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

Demand for the dollar slumps dramatically on Sunday

Demand for the dollar dramatically dropped in the Iraqi Central Bank's auction on Sunday, reaching $36.800 million compared to $70.220 million on Thursday.

"The demand hit $8.415 million in cash and $28.385 million in foreign transfers outside the country, all covered by the bank at an exchange rate of 1,196 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.

http://www.aswataliraq.info/look/english/article.tpl?IdLanguage=1&IdPublication=4&NrArticle =83261&NrIssue=2&NrSection=2

Demand for the dollar significantly higher on Monday

Demand for the dollar was dramatically higher in the Iraqi Central Bank's auction on Monday, reaching $86.175 million compared to $36.800 million on Sunday.

"The demand hit $20.450 million in cash and $66.130 million in foreign transfers outside the country, all covered by the bank at an exchange rate of 1,196 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 16 banks that participated in the auction offered to sell dollars.

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

Aswat Aliraq

MP urges Parliament to speed up enacting Oil, Gas Law

The chairman of the parliamentary oil and gas committee on Monday called on the Parliament to speed up the enactment of the controversial oil and gas law.

"We hope that the law will soon be passed…," Abd al-Hadi al-Hassani, who is also a member of the Islamic Daawa Party, told Aswat al-Iraq - Voices of Iraq - (VOI), adding that it will help the country increase its oil and gas investment revenues.

According to the parliamentarian, "Iraq loses nearly $18 billion a year as a result of wasted natural gas, which is burnt without proper use."

The prime minister of Iraq's Kurdistan region, Negervan Barazani, began on Saturday a visit to the Iraqi capital Baghdad to discuss several issues, including oil contracts, the oil and gas law, and the allocations for the Peshmerga forces, with officials from the central government.

http://www.aswataliraq.info/look/english/article.tpl?IdLanguage=1&IdPublication=4&NrArticle =83390&NrIssue=2&NrSection=2

Criticizing the lack of transparency in government contracts OIL


New York Times published an editorial on Sunday warned the Iraqi government from seeking the latter, which would allow for the giant Western oil companies to return to the oil sector in Iraq.

The newspaper stressed that the production contracts that will work on the basis of these companies room to obtain long-term contracts are subject to profits.

The newspaper regrets saying that the Iraqi contracts with large U.S. companies have fired described understandable doubts in the Arab world in the cause of the war in Iraq is oil, adding that this will deepen the divisions between ethnic and sectarian parties in conflict in Iraq.

The newspaper said that these contracts will allow U.S. corporations to the rehabilitation of equipment and provide technical support for two years, will provide a foothold for long-term contracts due to the profits of those companies money.

The newspaper criticized the rush Iraqi government due to adopt transparency in concluding such contracts, stressing the need for Baghdad to avoid this method when concluded long-term contracts in the future, especially since Iraq is suffering from the problem of administrative and financial corruption.

The return of companies Exxon Mobil and Shell and Total, BP and Chevron after 36 years on the expulsion from Iraq.

The newspaper endorsed the need of Iraq to advanced technology and expertise provided by these giant companies to Iraq, pointing out that Baghdad's government said it aimed to conclude such contracts to increase oil production by 2.5 million barrels to three million barrels a day.

The New York Times pointed out that this increase will not affect oil prices in world market, but the financial benefit would be significant to Iraq because of the arrival price of a barrel to U.S. $ 140 and returned the newspaper to confirm that it does not blame the Iraqi government to conclude such contracts particularly as the Kurdistan Regional Government had preceded them So on.

But the newspaper pointed out that the negotiating process carried out by Baghdad for the conclusion of the contract is incorrect, and a matter of concern, stressing that the conclusion of such contracts without parliamentary approval for the Law Department over oil wealth has complicated the matter.

The newspaper invited the U.S. government and the giant oil companies to encourage the Iraqi government to make necessary concessions in order to establish a petroleum law and transparency in oil contracts.

