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

Originally Posted by ronbo

My turn for a silly question!
Earlier SGS posted she had gotten an email stating that we were just waiting for the HCL to get done. And the rate was set at .90 euros. That would put it at what, around a buck 30. I am not questioning shotguns email, I am just confused!
Someone help me

that would be 1.22 approx to be exact. thats at least a buck twenty like ive always claimed it would be.

this is exactly the same rate it was initially set at as there were documents which were seen by some highly classified eyes and passed on as early as last year. i hope you recall my quoting this rate back on iif last year??

it was supposedly negotiated higher after that and i noticed that person who sent the information to me stated that it went back down to .93 euro, which is odd considering it isnt a person that i initially was in contact with on the .93 euro rate information. that would double confirm that rate for the information given to me at any rate.

at any rate, i do believe the 6,600 is a misprint and it is the rate which the dinar was set on the program and not the current rate as it now has changed from the initial rate to a higher rate with the faux display of attempts to repair the inflation. im stickin with at least a buck twenty.

Originally Posted by antjesz2

Don't want to rain on anybodies parade, but I'm afraid Susie is right.
Most European countries writte the numbers differently from how you do it in the US. Where you put a comma, it's a dot. And vice-versa. So 6,600 in European notation would be 6.600 in US. I've seen the Iraqis use the European notation several times. So probably this number is just a mistake and doesn't mean anything - though I really wish it would. I'd sure be very happy with .66!

Uh..... as someone pointed out earlier who did the figuring that would put the dinar at an exchange rate of 1500:1 I think we are going in the wrong direction for that...lol At any rate are you telling me that they are going to give the Iraqi people $6.60 to start a business? Either this was a reporter error OR it is a BIG HINT!

Originally Posted by ronbo

That's not what I meant. Susy usually doesn't post something unless she feels strongly about it being factual. But then we have Iraqi papers giving a different value. That is what has me confused, which by the way is not hard to do!

By the way, I am the one on the right!!!!

it will be AT LEAST a buck twenty im tellin ya, have told ya, will tell ya.

Wilmington Morning Star, NC - 23 hours ago

Iraqis struggle as economy sputters
Panel cites violence, corruption but sees some signs of progress

Associated Press

Washington | The Iraqi people are struggling financially as the war goes on, facing high unemployment and soaring prices.

The Iraq Study Group said last week that corruption and uncertainty as well as security problems are hampering Iraq's economy, and significant improvement is not likely until those problems are fixed and the country pumps up its oil production.

There are some signs of progress, the bipartisan commission told President Bush. New businesses are cropping up and computers, cell phones and other consumer goods are flowing into the country.

"Because of Iraq's ample oil reserves, water resources and fertile lands, significant growth is possible if violence is reduced and the capacity of government improves," the report said.

But that is the future. For the present, the commission gave a bleak assessment of economic conditions.

"Too many Iraqis do not see tangible improvements in their daily economic situation," it said, rattling off statistics:

Inflation is above 50 percent.

Unemployment estimates range from 20 percent to 60 percent.

Foreign investment is less than 1 percent of gross domestic product.

Overall, the report faulted Bush's war policies and said the United States should find ways to pull back most of its combat forces by early 2008 and focus its troops on training and supporting Iraqi units.

Iraq produces about 2.2 million barrels of oil a day and exports about 1.5 million - production below the level before the U.S.-led war and below the Iraqi government's target of 2.5 million barrels per day, the report said. Current output is also "far short of the vast potential of the Iraqi oil sector," the commission said.

Corruption is "debilitating," the commission said. The report, citing expert estimates, said 150,000 to 200,000 - and perhaps as many as 500,000 barrels of oil - are being stolen a day.

To improve the situation, the report recommends that the U.S. government as soon as possible work with the Iraqis to come up with a clear, legal framework for oil investment. That is crucial to attracting companies to sink money, technical expertise and managerial know-how into the industry.

The commission also urged Bush to say anew that the U.S. does not seek to control Iraq's oil.

surely you all cant get mad at me because i wont buy the .66 scenario. im sayin twice that, will that make you twice as mad then???

i think antjesz2 is seeing what i did.

Originally Posted by Pippyman

Uh..... as someone pointed out earlier who did the figuring that would put the dinar at an exchange rate of 1500:1 I think we are going in the wrong direction for that...lol At any rate are you telling me that they are going to give the Iraqi people $6.60 to start a business? Either this was a reporter error OR it is a BIG HINT!

That's right of course.... Things are really looking good and like everybody here I feel we are very close to it.

There's definitely nobody here who wants it to be true more than I do! All I wanted to say is that we should better wait for something official, not just one side-phrase in some article, before getting too excited. This may be just an error, and we've been let down so many times.

Originally Posted by antjesz2

Don't want to rain on anybodies parade, but I'm afraid Susie is right.
Most European countries writte the numbers differently from how you do it in the US. Where you put a comma, it's a dot. And vice-versa. So 6,600 in European notation would be 6.600 in US. I've seen the Iraqis use the European notation several times. So probably this number is just a mistake and doesn't mean anything - though I really wish it would. I'd sure be very happy with .66!

However, it says 10,000 dinars (approx. $6,600) comma in both places

Also, when you say approx you do not usually give three decimals.

Originally Posted by shotgunsusie

youre 'afraid' im right? lol
thats funny stuff!!

LOL - I'm AFRAID you're right because I wish so much it was true... But just like you I just won't buy it - yet!

