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

Iraq oil revenues soar as country plans to add 400,000 new barrels to output

By Fawzi Hindawi
Azzaman, June 1, 2008

Iraq has earned $21 billion in the first four months of this year from oil sales, Oil Minister Hussein Shahristani has revealed.

It is the biggest sum of hard cash ever to be collected by the war-torn country in four months.

But Shahristani had even more good news for the impoverished and almost imploded country which the U.S. invaded in 2003 and has occupied since.

He said Iraq, holding one of the world’s largest oil reserves of nearly 114 billion barrels, was to add 400,000 additional barrels to its current output of about 2.5 million barrels a day.

He did not say when the huge boost in production will occur but the stream of hard cash is certain to make the investment easy.

At the current rate of production, Iraq earmarks more than 2 million barrels a day for exports. With skyrocketing prices in international markets, the country’s earnings are expected to exceed $70 billion this year.

Azzaman in English

Panamanian, Cypriot ships arrive at Basra port

Basra - Voices of Iraq
Sunday , 01 /06 /2008 Time 3:55:35

Basra, Jun 1, (VOI) - Basra's port of Umm al-Qasr received two ships carrying varied cargo and containers, the public relations and media director at the State Company for Iraqi Ports said on Sunday.

"The first ship was Panamanian with a varied cargo, while the second was from Cyprus and carried 630 containers," Abdul Kareem al-Basri told Aswat al-Iraq - Voices of Iraq - (VOI).

The Shiite province of Basra, 590 km south of the Iraqi capital Baghdad, has five commercial ports and two oil ports: al-Maaqal, established in 1916 by the British forces and handed over to Iraqi authorities in 1937; and Faw, a small port on the al-Faw Peninsula near the Shatt al-Arab and the Persian Gulf.
In the early 1970s, Umm al-Qasr port was built, and in 1974, Khour al-Zubeir and Abu Falous ports were established on the Shatt al-Arab.

Aswat Aliraq


At another site we added up the totals of ships arriving at Basra from these articles from VOI - 38 total most of them container ships!

The 38 total was since May 2nd - these 2 make 40 in one month.

Demand for the dollar lower at daily auction

Baghdad - Voices of Iraq
Sunday , 01 /06 /2008 Time 3:55:35

Baghdad, Jun 1, (VOI) - Demand for the dollar was lower in the Iraqi Central Bank's auction on Sunday, reaching $23.710 million compared to $ 64.845 million on Thursday.

"The demand hit $3.640 million in cash and $20.070 million in foreign transfers outside the country, all covered by the bank at a stable exchange rate of 1,198 Iraqi dinars per dollar," according to the central bank's daily bulletin which was received by Aswat al-Iraq - Voices of Iraq - (VOI).

None of the eight banks that participated in the auction offered to sell dollars.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Aswat Aliraq

ISX opens with huge contracts on Sunday

Baghdad - Voices of Iraq
Sunday , 01 /06 /2008 Time 3:55:35

Baghdad, Jun 1, (VOI)- The Iraqi Stock Exchange (ISX) opened its session on Sunday with two 123-million-share contracts.

The first contract was concluded by an Iraqi company, which bought 24 million shares from the Baghdad Soft Drinks Company at a value of 1,250 Iraqi dinars (1 U.S. dollar= 1,221 Iraqi dinars) per share; while the second was concluded by a foreign company, which bought 99 million shares from Al-Qimma (Summit) Company for Investment at a value of 1,500 Iraqi dinars per share.

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

Aswat Aliraq

1st stage of Missan water project completed

Missan - Voices of Iraq
Sunday , 01 /06 /2008 Time 3:55:35

Missan, Jun 1, (VOI) – The first stage of al-Majar al-Kabir water project in Missan has been completed, the assistant director of the local water resources department said.

"The total cost of the project is 60 billion Iraqi dinars (1 U.S. dollar= 1,221 Iraqi dinars), which is part of the allocations made for the development of ministries," Muhannad Kadhem told Aswat al-Iraq-Voices of Iraq-(VOI), noting that the completion period is no more than 18 months, including six months for the first stage.

The first stage included four sites: the main station, the high dam in al-Majar district, the ground dam and the reception station in Qalet Saleh district, Kadhem explained.

