his meeting with de Mastura that his government was resolved to back the UN mission in Iraq and exert all possible efforts to help it meet its tasks," read the statement.

The statement also quoted de Mastura as saying "the international organization is backing the Iraqi government in its bids to realize security and stability and set up projects in the different fields."

The international envoy praised "plans by the government to track down terrorists and outlaws in Basra, Baghdad, and Mosul."

Earlier on Sunday the head of the parliamentary provinces committee linked organizing the provincial elections next October to the improved security situation in Iraq.

"Organizing the elections on schedule depends on the country's security situation, the readiness of the National Electoral Commission to carry out the polls, and the presidential board's endorsement of the provincial elections act," Hashem al-Taei told VOI.

According to the Iraqi constitution, the provincial elections should have been held immediately after the parliament elections in December 2005, but were delayed for more than two years.

Aswat Aliraq

Iraq is asking global oil firms for final Proposals

AMMAN: Iraq has asked major international oil companies to submit their final contract proposals to boost production at the country’s largest oil fields after several rounds of talks in the Jordanian capital, Amman, since the beginning of this year, people close to the Iraqi Oil Ministry have said.

They said technical talks between Iraqi oil officials and senior ****utives from Royal Dutch Shell, BP, ExxonMobil Corp, Chevron Corp, France’s Total, Anadarko Petroleum Corp and BHP Billiton were concluded in Amman this month.

“The technical talks were concluded and the Iraqi negotiators asked companies to submit their final proposals on contracts to the (oil) ministry,” an Iraqi source familiar with these talks told Dow Jones Newswires.

“I can confirm these technical talks were concluded,” an international oil company source said.

Iraqi oil industry and oil company sources couldn’t confirm or rule out news reports that BP has already submitted its plan and could be the first oil major to sign an Iraqi technical support contract if its proposal is approved by the ministry. Reports also said ExxonMobil could be the second to submit its proposal to the Iraqi ministry.

Senior Iraqi officials, including the oil minister, would examine each company’s proposal and decide whether to sign the contract or not, another Iraqi oil source said. He didn’t rule out a few slight changes to be made to these contracts before signing them.

Earlier, Iraqi oil sources said these technical services contracts, or TSCs, could be signed as early as June. Each would last two years and could be extended for another year.

Iraq wants to increase production by 600,000 bpd in six producing oil fields in northern and southern Iraq. They are Kirkuk in the north, West Qurna 1, Zubair, Missan, Rumaila and Luhais in the south. Iraq is currently producing between 2.3mn bpd and 2.4mn bpd from its southern and northern oil fields.

Iraqi oil officials have estimated the value of each contract to be around $500mn.

Oil company sources said almost all issues were resolved in Amman except for how Iraq is going to pay back these companies. Iraq said it is ready to pay them back through compensating them with produced crude oil; such a method would need the approval of the UN committee that manages Iraqi oil revenues.

“The remuneration issue isn’t a complicated one and can be solved,” a company source said.

In February the oil majors and the Iraqi delegation discussed a template for TSCs for producing oil fields which need further development.

Shell is eyeing the development of the Kirkuk oil field, discovered in 1927 by the Iraq Petroleum Co in which Shell was a shareholder. Shell and BHP will also explore development options for the Missan oil fields near Basra, the sources said.

BP is discussing the development of Rumaila with the Iraqis, which it helped to discover and of which it recently conducted a technical study, they said. Rumaila has estimated reserves of 15.5bn barrels.
ExxonMobil is eyeing the development of Zubair oil field in the south. Discovered in 1952, Zubair has estimated reserves of 6.1bn barrels, the sources said.

Chevron has entered a joint venture with Total to develop the West Qurna 1 oil field in southern Iraq.

Anadarko, leading a consortium consisting of Vitol Holding BV and United Arab Emirates’ Dome, is eyeing the development of Luhais oil field in southern Iraq, they said.

The technical support contracts, or TSCs, would be signed under the framework of the country’s old hydrocarbon law as its new oil and gas law is still mired in debate.

Iraq announced last month names of 35 international oil companies qualified to bid for future oil and gas contracts to develop one of the world’s largest oil fields. The companies negotiating the TSCs are among the qualified firms.

Gulf Times – Qatar’s top-selling English daily newspaper - Finance & Business

Iraq's oil exports drop in April, Oil Ministry says

BAGHDAD: Iraq's Oil Ministry says oil exports in April dropped by more than two million barrels because of fighting with Shiite militiamen.

The ministry says that oil exports stood at 57.06 million barrels for April, down from 59.4 million the month before.

The statement Sunday blames the drop on clashes with the Mahdi Army militia of Shiite cleric Muqtada al-Sadr during a crackdown in the southern oil port of Basra in early April. It says the fighting damaged pipelines and forced the closing of some units.

Iraq sits on the world's third-largest oil reserves with more than 115 billion barrels.

