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

The economic challenges in the wider context

First: "Public Finance and reflect the current status of the initial indicators of the public finances in the next few years on the economic difficulties of the situation e.xac.er.bated by the decline in crude oil prices

The narrow scope of choice "for most. Vemoazinp next year, tied a large amount of operational expenditure is estimated at about 52 trillion dinars, the equivalent of the oil resources around," according to the price of Iraqi oil supposed that not more than 60 dollars a barrel.

The estimated capital expenditures, the budget of 2010, about 15 dinars, see Leon and the deficit is close to 10 trillion dinars.

The amounts of crude oil, electricity and liquidation are not commensurate with the minimal critical importance of those sectors and agreed upon by all. It seems that the uncertainty and hesitation on the role of foreign investment and contracted versions of the appropriate resolution and the difficulty of the pressures faced by the Central Government, has frustrated the development of programs of energy production and export of crude oil and even liquidation of investment in industry, and financial budgets to reflect that concern. The financing of new power projects, which reliable for the solution of the problem before 2012, has been developed outside the original 2009 budget, "and plunged the sector into a debate with the Central Bank of Iraq's most dangerous on the joints, the relationship between public finance and monetary institution, which is regrettable that the issue be discussed on the sidelines again, the electricity, and in a hurry While it was necessary to investigate the facts and dealt with systematically, "as serious in itself, and not because it is associated with a" delicate problem in the eyes of the public. It is noticed that the estimated non-oil revenues from domestic sources is still limited and not able to stakeholders and the adoption of a clear system of measures to increase.

The review of operating expenses are still conservative, and as if do not want to prejudice to the solid circles and groups associated with the gains of the operational expenditure, and was expected to announce the cuts at the detailed level in the allocation of expenses and paragraphs are and to reflect those procedures, the first place, a sense of the administrative staff of the advanced state of its responsibilities, Achkas and willingness to participate in a portion of the burden of the difficult financial situation, and this is what he wants the community, to promote confidence and trust Balnkhb leadership on the economic future of the country and revive the hope of combating poverty and promoting social justice. need, "stated the principles upon which the priorities of the government to additional efforts in order to become really to the program of work for the Department of Finance, the researcher found it difficult to connect them with the estimates of revenue and expenditure allocations, with the observation of improvement in the presentation of those principles, compared with previous years.

Seems to change the situation on both sides of the financial revenue and expenditure is still elusive, requiring a focus on the social - political in the economic aspect away "conflict of visions and goals on the distribution of powers and administrative positions and roles. It is well known that the higher national interests of Iraq, the economy requires a focus," a key "is a joint activity of the national political commitment to raise the requirements of the Iraqi economy, and not to allow the employment problems in a speech last Tnahari the entire election cycle is not limited to the period usually devoted to the debates that preceded the elections.

II: the need to break the impasse difficult decisions:

- There is no doubt that the need has become urgent to increase revenues and must not surrender to the terms of the current situation, must take urgent measures to increase crude oil production, increased significantly during 2010 and increase exports to 3.5 million barrels per day by the end of 2012. It is not many options for Iraq should be to intensify efforts towards those goals.

- And was expected to direct a comprehensive and systematic audit of all the items of operational expenditure, including the appropriations and contracts for the supply of goods and services in all its forms, and this is not the aim of reducing the total spending, but to ensure that the best disposition of resources and gains from the re-allocation of society and sees indeed contribute to increased prosperity and better standards of service delivery governmental organizations.

- Which helps to alleviate the problems the adoption of a sustained program of action necessary for the cell managed to increase local revenues and reach for more clarity and detail to meet the shortfall, based on the intensive care unit and the realities of the economic situation and the necessary relations, and examines the experiences of other countries without Mspqat ideology, and this requires the departure of current methods in address economic issues and to commit stakeholders refer to the methodological work and to resist the temptations of the specialized and impressions ready circulation.

Promoting the sector oil refining and electricity, and achievements in the water and sanitation sector and the transfer of pollutants from the river, and the manufacturing, building and construction, those tasks can not be postponed any longer.

