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

Crescent, Dana reveal plans to set up 'gas cities'

The UAE's Crescent Petroleum and affiliate Dana Gas are planning to set up at least four gas cities in the Middle East and North Africa region as it seeks to tap growing demand for hydrocarbons.

Crescent's ****utive director Majid Jafar told the Reuters Middle East Investment Summit the company was looking to invest several billion dollars on the infrastructure of those cities and attract tens of billions of dollars in investments.

"We submitted several proposals but in Kurdistan, it's the most advanced," he said, adding that the land has been allocated and they have already started gas production.

"We are also pursuing projects in two other locations in the GCC and in North Africa," adding that they will be gas cities, Jafar said.

The companies began supplying gas in Iraq's Kurdistan region after completing the first stage of a $650 million project, they said in October.

"We have already been approached by local authorities in other parts of Iraq to replicate gas city concept in Anbar in the west and Basra in the south because the same economic drivers exist," Jafar, who is also a board member at Dana Gas, said.

Jafar said the joint venture was looking to build "large-scale projects" in its gas city in the Kurdish areas of Iraq, including for fertilisers, cement, methanol and steel. Investors from the Gulf Arab region and Asia had shown interest, he said without specifying which companies.

The two companies also signed up last year to evaluate the region's gas reserves and to build a large gas-fed industrial complex called Kurdistan Gas City.

Initial investment in the basic infrastructure for the complex would be $3 billion. Dana and Crescent are leading the development and looking to attract partner companies.

"What we have in Mideast are not only higher reserves but also cheaper reserves to develop and bring on to production," Jafar said.

"So perhaps now there might be some positive consequences of oil prices steadying."
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http://www.arabianbusiness.com/53698...-up-gas-cities

Iraqi Parliament endorses Article 50 of Provincial Elections Law

In its session today, the Iraqi Parliament ratified on Article 50 of the provincial Elections Law according to the suggestion of July 22nd blocs and according to recommendations of the UN’s envoy Stephan De Mistura.

In a press statement to PUKmedia website correspondent, MP Younadim Kana said “according to this suggestion, the number of minorities’ seats was reduced to one seat for each component in Ninawa Province.”

On its side, Kurdistan Alliance Bloc voted against this suggestion because it opposes De Mistura’s recommendations.

http://pukmedia.com/english/index.ph...=7356&Itemid=1

Crude Oil: OPEC Targets $80 per Barrel

The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Chakib Khelil, has warned that member countries must implement agreed production cuts if they want stable oil prices – even as the cartel targets prices ranging between $70 and $80 per barrel in the months ahead.

Oil prices currently hover around $65 after enjoying a lengthy period of boom, peaking at $147 in March 2008. Nigeria has reduced its budget benchmark from $62.50 to $45 for the 2009 budget.

Khelil said Saudi Arabia, the world's biggest oil exporter, would be key to the success of any cutbacks, adding that markets were waiting for Opec countries to cut output, as agreed in Vienna last month.

Khelil, who is also Algeria's energy and mines minister, told Algerian radio that if Saudi Arabia took its time in cutting production, oil prices could be affected, the BBC website reported yesterday.

PUKmedia :: English - Home

Iraq: US Reply to Security Pact Changes After Election

Iraqi officials say they expect the Bush administration to respond to Iraq's proposed amendments to a draft security pact after Tuesday's U.S. presidential election.

U.S. and Iraqi officials have been trying since May to finalize a deal that would allow U.S. troops to remain in Iraq after a U.N. mandate expires at the end of December.

Iraq is proposing changes to a draft agreement to give Baghdad more authority over U.S. troops and guarantee that Iraqi territory will not be used to attack other countries.

http://pukmedia.com/english/index.ph...=7348&Itemid=1

President Talabani: Security pact is necessary to complete national sovereignty

During an interview with al-Daera T.V show broadcasted by Al-Iraqia ********* channel and was dedicated to the pact which is decided to be signed between Iraq and U.S., President Jalal Talabani emphasized that the title of the pact is clear which is an agreement of the coalition forces withdrawal from Iraq and to accomplish the full sovereignty of Iraq.

