Thread: Archive - Latest News Think Tank - 15/01/09 - 04/05/09

Eni expects Iraq Nassiriya decision in April

Italy's ENI expects Iraq to award a contract to develop its Nassiriya oilfield in April, CEO Paolo Scaroni said on Thursday.

"Iraq is interested in making a decision quickly on this field," Scaroni said on the sidelines of an OPEC energy conference.

"Our priority now is Nassiriya, Eni has been involved in Nassariya for many years," Scaroni said. "It's a super giant field -- we've always been interested."

Scaroni has said the field could produce up to a million barrels per day of oil.

Spain's Repsol and Japan's Nippon Oil also want to develop the field.

Iraqi Oil Minister Hussain al-Shahristani said on Wednesday that Nassiriya's production was expected to reach 100,000 bpd within 18 months.

http://uk.reuters.com/article/oilRpt...34243320090319

Forecasts put the draft hydrocarbon law to parliament next April

Signed member of the Iraqi parliament to put the draft hydrocarbon law the Iraqi parliament during the next meetings in April next year.

The MP said the committee member of the Blu-oil and gas in an interview with Kurdistan News Agency (Akaniwz) that delayed acceptance of the draft law of oil and gas project was due to return for the last time to the parliament in January of this year, but was not included within the program of work, but prepared for the next round of Meetings of the Parliament in April 14 this year.

Expected to be one of the key issues raised in the next round of the Parliament is the law of oil and gas, because there are many pressures to accept this law.

http://translate.google.com/translat...26LinkID%3D105

Seaview....correct me if i am wrong...but doesn't in April next year mean this April coming in less then two weeks?....i know its hard to translate Arabic language but i am hoping that's what it means....could you clarify please?...thanks...Pat

Yes Pat - I think it is just the translation. I believe it to mean this April in a few weeks, well April 14th according to the article.

Financial accumulations of Iraq in the international development fund

A member of the Economic Commission Yonadam Kanna, we would not need the government this year to withdraw funds from the Central Bank of Iraq to cover the expenses of the investment budget.

He pointed out that Iraq had an estimated cumulative financial one and twenty billion dollars in the international development fund.

He added that the general budget for the year calculated on the basis of the price of a barrel of oil and high oil prices in world markets and access to the threshold of $ 50 for the first time in four months was the result of the collision of two submarines in the Strait of Hormuz, the Americas and will not be stable, this increase has declined over the next few days.

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Originally Posted by Seaview

New York Times: Iraq to consider offering the largest oil companies to invest

Iraq's government is considering the possibility of granting new incentives for foreign companies to attract foreign investment to increase oil production.

The New York Times quoted officials in the Iraqi Oil Ministry confirmed that the incentives include plans to provide the majority of shares in joint ventures for the development of investment oil and gas fields.

The officials stressed that it is possible to get foreign companies to more than 75% of the shares of new projects.

During the negotiations with dozens of companies and has so far offered to the Ministry of Oil shares of such companies not exceeding 49%.

According to the official measures carried out during the past year, Iraq asked international companies to participate in the expansion of oil production, but many companies were questioned in terms of the agreement with Iraq, claiming that it lacks adequate incentives, but the same time is eager to invest in the country, after the security improvements after Years of war and economic sanctions.

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The granting of new incentives for companies to attract foreign oil investment

Iraq's government is considering the possibility of granting new incentives for companies to attract foreign investment, in order to increase oil production.

Newspaper (New York Times) U.S. officials in the Oil Ministry confirmed that the incentives include plans to provide the majority of shares in joint ventures for the development of investment oil and gas fields.

The newspaper said Iraqi officials confirmed the possibility for foreign companies to more than 75% of the shares of new projects.

She explained that the Ministry of Oil has offered so far, shares of such companies not exceeding 49% during the negotiations that took place with them.

It is worth noting that Iraq had demanded international companies to participate in the expansion of oil production, but many companies were questioned in terms of the agreement with Iraq, claiming that it lacks adequate incentives, but the situation has now changed drastically after the marked improvement of the security.

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To raise oil production one of requirements of reconstruction & development strategy

The formation of a Supreme Council for the administration of oil resources has expanded its efforts by the authorities to increase oil production at the oil in order to cover the requirements of the budget revenues and improved After experiencing a significant decline in oil prices against the backdrop of the global financial crisis in the world ..