Third, "to accelerate the rebuilding of the economy:

The reluctance of the private sector continue to invest, and the Iraqi capital to flow abroad, deepened in the archaic features of the Iraqi economy to retract relative to the commodity production sectors and to reduce the scope of the work product, with the failure to achieve concrete achievements for the development of infrastructure construction. The imports have increased in recent years, a large margin compared with the days of the siege, and the average income of the state and the number of employees and went flows from other sources to the household sector, and contributed to the improvement of living of the average family, which is evidenced by the possession of the cars and household appliances, the rate of purchases of clothing and food, but at the same time, there are in Iraq, pockets of poverty and the worst forms of social misery, with many families who have lost their breadwinners, immigrants, widows and orphans and the bereaved, the poor neighborhoods beset by sewage, with the repetition of body parts in the scenes of the innocent blood of the oppressed the wails of the bereaved and that is the deepest doubts about the moral merit of the entire human kind. It should be of the Iraqi society that excuses based on a radical re-consideration "and depends on the re-completed production of misery and the courage to rebuild a new life on the basis of security, freedom, dignity and well-being of future generations. and that is determined to end corruption and poor management practices and end the anomaly that casting a pall over the business environment and impede performance. And the government has to go to the following:

- Review the status of the administrative system and an objective approach to a wide range of transfer and officials affiliated with the ministries and departments to improve quickly, "performance, and expand the service of sovereign power, in particular, it is not logical to keep the waiting lines and circles in front of the stampede, and the treatment required to complete two hours of work time a week , in the State suffer from a surplus in the volume of affiliates from all levels of education. We must assess the effectiveness of the officials of the various launch sites and their energies, and not allow them to freeze qualified. political and adopt administrative measures to clean the state's departments of mismanagement and corruption, because the control and eradication services in nature preserve not expected to breach the balance of the status of any country in the world and in no time.

- There must be the development of shareholding companies and large through the intense work and continuing with the money and business in Iraq because this sector is limited in scope, and keep it in its current status is the despair of the supposed efficiency of the system of free economy and the role of private initiative. The development of the corporate sector was related to privatization and the restoration of the Iraqi capital and the advancement of immigrant financial sector.

The rehabilitation of public facilities in the sectors of industry and construction and to ensure that most of the work on the basis of sound economic and trade, before the end of 2010, is possible if the assigned this responsibility to the fair with a cadre of leadership is high. It is supposed to privatization decisions are subject to financial and economic analysis firm, in other words a policy shift from the delay and indifference towards the public sector and the potential established in the Coalition Provisional Authority in 2003 and early 2004.

To be given greater effort to solve the problems of finance and banking sector and to ensure compatibility with the march of the national economy, particularly the speedy resumption of normal activity for the Rafidain bank and all the good lines of action in the domestic banking international financial relations of Iraq. The data indicate the investment banks for more than 5 trillion dinars in the Central Bank of Iraq until the end of June this year. It was the first to go, those resources, to finance private investment and the operation of economic enterprises. It can be said, objectively, "that the necessary efforts to revitalize the bank credit has not yet begun, as an urgent need to reduce the credit risk assessment by banks, or find them new arrangements for debt relief in the context of the rehabilitation of the business environment. Perhaps this requires financial firms to develop a new type of insurance or the purchase of loans and other debt. did not begin a serious and fruitful efforts for the propagation and Trchin the Islamic financial institutions to resolve the problem, which hinders the legitimate direct savings to the financial market.

Iraq is in dire need of major investment companies, a broad sense of the word, including mutual funds and to increase liquidity in the stock market, and the establishment of the necessary groundwork for the development of bond markets to finance the government, corporations, and it is necessary to find arrangements for help to mobilize money and expertise and the necessary communication and coordination for the establishment of companies new.

