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

Iraqi Kurd oil sales, signing bonus waiting for Baghdad
Iraq's Kurdish region has been collecting millions of dollars in signing bonuses for 19 oil deals inked with international oil companies but is waiting for a federal revenue-haring law before turning it over to Baghdad.

The signing bonuses vary from between $1 million and $5 million "to sometimes more than that," said Kurdistan Regional Government Minister of Natural Resources Ashti Hawrami, though he wouldn't give details "until we publish the information."

"It will be published probably within a month or two. We're currently working on compiling all of our agreements, and then we will just put all the information on the KRG Web site," he told United Press International at his office in the KRG capital. He said the funds are being held in an account "in Erbil."

"The signing bonuses are part of the oil revenue, and they should be accounted for as such. That money hasn't been touched by the regional government. It's basically accounted for to be deposited when we have an agreed revenue sharing law."

Also to be published are details of what is required of the contractors, aside from searching for and producing oil and gas.

"We have placed quite a lot of burden on the contractors on the local content, i.e., through employment, training, capacity building, expats (foreigners) coming in to help us, technology transfers, just to make sure that we can benefit from the contract in a variety of ways, also this includes environmental fund and so on," he said. "We want the contract area to benefit from the contractor's good will and corporate responsibilities. You're going there and you're disturbing everybody's life in terms of seismic activities, drilling, housing, expats coming and going.

"We're basically putting the burden on the contractor to really make an impact locally at the contract area, the villages, the area affected, to contribute to them. Maybe building a couple schools, a hospital, or maybe contributing to a government program. We call that local capacity support.

"We're also doing some sales of crude oil internally now," he said. "A few million dollars of revenue is accumulated, again this revenue is accounted for in the same way."

The 19 oil and gas deals with foreign companies are part of a dispute with Baghdad over control of the hydrocarbons development. The federal Oil Ministry has called most of them illegal. This contention has stalled talks on a package of oil-related legislation including a new oil law, a revenue-sharing law and laws reconstituting the national oil company and reforming the Oil Ministry.

And although only two of the 19 oil deals have resulted in oil production, none is being exported, he said.

"The government share of the revenue belongs to all Iraqi people. We will deal with that and account for it, but in practice we haven't reached there yet."

Small local refineries are taking what is produced by Norwegian firm DNO and the Taq Taq Operating Co., the joint venture of Turkey's Genel Enerji and Canada's Addax Petroleum. But as these and the other contracts start increasing flow, the KRG plans to have the capacity to keep some crude at home.

"Cumulatively probably we're going to build about 100,000 barrels per day refinery capacity, which basically should solve most of our domestic problems," Hawrami said. One is to be built by Heritage Oil of Canada and the other by Genel, both at the site of their respective exploration blocks.

"It is difficult to forecast these things because they are not entirely under our control," he said. "Typically I think two years from the date of the award is about right for these refineries, which under the current environment is considered to be a fast track, because the refinery builders have full orders, much bigger orders, and so on."

Iraqi Kurd oil sales, signing bonus waiting for Baghdad - UPI.com

Sharp drop in demand for dollar at daily auction

Demand for the dollar was sharply down in the Iraqi Central Bank's auction on Wednesday, reaching $75.800 million compared to $113.055 million on Tuesday.

"The demand hit $11.890 million in cash and $36.910 million in money transfers outside the country, all covered by the bank at a stable exchange rate of 1,197 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 13 banks that participated in the auction offered to sell dollars.

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

Aswat Aliraq

Iraqi E.x.e.c.utive Council Discusses the Need for Passing the Iraqi Oil and Gas Draft Law

The Iraqi E.x.e.c.utive Council convened in Baghdad on Wednesday to discuss Iraq’s developments.

The Iraqi president , Jalal Talabani and both his deputies , Tariq al Hashimi and Adil Abdul Mahdi as well a s the Iraqi premier Nouri al-Maliki attended the meeting, where the Iraqi PM talked about his recent visit to Iran ,describing it as successful.

The latest developments of the ongoing Iraqi-US negotiations to establish strategic relations between both the states, accelerating effort made for the return of the Iraqi accordance front to the Iraqi government were discussed during the meeting as well.

The council also discussed the need for passing the Iraqi oil and gas draft law in the Iraqi Council of Representatives.

PUKmedia :: English - Iraqi ****utive Council Discusses the Need for Passing the Iraqi Oil and Gas Draft Law

Mercedes –Benz Sends Delegation to Kurdistan Region

The KRG Minister for Planning Othman Shwani on Wednesday met with a delegation from the German Mercedes -Benz Company on Wednesday.

The delegation explained the purpose behind their visit to Kurdistan region that is to closely see security and economic conditions in the Kurdistan region so as to see the compatibility of the region to open a branch of their company.

On his part the KRG Minister for Planning told the delegation that the Kurdistan region currently is the most secure part of Iraq and a key commercial centre. He also said that the KRG is ready to offer all facilitations to investing foreign companies.

