Thread: Iraq/Dinar News. 09/05 to 01/14/07

I like that too much so i post it again:


BREAKING NEWS
Iraq parliament passes foreign investment law
(Reuters) Oct 10 2006 14:12

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Inflation is on the rise and has become onerous burden to the citizens and to be slowed

Participants in the symposium on the Iraqi Center for Economic Reform of the (morning)
Baghdad-Haider spring
Participants in the symposium, which was brought by the Iraqi Center for Economic Reform of the phenomenon of inflation and the role of financial and economic policies on the need to take the responsibility of the State address this dangerous phenomenon and reduction, particularly since the height ratios reached alarming figures amounted to 70% in the month of August last year.

Participants stressed the importance of moving the process of comprehensive economic reform, because inflation is one of the reasons behind the Iraqi economy and faltering.
Indicating that there is no cure for inflation only through the processing and activation of all productive sectors, whether industrial or agricultural or service. Therefore, the activation of these sectors is one of the solutions to the problem of inflation, which should be disregarded.
They pointed out that the state of inflation began strains Iraqi citizens and Iraqi family and the diminution of well-being and prosperity of society.
He attributed the causes of inflation participants to the deteriorating security situation fundamentally, as well as an abundance of cash offset the scarcity of the goods and services as well as the rise in fuel prices.
(Morning) attended the symposium and met with Dr. Skinner director of the symposium, which emphasized the importance of setting up such symposiums that address content in the case of the Iraqi economy, which is suffering from an imbalance points clear in some of her. He pointed out that striving by the state for a general address for economic reform and restructuring the economy.
He said Skinner : inflation is becoming a very high pace so that the burdens the Iraqi citizen. And the amounts that are of no value to them because of the continuing waves of price hikes and the rise in prices and this symposium highlighting the most important problems that can outline the economic take into account that in order to combat serious and urgent problem for this phenomenon Among address the general economic reform and restructuring, which wants to father He initiated by the ministry concerned and the competent organs. Thus, seminars are very important and encourages the Iraqi state and the government. We wish of all economic actors in the country to begin such seminars so the government can be taken into account.
Added Skinner : inflation has multiple causes and want to govern these reasons so that Airtva projected levels and planned for it will collapse economically affected by the Iraqi citizen.
And the treatments of this phenomenon, Skinner said : there is a committee in the Ministry of Planning assess the situation and make recommendations to address the serious economic deal is part of the general economic each Iraqi economy.
Dr. Papan and Planning Minister told (morning) that the figures of the state of serious inflation is a state of ill Iraqi economy and the deterioration of the situation in the productive sectors should be addressed as soon as confirming that a cure for inflation only improvement in the Iraqi economy and the overall improvement of productive sectors and address the problems Tea Nee them.
In a speech delivered by Dr Baban during the seminar in which he confirmed that inflation is not the result of one factor, but it is an indicator of poor Iraqi economy a whole. If the state of the economy should not be a virile inflation and inflation if it is limited and Papan added : I hope that everyone consider inflation of Mendhar holistic sense to look at through the reality of the economy and not by the fact that monetary policy only monitors the amount of money and the money supply, interest rates and credit policy, and so on.
Politics cash inhabiting disease and Ataaljeh When we discount rate or Nkhfedah follow the policy of strict or lenient credit, we will try calming the disease and Anaaljeh. And the disease is in the productive sectors and the state of the economy in general and if the productive sectors remained unchanged do not expect a decrease in the course of inflation or decline it. If evolved these sectors and recovering agricultural sector and the industrial and service when it begins to revolve the wheel of economy and inflation will retreat ...
Papan pointed out that the credit policy will play an important role in the treatment of inflation and this issue must be known to all, We do not expect that the Central Bank reduced rates when credit or picks will succeed in controlling the phenomenon of inflation problem is not confined to the private credit and Avi issue of balance between the quantity of money and money supply, but only in the productive sectors, In the Iraqi productivity. This is the other dimension of the issue, the "productivity" of the individual back Therefore, the unemployment closely related to inflation.
For his part, Dr. Kamal Basri, undersecretary of the Ministry of Finance and head of the Iraqi Center for Economic Reform to the symposium discussed the apparent serious inflation that has afflicted Iraq and tried Aijadaspap inflation and to work on them as much as possible. Basri said : all speakers at the symposium emphasized that the "phenomenon" of inflation came from the presence and abundance of cash with the scarcity of the goods and services. The abundance of liquidity in the cash came from this year's budget allocated amounts of cash many of the salaries and wages increased about 90% from what it was last year ... This pumping major financial market. While the goods and services in the market started less for a variety of reasons, including security and why this factor making markets confused. In addition to the transit of goods from the border outlets became very agitated because of the security factor also.
