Thread: Archive Latest News - Dinar Think Tank - 27/08/08 - 15/01/09

Energy summit postponed until November 5

The deputy chairman of the Iraqi-U.S. Chamber of Commerce and Industry announced on Friday the postponement of the Iraqi Energy Conference and Exhibition, scheduled to be held today, until November 5 for ‘technical reasons’.

The summit which was scheduled to be held on October 17-19 was postponed to November 5 because of the delay in preparing the building which should host the conference at the Baghdad International Airport, Majid Fouad told Aswat al-Iraq.

The Iraqi oil ministry had called on specialists and businessmen to take part in the energy conference and exhibition to discuss investment opportunities and to contribute in increasing the production capacity from oil and gas in Iraq.

“The exhibition will see offering the investment opportunities in oil and gas fields to the contributed companies,” Fouad added.

Energy summit postponed until November 5 : Aswat Al Iraq

Seminar tackles consequences of global economic crisis

Head of the Iraqi Businessmen Union on Friday said that a seminar will be held on Sunday to discuss the current global economic crisis and its effects on Iraq’s economy, explaining that a number of Iraqi government officials will participate in the event’s activities.

“The meeting should come up with proposed solutions for Iraq to cushion the effects of the global financial crunch,” Ragheb Ridha Blebel told Aswat al-Iraq.

“Discussions will involve threats posed to Iraq’s income deposited at the U.S. Federal Reserve due to the economic crisis and the resulted effects on stocks market, in addition to the reduction in oil prices and the impact on the Iraqi budget,” he said.

Seminar tackles consequences of global economic crisis : Aswat Al Iraq

Dana Gas postponed launch of the largest projects in Kurdistan

Company official said that the UAE's Dana Gas to lay the foundation stone of the draft Kurdistan Gas City will be postponed for some time pending the completion of some additional studies and obtain the approval of the oil and gas in the Kurdistan region of Iraq, adding that the project is the largest of its kind in the area of investment in gas in Iraq.

The sub-director of the company in the Kurdistan region and find Shaker Shaker on Friday that "the foundation stone of a city gas project which was scheduled to take place last September 21, was postponed due to the lack of certain technical details."

The government of Iraqi Kurdistan earlier announced the allocation of the land area of 461 million square feet in the province of Sulaimaniyah establishment of the City of Kurdistan gas Sttorh city gas company owned equally between Dana Gas, a private company known in the Middle East in the field of natural gas, and its partner Crescent Petroleum.

The ****utive body of the project and the Kurdistan Regional Government to "Kurdistan Gas City will include industrial facilities and residential and commercial investments will be established initially expected that the actors up to about three billion U.S. dollars, and could become operational in the city to attract more investments than U.S. $ 40 billion".

The Director of Dana Gas in the Kurdistan region in an interview with "Uzmatik" that "the city absorbed more than 20 different types of petrochemical industries and heavy industries world-class, in addition to hundreds of small and medium-sized pharmaceutical factor, ammonia and other ceramics, and a group of modern civilian installations And service facilities. "

The Dana Gas and Crescent Petroleum are based implementation of another project in the final stages of production and supply of natural gas to two power stations in the provinces of Arbil and Dohuk in the region with investments of more than 600 million U.S. dollars.

Translated version of http://iraqalaan.com/

Kurdish party put the draft resolution confederation to solve the issue of Kirkuk

President of Kurdistan party solution homes Ghraib on Friday that the party to introduce a democratic solution to the confederation issue of Kirkuk and disputed areas around Iraq.

The strange, at the party held in Kirkuk today, "before the project to resolve the issue of Kirkuk and disputed areas lies in all phases of the application of Article 140 because it is a popular option for the Iraqis in Kirkuk and all other areas," noting that "the most appropriate mechanism to give the government of the people and fill The way to foreign interference in the case of Kirkuk. "

He said: "The party held a conference today to publicize the project before the Iraqi government and the parliament as well as the Kurdistan Regional Government of Iraq and the Parliament of Kurdistan."

The President of Kurdistan party solution that "the best solution to the issue of Kirkuk is the application of the Democratic Confederation, which were based on the basis of direct democracy, identity and free will of peoples and ethnicities to be able to express themselves freely and democratically."

For his part, said relations in the Democratic Party solution Kirkuk branch of Hussein Rashid Mohammed, "Uzmatik" "The Kirkuk issue is an important issue in Iraq, all officials must work hard to develop appropriate solutions."