Mercedes –Benz is a German car manufacturing company. Since 2005 the Mercedes –Benz Company provides its products to the citizens via Bajgir Company, their main agent in the Kurdistan region.

PUKmedia :: English - Mercedes –Benz Sends Delegation to Kurdistan Region

"Dana Gas" invest 650 million dollars in Iraqi Kurdistan

Sharjah: The "Dana Gas" and "Crescent Petroleum Company," They play a vital project in the Kurdistan region of Iraq with investments totaling 650 million dollars to be pumped by the largest investment company from the private sector in Iraq since in 2003. The project includes the development of gas fields, extraction, production, gas processing through the two factories to produce liquefied gas equipped with the latest equipment, in addition to transport natural gas via a pipeline along the 180 kilometres to provide gas supplies quickly to economic use as fuel to generate electricity at power stations under construction.

The official newspaper "Gulf" the UAE that this project will contribute to supporting the policy of rationalization of expenditures power in Iraq, providing more than two billion dollars annually to government budgets allocated for fuel expenses, the implementation of the project will also provide job opportunities to more than 2000 Iraqi citizen.

On the other hand, concluded "Dana Gas," and the "oil Crescent," a strategic partner in projects Dana Gas, a contract worth 1.25 million dollars for the rental of a cargo jet Antonov An 124, which is the largest aircraft in the world, to transport equipment and fixtures from the U.S. city of Houston to Erbil Iraqi projects for use in Iraqi Kurdistan.

The payload consists of aircraft components of the project weighs 58 tons will be used in the construction of manufacturers producing liquefied gas which is used to transport natural gas to power stations under construction in the Kurdistan region of Iraq.

Translated version of http://www.hewarat.dk/hewarat_data.php?sid=7205

Top secret al-Qaeda dossier and Iraq report left on London train

Top secret British documents containing an intelligence assessment of the al-Qaeda terrorism network and a classified report on the military situation in Iraq were left on a train in London, the government said Wednesday. A spokesman confirmed that Scotland Yard had launched an investigation into what was described as a "grave security breach."

The papers were in an orange envelope picked up by a passenger on a train leaving London's Waterloo station Tuesday.

The papers had security coding and were marked "for UK, US, Australian and Canadian eyes only," the BBC reported.

"Two documents which are marked as secret' were left on a train and have subsequently been handed to the BBC," a spokesman for the Cabinet Office said.

"There has been a security breach, the Metropolitan Police are carrying out an investigation."

Top secret al-Qaeda dossier and Iraq report left on London train : UK World

Iraqi oil could help ease pressure on global economy: India

If Iraqi crude oil begins to flow into the market it can have a positive impact on the global economy that is already showing signs of retardation, External Affairs Minister Pranab Mukherjee said here on Wednesday.

He cautioned that oil prices are threatening to touch $150 per barrel and according to some experts could even reach $200 per barrel.

"It is important that the people of Iraq freely determine their political future and exercise control over their natural resources. Once this happens, perhaps an easing of the price burden could be expected," he said.

"I believe that it would be helpful if Iraqi crude oil begins to flow once again to its full potential. Once the Iraqi oil is again in the market, the overall spin-offs are going to be large, not only for the global economy, but also for the Iraqi people."

He was speaking a function to launch a book, "The Ultimate Prize: Oil and Saddam's Iraq," written by India's former ambassador to that country, R S Kalha.

Referring to the steep hike in the oil prices, the minister said, "This massive volatility is already having a negative impact on the global economy and is likely to retard growth and development."

He justified the recent hike in the prices of petroleum products in India. "In the meanwhile, the government, faced with the present situation, found that there was no viable option but to increase oil product prices," he said.

"It is clear that the oil price hike is externally induced. It is not simply Indian economy that is bearing the brunt. The entire global economy is facing this crisis, with the developing countries taking on an unbearable burden."

The minister pointed out that Indian economy that was growing at over eight percent a year since 2003-04 needed to maintain this growth rate for the next 25 years in order to pull out a large number of people from poverty and to meet the country's developmental deficit.

"For this, we would have to increase our primary energy supply by three-four times and electricity generation capacity by five-six times. By 2031-32 power generation capacity would need to be increased to nearly 8,00,000 MW from the current capacity of around 1,60,000 MW," he added.

Mukherjee pointed out that the country's proven resources of fossil fuel along with the "renewables" and hydropower were inadequate to meet India's long-term energy needs.

Arguing in favour of expanding the country's energy basket, the minister said: "In my view, nuclear power appears to offer India the most potent means to realize its long-term energy security."

http://economictimes.indiatimes.com/...ow/3121430.cms

Iraqi PM To Visit Jordan For Political, Oil Talks Thursday

Iraqi Prime Minister Nouri al-Maliki will visit neighboring Jordan Thursday for talks on political and oil ties, Iraq's ambassador to Amman said on Wednesday.

