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

Continued.......

The banks use the term electronic
(Electronic Banking) or Bank of Internet
(Internet Banking) to provide services to the customer after the supply of some special software that manages the financial accounts with the bank and will be settled either by a remote m.obile phone or computer at home or automatic deposit and withdrawal of funds outside the bank in accordance with special programming to work e-banking.

Most of the Iraqi banks that have such a technical and banks will be the Web (Web Banking), including Gulf Commercial Bank as the bank will exercise all of the banking business after finding a new programming for the establishment of a central financial and administrative operations are managed by external, mechanical and electronic customer, the customer will also be number one for all banking operations and wherever found in Iraq, in addition to the many positive changes at the level of electronic services within the bank.

This will provide customers a modern electronic system allows the customer access to the account or any information, services and banking products through the bank by the communications network and information related to the central bank by the client computer and his own.

Course will include the Iraqi market for securities and dealing in electronic and financial settlement of the immediate rather than the current system.

But legal challenges will remain the state's public list of e-banking is required to be addressed immediately.

We hope that all interested in the adoption of the law to pass this legislation immediately, especially in the field of contracting and of proof and the obligation and the security of information and transactions and all security systems that ensure the interest of all parties.

It is modern and new challenges must be addressed legislatively and with all the details to be aware of all the new modern technologies that were put in the market, and it also requires knowledge of developments and strategies for the development of electronic commerce and production and muttering mutations technical and other information.

That increasing the knowledge revolution and the modern techniques of information and communication facilities will be great strides in meeting the needs and the provision of services, but it has certainly add to the positive aspects and would circumvent the problems and conflicts in the new era of electronic and digital, especially in trade and central banks in addition to the electronic e-government.

It's a new challenge for professionals in the fields of electronic, legal and call an urgent and firm on the need to coordinate the parties involved and is the state and the legislative branch and banking institutions (the Central Bank of Iraq) and the Association of Banks and m.obile phone service companies and the Internet in Iraq and suggested the creation of a central committee to coordinate projects and building laws and regulations to ensure that the proposed Official the success of electronic applications and attempts to prevent the penetration and fraud, crimes that we have outlined in detail.

That the work of electronic banking will be a leap in the development of large private investment and financial investment and trade will lead to increase savings rates and expand the customer base and reduce the use of cash transactions and the creation of commercial and banking relations and a broad and distinct Bklv less and less time and access to services in record time and with a permanent and continuous to ensure the health of and confidentiality of the information.

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Heritage strikes oil, shares increase

Canadian independent Heritage Oil has encountered significant oil shows during its drilling of exploration wildcat Miran West–1. Having reached a depth of 2,935 metres, the company said it had hit hydrocarbon shows over a staggering 1,100-metre interval, covering all three principal formations targeted, the Shiranish, Kometan, and Qamchuqua reservoirs.

The company is now preparing well tests for the wildcat, with its first drilling on the promising Miran licence, in the central part of the autonomous Iraqi Kurdistan region, west of Suleymania.

“The excellent oil shows over such a large interval of 1.1 kilometres highlights the multi-billion barrel oil potential of the prospects on the 1,015 square kilometre Miran licence, given the extensive area of the two Miran structures,” Heritage chief ****utive Tony Buckingham said, as the company gave its drilling update.

Heritage holds a 100% operating stake in the permit, but could see its stake diluted to 56.25% if all back-in options are exercised.

While the well has not been tested, the extremely large interval—reportedly containing sweet, light oil—indicates that a sizeable discovery has been made in an area in which expectations were already significant. Testing is expected to start in 10 days and take about a month to conclude, with eyes not only in the region, but in the rest of Iraq, likely to be fixed on the permit when the final results are expected.

Iraq and the Kurdistan Regional Government (KRG) have failed to reach an agreement for the possible export of KRG oil through Iraqi export infrastructure—which for now remains the only way out of the region recognised by all neighbouring states—as the central government of Iraq continues its refusal to honour production-sharing agreements (PSAs) signed by the region with IOCs. This is despite the fact that the KRG is the only part of Iraq where development has been ongoing for some time, while production is slipping amid political deadlock and inertia in the rest of the country.

Samuel Ciszuk, Middle East Energy analyst, IHS Global Insight

Robert Lindsay reports for the Times Online Heritage’s stock jumped nearly 27 percent after the news.

http://www.iraqoilreport.com/the-biz...ares-increase/

KRG-Baghdad still at odds over IOC pay

The war of words between the autonomous Kurdistan Regional Government (KRG) and the central government of Iraq has again flared up, with Iraqi Oil Minister Hussein al-Shahristani telling international media that it is the KRG that is holding up work on connecting its new oilfields to the national export routes—the only routes currently available to the region as Iraq’s neighbours are supporting its central government on the issue.