IV: "- on the exchange market and balance of payments:

The exchange market in Iraq to the most simple mechanism of supply-side as it takes over the Finance Ministry 95% of the oil revenues are 'so far' in the calculation of so-called Development Fund for Iraq DFI. And paid from that account directly to "the expenses and obligations of foreign imports. And also" the the sale of foreign currency 'dollar' to the Central Bank for the purchase of Iraqi currency to cover local spending. That the foreign currency purchased by the Central Bank from the Ministry of Finance is the source

The main display in the exchange market 'which is at the same time, the only source of reserves, as a sell "them to the private sector, in the process of conducting a daily basis", regularly, and the remaining ones, which is the difference between the purchases of the Ministry of Finance and sales to the private sector, added to the reserves. So far, the difference was positive, "as the request does not exceed the private sector's foreign currency sales and the Ministry of Finance to the Central Bank. It should be noted that the characteristics of the financial system in Iraq had to do so. As long as all government revenues' almost '" is a source of foreign currency only for the Iraqi currency to domestic spending, and because the local government spending is the basis for the creation of money, any domestic liquidity, the private sector demand for foreign currency derivative, "and a" for government spending. Under the mechanism, confirmed the basic facts, a typical: --

1st State can respond to the request of the private sector to foreign currency at all levels.
2nd increasingly central bank reserves have always
3. The decline of foreign currency resources of the non-oil sources.
4. Limiting the role of banks to mediate between the central bank and their customers.

Requests the private sector foreign currency for three motives are:
1. The financing of imports.
2nd investment outside of Iraq.
3rd retain cash "payments in the home and small-scale

As a result of the progress that Iraq's economy operates with a surplus in the balance of payments and the accumulation of capital abroad in the Iraqi official and private. Does not shrink in the Iraqi capital abroad, but to increase domestic economic activity, especially investment, to increase spending and the demand is derived from the foreign currency. That the financial hardship faced by the general budget does not mean at all and difficulties in balance of payments, does not mean there is a need 'economic sense' of external funding. There are problems, but careful consideration should be given the realities of the Iraqi economy and re-understanding of the role of oil and the financing mechanisms of government spending.

http://www.investorsiraq.com/newthre...=newthread&f=6

Continued.......

V: "- the strategic and resolution: --

Strategy is not to write an article 'to read or not read', but is originally written will mean. When intended for such strategic planning process of the economy, and the role of public finance, should reflect the will of one or more political, based on a broad social base, with the interests and needs of a well-aware "and ready for its commitment to how to clear. It must therefore be strategic items are the definition of the procedural and translation programs work in harmony with the overall economic potential of Iraq, with deep respect for you and the quality and time. and ensure that the terms of the logic of consistency systematic account of economic and trying to finding the best opportunities to put the economy on the best course for achieving the desired objectives. The objective is to promote awareness of the strategic direction of social, The problem is that many of the speakers at the economic wealth does not distinguish between the natural and economic potential, as the recent resources that could be disposed of, now, to take the process of consumption and investment, and start all the world's governments and political concept of the gross domestic product or national income. There is a fundamental difference between family wealth and the wealth of society (the State), Vailp be able to transfer property to the liquidity to finance the purchase or consumption of alternative assets. The nation, the capacity to consumption and investment remains limited roof is expressed in gross domestic product or national income. It also may not be overemphasized in the chances of escaping restrictions or scarcity When the limited economic potential is said that foreign investment will go to Iraq with hundreds of billions of dollars, how and why and when, and what are the experiences of countries that We have studied objectively and come to this conclusion. It is important, always, "attention to the relative economic needs assessment, to say 'for example " 'Iraq needs to 400 billion dollars to build infrastructure such intimidation is not responsible for the needs of local output in Iraq is not more than 100 billion dollars, how can a fixed capital formation of GDP, how is the share of the construction of the infrastructure of training, even if the product the local rate of 7% growth annually, "How many years of Iraq needs to cover the needs of the present knowledge of the amount of 400 billion dollars, what about the future needs arising from population growth and the development of civilization and so on, and so when such states, the estimate needs to be a cause for disappointment, not to kick. When the housing deficit is estimated in millions of units of housing is another example of the relative absence of economic measurement and social needs linked to the time perspective and present generations. As well as the exaggeration in the proportion of families below the poverty line, unemployment rate, or confused with that of the backward operation of the labor force and poor working conditions or lack of harmony with the content of the educational level of work. The second core issue in the strategic direction of the Iraq conflict should be aware of the demands and reach a rational adjustments calculated in advance, "and agreed on a large scale.

