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

Political first : Al-Maliki and Bush paint in Amman, a new policy for a multilateral solution

Sistani calls components to look at the interest of the homeland and the citizen Baghdad morning At a time when political parties try and Iraqi religious constipation strongly united stand and close the gaps before any possibility of allowing the country to slip into a serious situation, escalating the political, globally and regionally, to develop an innovative solution to the Iraqi problem. With the religious authority, Ayatollah Sayyid Ali al-Sistani yesterday to the unity of position, the components of each community to avoid the dangers and difficulties experienced by Iraq, the White House announced that President Bush will visit Jordan later this month to meet with Prime Minister Nouri Al-Maliki, Meanwhile, the Democrats in the new development reflects the interest in the Iraqi file they hold a forum on the Iraq war. These moves come after the restoration of diplomatic relations between Iraq and Syria, which eased much of the pressure faced by Bush in Iraq and in the midst of the United Nations Declaration on the rise in civilian casualties to more than 7000 people during the last two months. According to the source in the Office Ibid Sistani and a delegation from the Islamic University of Mr. Al-Sistani called for the unity of all the components of society to avoid the dangers and difficulties experienced by Iraq. He said in a speech delivered in his office before the delegation of the Islamic University in Najaf, which is that the country needs to stand all the components, one-stop and put a one in front of the dangers and difficulties that stand in the way of the benefit of the citizen and stability. The ingredients to look at the interests of the homeland and citizens and to deal honestly intentions and behavior and the application of that on the ground. It said a joint statement issued by Prime Minister Nuri al-Maliki and President of the United States George Bush, they will meet in Amman late this month to continue the consultations in order to consolidate security and stability. The summit comes after the expected meeting, which brings together President Jalal Talabani and his Iranian Mahmoud Ahmadinejad and Syrian President Bashar Assad, perhaps. The Al-Maliki and Bush in the statement that they would focus on the latest developments in Iraq and the progress that had been made so far. Observers believe that the summit will be an opportunity to review the situation in Iraq, particularly when Bush completed audit reports on Iraq important first prepared by management and the second set of studies mandated by Congress to assess the situation in Iraq. It is expected that the group studies to resume contacts with Syria and Iran. American officials believe that it is necessary to visit Iraq in his speech about the direct neighbors. The Los Angeles Times newspaper on the American national security adviser Stephen Hadley said that Iraq needed positive role of those influential countries to stop the violence in Iraq and achieving stability and democracy. In the meantime, a striking development emerged when the Democrats in the House of Representatives that they would hold a forum on the Iraq war. She Bilosi Democratic member of the state of California know that the policy of pursuing the path is not successful did not make our country more secure did not live up to our commitment to our troops has achieved stability in the region.

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Economic : the development of the securities market in the international financial Addououalazmh Asian financial period of 1997-1998

