Thread: Archive News - Iraqi Dinar Think Tank - 06/05/09 - 04/09/09

Investment Authority, calling for parliament to vote on amendments to the Law on Investment

called the National Authority for Investment to speed up the House of Representatives to vote on the amendments that were added recently to the Investment Law No. 13 of 2006.

A source in the body, told the independent press (Iba) said on Saturday that God completed the amendments demanded by the political and economic points of earlier been submitted to the Council of Ministers, which in turn submitted to the House of Representatives, but so far we have not been voted on by parliament. The source did not give paragraphs that have been modified.

He added that what mattered was to participate with the state in support of investment projects with a genuine desire to establish investment partnerships in Iraq and to contribute to the reconstruction and construction of corporate and foreign capital.

He stressed the importance of involving the private sector in Iraqi reconstruction projects as the main pillar of the economy in many countries of the world, indicating that the body has been engaged in the creation and holding of seminars and meetings within and outside of Iraq and activating joint cooperation with investors.

The source said that after the change experienced by Iraq, the view state of the economy based on the basis of a free market economy, but not to the fullest extent and thus emerged the need for new economic laws compatible with the nature of economic developments on the domestic scene.

The President of the Sami Araji announced approval for the plant to generate 400 MW of electricity by solar cells in the province of Karbala. A source in the body that a delegation of the German company held discussions with the Board and the Ministry of Electricity for the implementation of the project. The station will also intensify the resulting steam to generate electricity and turning it into enough water to plant 55 thousand dunums of agricultural land, in addition to the plant will consume 15 million cubic meters of gas (CO2) harmful to human health.

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Economic adviser: a lack of understanding of the economic scale of the disaster in Iraq and criticism of the declaration of the oil contracts

said the economic advisor of the Council of Minister Abdul Hussein Al-Anbuge to criticism from certain quarters to declare contracts of the recent oil licensing refers to a lack of understanding of the economic scale of the disaster experienced by Iraq.

Anbuge He told the independent press (Iba) today, Saturday, that any action resulting in the financing of the Iraqi male of the Exchequer will lead to solving the economic problems experienced by Iraq during the recent years, which disrupted production and damaged infrastructure and reconstruction plans were frozen.

The AL won a British company to hold Rumaila triumph of the will of Iraq - as he put it. He is a step towards the economic development of large and will enable Iraq to produce 4 million barrels per day during the coming years, especially if the perspective of the foreign company Ststhsal taxi only two dollars a barrel for the extra energy beyond the design of the field of $ 1.85 million barrels at the line to proceed.

He noted that the AL will be deducted a total of 35 per cent tax for the treasury of Iraq, and 25 percent to establish an Iraqi company in the future of this decade.

The company won a "BP" the contract after it refused to Exxon Mobil, the U.S. terms of the Iraqi government on charges of producing a barrel on the field that contains an oil reservoir at 17 billion barrels.

It is noteworthy that the oil sector requires large investments after years of decline in spite of Iraq's possession of the third-largest oil reserves in the world, an estimated 115 billion barrels.

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Concern to the United States from approving a new constitution strengthens the demands of Kurdish northern Iraq oil

He said State Department spokesman Philip Crowley in Washington that the United States is very concerned about the adoption of a new constitution strengthens the demands of Kurdish northern Iraq oil.

Crowley said in a statement to reporters that Iraq has a lot of work to be done, he said, adding that there is a debate in Iraq about the powers of the central government and regional government authorities, and the United States encourages all Iraqis to work together to meet a variety of challenges.

He said that if the goal of Iraq and the United States is to consolidate Iraqi national unity, it is better to initiate the various domestic parties to work together to resolve outstanding issues and move forward at all levels of political and social development.

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Soon: Iraqi-foreign gas firm to see light of day

The Iraqi Oil Ministry will soon reach an agreement with the giant companies of Shell and Mitsubishi to form an Iraqi-foreign firm to invest in the natural gas that comes along with the excavated crude oil in southern Iraq, the Ministry’s spokesperson said on Saturday.

“As a first step, the investment will embrace around 700 million standard cubic meters of natural gas,” Assim Jihad told Aswat al-Iraq news agency.

“The project will provide gas to power stations, petrochemical facilities and gas factories,” he said.

Currently, Iraq consumes its natural gas by burning it.

http://en.aswataliraq.info/?p=115930

PARLIAMENTARIANS Radio Tigris: a divergence of views on a visit to Kuwait, al-Samarrai

Criticized by a number of parliamentarians to visit the Chairman of the House of Representatives, Iyad al-Samarrai, calling Kuwait to visit the personal opinion of Congress, while others said the visit was to discuss the debt and compensation Kuwait of Iraq.

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Trade: withholding the ration card items for high income earners

The Director-General of the Department of Planning, Ministry of Trade and Supply luxury Riad al-Hashemi's decision to withhold the ration card items for high income earners only and does not include a person includes the members of his family.

Hashemi said in a press statement on Sunday that the measures include the blocking of all citizens who have a monthly income of more than a million and 500 thousand dinars and not the staff members only.

He said the voucher card needed citizen walking in the transaction will contain the official name of the person covered by Bahadjb with a specific reference about the name refers to the reason for the block.

The address of all government departments to provide detailed data on who, in order to collect accurate information on the members of the private sector and individuals who increase their income to the amount specified in order to withhold the items on their card.