One of the most prominent examples of this conflict, the continuing pressure to expand the size of the government apparatus and the functions associated with the higher grades, in particular, at the same time claim to reduce unemployment and alleviate poverty, no one wants to recognize the contradiction between the demands seriously, because poverty alleviation and economic solution to the unemployment requires greater investment and this needs to increase savings, which requires the reduction of "general consumption" and the government of it in particular.

Another example is the call for increased gains in the State and at the same time tell people to go to work in the private sector, technically backward, "and organizational" and has withered in the fields of production and productive investment. One example is the incompatibility prolong talk about the critical importance of the development of agriculture and industry, as well as a right ", and at the same time, all politicians agree that the low exchange rate of foreign currency is the best gains made in Iraq in recent years without attention to the relationship between the exchange rate and the relative costs and international competitiveness of Iraq and its importance in the investment decision on the Iraqi and foreign. The economic decision of government in Iraq has become a difficult birth, and may be difficult and this will continue for some time to come as long as the organization of political life is not in line with the requirements of effective economic management. There is a well-known to the management of public finances The resolution, which is difficult in direct proportion "with a number of parties in the legislature, the more difficult with the number of actors involved in the government coalition in the parliament, as reflected in the performance of the ****utive branch the same class. In addition to the difficulties that Iraq is gripped by the large number of parallel and independent authorities in practice, "which would weaken the supreme ****utive power and to reduce the powers of their position. It is the cause of the lack of clarity of the faltering economic vision of the parties, for example," the discussions of the investment programs of oil on the procedural issues, or to restrict the power of the government did not understanding of their position on the dispute between the federal and the Kurdistan region on the management of oil resources, and most preferred silence and blame the Government for failing to resolve the dispute without going into the content. and also, "did not make clear proposals on the financing of the deficit.

VI: "- security, economic security:

- when he said the poor security situation was a cause of" economic failure is not the intent of this to justify the inefficiency of the government apparatus, but because security is a key element in the economic system since the beginning of civilization and to this day, and in the future, how could any economic system that functions when the concentrations of workers and the civilian people in the bus and on the sidewalks and in the markets vulnerable to genocide. The colors of all economic activity is human conduct and that the work on the whole economic system and thus the outcome of his behavior.

What we expect to be the result of human activity, group members acting under the pressure of feeling that they were killed, projects and other types of heinous crimes.

The future of life in Iraq depends on the willingness of society to the policy subject to controls within the range constrained by the governor is not inconsistent with the terms of the prosperity of modern civilization, including the establishment of civil peace on the foundations laid in the roots of morality in politics. In the narrow sense of economic security has a direct and significant and decisive role in improving the work of economic system.

The threat of the human right to work and gain wealth, from the various sources of economic crime such as fraud, forgery, robbery, rape and failure to meet debt and extortion explain many of the economic downturn and the loss of opportunities for development and well-being.

The most important security functions of the modern state and its comprehensive sense, and economic empowerment is in the interest of the community and commit the State to perform those functions best 'should be adopted and the means to compensate the victims of economic crimes, which are one of the departments at the state party "in it. Lift the poor security situation in general" and a special economic risk assessment in the eyes of business and finance, and is reflected in increased costs and discourage investment and production motives which lead to a worsening of economic and social problems. And security is one of the most important elements in assessing the business environment. "Seventh: the liberation of Iraq from the international trusteeship and external pressure: Iraq has suffered all the negative aspects of the tragedies of the decisions of the extraordinary situation since the internationalization and the imposition of the embargo in 1990 which was after the war in 1991. And managed through its external relations has led to the destruction of its values and traditions of work. Situation has not improved much, "after the adoption of the oil for food program, and used to blackmail foreign countries and made many concessions, so that a senior official in the State in the late nineties promised to import half of the exports of one of the countries of the region, hoping" to appeasement.