“Work is continuing to connect the [northern oilfields] to the Iraqi network. But there are objections from the KRG to handing over the oil, claiming that companies that developed the oilfields should be rewarded,” al-Shahristani told pan-Arab daily Asharq al-Awsat today, calling the IOCs that have signed the divisive production-sharing contracts (PSAs) with the KRG “fourth or fifth” level companies.

Meanwhile, the KRG’s prime minister, Nechirvan Barzani, told media yesterday that “if they [in the central government in Baghdad] are ready to accept exporting, we are ready”. He went on, according to Reuters, to add that “Shahristani’s policy is a failure and was the reason for the oil industry deterioration. He spent $8 billion to increase Iraqi oil production but the result is production has retreated.”

Al-Shahristani’s comments reveal the centre of the argument, which is not about whether the KRG should be allowed to export crude or not (provided there is a generally agreed revenue-sharing mechanism in place ) but whether the production share to which IOCs developing fields in the KRG are entitled under their PSA contracts should be respected. Iraq has turned against the PSA-based contract framework as a model—despite it being favoured by IOCs as it makes it possible for them to bank on reserves over the long term, giving them financial security and a better ability to raise project finance.

Hence, the Iraqi government has only agreed to split the oil revenues, collected as the crude is sold at the export terminals, between the KRG and Iraq, without respecting the contracted right for the producing IOCs to be paid first. This would mean that Iraq will give an agreed 17% of the export revenues to the KRG, while IOCs in general have production shares of around 15% as a compensation for their costs and investment, leaving virtually nothing for the KRG itself.

-Samuel Ciszuk, Middle East Energy analyst, IHS Global Insight

http://www.iraqoilreport.com/the-biz...-over-ioc-pay/

Central to the decline in the sales of 124 million dollars in the canteen

the U.S. dollar decreased sales of the Central Bank in an auction for the sale and purchase of foreign currency, on Thursday, to reach 124 million versus $ 135 million to $ 513 at the previous meeting.

The bulletin issued by the Central Bank and the Agency has received (Voices of Iraq) a copy of which was that "the total volume of demand for the dollar stood at 124 million and 950 thousand dollars at the exchange rate was stable compared to 1170 dinars per dollar."

The figure is a decrease from the previous meeting, which recorded total volume of demand for the dollar stood at 135 million and 513 thousand dollars at the exchange rate was 1170 dinars per dollar.

The Bulletin that "the demand for the dollar is distributed by 31 million and 740 thousand dollars in cash, covered by the bank at the exchange rate was 1176 dinars per dollar, including the central bank and a commission of six dinars per dollar."

With the value of remittances outside the country of 93 million and 210 thousand dollars at the exchange rate of the central covered was 1173 dinars, including the central bank and a commission of three dinars per dollar, "did not make any of the 17 banks participating in the auction, offers to sell the dollar

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Iraq agreed to establish an Arab Academy of Banking in Baghdad

The Ministry of Finance, on Thursday, that an agreement between Rafidain and the Union of Arab Banks to establish a bank in Baghdad, the Academy for the care of the Iraqi and Arab banks and development.

The ministry said in a statement received by the agency (Voices of Iraq) a copy of it, the general manager of Rafidain Abdel Azim Abdel Hussein al-Yasiri "agreed with the Secretary-General of the Union of Arab Banks in Beirut on the establishment of a joint conference of the Arab banks in Baghdad during the last quarter of 2009 and the establishment of this Academy bank in Baghdad to take care of the Iraqi and Arab banks and development "

The statement that it was also agreed to "establish a center for scientific research and contacts with international banks to provide the banks with the Iraqi and the Arab world reached by the banks to strengthen the capacities of Arab and keep abreast of relevant scientific developments."

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Maysan oil deal with four oil wells east of Amarah

The Director of Information Maysan Oil Company, on Thursday, the technical and engineering cadres in the company was able to dig or restore or detection of four oil wells east of the city of Amarah.

Said Ali Abbas Sadiq told (Voices of Iraq) said that the technical and engineering cadres in the Maysan Oil Company "was able to complete the drilling of 18 wells west of Abu and the rehabilitation of 16 wells in the west of the Abu Abu-west field (75 km east of Amara)", pointing out that the size of the "managed a disclosure to the other two wells within the field of oil Fakkah (70 km east of Architecture) and are Fakkah Fakkah 18 and 17 in preparation for Astslahama Hfarhma and in the future. "

He pointed out that the four wells, "has been invested by the size of the Iraqi fields, as is common on the border with Iran."

The rate of energy production for the fields of southern Maysan province from the current 100 to 110 thousand barrels per day, and the geographic reach of Maysan province contains six fields are productive and Abu Albozorkan West and Fakkah Alafaip and architecture in addition to a crazy oil joint venture with the South, also contains five fields unexplored and non-productive fields Hovaiza and Al-Rafii and points east and Dujailah and Kimmitt.