Also, the lack of fuel contributed to the reduction of existing goods in the local market. In addition to an abundance of cash to the individuals caused a rise in the prices of the deal, we believe that the security situation is essential for each case.
He added : optical With regard to fuel we need to provide for that worker will help to eliminate the crisis (inflation) and the importance of the elimination of the scarcity of developments which have the potential to create a black market and causing high altitude in prices.
He stressed the work to encourage the State to end the monopoly of the Ministry of Oil import and sale of oil derivatives, and need to give space to the private sector to fill the existing gap.
He stressed the need for the optical link the issue of reforming the state oil derivatives in a series of actions it is not enough to make the step and leave the rest of the steps ... The prices of oil derivatives, reform is necessary and correct, but must be accompanied by an integrated program to protect the poor ... We also need to support the services of water, electricity, transportation and others, Without this reform be extracted and integrated and affect the economic welfare of the citizens.
Basri said that the existing rates are alarmingly high inflation, so it has become necessary to state that the linking production spending. If the conditions the same, I believe that the inflation rate in the next month will hold high ...
The phenomenon of inflation exist economies that are trying progress
Abdullah Albandar Director in the Economic and Finance Ministry member of the Iraqi Center for Economic Reform said that the seminar was held on the basis of recommendations emerge as lecturers and participants are professionals ... The decisions will be closer to reality ... He said : Albandar the phenomenon of serious inflation in the economy and therefore need to treatments and intervention economic planners to try one way or another to mitigate inflating ...
In order to tackle inflation, we must look for the reasons and if we can get at the root that we can put the treatments. May be useful here fiscal policy or monetary policy may be more useful and this depends on the type of phenomenon and the existing rate of inflation.
He added Albandar : that the rate of inflation hit last August, 76%, a figure that seriously ... The ratio of inflation between the seventh and eighth month last by fluctuating between 26-20% and this is very dangerous, if the rate of inflation without a high rates of economic growth, this would constitute a problem.
Real production reduces the rates of inflation
Thaer Alvili-adviser to the Ministry of Construction and Housing said that the indicators of the huge rise will continue unless there is a real production. He said : Alvili production now depends as five million employees in the Iraqi state does not produce anything, Perhaps 10% producers as well as the factories idle. I hope in the new investment law will do what the production of these plants. If approved this law should also help in the operation of a labor, especially in the real estate sector.
The labs will begin to growth and then we can say we have been able to reduce the economic recession and the result would reduce inflation.
Policy makers should curb inflation
Dr. Mahdi Ilaq head of the Central Agency for Statistics and Information Technology in the Ministry of Planning pointed out that the figures that have been circulated in the symposium reflect the real suffering of the citizens so that the substantial increase that took place in the level of salaries and wages in the public sector was almost finished their positive impact due Artva p levels of inflation ... He said : Ilaq in this symposium focused on inflation from the point of view of consumers and policy makers believe that they should pay attention to the treatment and curb inflation, but the situation will be to prepare citizens who are below the poverty line.
Rent, food and fuel are at the center of inflation
The appearance of Dr. Mohamed Saleh, director general of the Economic Iraqi Central Bank explained that the three elements in the Iraqi economy at the center, where rents are inflation rate of inflation rose up to 41%. food rose in July to 23% and the fuel is also up to 19% and the rest ratios are 14%, Saleh said : the Iraqi economy is suffering from structural defects due to the domination of the oil sector and some other sectors. The essential point that the draft reform of the State generate vibrations on the old traditions (the support), as everyone knows, the direct and indirect constitute 80% of national income in Iraq, this strange phenomenon in the world ... Therefore, any response to this support generates Thus imbalances In my opinion, would not be a solution to this matter but to solve the problem of unemployment and build the priority projects that could absorb unemployment and generate economic activity and housing projects which they constitute 20% of the Iraqi work force.
Saleh added : under these circumstances, if control over prices of oil derivatives has been working on ration cards for a certain period Antdm distribution then the market would be reassured much ...
In addition to the necessity that there be some growth and monetary reforms to control the money supply that accompany inflation.