D. Bata Khalifa Al-Kubaisi Expert - The Ministry of Planning and Development Cooperation At the outset, it can be said that developing countries, including Iraq, of course, it should develop and strengthen financial markets and financial institutions in light of the current global financial system, which remains highly volatile and unstable financial and economic alike through the use of what happened in the Asian financial crisis that swept the country during the period 1997-1998 The economic crisis that brought about the significant impact on these countries and the global financial system. Among the justifications for stimulating the development of financial markets is the simultaneous liberation of the financial markets and the global capital markets coupled with significant and rapid developments in information technology and communications systems. since the removal of restrictions and barriers that were imposed on the scope of financial institutions and markets in developing countries to liberalize writ large in the financial services and the intensification of regional and international competition, what led to a significant reduction in the profitability of financial intermediaries, especially banks and monetary institutions, in addition to the occurrence of the failure of large and financial crises, many in the banking field in a number of developing countries over the past decades. The evolution and the acceleration of technological developments in communications systems and information systems were also noted in the above, especially in the recent years (the end of the 20th century) and the beginning of (the twenty-first century) and contributed a large and active role in promoting the financial markets and take advantage of the increasing opportunities provided by the Global Environment, The reduction of barriers to the government official and international capital flows. On the other hand, these developments have contributed in reducing the costs of international financial transactions, In the speed and increase the amount of the financial transactions across nations and continents, , which contributed a significant role in the development and effective international financial markets, it must be noted that the global financial flows have witnessed broad scale, rising from (300) billion dollars a day in the early 1990s to more than (3.5) $ 1 trillion per day in 1999. And of course, that the volume of this activity to the movement of capital at the international level have far exceeded the volume of world production and international trade, It gives broad importance of the role of financial institutions and markets in the overall international economic and financial activity worldwide. For comparison, the volume of international financial exchanges in the 1997 borders (1.5) trillion dollars compared to the global production of the limits (82) billion dollars per day, The global export of (16) billion dollars per day in the same year. From this comparison becomes us the importance and the role of international markets and the volume of global activity, It should be given an important role to activate the mechanisms and regulations of financial markets and institutions to contribute to the strengthening of global economic aspects of performance. Globalization in general, The globalization of financial markets in particular, in addition to its many advantages, which has been covered in some of them above, along with the integration of global financial markets and to mobilize resources to increase the volume of investments and accelerating economic growth have helped find many of the risks and challenges for the developing countries was the lack of financial stability and financial crises, such as those wide during the Asian financial crisis during the period 1997-1998. In July of 1997, however, the monetary crisis and financial turmoil size of the catastrophe in Thailand, Indonesia, Malaysia, the Philippines, South Korea and other foreign markets such as Brazil and the Russian Federation. As a result, landed the currency markets and stock markets in the Asian economies by about (30-50%) during the short period of time that lasted about six months (July-December 1997). These countries have experienced sharp declines during this period in comparison to the volume of financial and economic developments that have occurred in these countries. The rates of growth in GDP during this period negative growth rates reached the limits (10 - 5%). These countries have proved that it has maintained a decade of rapid economic growth and focused basic principles and strong, as is evident from a reading of macroeconomic indicators of those countries, which include indicators of inflation, unemployment and government deficits, despite the existence of small financial markets and financial institutions junior. That provides a strong macroeconomic only without the presence of a pillar of the financial sector and strong cash son of the protection of the economy from the risks of financial crises caused by financial flows of international capital free and unrestricted. When the transition to study the effects of the Asian crisis on the Baghdad stock exchange, we find that this effect is unclear directly, It may have a direct impact - especially if we know that the market was founded in 1992 from an institution of public benefit by carrying out financial intermediation until April 2003, interrupted work in the market because of the events was then eliminated by the occupation authority and the issuance of Order No. (71) called Interim Act of securities markets, then the establishment of the Iraq market securities. We find that the market did not meet the ambitions in the area of its contribution to economic activity and further the interests of investors, shareholders or by dealers, but on the contrary, contributed to the frustration of investors due to the complete lack of clarity in the objectives of the Act, which was established thereunder, and the nature of its activities and functions. On the other hand, significant deterioration and wide in the price of shares and bonds dealing with the market, together with the reduced production capacities of the companies and the establishment of non-industrial companies or service contribution of new shareholders and the flight of large-after speculators sold at low prices

WEll, Well, Well, Look at the numbers today. Only 5,290,000 dollars sold at auction with only 6 banks participating and an exchange rate of just 1441. That puts our grand total of Dinars withdrawn at 1,031,879,355,000. The total offered for sale was 5,330,000 but a lesser number actually sold. Not enough Dinars in the coffers perhaps? HMMMMMMMM. What a great day this is !!!! It's 3:45 AM and I've gotten out of bed to come check the forum. I must be nuts, but just look at the nuggets of info that we have here this morning. I see by the login roster, that some of the die hards are here too. Nice to see all of you are up and at em at this time of the morning. !!!

Economic : Agriculture begin repairing drainage systems and infrastructure

Baghdad-Sabah The Ministry of Agriculture in the coming days to begin the work of repairing some drainage systems and infrastructure to guide and preliminary drainage cooperation with the development and reconstruction of agriculture in Iraq aimed at improving infrastructure hydraulic small. A source in the ministry : "Improving the hydraulic system in Iraq is one of the things in the central tasks of the Ministry and the development of agriculture and reconstruction in Iraq in order to increase agricultural production in all parts of Iraq." He added : "The agriculture relies heavily on irrigation around in all areas of the country but most channels and systems and hydraulic structures have not been properly maintained or replaced since installed several years ago." The source pointed out : "This part of the project, which was approved recently by the American Agency for International Development / USA any de / and the Ministry of Agriculture and the development of agriculture and reconstruction in Iraq to provide maximum water capacity of agricultural land in the provinces." He explained : "Increasing the capacity to control the amount of water will affect positively on the source of livelihood of more than two and a half million families of farmers who depend on agricultural production basically source of income." It is noteworthy that will be within the terms of the grant purchase of mechanical parts and electrical and civil works required for the installation of the occasion.