After the 2003 Iraq did not fully Inatq international trusteeship of the files and even the oil for food program has not closed yet. The debt problem has emerged which were postponed by the blockade to add a lot of complexities, and claims emerged against the backdrop of claims of violations of human rights before 2003. Iraq is still not able to move money abroad freely. Imposed on Iraq and the political conditions for debt relief in the International Covenant.

The States that have pledged to re-age after a long series of conferences and meetings reneged on their commitments, but still the government is under pressure from abroad and the instigation of internal forces. Iraq deal with the International Monetary Fund will be renewed. In practice, a review of the Fund of economic policies in Iraq and through regular meetings. We have asked the Iraqi parties to reduce the amount of war reparations to Kuwait and the most important and most painful is to link the compensation fixed by the supplier of oil, which makes access to all resources in the calculation of oil exports under international supervision is the share of the account outside Iraq that are currently "in the Iraqi Development Fund. It is to be end of such arrangements imposed by the end of this year, compensation for the separation of the oil resources first, "before the negotiation of a curtailment. Those issues should not be seen purely in commercial terms, because the state was not a commercial enterprise, but there must be a consideration of the values of autonomy in economic management, said the two decades under the international trusteeship is a long time and must be raised resistance in the way of thinking and behavior pattern. Calling upon the international community to end the guardianship of Iraq and to prevent other countries from interfering in economic affairs is not demagoguery, but the position of moral necessity.

http://209.85.227.132/translate_c?hl...Fce3Yz-Pxoe-Tg

A lack of coordination hinders investment!

Information I gave Iraqi businessman and investor, largely through e-mail, some of the obstacles that hinder the implementation of Investment Law No. 13 for the year 2006 the effect a lack of coordination between the National Authority for Investment and relevant ministries.

This information comes at a time where the stresses it has made great achievement in the completion of the formation of single-window system that easy for the investor and the ease of routine audits and the killer. Say the authors of the letter in which he kept: that most government departments do not implement the decisions of the Commission based on the law This is due to the lack of services because of the receipt of specific instructions by the ministries of any reference to them as follows (my online) course. and goes on to say that the more complex obstacles lie in the non-application of customs services of the decisions of customs exemptions on grounds of encouraging received orders or instructions and clarifications of the by the Ministry of Finance. The other problem related to complex constraints, particularly those of agricultural land and to say: The more Iraq is an agricultural area and the laws are contrary to previous decisions of the Commission and the acquisition and ownership, as well as the case for land allocations for industrial purposes and the environment.

In addition to the excesses of the property of the State and the difficulty of evacuation. All this is happening and talk about the National Program of the window, then where the role and effectiveness of this program in the event of the presumption of accuracy and validity of my information and my friend. Regardless of the accuracy and authenticity of the information on these constraints and the complexities we see that the most appropriate and best suited to be coordination highly available for any decision on the plan between the National Authority for Investment and concerned ministries in this regard, because the time factor is important and means of attraction and promote the most important, to proceed to build our country out of the complexities and with ease.

We hope to solve the problems of laws that are inconsistent with the decisions of the National Authority for the investment to be a real investment.

http://209.85.227.132/translate_c?hl...UZV187OcQz4sKQ

Originally Posted by Seaview

Commission decision to deny oil and gas for the (news) and there was a dispute "real" about the oil and gas law

News agency reported - a special

Denied the decision of the Commission on oil and gas in the Iraqi Council of Representatives Jaber Khalifa Jaber and there was a dispute "real" about the oil and gas law, but the main factions, which are impeding the adoption of this law in order to keep a free hand in the sale of Iraqi oil "as he put it."

Khalifa said the statement singled out by the "News" that the dispute over the oil law is not true, and unlike the main factions that impede the adoption of this law in order to keep a free hand in the sale of Iraqi oil, and the Ministry of Oil does not want to pass it in order to restrict the oil minister to sign the Contracts are now, which is contrary to the Constitution.