In other words: open for foreign investment, boost the production, create jobs and tackle the inflation. This is an alarm that is why the Hydrocarbon Law have to pass ASAP.

Post 829 (by KIKO)

"...He pointed out that striving by the state for a general address for economic reform and restructuring the economy.
He said Skinner : inflation is becoming a very high pace so that the burdens the Iraqi citizen. And the amounts that are of no value to them because of the continuing waves of price hikes and the rise in prices and this symposium highlighting the most important problems that can outline the economic take into account that in order to combat serious and urgent problem for this phenomenon Among address the general economic reform and restructuring,"
-------------------------------------------------


Hmm... How does one address the URGENT need for economic reform and restructuring??

Originally Posted by whatever

Post 829 (by KIKO)

"...He pointed out that striving by the state for a general address for economic reform and restructuring the economy.
He said Skinner : inflation is becoming a very high pace so that the burdens the Iraqi citizen. And the amounts that are of no value to them because of the continuing waves of price hikes and the rise in prices and this symposium highlighting the most important problems that can outline the economic take into account that in order to combat serious and urgent problem for this phenomenon Among address the general economic reform and restructuring,"
-------------------------------------------------


Hmm... How does one address the URGENT need for economic reform and restructuring??

Hmmm, and who will be at the forefront of the meeting on Thursday????? Answers on a 1 dinar coin (if you have one) before Thursday.

MPs seem observations on the investment law

(Voice of Iraq) - 10-10-2006 | This issue was sent to a friend

MPs seem observations on the investment law
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)
The members of the House of Representatives in the Iraqi comments on the investment law passed by the council on Tuesday.
She said Safiya Suhail member of the Council on the existing Iraqi News Agency (Voices of Iraq) Independent today, "We felt that the law gave preference to foreign investors at the expense of weakening investor Iraqi in addition to that the law does not facilitate the return of Iraqi capital abroad to invest in Iraq. "
The Suhail in its observations on the law, although it voted in favor of the "law is built on the basis of past government consultations with the International Monetary Fund and donor countries as Iraq, if it wants to absorb unemployment and facilitate the flow of capital to Iraq, it must find suitable ground for that through the creation of this law."
She said, "The members of the previously proposed amendments to the law, such as requiring the foreign investor to make the investor's share to quote the 51% of the volume of investment, However, this did not happen, the amendments were not taken into account. "
She added, "We voted for the law in the public interest, because we need this law, which will contribute to the operation of the Iraqi unemployment and forcing it to lay down arms and resort to work and earn their livelihood through legitimate and the development of the living conditions and service orientation of the State and relief dependency on the state, which would give greater flexibility to Meza Federal faith-oriented development projects and strategy. "
For his part, Dr. Sherif behalf of the member of the House of the coalition that the Presidency dealt vote on the standards in the investment law, it allowed yesterday, Monday, to discuss the inclusion during the voting on the existence of gaps in the law which to vote until today, they would not allow today in the person of its chairman, Dr. Khalid al-Attiyah discussed the law it wants to pass any form and any formula despite Mullahtat large absolute powers granted to the regions for investment under pressure from the Kurds. This is called several members to object to this formula, but He said that "the vote on the bill today is illegal, because the rules of procedure provides that the vote be after four days of the end of any deliberate on the draft resolution, while the debate on the Investment Law and continued until this morning. "
He disclosed that there are members who attended the session did not vote for the law, but he did not mention them.
The first deputy chairman of parliament, Khaled al-Attiyah, who chaired the meeting because of the absence of the Speaker Mahmoud Almshahadani had announced that H M

Sotaliraq.com

More good news, checkout the 'Next Steps'..... Am also loving the fact they said by the end of the year up to now and now the Hydrocarbon Law will be passed the end of next week.....




