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

Update.......

Turkey's Gaziantep trade exhibition to boost Iraq's Economy

Turkey's Gaziantep trade exhibition, which will be held in late May 2008, aims at boosting economic and trade exchange between Iraq and other countries, a senior source from the Iraqi Ministry of Trade said on Tuesday.

"A number of international and Arab firms will take part in the conference, which will be begin on May 22," the director of the ministry's media office, Muhammad Hannoun, told Aswat al-Iraq, Voices of Iraq¸ (VOI).

Yesterday, the Iraqi Minister of Trade, Abdul Fallah al-Sudani, described the exhibition in a statement released by the cabinet as the largest and most prestigious of its kind in two years.

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

Constitutional amendments to be enacted by the end of July

Sheikh Humam Hamoudi, head of the parliamentary committee for reconsidering the Iraqi Constitution, on Tuesday said that he hopes the committee will finish the final amendments, as Parliament is meant to enact them by the end of July.

"Sheikh Hamoudi received the UN envoy to Iraq, Stefan De Mistura, and expressed to him that the committee hopes that it would finish the final amendments, so that Parliament can enact them by the end of July, hoping that a referendum on the amendments can be carried out within this year" said a release issued by Hamoudi's office, and received by Aswat al-Iraq - Voices of Iraq - (VOI).

"The committee amended many constitutional Articles, added others that the Constitution did not include, and changed the language or the legal foundation of other Articles," Sheikh Hamoudi said during the meeting, as the release quoted.

"It is important to prepare for the provincial elections," he said, referring to "the serious efforts made by the parliament and cabinet to ensure the elections succeed according to international standards."

The two sides discussed, according to the release, the UN suggestion to launch the elections on different appointments, and the positive and negative aspects included in this regard."

"Sheikh Hamoudi demanded the UN submit a report about this issue," the release said.

"De Mistura promised that UN experts will study this issue and submit results," it added.

The release highlighted that the two sides discussed "the good efforts made by the UN concerning the dispute areas, despite the difficulties regarding this critical issue."

Aswat Aliraq

Kurdistan Region Parliamentary Delegation Visits AK Party Headquarter in Ankara

A Kurdistan region parliamentary delegation led by, Arez Abdulla, head of Parliament Relations Committee visited today the main headquarter of the Turkish ruling Justice and Development Party (AK Party) in Ankara.

In two separate meetings with AKP’s Deputy Chairman, Dengir Mir Firat, and other Turkish lawmakers, the joint economic, political and cultural relations were discussed. Both sides stressed the importance of solving the problems through peaceful channels.

The Kurdish Lawmaker, Arez Abdulla, told PUKmedia in a telephone call that the delegation invited the Turkish lawmakers to visit Kurdistan Region Parliament to closely see the actual conditions of Kurdistan region on the ground.

PUKmedia :: English - Kurdistan Region Parliamentary Delegation Visits AK Party Headquarter in Ankara

Oil supply above demand, says Iraq

Sharm Al Shaikh: Global oil supply is already higher than demand so more crude from the Organisation of Petroleum Exporting Countries (Opec) won't push prices down, Iraq's oil minister Hussain Al Shahristani said on Monday.

"There is more oil in the market than consumers want," Shahristani said on the sidelines of the World Economic Forum. "What is driving up prices is an increase in speculative funds. An increase in production by Opec countries would not really change the scenario - it would not affect the price."

US crude traded at over $126 a barrel on Monday after hitting a peak near $128 on Friday. Under pressure from consuming nations hit hard by the oil price rally, Saudi Arabia said on Friday it would boost output by 300,000 barrels per day (bpd).

Iraq aims to boost total oil exports to 2.3 million bpd from two million bpd by the end of the year, Shahristani said. That would take oil exports to their highest level since before the US-led invasion in March 2003.

Gains would be made through "infrastructure improvement," he added. Basra exports in the south would rise 200,000 to 300,000 bpd from current levels of around 1.6 million bpd, while exports of Kirkuk oil in the north would rise around 100,000 bpd, he added.

Impact

Improved security has allowed Iraq to boost exports through its northern pipeline to Turkey since last summer. Shipments would reach 600,000 bpd by the end of the year from around 500,000 bpd now, Shahristani said.

Kirkuk exports would hit 600,000 bpd in June as work at Iraq's Baiji refinery will free up more oil for exports, the head of Iraq's State Oil Marketing Organisation (Somo) Falah Alamri said yesterday.

The export rate would drop after the refinery work but would improve again later, he said.

Iraq expected to sign a gas project deal with Royal Dutch Shell this summer, Shahristani said.

Under the terms of the deal, Shell would collect gas that is currently flared at Iraq's southern oilfields and supply it to local power plants. The remainder would be exported as liquefied natural gas (LNG), Shahristani said.