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Trade Minister: we seek to increase trade with Turkey to 20 billion dollars

"The Iraqi Trade Minister Abdul Falah Sudan, Thursday, that Iraq is moving towards lifting the trade volume with Turkey to twenty billion dollars.

The statement quoted by the agency received (Voices of Iraq) a copy of which, by the Sudanese minister said that "Iraq has tended to raise the volume of trade with Turkey to twenty billion dollars."

According to the statement, it was "during a meeting with Sudanese Minister of Iraqi businessmen and Turkish," stating that "the business delegation accompanying the President of Turkey Republic of Turkey Mr. Abdullah Gul during his official visit to Iraq on Monday and Tuesday."

The Turkish President Abdullah Gul arrived in Baghdad on Monday (3-23) on an official visit during which he met the president Jalal Talabani and a number of Iraqi officials.

Gul's visit is the first Turkish President to Iraq 33 years ago, where was the last visit to Baghdad by the Turkish President, then Honorary Koruturk in the year 1976.

The statement quoted Director General of Foreign Economic Relations Department within the Ministry Jawad Kadhim, "it was during the meeting to develop proposals to strengthen the process of raising the level of exchange and the possibilities of cooperation between Iraq and Turkey in all economic activities" and that "the means to secure the lifting of the trade exchange volume between the two countries to about twenty billion dollars. "

The Sudanese minister added that the "proposed in this meeting held an economic forum for businessmen on the sidelines of Gaziantep, which will be held in May next," and to "discuss the formation of a joint council for businessmen in both countries, as well as research to find additional outlets border for the purpose of providing the necessary facilities to accommodate trade the future. "

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Iraq on the administration in Washington next April, the Economic

Commercial Attache, Embassy of Iraq in Washington, Thursday, الملحقية will on Iraq through the Economic of April next, pointing out that the embassy made the calls to the Iraqi ministries and the private sector investment and the branches in the governorates of the country.

The Novell-Hassan told Voices of Iraq (VOI), the trade الملحقية Iraq at the Iraqi Embassy in Washington, "will on Iraq's during the last week of April of next month in Washington, to express the desire to revitalize the Iraqi private sector to get out of the reliance on unilateral oil investment in Iraq ".

He added that الملحقية business in Washington "calls made to the relevant Iraqi ministries and the Iraqi private sector investment and the branches in the governorates of the country," noting that the goal of establishing Iraq's economic and Washington is "to highlight the investment opportunities in Iraq to the giant American companies, and how to take advantage of the evolving security and political stability in the country, which is an incentive for American companies in particular and the world in general to enter the Iraqi market to work with public and private sectors."

He noted the possibility of "working in the fields of energy, transport, industry, housing, health and aspects to assist in the reconstruction of Iraq."

Hassan pointed out that Iraq's economic "models will include some of the products," he said.

He revealed that dozens of American companies "willing to enter the Iraqi market, with a fear that some of them الملحقية to remove them through interviews with them, that some of the media is anti-Iraq for reconstruction and operation of the wheel of economy and investment".

However, the investment companies, "demanding more assurance in the investment law No. 13 of 2006 that some projects require long periods for the implementation of projects, particularly the strategic."

He stressed the need to create an investment environment by several parties and non-governmental investors to bring to Iraq for the implementation of projects serving the country and its economy."

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A government committee working on the restoration of Iraqi funds from Arab countries and developing

The Ministry of Finance through the Committee on the management of government funds, the mechanics of the restoration of Iraq, which lost over the past decades, which was submitted by the system for some Alambad States.

The source said the Ministry of Finance, told a news briefing on Thursday that the committee working on the recovery of more than 3 billion dollars and the accrued benefits for more than a consequence of the latter two decades a number of Arab countries and developing countries.

He pointed out that the government will be visits to several countries in order to resolve this important issue, noting that Iraq's debts are divided between the Arab countries including Egypt, Morocco, Somalia, Sudan and other developing countries in the world.

The system was Alambad had missed during his reign, to pitch the Iraq money gifts to dignitaries and companies without an account, has also signed contracts with the fake to benefit from its support in international forums.

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Investment Authority has seminar to discuss projects that will be put up at London Conference

The media is responsible for the investment, on Friday, that the Commission will hold a symposium, on Saturday to discuss the investment projects which will be put forward by Iraq at the London Conference to be held in late April.

The Alamo Gina told (Voices of Iraq) that "the investment will be held tomorrow (Saturday), a symposium in the Rashid Hotel in Baghdad, to discuss investment projects will be put up by Iraqi investors during a conference will be held in London on the 30 of next April," adding that the symposium will be the presence of major investors, "he said.

And on the conference to be held in London, explained that the purpose of the Alamo "to promote and attract investments to the Arab world and Iraq, where it will be a major British and European companies," adding that he would be, "he concluded negotiations on attraction of investment in various economic sectors in Iraq," and in the presence of "all the ministries concerned with investment and projects".

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