Economic reform and development trends and the implementation of large projects and the advancement of the country by the payment of many of the government and people's demand to lift the rates of oil production through the introduction of new technologies ..the best ways to achieve the goal .. Through investment, which is the shortest way for the development of the reality of crude oil production in Iraq .. Especially the ministry's plan for 2009 provides for the upgrading of exports to two million and a half million barrels per day, while Iraq is exporting an average of two million and a quarter of a million barrels per day during the past year ..

Iraq has begun, and new models of service contracts with oil companies for the establishment of foreign companies participating in the Iraqi area of drilling. And that Iraq will remain dependent on oil in the financing of the budget and investment plan in the coming years and that Iraq's needs and requirements of reconstruction and development which constitute the security for the construction of reality requires the advancement of oil, "said Hashim Al-Atraqchi President of the Federation of Iraqi Industries: The industries most of the Iraqi non-functional for more than twenty years, calling for support of the Iraqi private sector, who have suffered neglect, despite the Iraqi government has reneged on its promises to provide support, Achtazelth the formation of committees to give promises, which resulted in capital flight out of Iraq and the continued suffering of a large part of Iraqi Industrialists in the absence of such support.

He criticized the policy of the Central Bank of Iraq, which came to lift interest rates because they encourage foreign product to enter Iraq and stand in front of local projects, he said, Al-Atraqchi saying: that Iraq is one of the most countries that rely on small and medium industrial enterprises, and the Iraqi Industries Federation is a private-sector industries and cooperative, and mixed under the law European Union (No. 34) for the year 2002 and works to accelerate the operation of these industries (small and medium) at a time (70%) of those dependent industries before the year 2004, (30%) remaining card was working no more than low (10%) of the Energy factor productivity that ...

After 9 | 4 | 2003 we hope are good, and the wheel of the stalled labs ..But the results were opposite to where the stop to 90% of the laboratories ... Over the past few years was able to obtain the support of the National Commission for Employment and Vocational Training under the chairmanship of Minister of Labor to support the demands of the Iraqi Federation of Industries on the operation of small and medium industrial enterprises stalled the elimination of unemployment and of employment .. And enable the collaboration with the Directorate of Industrial Development, Ministry of Industry and the Economic Commission of the Council of Ministers to obtain industrial loans at concessional interest rates for private sector industrial projects ... Has been allocated 20 million dollars for this purpose ..

As well as the allocation of 30 million dollars to support new entrants to the labor market of college graduates and professionals of the establishment of new projects to eliminate unemployment and reduce spending on social protection assistance in the Ministry of Labor and Social Affairs ... But there are problems facing small and medium industries, including the new problems of lack of electricity, which is a lifeline for the industry.

The number of investors called for the establishment of a supreme council to control the investment of the investment activities in the country carried out by bodies and institutions of economic, investment and industrial as well as to amend the Companies Act and in addition provides for exemption of capital in kind of shares of companies which, if added, the foreign capital Sttuad to enter Iraq, could open the door the sale of shares in those companies to the citizens.

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The amendments to the Law on Investment

Carry many of the ideas of the existence of a new process of serving the country and investing the same time calls for amendments to Act No. 13 of 2006 with the aim of facilitating the entry of investors And streamlining operations for investment opportunities and in new directions in economic reform and transition to a market economy.

Observations and ideas concerning the law to lift the level of competition with the laws of other countries which were able to attract foreign capital and operation of real growth rates and opportunities to build economic and served it on this occasion, we find it necessary to involve all sectors concerned with the elaboration of these ideas and amendments and the need to study the distinct investment laws in the world, taking consideration of account the specificity of the Iraqi experience and the preservation of the environment of Iraq and the basics of the nature of the Iraqi economy and to take advantage of the technical, administrative and marketing while giving full guarantees for the owners of capital towards the Iraqi arena.

We must remind the decision makers in this area that the Iraqi market and the market and promising investment environment Bacre by stimulating competition, the required and the best selection of presentations and always take into account the security factor because the economic reconstruction and dealing with the units of measurement of time over his handling of the technical units Here is a clear example of race in the world Daily introduction of new technologies for the various aspects of life simple.

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"Made in Iraq," the dream of industrial sixth anniversary of the invasion

with the first day of the sixth anniversary of the US-led war in the U.S. 20 March 2003 to overthrow the former regime, the security industry to recover and return of Iraqi Industries, "Asroha gold."

As the sixth year industrialists still wish to return the words "Made in Iraq" on the covers of food and consumer goods, while the economists believe that the return of industry to the covenants, "gold" requires the provision of raw materials and the imposition of fees on goods imported Kmarkip.