Warning that the Iraqi government that the method currently used in the management of oil wealth would lead to deeper divisions within the country.

Translated version of http://www.aljeeran.net/economic.html

Central Bank reduces interest rate

Iraqi Central Bank reduced the interest rate of its annual 17 per cent to 16 per cent. He attributed the bank in a statement today the reasons for the decision to the bulletin consumer price index in the month Maes / May 2008 low.

The index registered annual inflation rate basis $ 14.7 per cent compared to its level of 15.9 per cent per annum recorded in the month of April 2008.

He said the Central Bank of Iraq that the decision would apply the reduction starting on the first of July 2008, adding that this reduction is the third long interest rates this year.

The Central Bank of Iraq had been lifted in the years 2006 and 2007 the interest rate to meet the acute imbalance in prices then went up to the annual interest early in 2007, amounting to 20 per cent annually.

Translated version of http://www.aljeeran.net/economic.html

Foreign investment through to eliminate unemployment

The director of the Office of Works of unemployed in the province of Basra Fouad Abbas Mazini recently that the Bureau was able to hire hundreds of unemployed in circles and the various state institutions in addition to Citizen Works 1000 to implement projects aimed at transforming swamps in residential areas to sports stadiums And public parks.

He expected Mazini in a press conference held in the Office of the Provincial Assembly that the phenomenon of unemployment disappear completely if the government succeeded in attracting major foreign investments to Basra, adding that the most important projects in the flow of giant hands working to Iraq.

Mazini reported that the unemployment rate went down in Basra recently a large margin, indicating they currently do not exceed 17 per cent after it was amounting to 37 percent in 2005, as saying.

Translated version of http://www.aljeeran.net/economic.html

Update......

Shahrastani: negotiations with international companies to collect gas

Dr. Hussein Shahrastani importance of the oil sector in Iraq and its effect on the present reality and future of the country. Referring to members of the Iraqi parliament to the rates of crude oil production in the last four years and to increase these rates started from the last four months of the year 2008 after an increase in oil revenues over the past months amounted to 28.5 billion dollars anticipated increase in revenues coinciding with an increase in production Crude oil and high Asaralinvt in global markets.

The minister stressed the existence of two plans of the ministry, one short-term and other long-term ..

The ministry aims to increase crude oil production during the short-term plan (4-4,5) and one million barrels per day to 6 million barrels per day during long-term plan. The minister explained the rates of production, import and consumption of petroleum products during the past years.

Turning to the minister sabotage operations and their impact on the work of the ministry during the past years and over the past months to reverse the result of military operations carried out by the government. And the suffering and losses caused by power outages on oil refineries. The minister said during the schedules prepared by the ministry quantities of fuel processor for electric plants. These plants will consume more expensive fuels other than stations that are spread in many countries, which consume kinds of cheap fuel.

The minister said the negotiations with major international companies to enter into contracts valued at more than $ 3 billion for the collection of associated gas to extract oil and buy according to world prices and supplying Iraq with liquid gas and export the surplus. Adding that the ministry had taken action to provide measurements requirements on oil and a system of measurement and calibration Special measurements and develop oil formations in the central ministry is applying the rules. Revealed that the ministry about the achievements in the field was the extractive sector and the rehabilitation of ports, oil and gaps underground storage of liquid gas in addition to developing and building large and small refineries and the creation of 105 fuel stations and 36 gas station and the rehabilitation of liquid gas tanks. And on laws relating to the oil law and the National Oil Company was ready.