Iraq's oil exports drop in April, Oil Ministry says - International Herald Tribune

Iraq Has the Largest Oil Reserves in the World

Sunday, 18 May 2008 12:27 Bliss


Iraq Has the Largest Oil Reserves in the World, 350-525 Billion Barrels, and US War Planners Knew it
The Iraq News Agency published an important report by Omar Najib about the new estimates of the Iraqi oil reserves. The report points to the Iraqi oil wealth as the main reason behind the US invasion of Iraq. The report stated that the Saddam Hussain government estimate of Iraqi oil reserves reached 525 billion barrels before the US invasion. But it did not publish its findings to avoid tempting US oil companies to press for a US invasion of the country.
On April 28, 2008, the Iraqi government Kurdish deputy prime minister, Burhum Saleh, announced that Iraqi oil reserves have reached 350 billion barrels. This is a huge difference from the official pre-war estimate of 115 billion barrel.
Announced Saudi oil reserves are 250 billion barrels.
The report also mentioned that Iraqi natural gas reserves are also the largest in the world, exceeding Russian reserves (1.7 trillion cubic feet), and the reserves of Saudi Arabia, Qatar, and Iran together.
The report further mentioned admissions from Alan Greenspan, Paul Wolfowitz, and John Abi Zaid that the US invasion of Iraq was basically because of the country's oil wealth. Pakistan Daily

Pakistan Daily - Breaking Pakistan News

Central Bank policy
المواطن/عمار امين Citizen / Ammar Secretary
والبطالة . The Central Bank of Iraq to build economic stability and achieve the objectives of monetary policy by restoring the imbalance mechanisms according to the requirements of the reform movement and to provide opportunities for economic stability. The Bank report said that positive returns that accrue to the national economy is geared towards balance and stability than the outcome of any costs and financial burdens borne by Cash management operations by the Central Bank of Iraq through providing the means of investment directed to control the levels of excess liquidity and control levels through open market operations and that the reduction of inflation rates and control the outcome of an overall profit and economic returns actual optimal approach to reducing the cost of real investment. He added that controlling levels of liquidity and control Moves, are on track to control the wave of spending in the national economy and mitigate the severity of aggregate demand and excess activity spending the surplus under the influence inflationary expectations, it did not expand the total spending over the past two decades to any appreciable effect on real activity except devote hyper-inflation and pushing the country into Havat recession and unemployment. . This signal is seeking to achieve the interest rate to address the downside risks for the maintenance of the total surplus and their adverse effects on stability and growth levels desired. . He Altgarirali n positive developments in the Iraqi dinar exchange rate adopted by monetary policy, is another axis positive and important variable in reducing overall costs in the real economy and the development of growth and growing revenues College in productive activity. Stressing that the production inputs and stop importing denominated in foreign currency constitute an A significant reduction in a key aspect of the components of production costs, which is conducive to the development of competition and encourage moderation in producer prices, including prices of goods Iraq can export. . The report said: When you add the commitments made by the international community at the same convention since the Paris Club in 2004 to address the external indebtedness of Iraq, which is also arrange return of the Iraqi economy over 100 billion dollars of external debt burdens, which increased to 125 billion dollars, compared with the country's reform pledge Economic conditions and address the manifestations of the imbalance in the price system by providing strong opportunities for economic stability and building a strong and stable foundation for economic advancement. . The report pointed out that the contents of economic reform and build stability requires reconsideration of the country's economy, which has become the aid and support it based on a deviation and missed opportunities for stability and the impact of the decline in levels of development and growth because of loss of continuity in directing investment and the real impact of the growing levels of unemployment due to pressure Inflationary and its role in the unfair distribution of resources for actual development. . He noted that if the aid and support in the general budget are pressing social need for the specific targeting of poverty and low standard of living of the disadvantaged strata of society and this is the wish of monetary policy, which encourages him, this does not mean to be a permanent anchor to march the country and economic alternative to the march of development The costs of expensive consumer know-bound and ******-scale crescendo. . The report stressed that the sources of savings and undesirable macro-oriented real investment is mainly with the state public budget and individuals own savings, which are certainly represent a first preference and the President in the financing of development and renaissance of the country's development. He added that any disruption of the instruments of monetary policy including the adoption of interest rates without their balances To represent the only form of continuing policies of support across the nominal interest rates below the level of inflation, they represent only a continuation of certain policies prevailing price for the support and backing of anti-stability and deactivated at the same time opportunities for stability and lasting growth because they operate outside the scope of sufficiently productive. ; The Altgarirbaltakid that any increase in real growth is less than the prevailing levels of inflation does not only mean a continuation of the manifestations component DEFICIT aggregate supply at the growing forces of demand and aggregate expenditure, which stresses whose actual effects of growth on the evolution of welfare and prosperity
http://64.233.179.104/translate_c?hl...m/economy.html

New measures to treat industrial water in Baghdad

Baghdad's municipal council said on Monday it will implement new measures for treating industrial water before releasing it into rivers.

