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

Originally Posted by jedi17

This morning I sent an e-mail to a Canadian Oil Company who stated that they were interested in drilling in Iraq. I posed some questions to them regarding concerns I had before I invested with them...I asked about the Hydrocarbon law, the FIL, and of course their currency being so low...Blah , blah, blah. When they respond to my e-mail I'll let you know what they said.

Interesting,

I had the same conversations with WTO, also a CAN oil exploration company and they are not concerned in the least wth any of these issues for oil is oil, and we all know what that is worth. They are working with the Kurd's, and have been for years awaiting this point in time, so it will be interesting to hear what this other company will have to say, or it may be the same one. (g)

Good luck to all, Mike

Originally Posted by kiko

KRG welcomes appraisal test results for Taq-Taq oilfield
Erbil, Kurdistan-Iraq, 21 November 2006 (KRG)

The Kurdistan Regional Government welcomes the recent announcement of the appraisal well test results from the Taq-Taq oilfield by Genel-Addax, the oil exploration joint venture.

On November 20, Genel Enerji and Addax Petroleum, holders of the Production Sharing Contract for the Taq-Taq field in the Kurdistan Region, announced appraisal test results for the recently drilled and completed TT-04 well, the first development well on the Taq-Taq field.

Through a selective completion programme, three reservoir intervals were tested separately and flowed at a maximum aggregate rate of 29,790 barrels per day (on a 64/64” choke size) of light, 47 degrees API oil.

Dr. Ashti Hawrami, KRG Minister for Natural Resources, said, “This is a great achievement and we look forward to establishing our initial export of oil from the Taq-Taq field during 2007. Additionally, we will be utilising some of the oil resources from the Taq-Taq field to satisfy the local requirement for refined products and power generation. We will continue our exploration campaign to achieve our oil export target of one million barrels per day of new oil from the Kurdistan Region over the next few years. This will make a significant contribution to the oil revenues to be shared by all peoples of Iraq.”

Dr. Hawrami added: “Following the imminent entry into force of the Kurdistan Region Petroleum Act, we are expecting further investment activities in the near future to achieve our target."

To see the full text of the announcement of Genel Enerji and Addax Petroleum, click Genel

KRG welcomes appraisal test results for Taq-Taq oilfield | Iraq Updates

This makes you smile!

sounds like hydrocarbon law to me

Originally Posted by Elfwizard

They have been doing these Auctions since I bought my dinars 3 years ago. What makes you guys think they are pulling the dinar from circulation? If they have been doing that all along they would have run out of dinar. If you look back at the auction history itn not that exciting, these Auctions

The difference between now and then is the central bank is buying only and not saling like they used to do. Hope this helps.

Don't know if posted!

Iraq calls on the European Union to cancel the remaining debt it
(Voice of Iraq) - 11-21-2006

Brussels (November 21) and the agency (Lucky) Italian news-called Barham Salih, Iraqi Deputy Prime Minister, European Union to cancel the remaining debt on the country. He pointed out that "the matter was being discussed with European officials, in the Paris Club, "where the European Union member, and "it was agreed to cancel 80% of the debts owed by Iraq." He appealed to the European Union as "the abolition of the remaining 20% of debt" because "they received impose additional burdens on the Iraqi people, who need at the current stage to all forms of support".

Saleh said, in a press conference today, following the end of the first round of negotiations between Iraq and the European Union, supposed to lead to expanded commercial cooperation agreement, , "Iraq is undergoing a difficult period of transition and faces many challenges including terrorism and extremism. and will succeed in the face and overcome in order to focus efforts on improving the standard of living of citizens. "

The Iraqi Deputy Prime Minister said the agreement on cooperation and trade negotiations, which began today in Brussels between the European Union and Iraq. open the "new prospects" for bilateral cooperation and contribute to "support the reforms and the strengthening of democracy and the state of law in the country."

He noted that the next year will see a package of economic and social reforms to be implemented by the Iraqi government for the development of infrastructure and increase the growth rate and employment and reduce unemployment and increase investments in the areas of infrastructure and services.

For his part, The Iraqi Trade Minister Abdel farmer Sudanese hoped that the negotiations on the new agreement, the key to "stronger cooperation" between Brussels and Baghdad to "restore the historical relations between the two sides in various fields."

Sotaliraq.com

Wm.Knowles,

Another question for you, although I am not sure that I know enough to even frame the question very well.

What is your understanding / opinion of how the GOI budget effects the money supply in Iraq?