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Almost 2 am here, but for some reason I couldn't stay away.

whats the most exciting to see is the fact that they traded only 1.290.000 in country. 4.000.000 out.
woOt!!

Can't wait till Sunday to see what emerges.

Genel Enerji and Addax Petroleum Announce the Execution of a Revised Production Sharing Agreement in Respect of the Taq Taq field
VANCOUVER, 23 November 2006 (Addax Petroleum)

Genel Enerji A.S. ("Genel") - which is part of Cukurova Group - and Addax Petroleum Corporation ("Addax Petroleum") (TSX:AXC - News) today announced the execution of a Revised Production Sharing Agreement with the Kurdistan Regional Government ("KRG") in respect of the Taq Taq Field. Genel and Addax Petroleum also announced that at the same time Addax Petroleum's wholly owned subsidiary had acquired an additional 15% Participating Interest from Genel.

Commenting, Mehmet Sepil, Chief Executive Officer of Genel Enerji said: "This opportunity for Genel to expand its activities and investment portfolio in further exploration fields will widen the perspective and objectives of Genel. Within this new concept, Genel, owned by Cukurova Group is growing to be a worldwide exploration and production company performing also in high risk projects. Genel is also planning to invest the consideration in the mid stream activities in addition to the exploration and production for the benefit of the Kurdistan Region and the people of Iraq."

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "The execution of the Revised Production Sharing Agreement with Addax increasing its equity participation in Taq Taq represents a major step in confirming the legal basis for our development of the Taq Taq Field. Together with the undertaking of additional exploration in this area to the mutual benefit of the Kurdistan Regional Government, the people of Iraq, Genel and Addax Petroleum, our increased investment underscores Addax Petroleum's commitment to the Taq Taq project."

The original Taq Taq Production Sharing Agreement was entered into between Genel and the KRG on 20th January 2004. In July 2005 Addax Petroleum's wholly owned subsidiary, Addax Petroleum International Limited ("Addax International") agreed to farm in to the original PSA and agreed to acquire a 30% Participating Interest. The Revised Production Sharing Agreement extends the geographic scope of the original PSA to include further exploration acreage which includes the Kewa Chirmila prospect and gives the KRG the right to require that at a future date a government nominated entity is assigned, in the case of Taq Taq, a 20% Participating Interest, and, in the case of other developments within the Revised Production Sharing Agreement area, a 25% Participating Interest.

The Revised Production Sharing Agreement reflects i) Genel and Addax Petroleum as parties to the PSA; ii) the acquisition by Addax Petroleum from Genel of an additional 15% participating interest; iii) government back-in rights and revised fiscal terms to maintain the risk/reward balance for Addax Petroleum and Genel; and iv) expansion of the PSA acreage to include the Kewa Chirmila prospect. The revised Participating Interests prior to the exercise of any Government back in rights are,

- Genel 55%,
- Addax International 45%.

Addax Petroleum will meet the cost of the acquisition within its existing financing arrangements.
About Genel and Addax Petroleum

Genel Enerji A.S. is a Turkish registered company and owned by the Turkish Cukurova Group. The Cukurova Group is among Turkey's largest industrial and commercial conglomerates with numerous investments ranging from automotive, telecommunications, media, textile, energy, transportation and information technology services. Many of Cukurova Holding and associated holding companies are leaders in their respective business lines. The amount of total assets of the Cukurova Holding Group in the year of 2005 was approximately 11 billion US dollars. Within the group, Turkcell is the leading GSM operator of Turkey (with 31 million subscribers) and has been listed on the New York Stock Exchange (NYSE) and on the Istanbul Stock Exchange (IMKB). Turkcell was the first Turkish company to be listed on NYSE. BMC is the largest fully integrated vehicle manufacturer. The Geden Lines is a leading shipping company with a modern fleet in the maritime industry. Digiturk, the only digital broadcasting company in Turkey, is giving television, radio and interactive channel broadcasting services. The Cukurova Group currently has 139 companies and of these, 19 are foreign investments and 13 are joint ventures based in Turkey. A total of 26,500 people are employed in Cukurova companies in Turkey and abroad. Further information about Genel Enerji is available at Genel or at ÇUKUROVA HOLDING

Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 barrels per day for 1998 to an average of approximately 91,500 barrels per day for the third quarter of 2006. Further information about Addax Petroleum is available at Addax Petroleum | Home or at Welcome to the SEDAR Web Site / Bienvenue au Site Web SEDAR

Legal Notice - Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements under applicable securities legislation. Such statements are generally identifiable by the terminology used, such as "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook" or other similar wording. Forward-looking information includes, but is not limited to, reference to business strategy and goals, future capital and other expenditures, reserves and resources estimates, drilling plans, construction and repair activities, the submission of development plans, seismic activity, production levels and the sources of growth thereof, project development schedules and results, results of exploration activities and dates by which certain areas may be developed or may come on-stream, royalties payable, financing and capital activities, contingent liabilities, and environmental matters. By its very nature, such forward-looking information requires Addax Petroleum to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. Such factors include, but are not limited to: imprecision of reserves and resources estimates, ultimate recovery of reserves, prices of oil and natural gas, general economic, market and business conditions; industry capacity; competitive action by other companies; fluctuations in oil prices; refining and marketing margins; the ability to produce and transport crude oil and natural gas to markets; the effects of weather and climate conditions; the results of exploration and development drilling and related activities; fluctuation in interest rates and foreign currency exchange rates; the ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; risks attendant with oil and gas operations, both domestic and international; international political events; expected rates of return; and other factors, many of which are beyond the control of Addax Petroleum. More specifically, production may be affected by such factors as exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling, and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability, and seismic costs. These factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.

Readers are cautioned that the foregoing list of important factors affecting forward-looking information is not exhaustive. Furthermore, the forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, Addax Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

For further information

Addax Petroleum, Mr. Patrick Spollen, Investor Relations, Tel.: +41 (0) 22 702 95 47, [email protected]
Mr. Craig Kelly, Investor Relations, Tel.: +41 (0) 22 702 95 68, [email protected]
Mr. Mac Penney, Press Relations, Tel.: (416) 934-8011, [email protected]
Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0) 22 702 94 44, [email protected]

Genel Enerji and Addax Petroleum Announce the Execution of a Revised Production Sharing Agreement in Respect of the Taq Taq field | Iraq Updates

Genel and Addax Report Results of Kurdistan Flow Test
23 November 2006 (Rigzone)

Genel Enerji A.S. (Genel), part of the Cukurova Group, and Addax Petroleum Corporation on Monday reported flow test results for the recently drilled TT-04 well, the first well on the Taq Taq field drilled by Taq Taq Operating Company (TTOPCO), the joint venture company formed by Genel and Addax Petroleum to carry out the petroleum operations in the Taq Taq license area in northern Iraq.

Three reservoir intervals were tested separately and flowed at an aggregate rate of 29,790 bbls/d of light, 47 degrees API oil with low gas oil ratio. The intervals tested were a 106-meter perforated interval in the Shiranish formation that flowed at a rate of 3,940 bbls/d, a 55-meter perforated interval in the Kometan formation that flowed at a rate of 12,930 bbls/d, and a 86-meter bare foot interval in the Qamchuga formation that flowed at a rate of 12,920 bbls/d. Oil flow rates from the three intervals are in a 64/64" choke size. In each instance, the flow rates were constrained by the limited capacity of the surface test facilities. Evaluation of these flow test results is ongoing.

Commenting on the results, Dr. Ashti Hawrami, the Minister of Natural Resources of the Kurdistan Regional Government of Iraq, said; "This is a great achievement and we look forward to establishing our initial export of oil from the Taq Taq field in 2007. Additionally, we will be utilizing some of the oil resources to satisfy the local requirement for the refined products and power needs. We will continue our exploration campaign to achieve our export oil 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 of Iraq to be shared by all peoples of Iraq."

Commenting, Mehmet Sepil, Chief Executive Officer of Genel Enerji said: "We are very pleased with the test results of the TT-04 well. For the first time, a privately owned Turkish Oil Company is developing a major oil field.

