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

Yes, But Oil Is Sold In U.s. Dollars heading by cigarman

But if memory serves me correctly, they want to get to the place where their oil is sold in dinars not dollars. Same with the US and other countries. The US and other countries have aledgedly billions of dinars waiting in their vaults right now. They want to be able to exchange them for oil. Once it r/v's, then they will be able to purchase Iraqi oil with r/v'd dinars which they purchased for next to nothing. That will do a lot to help these country's defecit spending. :)

worf

Folks,

As I mentioned a few threads back, the passing of Article VIII is what we are waiting for. Here is my original post:

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"It seems to me that r/v will not happen until Article VIII is passed by Iraq. Article VIII is an IMF policy which most if not all countries have agree to and meet specific guidlines to be internationally tradeable. The Jordanian Dinar (JD) is a prime example. The JD was around for awhile like the NID but not internationally tradeable. Jordan met all the guidelines and agreed to policy written in Article VIII.. then the JD pegged and was internationally tradeable.

It seems IMF indicators point toward the passing of Article VIII around November to December 06.. Little ways out.. and r/v should occur anytime afterward."

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The timetable seems to have moved up a little..... now we hear October 31 may be the new date for ratification. But IMHO, r/v still scheduled anytime during Nov - Dec.

Posted on Wednesday, October 25 @ 03:51:42 PDT
Topic: Kurdistan
The draft has benefited from further comments and suggestions to the two previous published drafts.

The Kurdistan Regional Government (KRG) today published a draft of the petroleum law for Kurdistan.
This draft will be forwarded to the Kurdistan National Assembly, the Region's parliament, for its consideration. The Minister for Natural Resources, Dr. Ashti Hawrami, today issued three press releases addressing different aspects of the law, including revenue management and the KRG policy on the Kirkuk oil fields.

The draft has benefited from further comments and suggestions to the two previous published drafts. The Act is accompanied by a detailed Explanatory Memorandum. Arabic versions of the documents will soon follow.

Source: Office of the KRG

Makes you wonder about the pennies on the dollar theory. If this were true then why would all the biggest investors not lock in now especially since they know the enactment of the FI law is imminent.

Originally Posted by worf

Yes, But Oil Is Sold In U.s. Dollars heading by cigarman

But if memory serves me correctly, they want to get to the place where their oil is sold in dinars not dollars. Same with the US and other countries. The US and other countries have aledgedly billions of dinars waiting in their vaults right now. They want to be able to exchange them for oil. Once it r/v's, then they will be able to purchase Iraqi oil with r/v'd dinars which they purchased for next to nothing. That will do a lot to help these country's defecit spending. :)

worf

Originally Posted by Inscrutable

Makes you wonder about the pennies on the dollar theory. If this were true then why would all the biggest investors not lock in now especially since they know the enactment of the FI law is imminent.

i was thinking the same thing,why dont big investors get in now really cheap instead of waiting for it to rv and getting it at maybe 1.47 give or take?

Originally Posted by Inscrutable

Makes you wonder about the pennies on the dollar theory. If this were true then why would all the biggest investors not lock in now especially since they know the enactment of the FI law is imminent.

Correct me if I'm wrong, but isn't that the purpose of the FIL and the reval going hand in hand. So foreign investors cannot come in and buy the country up for pennies on the dollar. They can lock in but only at US dollars amount, yes or no?? I'm so cornfused....

Originally Posted by chadm

i was thinking the same thing,why dont big investors get in now really cheap instead of waiting for it to rv and getting it at maybe 1.47 give or take?

The argument could be answered with the FI law will require contracts and not hard currency but I still think that the feet in Iraq will need currency and what smarter way for a company to save money then to buy a few billion for ground expenses?

(Voice of Iraq) - 10-25-2006 | This issue was sent to a friend

Kurdistan : official in addition representative of the Turkmen third of the application of Article 140 against our
Tools of the Sulaymaniyah - (Voices of Iraq)
Representative of the President of the territory Cordstan of the application of Article 140 of the Iraqi Constitution, the Permanent today, Wednesday, that the Kurds are dissatisfied with the addition of the third representative of the Turkmen.
The Qader Aziz News Agency (Voices of Iraq) alone "had not been consulted on the issue of the Kurds and third representative of the Turkmen in the government and demanded Maliki interpretation of this action."
And added, "we have agreed to join Arab identity, Ahmed Brac (of Kirkuk) of the Commission mentioned "
He pointed out that "the Turkmen stand from the outset against the application of Article 140 of the Constitution, The increase their representation in the Commission hamper efforts to the application of that article and the normalization of the situation in the disputed areas. "
The Commission is composed of nine members (three members of the Kurds and three Arabs and two members of the Turkmen and one member represents the Assyrians), and joined by two other members, namely Ahmed Barak, Chairman of the Follow-up Committee of the city of Kirkuk property disputes and Anwar Muhammad Ali Berkdari of the Turkmen Front. "
Article (140) of the Constitution states that "the executive authority to take the necessary steps to complete implementation of the requirements of Article (58) of the Iraqi State Administration Law for the transitional stage with all its paragraphs."
As the article states that "the responsibility entrusted to the executive authority of the transitional government provided for in Article (58) of the Iraqi State Administration Law for the transitional phase and will continue to extend the executive elected under this Constitution to be completed in full (normalization. Statistics and expiring referendum in Kirkuk and other disputed areas to determine the will of its citizens) to a maximum of thirty-first of the month of December December 2007. "
H n

Sotaliraq.com

Originally Posted by TEXASGIRL

Correct me if I'm wrong, but isn't that the purpose of the FIL and the reval going hand in hand. So foreign investors cannot come in and buy the country up for pennies on the dollar. They can lock in but only at US dollars amount, yes or no?? I'm so cornfused....

I'd say no, you're locked in at US dollar amount but converted to their currency. Any big investor can do the same.

THIS MAY HELP GET THINGS GOING ON SECURITY - MAYBE???


American senator proposed formula «» oil for security of the Year
10/25/2006
Washington : Munir Maori
.Proposed American Democratic Senator Joe Biden on his government pressure on the government of Iraqi Prime Minister Nuri al-Maliki, in order to give the Sunni Arabs in Iraq share of the oil wealth, to encourage them to halt the ongoing insurgency in the country. .He said prominent member of the Senate for the state of Deloir in an interview with the station «CNN. Bi. S. American »« We must ask Maliki acceptance of a political settlement and to give part of the year, oil ». .Biden continued, saying : «The President of the United States to respect Iraq's neighbors, and telling them we will agree with a political solution that involves them in the solution ». He called for the dismantling of the Al-Mahdi Army militia, , has strongly criticized the American administration's position on what is happening in Iraq and in particular the assertion that the American army will withdraw, when the Iraqis are able to stand on their own feet. Biden said that the problem was that the Iraqis can not stand together». نHe stressed Biden, one of the strongest proponents of the change of American policy in Iraq to the American failure in Iraq may make the United States only two options : They left the American soldiers killed in Iraq or withdrawn without a solution to the order of this country, which had him drop the hands of other forces hostile to the United States.

الشرق الاوسطMiddle East