Latest News
Since Petrel first entered Iraq in 1999, our strategy has been simple – to develop an upstream presence in one of the great oil provinces of the world. Today that strategy is unaltered.

During a period when reports from the Middle East are almost universally negative, Petrel has continued to make progress. We carry on early stage work on the Subba and Luhais oil field development, we commenced a technical cooperation agreement with the Iraqi Oil Ministry to evaluate the Merjan oil field in West Central Iraq, we continued discussions with the authorities on the status of Block 6 in the Western desert and we agreed terms of a Production Sharing Agreement with the Jordanian authorities on the East Safawi hydrocarbon block near the Iraqi border. On the corporate side, we signed a cooperation agreement with Itochu of Japan, while our joint venture with the Makman Group in Iraq, first announced in December 2005, is developing well.


Passing a new hydrocarbon law will be a major step for Iraq toward the development of their world class discoveries. News on this front is positive with ministerial statements that the new law will be approved by the end of 2006



Oil Field Development Contract: Subba and Luhais


Petrel is developing the Subba and Luhais oil fields in southern Iraq in partnership with the Iraqi Makman Group as part of an Engineering, Procurement and Supervision of Construction (EPC) Contract awarded by the Iraqi Ministry of Oil. Work is proceeding as planned. No insurmountable security challenges have been encountered.


The Basic Design Package for the facilities is now being submitted and reviewed by the Iraqi Ministry of Oil’s Project Company (SCOP). We anticipate their formal acceptance of the Basic Design shortly, which triggers our corresponding receipt of the second milestone payment from SCOP. This will enable us to commence the more extensive Detailed Design for the whole project with our Contractor, Enereco in Italy.

Overall progress for the project is on schedule. We are now entering into the procurement phase of the project with the assistance of our joint venture partner Makman. They have procured and supplied similar equipment for the Khurmala and Hamrin Projects in Iraq.

We have also secured delivery of the 18 compressor units from GE/Thermodyne (France). Manufacturing has now commenced with phased deliveries to start in the 3rd Qtr of 2007. This is a major value order and a significant event in the project as the deliveries will also provide the Iraqi Ministry of Oil with the capability to commence early gas export from the Luhais Plant.

We are now focusing on securing deliveries for the pipelines. Discussions are ongoing with international suppliers both in Europe and Japan. A survey team is shortly to be mobilised to carry out the work necessary for the plant processing locations, power and communication routings, and the pipeline rights of way.

We are also developing our relationship with the Trade Bank of Iraq (TBI) and a major international bank for opening of the necessary bank accounts and to secure and issue the necessary project letters of credit. These relationships have provided security for our receipts from SCOP and for issuing of letters of credit to the suppliers for the plant equipment.

The project is going well and our offices in Europe, Turkey & Iraq are all mobilised and active. The project provides us with valuable experience working with the Iraqi Ministry of Oil for the development of large scale oil and gas processing plant and export systems. The knowledge gained will be fully utilised and applied in our future work in Iraq.

Oil Exploration: Merjan Oil Field

A Technical Cooperation Agreement with the Iraqi Ministry of Oil on the Merjan oilfield in west-central Iraq formally began in May 2006. The project is proceeding on schedule and is due to be completed by the end of 2006. The available seismic data has been re-processed and interpretation is well advanced. Petrophysical studies and reservoir analysis have been initiated. The Merjan-1 well was drilled in 1983 and discovered oil in the Upper Cretaceous Hartha Formation, with circa 760 million barrels of oil in place. The field was not developed in the intervening period because of political factors.

In tandem with the Technical Cooperation Agreement, Petrel and its contractors are working closely with the Iraqi Ministry of Oil on specialised technical training efforts, especially in geophysics and geology.

Jordanian Exploration: East Safawi Block

Petrel has agreed PSA terms with the Natural Resources Authority of the Jordanian Government on the East Safawi Block, close to the Iraqi border. The ratification process is underway and the Jordanian Parliament is expected to consider the proposed PSA over the coming months.

