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

Dollar demand drops in CBI auction

Demand for the dollar was down at the Central Bank of Iraq (CBI) auction on Thursday, registering at $120.475 million, compared to $174.150 million in the previous session.

“The demand hit $33.115 million in cash, covered by the bank at an exchange rate of 1,180 Iraqi dinars per dollar; and $87.36 million in foreign transfers outside the country at an exchange rate of 1,177 Iraqi dinars per dollar,” according to a release issued by the CBI.

None of the 14 banks that participated in the session offered to sell dollars.

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

Dollar demand drops in CBI auction : Aswat Al Iraq

Agriculture minister urges UAE companies to invest in Iraq

The Iraqi minister of agriculture on Thursday called on United Arab Emirates companies to launch investment projects in Iraq, noting that good opportunities have become available in all fields.

This morning, Minister Ali al-Bahadeli attended the inauguration of the International Date **** Exhibition 2008 and met with a number of investors, according to a ministerial statement received by Aswat al-Iraq.

The minister went around Arab countries’ booths and urged UAE companies to invest in Iraq following the improvement in security conditions.

Agriculture minister urges UAE companies to invest in Iraq : Aswat Al Iraq

Iraq's presidential council approves three key Laws

Iraq's presidential council, which includes Iraqi president Jalal Talabani, Iraqi vise presidents, Tariq al-Hashimi and Adil Abdul Mahdi, today has approved three laws namely the law to condemn the Israeli embargo against the Palestinian people, Iraqi general census law and the law to combat smuggling of hydrocarbon and petroleum products.

The latter law calls for stiff penalties for smugglers ranging from fines worth five times the value of smuggled materials to imprisonment and confiscation of cars and boats used in the process.

It also states that any sabotage of oil plants, pipelines and storage facilities will fall under Iraq's terrorism law.

The law to combat smuggling of hydrocarbon and petroleum products will help protect hydrocarbon resources and help end fuel shortages.

http://pukmedia.com/english/index.ph...=7152&Itemid=1

Gates: We will refrain from any military mission in Iraq unless it signed Convention before end of year

22/10/08

Pentagon accuses Tehran of working to undermine the Convention and Zebari confirms that the amendments concerning the drafting of Iraq does not affect the substance

Robert Gates and Secretary of Defense U.S. forces in Iraq to refrain from any military mission that did not sign the Convention before the end of the year.

He said he could not offer a new draft of the Convention to Congress after he was offered the final draft that was agreed upon between the two sides. He accused Jeff Morel spokesman for the Pentagon Wednesday Iran of trying to "undermine" and "obstructing" the agreement nearing Baghdad and Washington to deal on U.S. military presence in Iraq after 2008. Morel said at a press conference that "Iranian interference in Iraq take all forms" including "Iranian attempt to undermine and obstruct the Status of Forces Agreement." For his part, Iraqi Foreign Minister Hoshyar Zebari said Baghdad would changes in the drafting of the convention but will not seek to renegotiate the substance. Zebari told Reuters: "in my opinion, I do not think it will make changes or substantial perhaps Bnyaoip some of the language or specific job, but the backbone of this Convention is reached by the parties." Iraqi and U.S. still disagreement on the right of jurisdiction on the immunity of U.S. soldiers hindered the signing of a security treaty.

He said the coming days will be decisive for the Convention. For his part, the White House said Wednesday that the security agreement on a long-term presence of U.S. troops in Iraq after the end of 2008, is about to become operational and any adjustments that might be the subject will be minimal.

The spokeswoman Dana Perino said the White House and U.S. Defense Secretary Robert Gates expressed it well yesterday when he said that "the door is not closed completely, but on a boat close to us." She added that if negotiators wanted a change at this stage it would have "very high barrier to remove them." For its part, the Iraqi government Wednesday expressed "concern" over the remarks, Admiral Michael Mullen, Chairman of U.S. Joint Chiefs of Staff, who warned Iraq of "serious consequences" if not to sign security agreement with Washington.

He said government spokesman Ali al-Dabbagh said in a statement "The government has received with deep concern the statements," Mullen. "The statements thus was not welcome in Iraq. All the Iraqi political forces aware of the size of their responsibilities and valued the signing of the agreement or not as they see fit." Ali al-Dabbagh, "should not impose coercive way to freedom of choice is not appropriate to communicate with the Iraqis in this way." Meanwhile, the spokesman said the "law enforcement" Major General Qassim Atta, Iraqi security forces could take over security tasks throughout the country. He told a press conference that "the security services are ready to take over security, especially after increasing the number of those forces and develop their security." He said Iraqi forces "took over security duties in 11 counties and soon will be to take over functions in the other governorates."