"We in the Kurdistan Democratic Party solution put forward a draft to give the Confederation of Kirkuk, particularly within the territory of Iraqi Kurdistan."

Rashid stressed that "the issue of Kirkuk, an Iraqi issue and of interest to all nationalities, should be lifted with doubt about the Kurds and prevent external interference and regional levels", noting that "the people of Kirkuk are the decision makers first and last in the resolution of their cause."

Said head of the culture of democracy is now fully Aldelfi of "Uzmatik" "The conference is a positive solution to the Kurdish party that a working draft and a solution to the issue of Kirkuk away from official circles and government."

The Aldelfi that "the absence of other parties like the Arabs, Turkmen and Christians (Chaldeans and Assyrians) the impact on the discussions, and we hope to hear their views and agree on a common vision to develop appropriate solutions."

However, Article 140 of the Iraqi Constitution provides for a solution to the problem of Kirkuk and disputed areas, the three stages of normalization, and then conduct a census, and referendum on the fate of the population of those regions.

Translated version of http://iraqalaan.com/

On the sidelines of World Bank...Finance Minister will meet his Lebanese counterpart

On the sidelines of the participation of Finance Minister Bayan Jabr in the meetings of the World Bank and International Monetary Fund in Washington, met with Lebanese Finance Minister Mohammad Shatah. This came in a statement issued by the Information Office in the Ministry of Finance referred to most House during the meeting after a review of economic relations between Iraq and Lebanon and the follow-up issues discussed during the visit of Prime Minister Fouad Siniora to Iraq, including an agreement to avoid double taxation completed by the delegation of the Ministry Iraqi finance during the recent visit in September 2008 to Lebanon, where it was agreed with the Lebanese side of all its items it is hoped signed in Baghdad or Beirut.

The statement, obtained a copy of which was long: to promote cooperation between the two countries were reviewed a draft agreement to ensure the investment is still under study and it is hoped completion of the blueprint. Soon »for the purpose of determining the date discussed by the two sides to agree on the terms and signed.

For his part, praised the Lebanese Finance Minister fruitful cooperation with the Ministry of Finance of Iraq, especially »efforts of the Minister of Finance, which resulted in a mechanism of fruitful cooperation between the two ministries in all areas noting» to the importance of cooperation in banking and Iraq and deposits with banks Rsantha Lebanese demonstrated in the protection of Iraqi funds In Iraq's intention to expand this relationship and take advantage of the Lebanese banking sector in foreign trade and banking experience as .. On the other met with Minister of Finance and legal advisers to the Ministry of Finance and Central Bank of Iraq Tuesday. Shabibi Iraqi Central Bank Governor Dr. Fadhil Jawad Legal Adviser to the Prime Minister.

Talks during the meeting, which lasted more than three hours in Washington to discuss the protection of the Central Bank reserves and assets of the Iraqi government recorded in the Development Fund for Iraq and the diversification of investment holdings. Has been the subject of the review of the impact of lawsuits filed in the United States of America by the American citizens affected by the action The former regime and legal remedies »and the volume of claims and claims made by the judicial decisions against the Iraqi Central Bank and the Rafidain and Rashid Banks and the effect of the proceedings against the assets of Iraq and how to deal with legal advisers have made a» such claims can be identified so far and how to deal with it and pay some mechanism Receivables States, with which it signed bilateral agreements to settle their debts and payable in 2009 was agreed to the proposed mechanisms to do so.

http://translate.google.co.uk/transl...hl=en&ie=UTF-8

Is it possible the return of state farms?

If we move toward a market economy, bound set of economic reforms which led to cancel state support for the key economic and decaying economic reality .. State support, the current sectors of the real demand is very important to lift these sectors of the deteriorating situation inherited and still live .. State support for the agricultural sector is in many events .. First among these is the agricultural initiative put forward by the Prime Minister has covered all the initiative for agricultural purposes, including to establish the reality of advanced agricultural or those indirectly affecting the agricultural sector ..However, it was perhaps overlooked attention and direct the State Farms, which had been rented by the private sector at almost symbolic day to remember for price inflation,