And Professor Jaber Khalifa ruled out a vote on the adoption of this law during the next legislative term, if the political situation remained as it is, "he said. Fadhila deputy parliamentary bloc," Most government agencies do not want to pass the oil and gas law professor, said Jabir Khalifa Jabir integrity of Iraq, coalition and Development Party Islamic Virtue, "The most influential government agencies including the Ministry of Oil does not want to pass the oil and gas law, ruling out the vote during the next legislative term."

http://209.85.227.132/translate_c?hl...IRAdOs45mlurpA

Jaber Khalifa denied the existence of a genuine dispute on the oil and gas law

Affirmed the decision of the Commission on oil and gas representative Jaber Khalifa Jaber absence of any real disagreement on the law of oil and gas, pointing out that the main blocks that hinder the adoption of this law, as he put it.

Khalifa said in a press statement published Thursday on the oil law, the dispute is otherwise not true, although the main factions, which are impeding the adoption of this law in order to keep a free hand in the sale of Iraqi oil.

He ruled out a vote on the successor of this law during the next parliament if the political situation remained as it is.

http://209.85.227.132/translate_c?hl...HcCD5frY5zjn6A

Originally Posted by Seaview

Gulf Commercial Bank opens branch in Thi-Qar

The Gulf Commercial Bank has opened a new branch in Thi-Qar province to expand its investment banking activities in Iraq, the chairman of the bank's board of directors said on Wednesday.

"The bank's branches in southern Iraqi provinces will help boost the national economy," Abu Taleb al-Hashemi told Aswat al-Iraq news agency.

The inauguration of the branch has been held under the auspices of Thi-Qar's governor and in the presence of provincial council members and the chairmen of the local investment commission and the chamber of commerce.

Established in 1999, the bank has managed to increase its capital from 600 million Iraqi dinars to 50 billion. It has four branches in Baghdad and 13 in other provinces.

http://www.zawya.com/Story.cfm/sidZA...20in%20Thi-Qar

Bank of the opening of the first e-banking system relies in the province of Dhi Qar

Dhi Qar governorate has witnessed the opening of a new commercial bank is an electronic banking system is only in the city, it provides services to small and medium-sized projects on favorable terms.

The Deputy Director of the Bank of the Gulf High Fadel thorns, the sequence of this section is the eighteenth of the branches in the governorates of Iraq and will support projects of economic, commercial and industrial uses and for all.

He said that the service is open current accounts and savings deposits, and issuance of letters of guarantee to all purposes and the granting of soft loans to support small and medium enterprises

With adviser noted the training center and Banking Studies in the Gulf Bank Samir Olnasiri that the only bank in this province, which applies the new electronic banking system, where its cadres have been trained inside and outside the country, adding that the system believes the use of modern technology using the Internet and the use of smart card and the use of Master Card and Visa Card .

He said the sector is linked to the Iraqi Central Bank which is the sector responsible for all private banks and banks operating in accordance with the Law and the Law of the Central Bank.

As the Deputy Governor of Dhi Qar Alaios good for the local government to support these economic projects and the provision of facilities for them in the development of the economy.

For his part, described the President of the Federation of Businessmen Ahmed opening of the structure of the bank is a step forward, the building of investment in the Dhi Qar depends on the construction of banks and the private sector in the Dhi Qar depends on the banks and state-building depends on the bank and submit it to the surface facilities for the investors and business loans are simple and cooled payment will be long and many of us trading in this bank.

http://209.85.227.132/translate_c?hl...SRffx5rD6c6Lkg

US general 'frustrated' by pace of Iraqi army training

The US general in charge of training Iraqi troops said on Thursday he was "frustrated" by the slow pace of progress in improving the security force's capabilities.

General Frank Helmick's comments came as Baghdad said negligence by its security forces led to 95 people being killed in bombing attacks on Wednesday.

Helmick said the bombings were the result of a "lapse of security" and that such a large-scale attack had not been seen in the country since 2007.

The general, speaking by video link from Iraq, said he was anxious to see more rapid improvement in the Iraqi security forces in a range of areas, including military logistics, air surveillance and police forensics.

"We must continue to develop the capabilities inside the Iraqi military. And we are doing that as fast as we can," he said. "My frustration is I am not doing it fast enough."

