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

China and Australia are willing to support and develop the Iraqi oil sector
>
> November 05, 2006
> Japan granted a facilitated loan to Iraq of three billion and [500]million USD
for the development of oil and gas sector in the whole country, while China and
Australia expressed readiness to support the oil sector and intensify the
efforts to improve it.
> The Oil Minister, Dr. Hussein Shahrastani, said during a press conference held
in Baghdad last Wednesday: that his recent visit to each of China, Australia and
Japan resulting in the approval of the Japanese government to grant facilitated
loans amounting to 3.5 billion dollars to develop the Iraqi oil industry.
>
> He added that the ministry allocated one billion dollars of the loan to be
used for developing Basrah refinery and establishing an oil floating port in
Basra as well, adding new units for the conversion of black oil to oil
derivatives, adding that he met with officials of major Japanese companies
specialized in the oil sector to activate all joint activities to serve the
interests of the two friendly nations. He pointed out that Japan expressed its
willingness to build a large refinery in the city of Nasiriyah, and that China
is also ready to support the Iraqi oil sector and implement the contract
concluded with it about developing Al-Ahdab oil field as well as modifying it to
suit the quality of Iraqi oil, which China wishes to increase its imported
quantities, pointing out that Iraq welcomed the increase in the volume of Iraqi
oil exported to China because it is considered one of the major international
markets in the world oil consumption.
>
> The minister confirmed reaching a preliminary agreement with China to set up a
small refinery in Iraq to provide oil derivatives, adding that the ministry will
adopt the principle of transparency in future contracts with fine international
companies and be base its prospective contracts on the economic benefit of Iraq
and not on the basis of political relations exercised the previous regime.
During the conference, Ashahrastani tackled the plan prepared by the ministry to
raise the level of Iraqi crude oil production to reach (3) million barrels a day
at end of this year: (2.250000) barrels from he southern fields, (750) thousand
barrels from the northern fields and reach to four and a half million by 2010.
The rates of Iraqi oil exports now reach one million and seven hundred thousand
barrels per day. He reported that the Oil Ministry also prepared a plan for the
provision of sufficient quantities of kerosene for the citizens, that (200)
liters will be distributed during for the next few days for each family in
preparation for the winter season, assuring the citizens that large quantities
of kerosene are available, especially in Baghdad and the ministry is
distributing two million liters per day among the population. The minister
announced a plan to provide large quantities of liquid gas for the city of
Baghdad; since the terrorist are continuously targeting the pipeline of
transferring gas to it, the ministry started transferring this material by
tanks. The Oil Ministry is working to increase the production capacity of liquid
gas in the whole country and invest it properly to meet the needs of the
country.
>
> The oil minister confirmed that the oil wealth belongs to all the people of
Iraq and that it should contribute to unify the country and not divide or
disperse it and no party is entitled to contract with any company or invest the
fields located within its region away from the rest of Iraq. He proposed to
establish a federal body that includes all segments of Iraqi people specialized
in legislating investment laws concerning oil fields and studying contracts for
the implementation of these projects. Ashahrastani denied any intention to
increase the prices of oil derivatives in the current stage.(Source)AlSabah

When are we expecting the CBI to update itś exchange rates ?

05 November 2006 (Al-Watan)
500 Arab and foreign companies from 25 countries will participate in the international exhibition on the methods of developing agriculture and animal wealth in Iraq. The exhibition will be held in Amman from 3rd to 6th next April

Just the first paragraph.

500 companies from 25 countries participate in international exhibition | Iraq Updates

SGS- Whats the RV outlook for tomorrow? Aren't they supposed to be starting the 10K Dinar thingie? Are we looking for the NYC forex opening?

Originally Posted by OneShotOneKill

I just checked that site on Friday and it was not there!!!!

Guess based on the other post it was there. But I swear it wasn't when I looked on Friday. I checked cause I thought for sure if it was going to happen this weekend it would be there. Oh well, thanks.


OSOK

sorry but its always been on there at least for the last year i know of cause ive check it alot for there rate

05 November 2006 (Al-Sabaah)
Ministry of labor has referred an application for distributing funds every month instead of three months.

A source at the ministry said that children of chronicle diseases would be included in the coming fund. The source made it clear that the ministry would raise up with about 50 per cent of current salaries, which is about 120 to 150 thousands dinars for the current time.

I find this interesting.

Labor ministry to distribute monthly funds for idles | Iraq Updates

Originally Posted by Mike5200

SGS- Whats the RV outlook for tomorrow? Aren't they supposed to be starting the 10K Dinar thingie? Are we looking for the NYC forex opening?

well the people couldnt go pick up their money at the banks because there was a curfew so i would assume a day delay although i was reading something about tuesday earlier so im not sure if they have decided to put it off until then or what.

Do we know if the Iraq people know that they are too receive the money? Is this something that they are counting on?

Hi Everyone,

I was just on IDI and they are excited about this information on IMF website. It was posted by Good Karma. I am not sure if it has been posted here yet so if it has sorry.

QUESTIONER: The other question I do have is there is a lot of confusion out there about the whole multilateral consultations. We had the Bank of England's Deputy talking, saying this week that the discussions between the U.S. and China were ongoing now. We know that the second phase is happening. There seems to be some confusion about who is taking part and how it is happening? Is there anything you can say on it, although I know that you don't really want to talk about it?

Mr. AHMED: I won't say as much as you would want me to on it, but what I can say is, and none of this is really going to be terrifically new stuff but just to give you clarity on where we stand.

The first started after the Spring Meetings. As we said then, we were going to do this in two phases. First we were going to try and meet with each of the individual members in that group, and then we were going to move to a second phase where there would be discussions among the members of the group, facilitated by the Fund.

That first phase is over. We are now in the second phase. How far advanced we are in the second phase, what the exact set of meetings is going to be and when they are going to take place is not something that we have taken a view on making public. That is where we stand now on the exact state of the second phase.

QUESTIONER: Can you remind us who is taking part in this process?

Mr. AHMED: I am very happy to remind people who takes part in that process. The five economies that are taking part in that process are the Euro Area, Japan, Saudi Arabia, the People's Republic of China, and the United States.

Transcript of a Press Briefing by Masood Ahmed, Director, External Relations Department, IMF
Dinar-Excited

Originally Posted by MOM2TWO

Do we know if the Iraq people know that they are too receive the money? Is this something that they are counting on?

Oh yeah, Mom2 . . . they definitely know it's coming . . . at least among the one's that know anything about anything . . . but remember this is a country that is much divided & there are a lot of *Uninformed* . . .

Best . . . RR . . .