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

Originally Posted by Adster

Someone say cha ching?!

Baghdad, Nov.29 p11
Newsy reports mentioned that, oil ministry intended to present gas & oil fields for the foreign investment international companies for increase producing of the crude in the state for the next coming years

An official in oil ministry said that, the ministry has 520 founded oil and gas fields in different districts of the state, and the ministry prepared a plan to investing big part of it through the coming period, while they investing currently about 20 fields only.He pointed that, developing the founded fields would continue for 5 years, so the ministry lifted the pattern of introducing studies and supplies for investing the promising fields, saying that oil ministry currently investing 20 fields from about 520 one cause of finance shortage and no spare parts availability

This is an example of how the "Big Guys" are already there. A compnay from Japan named "Japex" has been reported over the last year to be the company that surveyed the fields getting them ready to lease. It has been announced that they (GOI) were going to move on the leases ahead of the HCL. This is what they have done. They are leasing 20 fields, (actually a large number in spite of there being 500) to international energy companies to begin the process of extracting the oil. If it is true that current oil production is close to 3 MBD, then this will/could result in the goal of 4 to 6 MBD in the next 2 years or less. They are already rich, within budget, and with currency reserves to remove 1.2 Trillion dinar from the economy. This formula has success written all over it. Thnak You

The Iraqi Central Bank announced its readiness to buy dollars

(Voice of Iraq) - 11-29-2006
This issue was sent to a friend

The Republic of Iraq
Council of Ministers-the governmental communications
Media Relations
Press Release Press release /
Wednesday, 11-29-2006


The Iraqi Central Bank announced its readiness to buy the dollar


An official source at the Central Bank of Iraq is ready to buy the dollar in cash and through the foreign currency auction to be held daily.

The source added : The purchase price is determined on the basis of the sale price of dollar cash in the auction only minus 2 dinars.

The agreement on the formation of a ministerial committee between Irbil and Baghdad

(Voice of Iraq) - 11-29-2006
This issue was sent to a friend

Arbil - (Voices of Iraq)
According to a statement of the Council of Ministers in the government of Iraq's Kurdistan region today, Wednesday, that the Prime Minister Nuri al-Maliki and Najirfan Barzani Prime Minister of the government of the province to reach an agreement in the formation of a ministerial committee to discuss the points of contention between the two sides.

The statement said, obtained News Agency (Voices of Iraq), a copy of the Independent that "the agreement came during a meeting held yesterday in Baghdad to discuss outstanding principal files so far between Baghdad and Erbil."

The statement pointed out that "the most important points is the file of Article 140 of the Iraqi Constitution and the draft oil investment and the proportion of the budget of the government of Iraq's Kurdistan region."

He pointed out that "the two parties, Having exchanged views on resolving these files, they decided to continue these consultations and the formation of a ministerial committee to discuss and exchange views on both sides. "
The government of the Kurdistan region of Iraq government-Maliki application of Article 140 of the Iraqi Constitution and of the city of Kirkuk in the scheduled date at the end of 2007 and to increase the budget of the territorial government, which is now 17% of Iraqi budget and to have the territorial government the right to dispose of the oil investment in Iraq's Kurdistan region.

The Iraqi Council of Ministers issued a statement yesterday in which he pointed out that Al-Maliki met Barzani in Baghdad. where was "discussed developments in the political process and the efforts of national reconciliation and reconstruction projects."

He added : "We also discussed ways to strengthen the two sides economic situation and coordination between the bodies concerned in the central government and the territorial government in the areas of finance and economic development."
P g-h-h n

Originally Posted by Wm.Knowles

This is an example of how the "Big Guys" are already there. A compnay from Japan named "Japex" has been reported over the last year to be the company that surveyed the fields getting them ready to lease. It has been announced that they (GOI) were going to move on the leases ahead of the HCL. This is what they have done. They are leasing 20 fields, (actually a large number in spite of there being 500) to international energy companies to begin the process of extracting the oil. If it is true that current oil production is close to 3 MBD, then this will/could result in the goal of 4 to 6 MBD in the next 2 years or less. They are already rich, within budget, and with currency reserves to remove 1.2 Trillion dinar from the economy. This formula has success written all over it. Thnak You

Thank you WM. This was my signature up to a month or so ago, will try and find the whole article and post it, well worth a read.


The rates of producing the Iraqi crude oil have been increased to 2.8MBD.
We also read recently that in 2002 the Kuwait dollar was $3.39 to the KD and they were only pushing out 1.89 MBD. $57 a barrel = $171,000,000 a day, a shiite load of wonga!!

Originally Posted by CharmedPiper

The Iraqi Central Bank announced its readiness to buy dollars

(Voice of Iraq) - 11-29-2006
This issue was sent to a friend

The Republic of Iraq
Council of Ministers-the governmental communications
Media Relations
Press Release Press release /
Wednesday, 11-29-2006


The Iraqi Central Bank announced its readiness to buy the dollar


An official source at the Central Bank of Iraq is ready to buy the dollar in cash and through the foreign currency auction to be held daily.

The source added : The purchase price is determined on the basis of the sale price of dollar cash in the auction only minus 2 dinars.

IS THIS SAYING WHAT I THINK IT'S SAYING OR DO I NEED MORE COFFEE THIS MORNING???

