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

Originally Posted by DayDream

Iraq premier Maliki says wants no second term

02 Jan 2007 19:52:28 GMT
Source: Reuters

WASHINGTON, Jan 2 (Reuters) - Iraqi Prime Minister Nuri al-Maliki said he has no interest in a second term and wished he could be done before the end of his current term,

At least he finally realizes he's not up to the job. Do your country a favor and resign!

Originally Posted by DayDream
Iraq premier Maliki says wants no second term

02 Jan 2007 19:52:28 GMT
Source: Reuters

WASHINGTON, Jan 2 (Reuters) - Iraqi Prime Minister Nuri al-Maliki said he has no interest in a second term and wished he could be done before the end of his current term,

What Maliki is realizing is that the millions of dinars he's holding is worth alot more than the job he has. With all his travels all over the world, he's seen life the way it should be. Why risk being assasinated when you can cash in your dinars and live out your life in peace and luxury. He wants the reval as badly as anybody else, he just doesn't want to have to go to work after it revals. Sounds like someone else I know ........ ME !!

Originally Posted by $onedaysoon$

Iraq Government Focusing on Rebuilding Oil Industry
By Jim Randle
Washington, D.C.
02 January 2007

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VOA News - Iraq Government Focusing on Rebuilding Oil Industry

Iraq's Kurds, Sunnis, and Shi'ites are bickering over how to distribute the nation's potentially vast oil revenue. In the meantime, energy officials are trying to rebuild the battered industry while saboteurs are busy attacking pipelines and other facilities.


An Iraqi oil refinery
Insurgents often attack Iraq's pipelines and other key oil facilities, leaving them in flames.

The damage is frustrating efforts to rebuild Iraq's crucial oil industry, which is the most important sector of the nation's economy.

Iraq currently produces around two and a half million barrels of oil a day, far below its potential. Iraq's Oil Minister, Hussain al-Shahristani, wants to change that. "Our current plan is to increase production of crude oil over the coming five years to between four and four-and-a-half million barrels per day."


Hussain al-Shahristani
Al-Shahristani says he hopes to quickly make deals with major foreign oil companies, and use their advanced technology to help Iraq reach its huge potential.

But former Iraqi Oil Minister Issam Al-Chalabi says the dangerous security situation has kept all but some small foreign companies out of the country.

"There is no way that any company, any proper company, an international oil company or national oil company or anybody with some sense in his mind would be willing to go into Iraq invest money and develop those services."

Al-Chalabi says major oil companies, like ExxonMobil or Shell, are also discouraged by uncertainties over Iraq's proposed laws governing their industry. The political situation is complicated by the uneven distribution of Iraq's oil.

The bulk of the petroleum is in the southern part of the country, mostly populated by Shi'ites. Some Shi'ite leaders are pressing for autonomy for their region. Another portion of the oil is in northern Iraq where many Kurds live. The area already enjoys considerable autonomy from the central government. The center of the country is thought to contain much less oil and is home to the Sunni Arabs who ruled the nation under Saddam Hussein.

Each of the Iraqi factions is bargaining hard for laws that favor their access to this crucial resource. Iraq's new constitution says the nation's oil belongs to all Iraqis, but the rival factions interpret the document in different ways. Kurds have already signed agreements with small foreign oil companies searching for new oil.


Massoud Barzani (file photo)
But Iraq's Oil Minister al-Shahristani says such contracts should be signed or approved by the central government. That prompted the Prime Minister of the Kurdistan Region of northern Iraq, Nechirvan Barzani, to threaten to break away from the country. And prompted visiting U.S. Secretary of State Condoleezza Rice to try to smooth things over with Kurdistan President Massoud Barzani.

"As for the revenues of oil, stipulated in the constitution, we are for a fair distribution of the oil revenues all over Iraq," said the president.

The Kurdish leader did not repeat his colleague's strong rhetoric in public.

Meantime, the Kurdistan regional legislature has been working on a new "Petroleum Law" while the central government has been working on a new "Hydrocarbon Law."

It is not clear if these different pieces of legislation will resolve the dispute between the central government and the Kurdistan regional government, or ease friction over oil between Sunni and Shi'ites in the south.

But an influential study of Iraq by leading U.S. experts [the Iraq Study Group] called an oil law guaranteeing equitable revenue distribution of revenues crucial to national reconciliation. And experts say clarifying the legal status of foreign oil companies will make it easier for Iraq to attract the foreign expertise and technology needed to rebuild the oil industry.

Iraq has opened some new facilities, such as a refinery in Najaf, with ceremony and heavy security. "God willing, this refinery could process 30,000 barrels a day," said an oil engineer at the refinery.

If political disputes are solved and security improved, many experts say Iraq could eventually produce about six million barrels of crude oil per day.

Former oil minister Al-Chalabi says current high oil prices mean a healthy oil industry could bring in $100-billion a year in revenue, enough to easily rebuild the oil sector -- and fund reconstruction of much of the rest of the troubled nation.

I don't know about the rest of you but, the information this reporter has seems to be about a month behind. It is my impression that the bicker has been settled on this law and approved by Parliament and is just waiting for enactment. And some seem to think this has already happened behind closed doors.

Other Related currency news. Recently, the British Pound moved 2800 pips in one day, causing China to really consider dumping 1 trillion USD. Compound this with the fact that the U.S. failed to provide timely M3 data made China's decision to diversify its foreign exchange portfolio. If it wasn't for OPEC's intervention...the USD would be in serious trouble right now.