Actually the figure itself, .66, sounds much more credible to me than 1.49 or so, even though I know they could support that also.

Al-Jazeerah, December 13, 2006

Confidential document on Iraq oil lobbying

Tellingly, a confidential 2003 document gives some insight into the Coalition governments' interest to parcel out Iraq's major oil fields. This is the record of a secret meeting in London on May 19, 2003 between the Australian Minister for Foreign Affairs, Alexander Downer, and executives of the Australian conglomerate BHP Billiton. The document is relatively short, but it is rich in implications and enticing in details, according to James Paul of the Global Policy Forum. Here is a summary of the comments made during the meeting revealing some unknown aspects of the matter:

1. There are five "strategic" undeveloped oilfields in southern Iraq that are especially interesting to major oil companies because of their exceptionally large size. The Halfayah field, coveted by BHP Billiton, contains five billion barrels of recoverable oil, making it one of the world's largest. Development of the field would cost, according to BHP, about $2 billion.

2. Iraq has extensive additional oil potential, with seventy percent of the country unexplored. Iraq also has extensive undeveloped gas deposits.

3. In the mid 1990s, there had been secret negotiations between a number of foreign companies and the government of Saddam Hussein. In 1996/97, BHP was ready to sign an agreement on Halfayah, while French, Russian and Italian companies were also ready with contracts for other key fields.

4. The contracts were not signed because of UN sanctions. BHP was also in conversations with the Iraqis about oil exploration in the Western desert.

5. In 2000, BHP had transferred any existing "rights" it had in the Halfayah field to a joint venture led by another company, Tigris Petroleum, incorporated in Gibraltar and headed by senior BHP executives who negotiated the original contract. Tigris is described by BHP management at the meeting as "responsible for maintaining relationships with Iraq by working on oil for food related projects."

6. BHP and Tigris had been "in discussions" with Shell, the Anglo-Dutch oil major, to bring Shell into the Halfayah development scheme. Shell was being offered a 40% share of the joint venture consortium, while BHP was to keep 40%. Shell was seen by BHP as bringing not only technical and financial benefit but also "political" support.

7. BHP emphasizes that its previous oilfield studies at Halfayah, its plans for developing the field and its existing agreements with the Iraqis would allow a very fast startup for the project. BHP also emphasizes that the participation of Shell (said to be "another multinational from a Coalition country") would lend to the political success of the venture.

8. Sir Malcolm (Middle East Consultant to the Halfayah oil fields) urges BHP to "register" its interest with the " US administration," noting that the United States "would seek to protect its commercial interest in Iraq" and reminding BHP that "existing consortia are being encouraged to take on US partners." The claim "required lobbying – including from the Australian government – in Washington."

9. Sir Malcolm had already been very active as a lobbyist. He had had conversations with the UK Foreign Office on May 19 about the BHP matter. BHP had also "briefed" the Australian Prime Minister's office and other ministries. And there was a plan (presumably by Sir Malcolm) to lobby Downing Street (the office of the UK Prime Minister). The lobbying effort would also go to Washington "next week," where "the consortium" would brief the Australian embassy and the State Department. Sir Malcolm would also meet with Vice President Cheney "when the opportunity arose."

10. Mr. Downer said he would be happy to talk would the US about the Halfayah oil field…The question of new oil fields would be a very sensitive one. It played into sensitivities over the war. The coalition had been clear there would not be blood for oil. The Australian government said sincerely that it had not joined coalition forces on the basis of oil. [Downers comments were ironic, given the context of the secret meeting in London that he is attending.]

11. Mr. Downer agreed that he will lobby for the company's Halfayah interest, both in Washington and with the US proconsul Paul Bremer in Baghdad. He said he would have it raised with the Oil Ministry in Baghdad….No doubt those charged with the issue in Washington had been scrutinizing commercial interests in the oilfields.

Reverting to the ISG report recommendations on the oil sector which confirm that control of Iraqi oil is a fundamental premise of the Bush Administration policy. Recommendation 62 says the US government should help draft an oil law that "creates a fiscal and legal framework for investment." Recommendation 63 says the US should "assist" Iraqi leaders in privatizing the national oil industry into a "commercial enterprise" to encourage investment by the multi-national oil companies.

Iraq has the world's second largest proven oil reserves. According to oil industry experts, new exploration will probably raise Iraq's reserves to 200+ billion barrels of high-grade crude, extraordinarily cheap to produce.

Originally Posted by Hardwood

I found the contact information.

I sent my e-mail and I'll post back anu responses I Receive. Since it is a London based paper, I should hear back in a few hours. It is now 5AM in London.

Wow wouldn't this be COOL?


I'll believe it more when I see it picked up by other news agencies and thoroughly confirmed this story.....WOW.

Hard, this is a great thing you are doing. This article has made the rounds of all the Dinar Forums and is raging across the IQD universe. When I first saw it I felt it had to be a major typo. But after crunching some numbers and reading a lot of varied opinions it dawned on me this is somehow linked to the 10,000 Dinar handout that seemed to vanish about a month ago. It verifies some sort of handout (or loan) IS in the works for Iraq. My number crunching from the first handout articles lead me to believe we are headed to a .06 re-val sometime in 2007. It will be extremely interesting as to what reply you get from the author. All in all the news continues to be good. Let's hope President Bush's new security plan in January "seals the deal". Best of luck to everyone involved.