CP YOU GOT THIS OLD HEART SKIPPING A FEW BEATS HERE - SOMEBODY EXPLAIN QUICK BEFORE I PASS OUT

Originally Posted by CharmedPiper

The Iraqi Central Bank announced its readiness to buy dollars

(Voice of Iraq) - 11-29-2006
This issue was sent to a friend

The Republic of Iraq
Council of Ministers-the governmental communications
Media Relations
Press Release Press release /
Wednesday, 11-29-2006


The Iraqi Central Bank announced its readiness to buy the dollar


An official source at the Central Bank of Iraq is ready to buy the dollar in cash and through the foreign currency auction to be held daily.

The source added : The purchase price is determined on the basis of the sale price of dollar cash in the auction only minus 2 dinars.

SO what's going to happen now?

Why CBI had to make a public announcement that they buy dollars now?

What does this announcement imply?

Originally Posted by CharmedPiper

The Iraqi Central Bank announced its readiness to buy dollars

(Voice of Iraq) - 11-29-2006
This issue was sent to a friend

The Republic of Iraq
Council of Ministers-the governmental communications
Media Relations
Press Release Press release /
Wednesday, 11-29-2006


The Iraqi Central Bank announced its readiness to buy the dollar


An official source at the Central Bank of Iraq is ready to buy the dollar in cash and through the foreign currency auction to be held daily.

The source added : The purchase price is determined on the basis of the sale price of dollar cash in the auction only minus 2 dinars.

So, to speculate on this press release, and I'm just thinking out loud, could this mean that the Iraqi market is moving toward a dinarization of transactions and away from the use of the dollar in so far as in country business is concerned?

The sold more dinar than dollars today, so it was almost a cash neutral exchange today. I think it is interesting that the auction rate went down, even in this scenario.

I was reading this article from October 9th and there are a few phrases that keep me saying hmmmmmmm. Any thoughts. My feeling is that investment and HCL are complete just not released...

Iraq envoy: U.S. oil investment waiting on legal changes

Update: 6:06 PM ET Oct 9, 2006

HOUSTON (MarketWatch) -- U.S. oil companies are slowly building their relationships with the Iraqi government in anticipation of a new legal regime that will allow them to invest there, the Iraqi ambassador to the U.S. said Monday.

"I see very strong interest from U.S. energy companies in Iraq," Ambassador Samir Shakir Mahmood Sumaida'ie told Dow Jones Newswires after a speech in Houston.

The companies "have visited me at the embassy and expressed that interest," while "waiting for things to be put in place," he said.
The passage of a new investment law in the next two or three weeks and a new hydrocarbons law "within this year" will create the right conditions for major U.S. investments, he said.
U.S. oil companies are "already building up their relationship with the ministry of oil" and providing training to Iraqi technicians, said Sumaida'ie, who added that he would meet with Exxon Mobil Corp. (XOM) executives on Monday.
The Iraqi oil sector has suffered from the turmoil that has submerged the country since a U.S.-led coalition overthrew Saddam Hussein's regime in 2003. Violence and the lack of a federal petroleum law has kept foreign companies at bay.

But oil majors are reportedly discussing investments in the Iraqi Kurdistan, where the security situation is better than in other areas, the region's oil minister said recently.

Baghdad, however, has long held that deals not approved by the federal government are null.

In the speech Monday, which was hosted by the Bilateral U.S.-Arab Chamber of Commerce, Sumaida'ie advised oil executives to "get a foot in the door" in the areas that are currently safe, and "work your way outward."
The benefits of oil, however, belong to the entirety of the Iraqi people, he pointed out. Revenues will be allocated according to the regions' needs.
Any reconstruction efforts would be impeded by a U.S. retreat from Iraq, Sumaida'ie said. A withdrawal "would create a security vacuum" and "would suck in regional powers," he said.

I agree CP - ALL the laws are done! they just haven't announced to the public yet but are able to sign contracts with companies.

Originally Posted by CharmedPiper

The agreement on the formation of a ministerial committee between Irbil and Baghdad

(Voice of Iraq) - 11-29-2006
This issue was sent to a friend

Arbil - (Voices of Iraq)
According to a statement of the Council of Ministers in the government of Iraq's Kurdistan region today, Wednesday, that the Prime Minister Nuri al-Maliki and Najirfan Barzani Prime Minister of the government of the province to reach an agreement in the formation of a ministerial committee to discuss the points of contention between the two sides.

The statement said, obtained News Agency (Voices of Iraq), a copy of the Independent that "the agreement came during a meeting held yesterday in Baghdad to discuss outstanding principal files so far between Baghdad and Erbil."

The statement pointed out that "the most important points is the file of Article 140 of the Iraqi Constitution and the draft oil investment and the proportion of the budget of the government of Iraq's Kurdistan region."

He pointed out that "the two parties, Having exchanged views on resolving these files, they decided to continue these consultations and the formation of a ministerial committee to discuss and exchange views on both sides. "
The government of the Kurdistan region of Iraq government-Maliki application of Article 140 of the Iraqi Constitution and of the city of Kirkuk in the scheduled date at the end of 2007 and to increase the budget of the territorial government, which is now 17% of Iraqi budget and to have the territorial government the right to dispose of the oil investment in Iraq's Kurdistan region.

The Iraqi Council of Ministers issued a statement yesterday in which he pointed out that Al-Maliki met Barzani in Baghdad. where was "discussed developments in the political process and the efforts of national reconciliation and reconstruction projects."

He added : "We also discussed ways to strengthen the two sides economic situation and coordination between the bodies concerned in the central government and the territorial government in the areas of finance and economic development."
P g-h-h n

Great news IMO, if they in fact get something done. We know that this has been a huge bone of contention between the Kurds and Maliki's slow boat. IF they can get this hammered out, it will be a huge piece of the puzzle. It will also ease a lot of ill will. As always though, easier said than done. JMO