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Originally Posted by Seaview

Soon: Iraqi-foreign gas firm to see light of day

The Iraqi Oil Ministry will soon reach an agreement with the giant companies of Shell and Mitsubishi to form an Iraqi-foreign firm to invest in the natural gas that comes along with the excavated crude oil in southern Iraq, the Ministry’s spokesperson said on Saturday.

“As a first step, the investment will embrace around 700 million standard cubic meters of natural gas,” Assim Jihad told Aswat al-Iraq news agency.

“The project will provide gas to power stations, petrochemical facilities and gas factories,” he said.

Currently, Iraq consumes its natural gas by burning it.

http://en.aswataliraq.info/?p=115930

Agreement with Shell and Mtsiaubaishe Iraqi company to establish a foreign invested gas in Basra

Ministry spokesman Assem Jihad, the oil close to reach an agreement with Shell and Mtsiaubaishe Iraqi company to establish a foreign invested burning associated gas in the province of Basra.

Jihad said in a press statement published on Sunday that this will impact on the local market through the provision of quantities of gas for power plants, petrochemical plants and gas plants, so as to achieve balance in the provision of fuel for internal use.

He explained that the company will contribute to Iraq's foreign in achieving a large part of the local need, and will enter Iraq to the world market by exporting the surplus of gas to neighboring countries and Europe, will be done in the next few months.

The Oil Ministry was held last year with Shell agreement approved by the Council of Ministers, and provides that during the year of the signing of the contract has been reached to define the legal and technical frameworks for Shell, which will operate in accordance with Iraqi law and the conditions set by the Ministry of Oil to invest the best of the gas.

Only a few period and ending the year in which the initial set to form a joint venture.

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Hashemi calls for the cancellation of Bremer's instructions and the adoption of new import controls

Vice President Tareq al-Hashemi, to review the import and export controls, which are still in force on the instructions of the former civil administrator Bremer.

Hashemi stressed during his meeting with President of the Federation of Iraqi Industries Hashim Znon on the need to develop appropriate mechanisms to control the import and move away from imported goods flooding the market at the expense of the national product because of its risks related to national security and the safety of Iraqi citizens.

A source in the office of al-Hashemi told the independent press (Iba) today, Sunday, has been discussed during the meeting, the recommendations that came out with an economic forum hosted by the Hashemite early March of this year and the need to adopt a philosophy of economic fit the current situation in Iraq, also briefed the Vice President during the meeting, the obstacles facing the private sector.

On the other hand, heard at the meeting the president Hashemi and members of the Iraqi Union of producers of d.rugs to an overview of the work of the Union and set up the conditions and obstacles faced by the pharmaceutical industry and in particular the reluctance of the Ministry of Health for the purchase of the entire drug product

Source said that al-Hashemi stressed in this context, the need to support the local pharmaceutical product that the pharmaceutical industry of strategic industries, especially medicine and the Iraqi comparable items for the drug manufacturers in the world in terms of quality.

Hashemi also said that in issuing the white paper meant to be followed economic philosophy based on the support of national production as a consequence of the economic, social and security through the provision of jobs for the unemployed, which calls for a review of import and export controls, which are still in force, unfortunately, on the instructions of the civil administrator Bremer.

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Experts: the need to identify areas of investment the Government of Iraq to Kuwait in the event of approval of the proposed al-Samarrai

Two economists saw the need to define the areas in which the Iraqi government could invest in the State of Kuwait in the event of approval to the proposal submitted by the Chairman of the House of Representatives of Kuwait, Iyad al-Samarrai, containing investment money damages against Iraq.

The Samurai, this proposal in the conclusion of his visit to Kuwait four-day visit focused on the relations between the two countries are strained due to the controversy over the issue of compensation.

He said, "We tried to offer an alternative solution, which is to open it up a return for this investment of Kuwait into Iraq."

The experts interviewed also told the independent press (Iba) on Sunday signed an agreement to compile the amount of compensation proposed by the follow-up actions by the foreigners were working in Kuwait during the previous years.

The link member of the Society for Economic obstacles to the opening of Iraq against Kuwait investment partnerships with national companies in Iraq. He says the proposal was welcomed by political and popular circles in Kuwait, which comes within the Government's new policies for the settlement of Iraq's outstanding problems with neighboring countries, particularly the State of Kuwait in order to achieve comprehensive and sustainable development, strengthening the role and participation of the private sector in the development process.

He added that the Iraqi government to identify areas that could invest in is in the interest of the parties of Iraq and Kuwait during the partnership in the implementation and to identify the real needs of the national economy. Stressing that the initiation of this step will establish a joint Arab policy in the future.

And the importance of enhancing the obstacles to take advantage of the Kuwaiti companies to enter the local market that is not at the expense of local companies that need to be paralleled in the experience of partnerships - as he put it. Warning earlier reports indicated that the foreign workers filed claims of malicious and are listed in the awards.

The obstacles that the new law in the formulation of the investment was important to observe the principles of the lifting of the efficiency of the private sector and strengthen its involvement in economic development towards the creation of a free trade zone between Iraq and neighboring countries.

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CBI dollar sales up to $155m

Demand for the dollar increased in the Central Bank of Iraq (CBI) auction on Sunday, reaching $155.130 million compared to $126.580 million in the previous session.

“The demand hit $22.130 million in cash, covered by the bank at an exchange rate of 1,183 Iraqi dinars, and 133 million in foreign transfers outside the country, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by Aswat al-Iraq news agency.

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

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