Gulfnews: Oil supply above demand, says Iraq

Vast Completes Production Sharing Contract in the Kurdistan Region-Iraq

CALGARY, ALBERTA--(Marketwire - May 20, 2008)

Vast Exploration Inc. is pleased to announce that with its consortium partner Niko Resources Ltd. as operator, it has entered into a Production Sharing Contract ("PSC") with the Kurdistan Regional Government - Iraq ("KRG" or "Government") for the exploration, development and production of petroleum resources in the 846 square kilometre Qara Dagh Block in the Sulaymaniya Governorate of the Federal Region of Kurdistan - Iraq.

To see the 'Kurdistan License Map' please visit the following link: http://media3.marketwire.com/docs/klm.pdf.

The Company has been involved in a competitive bidding process and advanced negotiations with the KRG over the past eight months. The final terms were agreed in principle late last year, subject to KRG approving the operator. Under the final agreement reached with the KRG, Niko Resources Ltd. shall act as operator for the block. Niko Resources Ltd., with a market capitalization in excess of $4.5 Billion, was selected by the Company as the operating partner due to its considerable international experience, including activities in India, Thailand and Bangladesh.

According to the terms of the PSC, the consortium has a 60% net participating interest, not subject to further dilution by the KRG. Vast and Niko Resources Ltd. each hold a 27% net participation interest in the block, and Groundstar Resources Ltd., the third member of the consortium will have a minority net participation interest of 6%. The Government will have a direct 20% interest which will be carried exclusively by the consortium. The remaining 20% is reserved by the Government to be assigned to a third party or parties within a period of eight months, with the requirement to pay back their share of petroleum costs incurred by the consortium.

The obligations under the PSC include a onetime signature bonus and initial capacity building bonus paid to the Government within a period of 30 days from the ****ution date of the contract. Annual contributions to personnel, training, environmental and technological funds established by the Government, as well as further community support contributions are to be paid over a period of 15 months to assist with infrastructure projects in the region. The consortium will also be responsible for paying its proportionate share of certain production bonuses in the case of commercial discovery. The remaining minimum work program obligation represents an exploration commitment, expected to commence in the near future, which includes the acquisition, processing and interpretation of a minimum of 300 kilometres of 2D seismic data and drilling of one well during the first exploration period. The Company expects to spend in excess of $40 million over the next 3 years on the block. During the next 90 days, the Company intends to evaluate its financing options to raise approximately $30 million, of which, it anticipates approximately $10 million will be spent on capital expenditures in 2008.

Mr. Stan Bharti, Chairman of the board of directors, commented "this transaction is a significant milestone for our company and its shareholders. We have been evaluating opportunities globally for Vast, and we are delighted to get involved in a Region with relatively low geological risk, reasonable commercial terms and clearly established transparent contractual model and legal framework. The Qara Dagh Block offers excellent potential for a major oil discovery, and it strongly positions the Company to pursue further opportunities in the region. We look forward to an aggressive exploration campaign."

Preliminary geological studies including surface mapping and subsurface stratigraphical analysis have been initiated by the Company. An independent evaluator engaged by the Company has reviewed neighbouring oil and gas accumulations with recoverable reserves in the range of 30 - 600 million barrels oil equivalent based on previously released public information.

Mr. Edward Sampson, Chairman of Niko Resources Ltd., commented "we are very pleased to partner with Vast on this world-class opportunity."

Vast Completes Production Sharing Contract in the Kurdistan Region-Iraq

******* = S.a.m.s.u.n.g


S.A.M.S.U.N.G Electronics predicts robust future for region’s IT sector
Total IT spending to rise from US$182 billion in 2007 to US$259 in 2011.

******* Electronics Co., Ltd, a global leader and innovator in the IT industry, today supported recent research predicting strong projections for the Middle East IT sector.

******* Electronics, platinum sponsor of the annual Digital Consumer Channel Middle East and Africa (DCC MEA) event in Fujairah, UAE, confirmed that thanks to the large size of the region and strong engagement in major telecommunications deployments, it expects total IT spending to rise from US$182 billion in 2007 to US$259 in 2011.

Presenting and moderating at the DCC MEA event, Mr. Madhav Narayan, General Manager, IT Division, ******* Gulf Electronics, adds, Over the next decade, GCC countries are projected to spend approximately 25% of their infrastructure development funds on the expansion of ICT (Information and Communication Technology).

Regional development in markets such as KSA, which has witnessed a rise from 2.5 million ****** phone users 5 years ago to 20 million in 2008, is driving rapid growth in the sector. In the next five years, KSA ****** penetration is expected to catch up with the UAE and Qatar and rise to 100%.

In addition, according to the Iraqi Ministry of Communications who are investing heavily in ICT infrastructure, Iraq will have one of the best network infrastructures in the region by the middle of 2009.