And was subsequently looted and theft or neglect - after having been interrupted as a result of the violence .. Promised these projects within the State enterprises affected - in fact abolished on the ground - despite the fact that some of them had worked until the beginning of 2006, such as farm greenhouses in Rashidiya, which includes the farm established by the Bulgarian company, and another farm set up by the Italian company The work of more than 200 families .. The question is, Why do not you rebuild the farm and other farms have been covering the local market their products?..And in the interest of the continued deadlock in these farms?..Valmstogron according to what is called - are not responsible damage done to it on the grounds that these farms were vandalized and looted during military actions or acts of violence in those areas against farm .. The stakeholders are moving in line with a policy designed to lay a basis for a free economy came as state support for the agricultural sector on an unprecedented .. This is very positive, but what about the farms? It would qualify? These farms are a significant weight in the agricultural production base did not include the initiative on agricultural and Maibdoulon ownership of the state, and the State here is providing support to the agricultural sector, why ignore this project? Is it required that the locations of these projects are sold to tenants in order to support large amounts is not met by any benefit that was canceled after up to a service fee of 2%, is required to support the national economy? Or support the private sector only? ..

The establishment of a valid ground for a market economy system does not mean at all, neglect of public sector enterprises, does not mean at all, also the unconditional support by releasing loans and grants, while denying it projects the small and medium .. Valtosis to a solid ground for a market economy system based on a package of effective legislation and the legislation is to establish a free economic climate does not intersects with the interests of the individual and group projects and devote negligence State Bmoisat support private sector projects does not mean at all, is based on a healthy economic climate.

http://translate.google.co.uk/transl...hl=en&ie=UTF-8

Completed the first phase of electronic clearing of the Rafidain Bank

E.x.e.cutive Director said BP's Plan B-plan), Friday, the company completed the first phase of the project for the implementation of electronic clearing services for banking operations to the state's Rafidain Bank in the restructuring program banks governmental organizations.

The Isa Al Bomekdm (Voices of Iraq) that his company "completed the first phase of the new electronic clearing services for the bank Rafidain Bank, which includes the construction of a system of accounts and Arabization Maysz Blanc me," indicating that the company "began the training of the Rafidain Bank in the second stage of the project."

And adopt clearing services in Iraq to handle a paper manual, which cause considerable delays in the payment and transfer of funds through instruments for up to seven days to disrupt the work of many companies and businessmen.

On the importance of the project for the Rafidain Bank Bomekdm said he would "contribute effectively to meet the requirements of the program of restructuring banks in Iraq, which aims to improve performance and enable banks, including Rafidain Bank to compete more effectively in a competitive environment open."

The project would include "the installation of electronic systems for banking services to the banking system by the company Maysz, as well as the support network and contacts with 148 local branches and seven regional branches scattered in both Beirut and Cairo, Jordan, Abu Dhabi, Sanaa and Manama," noting that the project "will allow the Rafidain Bank area To provide competitive services to clients inside and outside Iraq. "

And BB Plan B-plan) Kurdish British company specializing in the development of management tools for e-Government ****utive was founded in Britain in 1993 and has offices in Britain, Ukraine, Jordan, Iraq and worked on 11 projects in Iraq and Kurdistan.

And about how the deal with the Rafidain Bank (Bank, the largest Iraqi state-owned) my head - Blanc, "it was the signing of a formal memorandum of understanding with the Central Bank and the Rafidain Bank, including Rafidain Bank include this note on the steps of the program operational and financial restructuring of these banks, including Deployment and installation of an electronic banking system.

Both state that the Central Bank of Iraq, the Ministry of Finance signed earlier memorandum of understanding provided for the restructuring of the Rafidain and Rashid Banks, which dominate about 90% of the commercial banking activity in Iraq. The memorandum of understanding plans to restructure the two operational restructuring and financial restructuring.

http://translate.google.co.uk/transl...hl=en&ie=UTF-8

Lawmaker: Oil slump to eat $15b into Iraq budget

An Iraqi lawmaker said Friday the government expects to cut its budget next year by $15 billion because of falling oil prices.

Abbas al-Bayati, a senior lawmaker of the United Iraqi Alliance, the largest Shiite bloc in parliament, said the government still has one month to present its 2009 budget.

But he said the recent plunge in oil prices to below $70 a barrel — a 14-month low — would cut into earlier budget estimates, which were made when crude was hovering around $120 a barrel.

Al-Bayati said he now expects government allocations at around $64 billion, down from an earlier planned budget of $79 billion.