At the end of December of 2006, 1 trillion USD would've been dumped by China if it wasn't for the Bush administration's quick thinking sending the economic "A Team" to Shanghai.

Oil producing nation's, Iran and Venezuala is seeking to switch its oil bourse to the EURO soon after making our situation in the States dire. Our strength HEAVILY relies on Iraq's USD-backed oil bourse. But it must happen quickly! A sharp rise in Iraq's USD backed currency will eliminate a large portion of our deficit and catapult our currency to the top of the leaderboard.



A reval is definitely nearing!

Originally Posted by Mike5200

Other Related currency news. Recently, the British Pound moved 2800 pips in one day, causing China to really consider dumping 1 trillion USD. Compound this with the fact that the U.S. failed to provide timely M3 data made China's decision to diversify its foreign exchange portfolio. If it wasn't for OPEC's intervention...the USD would be in serious trouble right now.

At the end of December of 2006, 1 trillion USD would've been dumped by China if it wasn't for the Bush administration's quick thinking sending the economic "A Team" to Shanghai.

Oil producing nation's, Iran and Venezuala is seeking to switch its oil bourse to the EURO soon after making our situation in the States dire. Our strength HEAVILY relies on Iraq's USD-backed oil bourse. But it must happen quickly! A sharp rise in Iraq's USD backed currency will eliminate a large portion of our deficit and catapult our currency to the top of the leaderboard.



A reval is definitely nearing!

Mike5200

This is a good post. I've been saying that the dollar is headed for some real trouble. I am checking into whether some US banks will allow you to hold Euros in an account and draw interest. If that is so, I'm going to get a good portion of our investment in Euros and the remainder in dollars.

Originally Posted by Alphamystic

I don't know about the rest of you but, the information this reporter has seems to be about a month behind. It is my impression that the bicker has been settled on this law and approved by Parliament and is just waiting for enactment. And some seem to think this has already happened behind closed doors.

The HCL hasn't been passed by Parliament yet. They haven't had a quorum for three weeks. The Kurds have come to agreement and I believe the others have too. It's been ratified by the cabinet but it's waiting for a vote in Parliament. Hopefully they'll have enough people show up for work next week to do their jobs.

Originally Posted by Dinar Cha Ching

The HCL hasn't been passed by Parliament yet. They haven't had a quorum for three weeks. The Kurds have come to agreement and I believe the others have too. It's been ratified by the cabinet but it's waiting for a vote in Parliament. Hopefully they'll have enough people show up for work next week to do their jobs.

I was under the impression that Maliki said the "three laws have been passed". The Law of Pension, the Law of Oil, and the Law of Investment. Is the HCL really still pending?

Originally Posted by Alphamystic

I don't know about the rest of you but, the information this reporter has seems to be about a month behind. It is my impression that the bicker has been settled on this law and approved by Parliament and is just waiting for enactment. And some seem to think this has already happened behind closed doors.

But there is alot more posted here lately that are reprints or reworded as well. I had noticed that too. Just thought that everyone assumed the same. I have seen the same post get posted again and again. Why? cause their isn't really any or alot of New News right now. I am presuming cause of their Holiday. Dont worry it will get wild in a couple more days.

Originally Posted by Socata 850

Mike5200

This is a good post. I've been saying that the dollar is headed for some real trouble. I am checking into whether some US banks will allow you to hold Euros in an account and draw interest. If that is so, I'm going to get a good portion of our investment in Euros and the remainder in dollars.

Good Intentions. In the Currency Thread we had been discussing this just not long ago. If you go there, I remember OSW telling that there is actually a few Banks in the US that allows this right here. It is on my list when the time comes.

http://www.rolclub.com/iraqi-dinar-d...ns-advice.html

Contracts extended for communications companies


It has been known that the supervisory body for organizing mobile communications in Iraq tends to extend the contracts of three mobile companies in Iraq: mtc, Al-Watnia for communications and Orascom Telecom for an indefinite period because of the difficult security conditions in Iraq now.

A well-informed source pointed out that this tendency comes after the Iraqi Communications Body extended, mid this year, the contracts of the current operating companies for six months, the brochure of the new contracts will be put for discussion among international companies for four licenses operate in Iraq without regard for the current geographical aspect which divided Iraq into three geographical regions, each is specified for a company to work within. But the worsening security conditions in various governorates makes it difficult to put new licenses to investors; consequently, it is better to extend the contracts of the current companies in Iraq pending an improvement in the security situation there.
The source reported that the Iraqi Communications Body dose not to have any radical comments on the work of the current mobile companies, especially after opening the borders of the three networks among the Iraqi regions and the participation of the companies in developing the infrastructure of the communications sector in Iraq, particularly in the area of networking, services, equipment, as well as gaining public clients and developing the technical systems, and these steps are praised by the Iraqi Communications Body being the governmental observer over the operating companies.

According to the source, the extension for an indefinite period can give the operating companies in Iraq an opportunity to establish its presence in the work and gain more customers, pointing out that the number of mobile subscribers in Iraq now amounts to four million, and could reach about 11 million subscribers by the year 2010, which indicates that the feasibility of investment in the communications sector in Iraqi is higher than any telecommunications market, taking into account that the current companies are still in the process of delivering the basic services and has many other services that can be presented successively in Iraq.

Source: Iraq Directory




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Posted on Monday, January 01