The Iraqi security forces, now at 615,000, are due to expand to 646,000 by 2010.

With US troops required to leave the country by the end of 2011 under a security accord with Baghdad, Helmick said it was crucial to move quickly.
"What we have done so far to date is -- I don't want to say the easy things, but the less difficult things," he said.

"It's easy to build an infantryman and an infantry unit. It's very, very difficult and it takes time to build an intelligence, surveillance and reconnaissance technician" to analyze surveillance data, he said.

"In the police side of the house, it's easy to build a policeman. It's very, very difficult and it takes time to build forensics labs for the Iraqis, where they have scientists that are trained, where they can secure a site and exploit the evidence on that site to convict someone," he said.

Echoing comments from other US officials, the general said ensuring a fully operational Iraqi air force by the end of 2011 would be a "challenge."
About 131,000 US soldiers remain in Iraq less than two months after the Americans withdrew from towns and cities as part of the security agreement.

http://www.zawya.com/Story.cfm/sidAN...rmy%20training

Iraq oilfields skipped at auction may be re-offered
Iraq could re-offer deals to develop up to five oilfields, an Iraqi oil official said on Wednesday, after just one contract to exploit the country's large hydrocarbon reserves was awarded in a June auction.

A decision on whether to re-offer the fields is due to be taken by October or November, said Sabah Abdul Kadhim of Iraq's Petroleum Contract and Licencing Directorate.

"The Oil Ministry is studying whether to re-offer some of the fields to give qualified oil firms a second chance," he told Reuters, but declined to give details on whether terms of the long-term development contracts would be different.

"It's only a study, we may decide to re.tender these fields and we may not," he added.

Global oil majors baulked at what they said were the stiff terms for deals offered in a bidding round for contracts in June, the first time in decades foreign firms have been given a chance to develop Iraq's massive oil and gas fields.

Only one deal was awarded, to a consortium led by BP to develop the Rumaila oilfield, Iraq's largest. Eight oil and gas fields were on offer, but Iraq has since said it will develop two of the gas fields offered by itself.

Iraq has the world's third largest oil reserves, and is desperate for the foreign expertise it says is required to overhaul its decrepit oil industry after years of war.

The Oil Ministry is preparing a second bidding round, due in late November, which Kadhim said would take priority over re-offering fields from the first round.

http://www.arabianbusiness.com/56536...y-be-reoffered

Iraqi Parliament to hold extraordinary session

The Iraqi parliament will hold an extraordinary session on Friday August 21st, 2009 to discuss the security reasons behind the bloody explosions that took place in Baghdad on Wednesday August 19th.

“The first deputy of the parliament speaker Sheikh Khalid al-Attiya called on the heads of parliamentary blocs and the committee of security and defence to hold this meeting following Baghdad explosions”, according to a source from the media office of al-Attiya.

http://pukmedia.com/english/index.ph...12892&Itemid=1

Othman: Coming period will witness serious talks

Mahmoud Othman, an Iraqi MP from the Kurdistan Alliance bloc said that the coming period will witness serious talks between KRG and the Federal government in discussing the suspended issues and find their solutions.

“The previous talks were diplomatic visits only. The talks will be on the level of the Iraqi and regional prime ministers”, he added.

http://pukmedia.com/english/index.ph...12896&Itemid=1

CBI dollar sales up to $796m this week

The Central Bank of Iraq (CBI) dollar sales rose in their daily auctions this week’s five sessions to reach $796.755 million at an exchange rate of 1,170 Iraqi dinars per dollar, compared to last week’s $$712.075 million.

This week’s cash sales decreased to $46.500 million against $55.850 million last week at an exchange rate of 1,183 per dollar, including the CBI’s commission of 13 Iraqi dinars per each dollar.

Foreign transfers rose to hit $750.255 million this week against $656.225 million last week at an exchange rate of 1,173 Iraqi dinars per each dollar, including the CBI’s commission of 3 Iraqi dinars per one dollar.

None of the banks that participated in this week’s sessions offered to sell dollars.

http://en.aswataliraq.info/?p=117840