ITOCHU Partnership

Petrel Resources has a strategic partnership and cooperation agreement with ITOCHU Corporation of Japan (“ITOCHU”). The strategic partnership will cover future exploration and development activities in the Iraqi oil and gas industry. We have worked with ITOCHU over several years. ITOCHU with its strong balance sheet and long-term perspective, is a strong player in upstream oil and gas business. The strategic partnership will expand and deepen our operational capabilities. There is no better partner for us in our quest to expand and deepen our Iraqi activities.

ITOCHU launched its upstream activities in Indonesia and Sakhalin Island in the 1970s and has been a successful player in the upstream energy sector. It is currently active in Algeria, Azerbaijan, as well as oil producing regions in the North Sea and Western Australia. In addition to the above-mentioned upstream activities, the ITOCHU group is also one of the largest traders of crude oil in the Far East. It is a major force in numerous business sectors, including steel pipe supply, finance and logistics

The cooperation agreement between Petrel and ITOCHU will initially cover work on the Merjan oil field. ITOCHU will also have a first look at future Petrel projects in the Iraqi oil and gas upstream sector. ITOCHU will contribute towards Petrel's historic costs in the Iraqi oil and gas sector and will cover a fixed share of the costs of the current study.

This joint venture is a good fit for Petrel in Iraq. Itochu is financially strong and has capabilities in multiple business sectors, and will contribute to our quest to expand and deepen our Iraqi interests.

Next steps

The elected, sovereign Iraqi government is finalising a hydrocarbon law which will cover upstream as well as downstream investments. The structure for exploration and development is expected to be the industry’s preferred ‘Production Sharing Agreement’. This will open some of the world’s largest and most attractive oil fields and exploration areas to those international companies prepared to work on the ground in Iraq.

We have shown our ability to operate in Iraq in the last seven years, our commitment is long term and I believe that we are well placed to play a part in the development of the Iraqi oil industry.

John Teeling

Chairman

27th September 2006

can i get a link adster??

Originally Posted by Adster

More good news, checkout the 'Next Steps'..... Am also loving the fact they said by the end of the year up to now and now the Hydrocarbon Law will be passed the end of next week.....




Latest News
Since Petrel first entered Iraq in 1999, our strategy has been simple – to develop an upstream presence in one of the great oil provinces of the world. Today that strategy is unaltered.

During a period when reports from the Middle East are almost universally negative, Petrel has continued to make progress. We carry on early stage work on the Subba and Luhais oil field development, we commenced a technical cooperation agreement with the Iraqi Oil Ministry to evaluate the Merjan oil field in West Central Iraq, we continued discussions with the authorities on the status of Block 6 in the Western desert and we agreed terms of a Production Sharing Agreement with the Jordanian authorities on the East Safawi hydrocarbon block near the Iraqi border. On the corporate side, we signed a cooperation agreement with Itochu of Japan, while our joint venture with the Makman Group in Iraq, first announced in December 2005, is developing well.


Passing a new hydrocarbon law will be a major step for Iraq toward the development of their world class discoveries. News on this front is positive with ministerial statements that the new law will be approved by the end of 2006



Oil Field Development Contract: Subba and Luhais


Petrel is developing the Subba and Luhais oil fields in southern Iraq in partnership with the Iraqi Makman Group as part of an Engineering, Procurement and Supervision of Construction (EPC) Contract awarded by the Iraqi Ministry of Oil. Work is proceeding as planned. No insurmountable security challenges have been encountered.


The Basic Design Package for the facilities is now being submitted and reviewed by the Iraqi Ministry of Oil’s Project Company (SCOP). We anticipate their formal acceptance of the Basic Design shortly, which triggers our corresponding receipt of the second milestone payment from SCOP. This will enable us to commence the more extensive Detailed Design for the whole project with our Contractor, Enereco in Italy.

Overall progress for the project is on schedule. We are now entering into the procurement phase of the project with the assistance of our joint venture partner Makman. They have procured and supplied similar equipment for the Khurmala and Hamrin Projects in Iraq.

We have also secured delivery of the 18 compressor units from GE/Thermodyne (France). Manufacturing has now commenced with phased deliveries to start in the 3rd Qtr of 2007. This is a major value order and a significant event in the project as the deliveries will also provide the Iraqi Ministry of Oil with the capability to commence early gas export from the Luhais Plant.