For his part, spoke of U.S. Defense Secretary Robert Gates on the "reservation" in Washington to introduce amendments to the draft security agreement with Iraq as requested by the Iraqi government and warned of "serious consequences" for the absence of an agreement governing the presence of U.S. troops in Iraq. It is assumed that this will be resolved under the agreement the UN mandate's U.S. troops and ends in Dec. 31 to form the legal basis for the presence of U.S. forces in Iraq. He said U.S. Defense Secretary Robert Gates, "There is a large reservation on further work on the project" I have the American side because the government held consultations on the current agreement with Congress. "It's a pretty good deal for us and them," stressing that this provision "to protect Iraq's sovereignty." But Gates said "if they (the Iraqis) to refer to something we have not thought about it or if they were not seen problems, we have to deal with it seriously." The U.S. defense secretary "did not close the door, but I say we are about to close." The White House said it is waiting to see what amendments calling for the Iraqi government concerning security agreement. For his part, said State Department spokesman Sean McCormack said "a good text and solid." He repeated the phrase, "We believe that a good text" twice. "We are waiting for comments, but we will not announce any position before receiving comments on the Iraqi government, official comments."

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

Egyptian delegation to visit Iraq secretly to import crude oil & service projects

Al «Egyptian Today» that the high-level delegation from the Ministry of Petroleum is currently on a secret visit to Iraq to search for opportunities for the participation of Egyptian oil companies in infrastructure projects, rehabilitation of basic oil there.

Due to discuss the delegation, headed by Engineer comprehensive Hamdi, first undersecretary of the Ministry of Petroleum, Taha Abda'er, President of the General Petroleum Corporation, rehabilitation projects and the development of oilfields and refineries, pipelines and production platforms, repair and maintenance of wells and drilling new wells and carry out maintenance.

An official at the ministry that the Egyptian delegation will discuss for the first time the possibility of signing a contract with the Iraqi oil ministry to import 2 million tons a month from Iraqi oil, for use in local refineries, adding that this step comes against the background near the end of the supply of such quantities of the Kuwaiti side of the body General Petroleum month.

The Engineer Sameh Fahmi, Minister of Petroleum announced after visiting Iraq in the seventh of October this as the conclusion of an agreement with Iraqi Oil Minister Hussein Shahristani to develop a strategic agreement between the parties for cooperation in all areas of oil and gas industry and develop the necessary mechanisms to implement these plans.

The Iraq ranks third after Saudi Arabia and Iran in terms of proven oil reserves estimated at 115 billion barrels, and about 112 trillion cubic feet of natural gas, still 90% of undiscovered oil wealth, and needs significant development processes, while facing Refineries difficulties, including lack of refined petroleum products.

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

Iraq oil exports expected to increase in November - Oil Min

VIENNA, Oct 23 (Reuters) - Iraq has exported around 1.8 million barrels per day (bpd) on average this month and shipments should increase slightly in November, Iraqi Oil Minister Hussain al-Shahristani said on Thursday.

Earlier this week, the oil ministry had said exports fell in September to only 1.64 million bpd because of power shortages and technical problems.

http://www.iii.co.uk/news/?type=afxn...action=article

Iraq Will Have To Reconsider Oil Projects For 2009 - Oil Min

Iraqi Oil Minister Hussein al-Shahristani said Thursday that he is concerned by the recent fall in oil prices and that Iraq will have to reconsider some of its proposed projects for 2009.

Arriving in Vienna for an extraordinary meeting of the Organization of Petroleum Exporting Countries, Shahristani said he expects all OPEC members to agree a cut in oil production at Friday's meeting, and that the cartel could decide to cut production further at its next scheduled meeting in December.

Shahristani said that in the U.S. alone oil consumption had fallen by 1 million barrels a day in the past year.

Company News Story

UPDATE 1 - OPEC needs to cut, Iraq Budget at risk - Minister

Oil demand has fallen steeply and an OPEC production cut is needed, Iraqi Oil Minister Hussain al-Shahristani said on Thursday.

"The demand for oil has gone down considerably over the past few months," he told reporters ahead of OPEC's Friday meeting.

"The current production inside OPEC and outside OPEC is more than the demand, so obviously that will require a cut in the production because there are no buyers," the minister said.

Shahristani was asked if he was concerned by the sharp fall in the oil price: "Yes, absolutely, our budget for 2009 is based on $80 a barrel, any fall beyond that is going to cause strain on our budget," he said.

He was then asked if Iraq would be forced to reconsider any energy sector projects.