The two-day visit comes after Jordan said it would appoint an ambassador to Iraq and after Baghdad said it would review a discounted oil deal for Amman, which depends on its neighbor for most of its fuel needs.

Maliki will hold talks with King Abdullah II, Prime Minister Nader Dahabi as well as other senior officials, Ambassador Saad Jassem al-Hayyani told AFP.

"The talks will cover several issues, namely oil, transport, trade as well as bolstering political ties and ways of supporting the political process in Iraq," Hayyani said.

Jordan said in May that it would soon designate a new ambassador for Iraq where its embassy, which came under deadly attack in August 2003, is run by a charge d'affaires.

Washington has been pushing its Arab allies, notably regional heavyweight Saudi Arabia, to send ambassadors and high-level officials to Baghdad to help shore up support for the country's Shiite leadership.

Iraqi Vice President Tareq al-Hashemi said last month that Baghdad is to review a 2006 agreement to sell discounted oil to Jordan amid soaring world prices.
..........................................

Maliki's visit to Jordan will be the third since he became prime minister more than two years ago. He will be accompanied by a large government delegation.

Company News Story

Action to protect Iraqi funds deposited with the United Nations claims for compensation

A deputy from the Shiite coalition in parliament unified Iraqi Haider Abadi, expressed "resolve the Iraqi government to take action to protect Iraqi funds deposited with the United Nations claims for compensation filed by states and companies and individuals affected by the policies of Saddam's regime", according to him, Abadi said in statements today, Wednesday, that "His Government recommended the Ministry of Finance and Central Bank appointment of international legal advisers, to search to find legal ways to protect those funds from claims for compensation, brought by countries and corporations in the courts of Foreign Affairs," and added "there are several proposals on this side Perhaps the most important transfer of such deposits in financial To central banks worldwide, to States with a system

Bank prejudice prevents public funds and protection from suits against him, but this requires us to convert a factor in some of the activities of the dollar into any other currency euro or Japanese yen or the pound sterling, "as he put it.

The leader in the Dawa Party, which is headed by Prime Minister Nouri al-Maliki that "exit from Iraq heading VII and lifting UN Trusteeship for his money away so dangerous because it would pay a lot of countries and companies to put its hands on this money, and the prosecution of Iraq had submitted to him for losses during the period The former regime, with claims estimated at hundreds of billions of dollars, and perhaps require Iraq to pay for long decades, so the government is keen on protecting the Iraqi people on one side and the restoration of its sovereignty and independence of hand ", as he put it.

Abadi called on the international community to "deal with his country in the light of political changes that followed the fall of the former regime, including the cancellation of all laws and resolutions issued by the Security Council during the rule of that regime, which harmed the Iraqis themselves before they harm the world, it is unacceptable that Iraq continues to bear The burdens of a political system imposed by force, "as he put it

It is noteworthy that the Compensation Commission of the United Nations is the quasi-judicial committee set up under Security Council resolution 692 for a figure in 1991, to consider the financial claims and pay compensation following the entry of Kuwait by Iraq, the Commission received a total of 320 billion dollars requested compensation, as well as calling upon the governments and companies and international organizations Are other damages amounting to 172 billion dollars.

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Amman hopes to visit al-Maliki have "oil for the embassy," 500 million dollars frozen in Jordanian banks

Amman two weeks ago, using its official to receive Iraqi Prime Minister Nuri al-Maliki, who arrive there today (Thursday) on an exceptional basis,
At a time when the files prepared by heavy covering various aspects of relations between the two countries. This visit is the third of the owners since taking office two years ago, but it certainly would lighten the "Hardan" to the Jordanian al-Maliki government, which until recently was considered hostile to the interests of Jordan.

The outstanding issues between the two countries are intertwined, along with the complex political situation, the economic and trade relations developed did not satisfy the conclusion of several agreements and memoranda of understanding.

Amman Declaration proactive for the visit to send a Jordanian ambassador to Baghdad, an advanced step by Jordan to consider including actual versus Maliki government, which often complained Amman to Washington, and considered the issue of not sending Ambassador major issue shows the lack of cooperation with Baghdad, according to parliamentary source veteran.

Previously used by Jordanian Foreign can be sent as ambassador does not guarantee a safe, or do not find what Central paramilitary cut off relations with the Maliki government, but the latter has often demonstrated its anger towards what it considers embraced the enemy of the current regime in Baghdad, including the elite enjoy the protection of the group Saddam Hussein.

Calendar of talks by Jordan which requires the closure as an Iraqi funds frozen in Jordan, the file is opened Jordan's debt to the occupied country, but it seems that Iraqi oil could intervene to find common denominators.

According to Jordanian Finance Minister Hamad Alexasabh froze his country with the fall of Baghdad, about 500 million dollars, payment of part of the Jordanian merchants pay values versus the previous trading protocol between the two sides.

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