It seems to me that the revenue side is mostly from oil and gas sales and very probably in USD presently. How much of the expenditure side is in IQD? and how is that conversion handled? I have seen statements here in the forum that the CBI does this conversion.

Thank you in advance for your time and attention.

p.s. it seems very different to me than the case here in the US, where the revenue is from taxes and thus seems to have very little impact on the money supply.

p.p.s. although I guess that deficit spending in the US does add directly to the money suppy?

Originally Posted by Elfwizard

They have been doing these Auctions since I bought my dinars 3 years ago. What makes you guys think they are pulling the dinar from circulation? If they have been doing that all along they would have run out of dinar. If you look back at the auction history itn not that exciting, these Auctions

The point is that they were both buying up dinars to go into the CBI and also selling them back into the economy. Now they are just buying up the dinars with NO sales of dinars back. That's what makes these auctions different and exciting. Previously it was a balanced auction, now it's totally one sided in favor of selling dollars for dinars. A HUGE DIFFERENCE

Reuters
Nov 21 2006 15:8

LONDON, Nov 21 (Reuters) - British Prime Minister Tony Blair welcomed Syrian Foreign Minister Walid al-Moualem's visit to Iraq on Tuesday and encouraged Damascus to play a helpful role in its neighbour's affairs.

Moualem made the first visit to Iraq by a Syrian minister since U.S. and British forces toppled Iraqi leader Saddam Hussein in 2003.

Iraq and Syria agreed to restore diplomatic ties after 25 years, and Moualem accepted that U.S.-led troops should stay in Iraq as long as the government in Baghdad wants them.

"I welcome the fact that the Syrian foreign minister went to Iraq," Blair said
at a news conference after a meeting with the visiting president of Kazakhstan.

"The very thing that we have been seeking is to ensure that Syria becomes a help to Iraq ... rather than a hindrance. So from our perspective this is the right thing to do."

He was speaking before news of the assassination of Lebanese government minister Pierre Gemayel in Lebanon. Gemayel was an opponent of Syria's influence in Lebanon.

Blair, Washington's main ally in Iraq, has called for the United States to open dialogue with Syria and Iran, both of which Washington accuses of stirring up trouble in Iraq.

But Blair said relations with Damascus and Tehran were not equivalent, suggesting that Britain is more willing to see a constructive contribution from Syria than Iran, with which it also has disputes over nuclear technology.

"The relationship in my view with Syria and the interests with Syria are not necessarily the same as the relationship with Iran," Blair said.

Keywords: IRAQ BRITAIN SYRIA

Originally Posted by Socata 850

The point is that they were both buying up dinars to go into the CBI and also selling them back into the economy. Now they are just buying up the dinars with NO sales of dinars back. That's what makes these auctions different and exciting. Previously it was a balanced auction, now it's totally one sided in favor of selling dollars for dinars. A HUGE DIFFERENCE

Was going to chime in with that myself. Thank you for all your intelligent posts Socata

Randy

Please excuse if already posted. thank you

Posted by: saleem on Tuesday, November 21, 2006 - 11:35 AM

Iraq-Currency
Central Bank sells dollar at highest dinar rate to bring down inflation
Baghdad, Nov 21, (VOI) – The Iraqi dinar scored on Tuesday its highest exchange rate through year 2006 at the Iraqi Central Bank daily auction , fetching 1,446 dinars compared to 1,449 dinars in the previous session.
Demand was lower to $50.115 million from $56.765 million on Monday, the bank said in its daily statement.
The bank covered bids which were $15.345 million in cash and $34.770 million in foreign transfers.
None of the 15 banks participating at Tuesday’s session offered to sell dollars.
Early last week, the Iraqi Central Bank started to sell dollar against a high exchange rate of the Iraqi dinar in a bid to bring down the nation-wide inflation.
On last Tuesday, Mr. Ali al-Yasseri, exchange company owner, told the independent news agency Voices of Iraq (VOI) the Iraqi Central Bank adopted “ a series of tough measures to bring down inflation.”
The measures included, among others, offering selling dollars with higher dianr exchange rate against dollar, he added.

Originally Posted by Socata 850

The point is that they were both buying up dinars to go into the CBI and also selling them back into the economy. Now they are just buying up the dinars with NO sales of dinars back. That's what makes these auctions different and exciting. Previously it was a balanced auction, now it's totally one sided in favor of selling dollars for dinars. A HUGE DIFFERENCE

Thats False info, Have you looked back at the Auction sheets? They always sold dollars for dinars. They have rarely sold Dinars at Auction. Most of the dinar goes back out of the CBI to pay government projects and employees.

SO your theory is simply not true. Go do your research.