"No," the minister replied. "We may have to reconsider our proposed budget for 2009 but we have not decided yet where the cuts are going to be."

http://www.fxstreet.com/news/forex-n...7-6bc27575b9bc

Attiyah confirmed the signing of the security agreement soon

News agency reported - Baghdad
Visited the First Deputy Speaker Khalid al-Attiya, today, Thursday, the highest religious authority Ali al-Sistani in Najaf province.

Attiyah said in a press release following the meeting that he discussed with Mr. Sistani's political and security situation on the Iraqi arena, including a security agreement to be signed between Baghdad and Washington. The question of signing the agreement after objections hamper the United Iraqi Alliance on a number of items, which they described P.a.l.mtatip and soldiers immunity American contractors with military-mail in addition to scheduling the withdrawal of troops from Iraq.

Translated version of http://www.khabaar.com/news_view_1265.html

Find the Giant Oil Companies to exploit fields of Iraqi Kurdistan game rules complex

Iraqi Kurdistan, London - - with mounting concern the oil wealth of Iraq since the U.S. invasion of the country in 2003, companies found the global non-southern Iraq Bkhozin promising oil and other mineral industry may balance the volatility of oil in the world, that Iraq's Kurdistan region is full of teams of the day Experts and engineers in addition to the numbers of traders and Mrtezki security. On this new phenomenon in the northern area seeking secession reporter quickly wrote "The Observer" a report from the city of Arbil said: "no personal heavily armed guards fun in their work now. The situation is" boring "Now he has been a very" hot "as According to Ivan, a former Serbian military police, who currently serves as a bodyguard for foreign companies in northern Iraq. Before the start of commercial aircraft in Iraq since 2003, and his twin brother Stojan transfer their European businessmen in armed convoys through the mountains and border areas which are not subject to law Turkey to Iraq. This was pursuant to an interesting, as saying.

Today, the plane carrying businessmen to Arbil airport in the north of the country, surrounded by tight security all the time, this is a unique style in welcoming newcomers by way of Iraq. However, in the vicinity of a completely different, and the "Sheraton Park" soft compared to Buckingham Palace in London, met Iraqi Oil Minister Hussain al-Shahristani with officials of the companies "Shell" and "BBC" and "Exxon ******" and "Chevron" and "Total" And dozens of other foreign oil companies. And presented them with eight contracts for the development of eight of the biggest oil fields BAGHDAD hopes from behind twice to double that output to 4.5 million barrels of oil a day.

The company agreed "Shell" last month to invest 4 billion dollars for a joint venture to produce gas in the south. It also became the first oil company head offices open itself always in Baghdad, although most foreign oil officials are reluctant to visit the Iraqi capital for security reasons, which foiled the pressure exerted by the Iraqi Oil Ministry to attend meetings there.

After five years of Algswalamirki Iraq seems that there are active steps began to develop the vast oil resources of foreign companies that have been eagerly awaiting. But despite the improved security situation and the Baghdad numbers of contracts, many questions remain, as Samuel says Chezok of the Office "Global Insight." Aware of the directors of "Addax Petroleum", a small Swiss oil company operating in the "Taq Taq" near Arbil, Iraq is not easy place to work. Production has been brought in the field since July (July) because the regional government of Kurdistan, which controls the semi-autonomous region government did not extend the licensing company.

Furthermore the importance of such long-term plans for the company "Addax" and its partner, the Turkish "General Energie", which aims to increase output to 150 thousand barrels a day and surrounded by Guillaume doubt. Because there is no pipeline from the field, not enough trucks to transport oil and sold at local market prices are usually lower than current prices.

And says "Addax" The best it can be transported in this way is 60 thousand barrels a day. Did not start the oil pipeline that Baghdad has banned the Kurdistan regional government export oil from the region. The end effect of this ban until after the national oil law, which will determine which party controls the oil and determine how to exploit it.

The problem is that Baghdad and Iraq's Kurdistan regional government in the development of the new law on the ice two years ago, no one knows when they will be demarcated.

In his interview with "The Observer" The President of the Board of Investment Hric forbidden in the province that Muhammad should be to the Kurdistan regional government full powers to control the oil region. He said: "When we take up the issue of natural resources and oil, we're talking about our constitutional rights and, if our friends in the rest of Iraq believe that we should not do so, the problem is on our side of the pitch."

But despite the problems Iraq is a country which attracts many. It is estimated reserves of oil b 112 billion barrels, then it is the second largest reserves in the world. Is still a large sector of the country not yet explored, as is the least of which production costs in the world.

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