Omar said the peace plant for the manufacture of women's footwear market in a Baghdad street, the river told (Voices of Iraq) that Iraq's industry today, "the worst Ozmanha live, because the remainder of the low-production plant," indicating that the goods that have invaded the market, "cheap and poor quality of raw materials offset by cost - the industry is why we leave the resort to the Factories and other work. "

"After that I was the laboratory for nearly 15 years today, I am a taxi driver in Baghdad's busy streets."

Ammar Ghazi As the plant for the production of molasses in the market, the briber and the beautiful in Sadr City, eastern Baghdad, he recalled, "If the Iraqi government is paying us today, and provided support and assistance to enable manufacturers to achieve production of high quality and has a sign-making in Iraq", he said, "We hope that our industry will covenants to the gold after the year 2003, however, that our dreams were far from the ground, however, did not reaping death and car bombs, shrapnel, "according to the source.

The Shahab-mate Manhal garment factory owner, told Voices of Iraq (VOI) that the golden age of Iraqi industry, "he went Osmaniat since the last century as the industry turned to the civil war to support the military then civilian industry and then returned in time after the economic blockade to stop the importer or almost meet, and we need local ".

He explained, "our profitability was the time in millions of dinars, we occupy a lot of hands working and today we are looking for work Snaana to meet the requirements of the difficult living", alluding to the events of 2003, "the borders are opened wide and into the various industries in the country at reduced prices while serving our consumers in the market stopped Glaiha compared with the imported prices. "

While the opinion of the Economic University of the Star-Bayati Mustansiriya round to Iraqi families, "now includes various articles of food and bear the marks of all States, however, made in Iraq," He told (Voices of Iraq), it is necessary to "give the role of the private sector making economic and political controls on the import, subject resources to control the quality control and oversight and the imposition of customs. "

He said: "The principle of partnership between the private and public sector will support the Iraqi economy and help significantly in overcoming the financial crisis that will affect it in the next few months."

According to Dr. Ammar Mahouelle teaching in the School of Management and Economics University of Baghdad, that "should be provided raw materials for industry-based national financial and liquidity as well as the training of qualified cadres able to meet those requirements by the advancement of national industry."

The "public sector companies have been looted and burned more than 152 companies has led to the destruction of the entire national industry", calling for "the development of comprehensive plans and the length of time based on the standard academic qualifications, because the industrial sector, the private and the public will save hundreds of thousands of unemployed labor work and invest the minds of hundreds of graduates who took the reef amid a source of livelihood for the government to ignore this segment which is supposed to build the country, "he said.

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Hashemi: The First National Economic Forum aims to address the Iraqi economy

Vice President Tariq al-Hashemi, on Sunday, the aim of the Iraqi National Economic Forum, the first is to address the Iraqi economy.

Hashemi said in a speech to mark the opening of the Forum in Baghdad in the presence of Vice President Adel Abdul Mahdi and Deputy Prime Minister Rafie al-Issawi that "the Forum aims to address the Iraqi economy since the global financial crisis solely to indicate it will have a broad impact and will continue for many years on the Iraqi economy."

"The effects will not recede in the financial sector, but will be on different sectors including the oil sector, which will reflect negatively on the public budget allocations for 2009," noting that "it is expected that the easing of foreign investment in Iraq and are affected by development projects and reconstruction in one way or another."

He pointed out that al-Hashemi, "The House of Representatives through its financial review of the state budget for 2009 and cuts amounting to 5 trillion Iraqi dinars from the allocation of staff and operational except for the social welfare network, and the percentage of reconstruction in the current budget of 20%."

He added, "The siege imposed on the former Iraq on the Iraqi economy to yield economy depends on oil resources not to mention that this was not the financial resources of the economy, but Todv spent on armaments and military industries."

And that "the available statistics show that 25% of the labor force absorbed by the agricultural sector with the fact that 30% of the population of Iraq are out of Iraqi cities, and that Iraq loses at least 5% of its territory suitable for cultivation and that the current inflation rate in Iraq is estimated at about 14% according to sources of the Central Bank of Iraq. "

He said that "there is variation in determining the unemployment rate, defined as official unemployment rate of 18-22%, the b is an indicator of the existence of a clear defect in the Iraqi economy."

Meanwhile, Hashemi said, "was issued on 3/5/2007 and the International Compact with Iraq in Sharm el-Sheikh summit in Egypt, and the document is aimed at the creation of a strong economy based on free market and the provision of appropriate standards of social life, commensurate with the needs of Iraqi citizens."

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