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

Iraq to meet Iran, Kuwait on cross-border oil fields
ABUJA, 17 December 2006 (Kuwait Times)
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Iraqi officials are to meet representatives from Iran later this month and Kuwait after that to discuss sharing oil production contracts in cross-border fields, Iraq's oil minister said yesterday. Speaking at a press briefing on the side of a Organization of Petroleum Exporting Countries meeting here, Hussein Al-Shahristani said: "We will meet in a sitting committee...with Iran in December" to examine data on the fields. Al-Shahristani added the parties will then "select a company in a bidding round to assess the reserves." Separately, Al-Shahristani said some $1 billion of a $1.6 billion loan granted by the Japan Bank for International Cooperation would be invested in a new fluid catalytic cracking unit at Basra's refinery. An FCC unit produces lighter products such as gasoline from heavier crude fractions. He said some of the loan would also be used for a new pipeline and floating terminal in the Gulf and the processing of gas, which is currently flared off. In addition, the minister said he expects a new hydrocarbon law, which would enable the signature of the first national oil contracts since the overthrow of Saddam Hussein, to be enacted in January. He said all contracts signed under Saddam and since would be reviewed.

The new contracts would be overseen by an Iraq Petroleum Council that will define the rules of licensing qualifications as well as which companies could pre-qualify.

He said most details of the law had been agreed with the Kurds in the oil-rich north, who controversially have set up a separate licensing process, though there remained sticking points on the council's decision procedures. In another development, Iraq's interior minister set off for Damascus yesterday for talks with Syrian officials on improving security cooperation with a country that has been accused of supporting Iraqi insurgents.

Minister Jawad Al-Bolani will head to Syria from Amman, where he signed a cooperation agreement with Jordan, said Brigadier General Abdel Karim Khalaf, director of the National Command Centre of the Interior Ministry.

"Minister Bolani will meet Syrian officials to discuss issues related to security and borders, besides other issues pending between the two countries," Khalaf said.

On Nov 21, Iraq and Syria announced the restoration of diplomatic ties 26 years after the then Iraqi dictator Saddam Hussein broke them off in protest at Syria's support for Iran in its war against Iraq.

The move came at the end of a visit to Baghdad by Syrian Foreign Minister Walid Muallem, the first by a foreign minister from Damascus since the 2003 overthrow of Saddam Hussein in a US-led invasion.

The United States has accused Syria of allowing exiled Saddam supporters and Islamic radicals to send support and reinforcements across its eastern border into Iraq, where insurgents are fighting the US-backed administration.

Nevertheless, Prime Minister Nuri Al-Maliki's embattled coalition government has announced plans to reach out to all of Iraq's neighbours in a bid to build alliances to fight violent extremism in the region

Iraq to meet Iran, Kuwait on cross-border oil fields | Iraq Updates

Originally Posted by Jetsa

Vipor, I read a post that in 2004 there was a rate of 1380-1400 and it was reported at that time that they had 1.5 billion USD in reserves. Now, 2 years later, we revisit that rate and have 10 times the reserves plus gold etc.

It just sorta struck me as odd, a kind of no method to their madness sorta deal (although I am of the camp that thinks that their method, or plan, has been known and set in motion for a long time).

I believe this is where the "program rate" comes into effect. It dosen't matter the reserves or the amount in circulation as long as they are on the IMF's program. If you really look at it, today there are 10X the cash reserves. Divide 1400 by 10 and you get a current rate of 140 dinars. And probably more if you take into account the dinar taken out of circulation. This would be based purly on the "program rate" up to now. Once they are off the IMF program and the real value of the dinar is revealed it should be huge.

This is why. Socata 850 covers it.


Thank you Neno. It makes getting up at just early hours everyday worth it.

Originally Posted by Drjansson

is there any date about the 10k give out?

To the best of my knowledge, when I was doing the research on the CBI's reval since October, the first time I saw it mentioned in a post was October 8th. It has been hanging in limbo ever since. IMO the 10K will not be distributed until it is worth something to the Iraqi people.

10 Billion Iraqi Dinars for Samawa Water Projects


Muthana's water department started in carrying out 26 projects of developing and fastingreconstruction the projects to lessening the lack of the drinkable waters in the province districts and sub districts in ration 8%.

General director in the department engineer Ali Hamza Khadum said that they regard attentively from the mentioned projects lessening of lack drinkable waters returning to the delay in carrying out such a strategic projects within the big Muthana water project which submitted to the Japanese loan, besides the other project of small Samawa water project which submitted to the international bank as these projects presenting a middle and lasting solutions for ending shortage of the water in the province.
Source: Al Sabaah




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Posted on Sunday, December 17

Baghdad Council: Oil officials hinder distribution


The member of the Baghdad Council, the Eng. Ali al-Shama' has attributed the reasons behind the suffocating crisis Baghdad city witnesses in the oil derivatives, especially the gas and oil to the Oil Ministry non commitment in the mechanism put by the oil and energy committee at Baghdad Governorate council.In statement to as-Sabah daily, ash-Shama' indicated that the mechanisms followed by the ministry in distributing gasoline and liquid gas is very bad and easily could be violated, as well as grant the parasites a chance to fraud and weaken from supervision to reach the product to the citizen.

He clarified that Baghdad governorate Council had created a committee to follow the matter with officials of the oil ministry, referring that this committee is a kind of emergency committee will follow oil products cause and its lack in a way that negatively affected the citizen life.
Source: Al Sabaah




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Posted on Sunday, December 17

Five acting ministers assigned


An authorized source at the government has said that government has issued an order to assign five acting ministers to continue ministries works, adding that another five ministers will be included in cabinet reshuffle, in addition to deputy prime minister, Salam al-Zobaiee.

The source said that Raffea al-Esawii will hold minister of health position, and Akram al-Hakim will be minister of agriculture, while Sherwan al-Waielii will be minister of reconstruction and Abdul Rahman Sultan will be minister of provinces affairs and Hassan al-Sari will be minister of tourism.
Source: Al Sabaah




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Posted on Sunday, December 17

Committee named to follow up Kurdistan projects


The speaker of the KRG Council of Ministries announced the formation of a committee for the preparation, evaluation, and implementation of projects, sponsored in coordination with the American embassy in Baghdad.

Khalid Salih, KRG speaker, has named Ashti Hawrami, Minister of Natural Fortunes, Osman Shwani, Minister of Planning, Wishyar Fatah, Minister of Electricity, and Dr. Zaki Fatah, Economical Advisor, to the committee.
Source: The Kurdish Globe




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Posted on Sunday, December 17

Eye-laser treatment center opened in Erbil


Sima Hospital has opened an eye-laser center in Erbil. Dr. Ali Cholk, administrative director, told a local Kurdish paper that patients pay 15,000 ID for checkups.

All work is performed by laser with modern equipment. Not even Turkey has similar, modern equipment. Two Turkish doctors and a businessman from Hawler helped in the construction and foundation of the hospital, where two Kurdish doctors work.
Source: The Kurdish Globe




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Posted on Sunday, December 17

Construction of sewage project begins in Suleimaniya


Suleimaniya municipality announced Thursday that the construction of a large sewage system in the Chwarchra district is underway, local media reported.

"The length of the sewage line is 720 meters and links most of the main sewage drainages of the city," Mayor Qadir Hamajan said.
"The main aim of the project is to prevent possible floods during heavy rains," he added. The cost of the project is expected to near $1 million.

Source: The Kurdish Globe




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Posted on Sunday, December 17