According to IDC, IT spend in the Middle East and Africa region will surpass US$40 billion in 2008 with the GCC accounting for approximately 23% of total spend. Mr. Narayan adds, "******* Electronics, as a leading innovator in the world's technology industry is committed to the development of the IT sector in the region. ******* Electronics' proven track record of developing state-of-the-art, technology driven solutions for corporate and consumer customers will be further strengthened in the market by the introduction of premium IT products that help to improve efficiency and productivity for our customers and businesses of all sizes."

******* Electronics' primary focus in the IT industry is in the areas of printer and display solutions. In 2007, ******* global printer division revenues reached US$3 billion, US$80 million from the Middle East and Africa region, with 12% (global) and 20% (EMEA) market share respectively. 2008 will be a challenging year for ******* Electronics, with a commitment to raise global printer division revenues to US$4 billion and US$150 million in the MEA region.

Mr. Narayan adds, "In 2008, ******* Electronics aims to focus on the corporate market where the demand for high speed printing is strong, representing approximately 60% of revenues. We are confident that these objectives will be achieved by introducing highly functional, design orientated printer products which increase operational efficiencies for our customers."

******* Electronics secured the global number one position in LCD (Liquid Crystal Display) monitor market in Q3 2007 with 17% market share. As the world's largest manufacturer of LCD panels, ******* Electronics was able to incorporate its LCD technologies into its monitor business, resulting in award winning monitors which are both state-of-the-art in terms of technology and design.

Mr. Narayan, comments, "******* Electronics' objectives are to redefine entertainment and quality viewing through technology by bringing together the best of unique design, style and advanced functionality for a more enjoyable and quality viewing experience."

The development of IT markets has led to increased customer expectations. One way which ******* Electronics is reacting to these expectations is the recent establishment of a dedicated LFD (Large Format Display) business unit to address the relevant market needs for digital signage. Advances in technology has revolutionized the manner by which messaging is delivered in retail, creating added value for both vendors and retailers.

ArabianBusiness.com - Middle East business, financial and industry news - Industry Press Releases - ******* Electronics predicts robust future for region’s IT sector

wonder what this means for the rv? seems like every time a date comes and goes, another looms on the horizon.

Originally Posted by markmywords

wonder what this means for the rv? seems like every time a date comes and goes, another looms on the horizon.

Good point. We are hearing a lot of good news in Iraq but nothing about how it will affect the dinar.

Soft loans for unemployed graduates in Basra

The Soft Loans Committee in Basra's municipal council has begun disbursing its first batch of soft loans for unemployed university and institute graduates, a committee official said.

"The first batch included 1,600 projects out of a total of 5,300 allocated for unemployed graduates who finished their vocational education or have a B.A.," Kareema Hassan Hussein told Aswat al-Iraq, Voices of Iraq, (VOI).

The loans will be disbursed in two installments, Kareema added, noting that other loan batches will follow after an official approval from specialized committees in Baghdad is obtained.

The loan facilities range between 3-10 billion Iraqi dinars (1.U.S. dollar=1,221 Iraqi dinars) and should be repaid within 6-8 years.

A follow-up committee has been established to assess the beneficiary's use of the facility in accordance with the specified conditions.

The Iraqi government had allocated $15-25 million for Basra province with the aim of financing 5,300 small economic projects.

The Shiite province of Basra lies 590 km south of the Iraqi capital Baghdad.

Soft loans for unemployed graduates in Basra | Iraq Updates

Iraqi PM Wants U.S. Security Firm Sent Home Early

Prime Minister Nouri al-Maliki has pressed U.S. Embassy officials in recent meetings to pull the Blackwater USA security firm out of Iraq even before the six-month deadline he initially set, a top aide to the Iraqi leader said yesterday.

The aide said the Americans responded that they cannot give al-Maliki an answer until the FBI finishes its inquiry into the incident in which Iraqi officials say Blackwater personnel killed 17 Iraqis.

FBI agents on Saturday began questioning survivors and other witnesses to the Sept. 16 shooting by guards in four Blackwater gun trucks. Iraq's government says they opened fire without provocation; the company says the guards responded to an attack.

The State Department also has teams in Iraq looking into what happened. Patrick Kennedy, the department's top management official, is said to be studying whether the agency should continue using Blackwater to provide security.

Al-Maliki's aide, who spoke on condition he not be identified because of the sensitivity of the matter, said an Australian-owned security firm whose employees mistakenly shot and killed two Christian women Oct. 9 does not face eviction from Iraq because it quickly apologized, co-operated with authorities and offered compensation for the deaths.

Iraq's government is demanding $8 million compensation for each of the 17 people reported killed in the Sept. 16 incident involving Blackwater.

PUKmedia :: English - Iraqi PM Wants U.S. Security Firm Sent Home Early