We are now focusing on securing deliveries for the pipelines. Discussions are ongoing with international suppliers both in Europe and Japan. A survey team is shortly to be mobilised to carry out the work necessary for the plant processing locations, power and communication routings, and the pipeline rights of way.

We are also developing our relationship with the Trade Bank of Iraq (TBI) and a major international bank for opening of the necessary bank accounts and to secure and issue the necessary project letters of credit. These relationships have provided security for our receipts from SCOP and for issuing of letters of credit to the suppliers for the plant equipment.

The project is going well and our offices in Europe, Turkey & Iraq are all mobilised and active. The project provides us with valuable experience working with the Iraqi Ministry of Oil for the development of large scale oil and gas processing plant and export systems. The knowledge gained will be fully utilised and applied in our future work in Iraq.

Oil Exploration: Merjan Oil Field

A Technical Cooperation Agreement with the Iraqi Ministry of Oil on the Merjan oilfield in west-central Iraq formally began in May 2006. The project is proceeding on schedule and is due to be completed by the end of 2006. The available seismic data has been re-processed and interpretation is well advanced. Petrophysical studies and reservoir analysis have been initiated. The Merjan-1 well was drilled in 1983 and discovered oil in the Upper Cretaceous Hartha Formation, with circa 760 million barrels of oil in place. The field was not developed in the intervening period because of political factors.

In tandem with the Technical Cooperation Agreement, Petrel and its contractors are working closely with the Iraqi Ministry of Oil on specialised technical training efforts, especially in geophysics and geology.

Jordanian Exploration: East Safawi Block

Petrel has agreed PSA terms with the Natural Resources Authority of the Jordanian Government on the East Safawi Block, close to the Iraqi border. The ratification process is underway and the Jordanian Parliament is expected to consider the proposed PSA over the coming months.

ITOCHU Partnership

Petrel Resources has a strategic partnership and cooperation agreement with ITOCHU Corporation of Japan (“ITOCHU”). The strategic partnership will cover future exploration and development activities in the Iraqi oil and gas industry. We have worked with ITOCHU over several years. ITOCHU with its strong balance sheet and long-term perspective, is a strong player in upstream oil and gas business. The strategic partnership will expand and deepen our operational capabilities. There is no better partner for us in our quest to expand and deepen our Iraqi activities.

ITOCHU launched its upstream activities in Indonesia and Sakhalin Island in the 1970s and has been a successful player in the upstream energy sector. It is currently active in Algeria, Azerbaijan, as well as oil producing regions in the North Sea and Western Australia. In addition to the above-mentioned upstream activities, the ITOCHU group is also one of the largest traders of crude oil in the Far East. It is a major force in numerous business sectors, including steel pipe supply, finance and logistics

The cooperation agreement between Petrel and ITOCHU will initially cover work on the Merjan oil field. ITOCHU will also have a first look at future Petrel projects in the Iraqi oil and gas upstream sector. ITOCHU will contribute towards Petrel's historic costs in the Iraqi oil and gas sector and will cover a fixed share of the costs of the current study.

This joint venture is a good fit for Petrel in Iraq. Itochu is financially strong and has capabilities in multiple business sectors, and will contribute to our quest to expand and deepen our Iraqi interests.

Next steps

The elected, sovereign Iraqi government is finalising a hydrocarbon law which will cover upstream as well as downstream investments. The structure for exploration and development is expected to be the industry’s preferred ‘Production Sharing Agreement’. This will open some of the world’s largest and most attractive oil fields and exploration areas to those international companies prepared to work on the ground in Iraq.

We have shown our ability to operate in Iraq in the last seven years, our commitment is long term and I believe that we are well placed to play a part in the development of the Iraqi oil industry.

John Teeling

Chairman

27th September 2006

Originally Posted by TheBrain

I don't understand why Dr. Skinner is having a press conference, does anyone know if she has a role economically?

Hoover Institution - Skinner, Kiron K.

Her Bio

Skinner is the official spokesman for the Iraqi government. And it's a he!

Originally Posted by shotgunsusie

can i get a link adster??

Petrel Resources Plc.

Originally Posted by Adster

Skinner is the official spokesman for the Iraqi government. And it's a he!

that was my fault. you asked earlier who skinner was and i posted that name as someone gave it to me in chat.