"The project supplies the districts of al-Majar al-Kabir and Qalet Saleh with 4,000 cubic m/h, and is one of the strategic and most sophisticated projects in the province," Kadhem added.

Amara, the capital city of Missan province, lies 390 km south of the Iraqi capital Baghdad.

SS
Aswat Aliraq

Tribes vow to protect oil pipelines in Diala

Diala - Voices of Iraq
Sunday , 01 /06 /2008 Time 3:55:35

Baghdad, May 31, (VOI) - Iraq’s Oil Ministry spokesman on Saturday said that tribal leaders vowed to protect pipelines passing through Diala and any oil installations there from attacks.

"Oil Minister Hussein Shahrestani met today with tribal chieftains from Diala province, and entrusted them to protect the pipelines and oil installations in the province against any attacks,” Asem Jihad told Aswat al-Iraq - Voices of Iraq - (VOI).

He pointed out that "Shahrestani, on his part, pledged to appoint a large number of tribal fellows within the staff of the Ministry of Oil, and specifically in the facilities protection service (FPS), in order to the protect the oil pipelines passing through Diala."

Jihad pointed out that the recruitment policy of entrusting tribal fellows to protect oil installations had proved successful in many regions of the country, especially in areas that were classified as hot spots.

Iraqi oil installations and the network of pipelines transporting oil and gas have been exposed to sabotage operations that led to a significant decline in the capabilities of processing and export of petroleum products, as all efforts employed to provide protection to the pipeline failed, causing a passive impact during the past five years to provide fuel for power plants for electric power system.
SK/SR

Aswat Aliraq

Industry Ministry signs MoU with Swedish motor company

Baghdad - Voices of Iraq
Sunday , 01 /06 /2008 Time 3:55:35

Baghdad, May 31, (VOI) –The Iraqi Minister of Industry and Minerals has signed a memorandum of understanding (MoU) with the Swedish motor manufacturer Scania to develop the General Company for Motor Manufacturing in Babel province, a ministerial statement said on Saturday.

"The memorandum was signed on the sidelines on the minister's participation in the 2nd International Compact with Iraq (ICI), held in Stockholm on Thursday with the participation of a huge delegation headed by the prime minister, his deputy and several ministers," read a ministerial statement received by Aswat al-Iraq-Voices of Iraq-(VOI).

The General Company for Motor Manufacturing is affiliated to the Iraqi Ministry of Industry and Minerals and is located in Babel provinces, which lies 100 km south of the capital Baghdad.

SS

Aswat Aliraq

All power stations supplied with fuel- ministry

Baghdad - Voices of Iraq
Sunday , 01 /06 /2008 Time 3:55:35

Baghdad, May 31, (VOI) – The Iraqi Ministry of Oil said it has fulfilled its commitments to provide all electricity generating stations in the country with fuel, an official spokesman for the ministry said.

"The Iraqi Ministry of Oil has supplied all power stations in Iraq with fuel for the first four months of the current year, honoring its commitments to the Ministry of Electricity," Issam Jihad said in statements to Aswat al-Iraq, Voices of Iraq- (VOI).
According to the spokesman, the ministry supplied the stations with 1,614 cubic meters of crude oil in April, in addition to 11,920 cubic meters of natural gas to al-Najibiya station, which he said is far more than the agreed upon 513 cubic meters of crude oil.

Power supplies in Iraq have been sporadic since the second Gulf war and the U.S. bombing of Iraq's main power generating plants. The shortages across the country became even worse in the aftermath of 2003 U.S.-led invasion of the country because of insurgent sabotage, rising demand, fuel shortages and provinces that are unplugging local power stations from the national grid. Outages make life almost unbearable in the summer months, when daily temperatures reach over 50C.

SS

Aswat Aliraq

Karbala’ Governor lays foundation of an international parking

Friday, May 30, 2008 08:43 GMT

Karbala’ Governor Akil Al Khaza’ali laid the foundation of an international parking in Karbala’. The parking is supposed to be of 3 levels and with a cost that exceeds 8 million dollars. The Governor said that this parking is due to be the first of its kind in the Middle East and it would be able to park about 3 thousand cars of different sizes. He added that the project was referred to a Cyprian company that is expected to finish it in about 18 months.

http://www.alsumaria.tv/en/Economics...l-parking.html