"The Department of Environment and Solid Wastes discussed in a meeting attended by officials from municipal councils the measures and actions that should be taken to treat industrial water before discharging it into rivers," read a statement released by the media office of Baghdad's municipal council and received by Aswat al-Iraq, Voices of Iraq¸ (VOI).

The statement urged municipal councils to further discuss means of controlling insects and rodents with the department and to distribute plastic trash cans over residential areas in an attempt to improve the services situation in the country.

Aswat Aliraq

Originally Posted by PAn8tv

Iraq Has the Largest Oil Reserves in the World

Sunday, 18 May 2008 12:27 Bliss


Iraq Has the Largest Oil Reserves in the World, 350-525 Billion Barrels, and US War Planners Knew it
The Iraq News Agency published an important report by Omar Najib about the new estimates of the Iraqi oil reserves. The report points to the Iraqi oil wealth as the main reason behind the US invasion of Iraq. The report stated that the Saddam Hussain government estimate of Iraqi oil reserves reached 525 billion barrels before the US invasion. But it did not publish its findings to avoid tempting US oil companies to press for a US invasion of the country.
On April 28, 2008, the Iraqi government Kurdish deputy prime minister, Burhum Saleh, announced that Iraqi oil reserves have reached 350 billion barrels. This is a huge difference from the official pre-war estimate of 115 billion barrel.
Announced Saudi oil reserves are 250 billion barrels.
The report also mentioned that Iraqi natural gas reserves are also the largest in the world, exceeding Russian reserves (1.7 trillion cubic feet), and the reserves of Saudi Arabia, Qatar, and Iran together.
The report further mentioned admissions from Alan Greenspan, Paul Wolfowitz, and John Abi Zaid that the US invasion of Iraq was basically because of the country's oil wealth. Pakistan Daily

Pakistan Daily - Breaking Pakistan News

Just to add to this:-

Iraq is Biggest ever Emerging Market: Deputy PM

Iraq's deputy prime minister said on Monday that his country was the world's largest ever emerging market, with foreign companies lining up to invest in the war-ravaged economy.

"Iraq is the largest ever emerging market that you can think of," Deputy Prime Minister Barham Saleh told journalists at the World Economic Forum on the Middle East in Egypt's Sharm el-Sheikh.


"There is nothing in Iraq that doesn't require investment, but the state cannot solve it and so we look seriously to the private sector."

He said that Iraq was predicting 70 billion dollars in oil revenue this year, with reserves that "could well exceed" 350 billion barrels, and with the International Monetary Fund slating eight percent growth in 2008.

"It hasn't taken off yet, but when it does take off, it will be very fast," Saleh said of the country's economy. Vaunting Iraq's investment opportunities, Saleh said that a tender to turn a large former army garrison in Baghdad into housing had seen "applications from 30 major international companies, mostly from the Gulf and Egypt."

But Saleh, a former prime minister of the Patriotic Union of Kurdistan-run region of Iraqi Kurdistan, stressed that the private sector would itself have to do what the state was unable to accomplish.

"After decades of mismanagement we need to call a spade a spade and admit that the state can't do it," he said of the oil sector.

He admitted that confusion remained for foreign companies wanting to invest in oil exploration and exploitation in the north of the country -- over which authority to sign the contracts with, Baghdad or the Kurdistan regional government.

And Saleh said a national oil law to resolve the problem would not be finalised any time soon. "We will examine efforts to bring this (oil law) to a close but I caution against it being resolved soon," he said. Oil Minister Hussein al-Shahristani said in February that he hoped an oil law would be finalised this year.

The government in Baghdad and the authorities in the autonomous Kurdish region of northern Iraq have been at loggerheads for months over contracts signed between the Kurds and foreign oil companies.

The autonomous Kurdish regional government in northern Iraq has signed 15 exploration and export contracts with 20 international companies since it passed its own oil law last August, infuriating the Baghdad government. Shahristani has repeatedly said that he considers these contracts "illegal." While appealing for foreign investment and saying that the security situation had improved "in many respects," Saleh admitted that he could not yet tell Iraqis living abroad to come home. "More and more are coming back, though not in droves," he said. "But I'm not going to declare Iraq as safe and secure as Cairo is today."

PUKmedia :: English - Iraq is Biggest ever Emerging Market: Deputy PM

Turkey hosts exhibition on Iraq's investments

Turkey will host an exhibition on investment and reconstruction projects in Iraq with the participation of over 100 multinationals and local firms, the Iraqi Ministry of Trade said on Monday.

The exhibition, scheduled to begin on May 22, is the largest and most prestigious of its kind in two years, according to a statement released by the Iraqi cabinet and received by Aswat al-Iraq, Voices of Iraq, (VOI), quoting Iraq's Minister of Trade Abdul Fallah al-Sudani.

The minister added that the exhibition, which attracted a large number of well-known international and local companies, is an important event where the Iraqi private sector will have a good opportunity to benefit from the experience of other participants.

Aswat Aliraq