As for the fields in common with a number of neighboring countries, said Minister: There are negotiations with these countries to enter into agreements to manage these fields. Hinting at the existence of differences with Iran on many of these fields including the failure to demarcate the border and the presence of technical delays caused prevent a pillar between the two countries. Shahrastani and investments in the oil sector is divided in the purchase of equipment such as excavators and pipeline systems, wells and reclamation and rehabilitation of oil refineries, pointing out that smuggling operations Why did not stop offering condolences to the owners of petrol stations where these stations to sell its share to smugglers as the owners of brick factories also sell their share of oil processed them, and denied the existence of smuggling crude oil in Iraq, but the theft and smuggling of pipelines and tanker pointed to the existence of points of interests in the U.S. United States: defaming the oil sector in Iraq, which is intended for political purposes, and on-line Saudi and Syrian line, he said: that Iraq has nothing to do with the Saudi pipeline and is currently used for internal purposes and No export operations through that route, either to the line for the Syrian ministry is keen to increase export outlets Where there is a Russian company expressed willingness to rehabilitate the pipeline, the ministry moving in the rehabilitation of the pipeline.

He added that the ministry was keen on diversifying sources of export has agreed with the Iranian side to extend the pipeline to the Abadan refinery, the contract also includes the export of crude oil and oil derivatives purchased from the same refinery, and that he was forming a joint committee between the ministries of oil, transport and agriculture to determine which boats are actually fishing in the area To provide them with fuel, saying that the examination of soil is the reason for the delay to establish a refinery in Maysan!....He added: agreement has been reached with the province of Kirkuk on the new refinery ..The quantities of oil produced from Khanaqin not deserve to be established refinery there, and pointed to the existence of meetings with President of the Court of financial control and all the comments received from SAI taken into consideration confirming the existence of numerous actions to combat corruption ..

Translated version of http://www.aljeeran.net/economic.html

Total ready to sign an oil agreement with Iraq

said Christophe de Madi ****utive Director of the company TotalFinaElf Sunday that his company is ready to sign agreement on oil field with Iraq in one of the six major new contracts. Du Madi said in an interview with a journalist on the sidelines of the emergency oil city of Jeddah, "We are ready to sign.

It was the Iraqi Oil Ministry has said it will announce officially the names of foreign companies that won major contracts in June June 30. Du Madi did not mention other details of the deal. And negotiate TotalFinaElf and Chevron together on a contract to provide technical services to help develop the West Qurna field in Iraq, which contains the third-largest confirmed oil reserves in the world. Negotiates Iraq on six short-term service contracts with international oil companies valued at approximately $ 500 million each which aims to enhance the production by 100 thousand barrels a day. Five of the contracts being discussed with (Royal Dutch Shell) and (Shell) in partnership with (me. Watch. Cielito B) and (Exxon Mobil), in addition to (Chevron) and (TotalFinaElf). Iraq is also talks with a consortium comprising (Anandarko) and (Ventola) and (Dom) to hold the sixth regarding the oil field.

Translated version of http://www.aljeeran.net/economic.html

Talisman Energy enters Kurdistan region of Iraq

Talisman Energy Inc (TLM.TO: Quote) plans to spend more than $300 million to gain stakes in two oil blocks in the Kurdistan region of Iraq, marking an entrance into a new area while it exits several others, Canada's No. 3 independent oil explorer said on Monday.

Talisman Chief ****utive John Manzoni said his firm studied the legal, regulatory, security and corporate responsibility implications before going ahead with the agreements with the Kurdistan regional government (KRG).

Kurdistan has the potential to be a new core operating area for the company, which has embarked on a plan to sell up to C$3 billion ($2.9 billion) of assets around the world and invest heavily in North American unconventional gas plays, Manzoni said.

Talisman will gain a 40 percent stake in Block K44, an established production sharing contract area, with Canada's WesternZagros Resources Ltd (WZR.V: Quote) holding 40 percent and the KRG retaining the remainder, it said.

The company plans to spend $80 million on the block, including past costs and a three-well commitment, it said.

Talisman also entered into a two-year seismic services agreement with the regional government on Block K39. Following that, it will have the option to gain 60 percent and commit to one well in the first year.

As part of the agreement, the company will pay the KRG $220 million, plus further conditional contributions, representing financial support for infrastructure projects and capacity building projects for local communities, it said.