The President said that the title of the pact is not the security one but an agreement of the coalition forces withdrawal from Iraq.

He also talked about the misunderstanding of some parties about the content of the agreement he said “Unfortunately, many Iraqis do not know what is behind the scenes, Iraq is not an independent free country, we are still under the U.N resolutions that impose a kind of occupation and make Iraq’s sovereignty incomplete. The sovereignty over our airspace, waters and lands is still under the command of the coalition forces and arresting the Iraqi citizens is still in the hand of the coalition forces.”

The President also said that the pact is under discussion and that Iraqi still has the time, he said “The Prime Minister took a decision and handed over the proposed changes of the council of the ministers to the Americans, we are waiting the U.S. reply. We in the ****utive Council decided not to act unitarily until receiving the U.S. reply, after studying it we will have a unified stance.”

President Talabani appreciated the role of the Iraqi negotiator in the ongoing negotiations with Washington on the security pact, he said “The Iraqi negotiator is brilliant; I seize this opportunity to thank the Iraqi negotiators who launched in hard and critical negotiations with the U.S. side and made great achievements.”

PUKmedia :: English - Home

Higher demand for the dollar in CBI auction

Demand for the dollar went higher at the Central Bank of Iraq (CBI) auction on Monday, registering at $177.125 million, compared to over $137 million in the previous session.

“The demand hit $47.705 million in cash, covered by the bank at an exchange rate of 1,179 Iraqi dinars per dollar; and $129.42 million in foreign transfers outside the country at an exchange rate of 1,176 Iraqi dinars per dollar,” according to a release issued by the CBI.

None of the 13 banks that participated in the session offered to sell dollars.

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

Higher demand for the dollar in CBI auction : Aswat Al Iraq

Central Bank Governor: falling oil prices threaten economic inflation Iraq

The Iraqi Central Bank Governor Sinan al-Shabibi the effects of slowing global growth and the sharp decline in oil prices threaten to plunge Iraq into further recession and increasing inflation fears in the Iraqi economy.

Shabibi said in a press statement, the growth of the Iraqi economy is slowing already because of the sharp decline in oil prices tumbled to less than half the highest level ever of $ (147.27) dollars per barrel recorded last July. Adding that the Central Bank of Iraq will take Into account the slowdown in growth when determining the new interest rates.

He Shabibi I think that there is a recession and a slowdown in global demand for oil in Iraq is affecting too much. There will be a decline in economic activity. "

And the political-economic-Shabibi said Iraq would have to change in monetary policy accordingly to support the real economy, noting that inflation remains important but our main concern is to combat the recession. "

The Central Bank of Iraq, had announced earlier it would cut interest rates by one percentage point to 15 percent in the next few weeks.

The Iraqi Cabinet was approved yesterday at its price of a barrel of oil b (65.5) in the proposed budget for 2009.

Translated version of http://www.ipairaq.com/inner.php?name=economy&id=1100

Central Bank emphasizes the promotion of the means required to stimulate the activity of credit bank

The Central Bank of Iraq on the importance of strengthening the means required to stimulate bank credit activity in Iraq.

An official source in the bank, told the independent press (Iba) today, Monday, to stimulate activity supportive of growth of credit real activity in Iraq is through activating the role of the commercial banking sector and the general trend towards the financial market and strengthen the funding levels desired.

He added that the Bank has finalized a plan to redress the gross domestic product, especially high rates of growth in the productive sectors, including while helping to raise levels of operational efficiency and use of the resources of the country's material and human potential. He pointed out that not opposed to the plan with the strategy of monetary policy and the requirements of building stability and macroeconomic balance and combating inflation.