We believe that this project will make Genel Enerji a world-class exploration and production company in the international petroleum industry. This project will also generate wealth for the people of the Kurdistan Region and of Iraq while also helping to meet the urgent energy requirements of the region."

Commenting, Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "This is a significant milestone for Addax Petroleum. The Taq Taq field has the potential to be a major source of reserves and production growth for the company. As demonstrated by these test results, the production potential of Taq Taq is truly significant and highlights the under-developed potential of the region. We believe that the Taq Taq field can deliver excellent value to the people of the Kurdistan Region and of Iraq and for our shareholders."

The TT-04 well is the first well drilled on the Taq Taq field, drilled using the TTOPCO-owned drilling rig and located some 500 meters from the TT-01 well, the Taq Taq field discovery well drilled in 1978. TT-04 was spudded in mid-May and reached a total depth of 2,286 meters in early September.

Interpretation of data acquired, including wireline static reservoir pressure data, indicate the presence of a significant and extensive fracture system and a single oil column in the Taq Taq field through the Shiranish, Kometan and Qamchuga formations in excess of 500 meters. The TT-04 well was the first of a three well drilling program by Genel and Addax Petroleum. The drilling of the second appraisal and development well, TT-05, is now in progress.

The Taq Taq field is located in the Kurdistan Region of Iraq some 60 kilometers northeast of Kirkuk, 85 kilometers northeast of Erbil and 120 northwest of Sulaimaniyah.

Genel Enerji A.S. is a Turkish registered company and owned by the Turkish Cukurova Group. The Cukurova Group is among Turkey's largest industrial and commercial conglomerates with numerous investments ranging from automotive, telecommunications, media, textiles, energy and information technology services.

Addax Petroleum is an international oil and gas exploration and production company with a strategic focus on Africa and the Middle East. Addax Petroleum is one of the largest independent oil producers in West Africa and has increased its crude oil production from an average of 8,800 barrels per day for 1998 to an average of approximately 91,500 barrels per day for the third quarter of 2006.

Genel and Addax Report Results of Kurdistan Flow Test | Iraq Updates

Iraq oil profits reportedly used to back militants
BAGHDAD, 23 November 2006 (Khaleej Times)

The Iraqi oil ministry has uncovered illegal operations whereby oil products were sold and profits were pooled into financing local militancy, Al Sabah newspaper reported on Wednesday.

According to the Minister for Oil, Hussein Al Shahristany, ‘the ministry discovered operations where oil extracts from the Bayji refinery were sold, and the money was directed to terror elements who commit acts of sabotage.’

Some of those held responsible for the criminal operations were dismissed while others were referred to investigative courts and committees, said the minister.

The oil refinery at Bayji, 200 kilometres north of Baghdad, produces on average 700,000 barrels per day.

Meanwhile, the US military reported Wednesday that US-led coalition forces had arrested 45 Iraqis in Latifiya, 40 kilometres south of the capital, on Tuesday.

The captured Iraqis were suspected of terrorism and murder among other crimes.

US Marines, another US statement said, had also rescued two hostages and arrested 13 terror suspects north of Fallujah, 70 kilometres west of Baghdad, last Monday.

US President George W Bush was to hold talks on the security situation in Iraq during a visit to Jordan for talks with King Abdullah 11 and Iraqi Prime Minister Nuri Al Maliki on November 29, the Jordanian royal court announced Wednesday.

The discussions will centre on the security situation in Iraq, said a joint statement released by the White House.

Visits of Western state and government leaders to Iraq are usually discouraged for security reasons.

Meanwhile, British forces in Iraq could hand over control of the southern province of Basra to Iraqis by next spring, Foreign Secretary Margaret Beckett said in London Wednesday.

Speaking in parliament, Beckett said the British-run province of Maysan, also in the south, would be handed over in January.

‘The progresses of the current operation in Basra give us confidence that we may be able to achieve transition in that province too at some point next spring.’

Analysts said the announcement marked the first time that the government had ‘gone on record’ with a timetable for the draw-down of British forces.

The plan was to withdraw the approximately 7,000 British troops from Basra city and deploy them at the airport, halving their number to 3,500 by next April, the BBC’s defence expert said.

Iraq oil profits reportedly used to back militants | Iraq Updates