Talisman shares were up 62 Canadian cents, or nearly 3 percent, at C$22.90 on the Toronto Stock Exchange.

http://ca.reuters.com/article/businessNews/idCAN2333224120080623?rpc=401&

American companies dominate the oil of Iraq complicity with the Bush administration

exploded by the U.S. newspaper New York Times surprise when in its issue yesterday when it reported on page that big American oil companies entered with all its might to regain hegemony over Iraq's oil wealth without the connivance of bids with the administration of President George W. Bush.

The newspaper added that the U.S. administration is now fighting a battle of quality in the Iraq war, but not in the streets, but behind closed doors for a convention long-term strategy chart the future U.S. role in the region.

The liberal Americans that the decision of big American oil companies "Exxon Mobil" and "Shell" and "Chevron", enter all its might to regain hegemony over Iraq's oil wealth without bidding, is a flagrant violation of the rights of the Iraqi people, and now confirms that the real reason for the invasion of Iraq The occupation is to control the largest oil reserves in the world.

The newspaper quoted "the Gulf" the UAE of "New York Times" as saying: that the scandal has become fragrant blocks the nose, and threatened to burn the doubts and feelings of hatred amid Iraqi public opinion toward the Arab and the United States.

The paper disclosed that in addition to those companies "with British Petroleum" recently entered the final stage of talks with the Iraqi government pressure, in order to return to the quintet officially to the Iraqi oil market, which expelled them for more than 36 years after the nationalization of the sector.

Raises these companies to get contracts of adhesion, is direct, without going through the usual procedures of transparency such as open bidding, more question marks and doubts about these contracts is now under way in the absence of law and the governor of oil wealth distribution.

The escalating criticism of the Bush administration and the Iraqi government, both because of this scandal at the time of high fuel prices has become an obsession essential to the ordinary American citizen, but that which coincides with the imminent departure of Bush and his administration as his critics should not be so crude, which accused them Bush and his vice president Dick Cheney and then trying to make his farewell gift to companies that are major oil companies with major American arms at a key ally of interest to this administration directions since their arrival to the White House.

The Iraqi Prime Minister Nuri al-Maliki announced yesterday that Iraq gave the green light for the granting of licences to a number of international oil companies to work in Iraq.

He said al-Maliki told t.e.l.e.v.i.s.i.o.n "that oil companies were suspended from working in Iraq, but when it was announced the licensing of oil companies made dozens of companies working in Iraq." And added that "international companies competing for contracts for electric power plants, reconstruction and housing and investment contracts of crude oil"

Iraq's oil

American sources were expected Friday for the exports of Iraqi crude oil during the current year to record levels to reach seventy billion dollars.

The sources of his apartment on the report by Stuart Bowen, Special Inspector the reconstruction of Iraq, which he said: "This increase in oil resources will lead to download Nuri al-Maliki government greater responsibility in rebuilding Iraq."

On the other hand, informed sources revealed the determination of the U.S. administration issued new legislation from Congress to transfer part of Iraqi funds deposited in U.S. banks to the Treasury Department to be spent on the Iraq war.

The sources pointed out Bush's determination exploit Iraqi oil exports and revenues, for the maintenance of the U.S. military presence in Iraq and Afghanistan, competition of influence "Russian - Iranian" growing in the former Soviet republics, in the Indian subcontinent. As well as to support the U.S. dollar versus other currencies in light of the setback is going through.

The experts described the U.S. economy this serious step, considering that Iraqi funds deposited in the bank reserve fully American, New York, expressing their fear of Congress to stop funding for U.S. troops and Iraqi dependence on financing Iraq's oil exports, thus entering into the implementation of the Convention entered into by the political administration of America, With Maliki in the long run, which was described by impartial sources, codified the U.S. occupation of Mesopotamia, and give dimension strategies in the region.</SPAN>

Translated version of http://www.aljeeran.net/economic.html