The source continued that trend of strong coordination between monetary and fiscal policies had been taken to activate a range of unified framework of stability and economic growth desired and will steer the country towards economic self-reliance and Bmniy on imbalances in international economic and financial system.

The source noted that the bank take the opportunities and potential available in the aggregate supply and to accelerate economic sectors contribute to commodity and service in the gross domestic product, which will maximize the positive growth rates in the Iraqi economy.

The bank issued a statement announcing a reduction in interest rate monetary policy has adopted a 1 percent from the third day of November 2008.

Translated version of http://www.ipairaq.com/inner.php?name=economy&id=1099

75 billion dollars of investment contracts to the Arab countries and global in Iraq

Head of the Investment Authority in Iraq, Ahmad Reza contracts for investment projects made by the Arab countries and global estimated five and seventy billion U.S. dollars, saying that the Iraqi private sector is still unable to advance the economic process.

Reza said in an interview with "Uzmatik", today, Monday, that "decades of investment projects for Arab and foreign countries exceeded the cost of the project per 250 million dollars and a total value of 75 billion dollars distributed to all provinces of Iraq."

The satisfaction that the "Great City of Najaf was only 38 billion dollars for the construction of 200 thousand housing units and a number of hospitals in addition to a number of universities, factories," noting that "any project worth more than the 250 million dollars requires the approval of the Council of Ministers on."

The satisfaction that the "project contracts of less than 250 million U.S. dollars worth gross billion and 400 million dollars distributed to all provinces of Iraq."

The Chairman of the Investment Authority in Iraq that "the province of Karbala, won projects worth 70 million dollars for the construction of hospitals and recreational cities in addition to hotels, how Diwaniyah province received a dozen permits to build plants for asphalt and limestone bricks and cement."

Reza said that "the investment managed to overcome the obstacles facing investors, whether Iraqi or foreign through a single window through the body to obtain all the official approvals for the project," noting that "This review provides the investor services for other approvals required."

http://74.125.93.104/translate_c?hl=...wwSh4xTi0_1ZzA

Zebari: Obama told us he would not rush to withdraw U.S. troops from Iraq

"Iraqi Foreign Minister Hoshyar Zebari, in the early morning of Wednesday, U.S. President-elect Barack Obama told the Iraqis that he would not rush to withdraw U.S. troops from Iraq, expressing his belief that U.S. policy toward Iraq will not change Obama often the advent to power in the United States.

Zebari's remarks were made by less than an hour after the declaration by Obama won the votes of 338 adults, in return for his Republican rival John McCain on 141 votes, is the reaction to the first senior Iraqi official.

He said Zebari, Obama told Iraqi officials during his visit to Iraq that "will not rush to withdraw U.S. troops from Iraq if he wins the U.S. presidency," adding that "the Iraqi government, which welcomes and respects the choice the American people, do not expect a significant change in U.S. policy toward Iraq and that any change would be between overnight."

Zebari pointed out that Obama "to delaying the Iraq Study and consultation with Iraqi leaders and military commanders on the ground to determine the right policy", and expressed his belief that U.S. foreign policy "is the result of stable institutions and strategies, and change is not sudden."

Zebari noted that "there is a chance to establish a successful partnership with the U.S. administration" and he expected that "the same enthusiasm ***** Obama George W. Bush on Iraq."

However, the "Obama Whatever his future, but can not stop quickly from the U.S. policy toward Iraq, so do not expect a substantially during the new American administration because we are negotiating with the Bush administration now."

And on Senator Joseph Biden for the post of vice president, and the possibility of the return of the idea of dividing Iraq into three sectarian and ethnic entities raised by the Congress earlier, Zebari said "The idea of dividing Iraq is not open, and put Biden misunderstood, because it called To the federal ratified by the Iraqi constitution ", and" We are coming to the office of President Biden, the United States. "

Translated version of http://ar.aswataliraq.info/?p=107412