Still, the billions of dollars in surplus the Iraqi government racked up during the record oil prices of earlier this year should compensate for the current price plunge, he said.

The government has previously spent only a fraction of the money it has allocated for spending because of security, infrastructure and bureaucratic problems.

Oil Ministry spokesman Assem Jihad said the drop in oil prices has been directly influenced by the global financial crisis. But he expressed hope that government bailouts in the West would steady markets and lead to a "return to normalcy" for oil prices.

"We should not make a hasty judgment," Jihad said.

Current estimates put Iraq's proven oil reserves at 115 billion barrels. Its daily production stands near 2.4 million barrels a day.

Al-Bayati stressed that the government still had ambitious projects for next year to develop the country's infrastructure and provinces.

The Associated Press: Lawmaker: Oil slump to eat $15b into Iraq budget

Report .. efforts to improve Iraq's economy by lifting the zeros from the dinar .. Do you limit the inflation?

Good morning ... continue vigorous efforts to promote economic reality in Iraq, which suffered many crises and bottlenecks in the past years due to financial policies that are followed in the past decades, which have raised more clear the Iraqi reality and become impede the overall activities of life and where .. Alarming rates of inflation and unemployment and rampant corruption, but clear images on the size of the damage to the economic process in Iraq at the moment ..

In the meantime, the government efforts to improve the image of the Iraqi economy is still going on the whole, then, of which only a series of measures aimed at a comprehensive economic reform process in the country .. have resorted to the issuance of the Iraqi investment law, which is the first product of the economic achievements Achievements of the Iraqi government and allowing foreign companies working in Iraq and gives them many tax concessions or customs, and after that she (the government) to raise interest rates at the Central Bank of Iraq in order to absorb the inflation that took to worsen in recent periods has been able through this procedure and to Some extent to control the inflation rates in Iraq, which took hinder the growth process is dreadfully ,,,..

those procedures were followed by many steps to revive the Iraqi economy, supporting the private sector and to open the way for international oil companies to invest in Iraq and the aim of increasing oil production Thereby raising the value of financial returns to the country, as well as other measures were not followed the founding of the latest national investment, which will take responsibility for organizing the work of companies wishing to invest in Iraq and give them work permits and identify the needs of the country from the nature of these investments ..

In that regard, reports Issued by the Central Bank of Iraq According to the structure of the bank to raise three zeroes from the Iraqi dinar in an effort to reduce the enormous mass of cash in circulation now in Iraq, amounting to 20 trillion dinars in order to deliver 15 billion Iraqi dinars, and reports indicate that the benefit of doing so is In the siege of inflation and eliminate once and mention that this will be reflected positively on overall economic reality in Iraq and the daily dealings between people and on bank transactions and Iraqi banks ..

He noted a senior expert at the Central Bank to cut the new currency will give a lot of prosperity and stability in the availability of liquidity high and strong and facilitate transactions in line with the stage of growth and economic prosperity optimistic that Iraq will happen in the months or years to come.

The expert reported that Iraq has suffered from hyperinflation in the past two decades, which was reflected in hyperinflation, rising monetary issuance of approximately 25 billion dinars in the early nineties, as in 2003, six thousand billion, and if we add significant structural changes on the size of the budget that is A monetary expansion of the bloc, we can say that the country does not have the discussions thus a large amount of cash currency units, a legacy of hyperinflation stage ..

In the case of the lifting of the zeroes on the Iraqi dinar, the huge mass of cash will be reduced significantly in Iraq, which will facilitate Many businessmen and investors from trading the currency market after the Iraqi-Faisal was in cash trading in the country is the dinar as it offers easy cash in circulation and add tremendous ..

The appearance of Mohammed Saleh: that the bank decided within the future plan will begin implementation next year Removal project three zeros from the Iraqi currency, which is now experiencing inflation and Atrala can not be remedied only through this project, which will give a lot of prosperity and stability in the availability of liquidity high and strong and facilitate transactions in line with the stage of growth and economic prosperity optimistic that Iraq will happen in the months or years to come, Available, that "relatively long-term project would be included in the cash economy to gradually add a lot of comfort and harmony in the economic situation.

But Saleh said that the project needed more maturity and carefully before proceeding to implement that, if applied directly overburden citizens may cause problems even in monetary transactions between people.

When the start application will heed the grading and application progress and will not make any change in the currency, with people running their carrier for banks to exchange the first step but would continue to deal in both existing and new until the exhaustion of the market naturally and without the citizens feel so.

The critical issue in Iraq in 1980 did not exceed 4 billion Iraqi dinars, with the highest category in the Iraqi currency is the category of 25 dinars, which were drawn, that while U.S. $75. At the present time, inflation, which was due to wars, conflicts and critical mass blockade was measured with the present Monetary issuance of up to (20) trillion Iraqi dinars, while the largest cash is 25 thousand dinars, which are not worth only 22 dollars, Saleh added that the Iraqi economy based on his dealings in the monetary system, called Balkash any direct cash transactions because of weak banking systems and mechanisms and circumstance Find this type of transactions and fears of citizens from dealing with banks and others.

We need time to normalize the citizens, such as these transactions such as direct and thus a hike up cash for (20) trillion dinars created a need for large groups and this is why the demand for the dollar to the completion of insider trading (dollarization), despite the high value of the Iraqi dinar.

http://66.102.9.104/translate_c?hl=e...JchMFZuJnizZUg

Decades of participation and relevance of the Iraqi Oil Contracts

There have been many writings Nuama contracts and participation mechanisms in the marketing of Iraqi oil under a draft law to talk about oil and gas for which has not seen the light of day despite the passage of legislation on the duration of which is not in the interest of a country that has suffered from the scourge Maany.

Citizens did not see any sign of close to the enjoyment of those resources dedicated Maasab as citizens of the Gulf, although the difference Balchbih.

In this article we wish to shed light on what the contracts involved and their importance from the reality of practical applications.

The literature Qsdnaha focused on the overall merits of the fear involved in the application of contracts in Iraq and the oil and gas law in question that foreign companies will take the lion's share of Iraqi oil since the contract would be for a long time between (20-25) years, and most contracts Spaces are almost free of the risk because the oil and certain other arguments.

The student of the various contracts involved and their applications find that such contracts to contain include:

1. There are three parties and is the joint venture or joint party consisting of local and foreign party is the parent company and the company mixed.

2. The parent company (foreign company) Exploration and exploration operations bear such expenses in the absence of oil in commercial quantities.

3. In the case of the presence of oil in commercial quantities bear the expenses of the company mixed reconnaissance and recovered by the foreign company (the mother) through the kind of quantities of oil at a reduced price is called cost oil from these quantities are specific requirements on how long the recovery explained.

4. The parent company has operations in accordance with the Oil Marketing particular contexts.
Istqri which of these requirements, which summarize the common language of contract find that the contracts participating clearly different from the terms of concession contracts, which tends to some Altvserbonha be applied to contracts in Iraq under the new Constitution and the imposition of shops as expressed in the doctrine.

Through the conclusion that outlined for decades to participate, we find that these contracts suited to the current Iraqi situation with the commitment that there Harin parties in the contract so that the Iraqi party has the right contracting with any company to meet the conditions of free contract, especially with large companies, called the seven sisters.

Iraq's reserves as indicated by some of the literature estimated at 115 billion barrels of reserves is almost certain, but some indication that Iraq has more of these reserves as well as easy access to these reserves is less cost in the countries of the Organization of Petroleum Exporting encouraged Iraq to dictate terms in Under future contracts, including contracts that are part of the best contracts for the time being.

Perhaps if any guide, the Iraqi reality and our production is estimated that Iraq produced daily between (1.700 -2) million barrels per day and exports between the level of (1,3-1,5) million barrels per day currently, about (679) a barrel To the United States, where Iraq is the third country in terms of exports to the United States (according to statistics published by Newsweek magazine in the U.S. in April 2008), but if the law passed a new oil and gas and led to his participation in the implementation of contracts according to imagine wrangling benefit contained the essence of these contracts as We have said will reach production and export to the higher ceilings and especially if applied article 110 of the Constitution, where will the central government and regional governments have produced - in the application of federal _ to the common factor in the formulation of strategic policies to develop oil wealth and dictate contracts in accordance with the requirements and needs of the Iraqi people but to rely on long contracts The term of up Iraq convinced him that the momentum after the service contracts that give the full sovereignty of the state, and that foreign companies working as a contractor is paid.

http://translate.google.co.uk/transl...-8&sl=ar&tl=en