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

Shahrastani : near the announcement of the federal oil in Iraq
Dargham of Muhammad Ali
Baghdad - (Voices of Iraq)

The Iraqi Oil Minister Hussein Shahrastani today, Sunday, near the formation of the Federal Council of oil and gas, which would be the highest authority competent gas and oil in Iraq.

He said the official spokesman of the Ministry of Oil Assem Jihad today, in a statement to the News Agency (Voices of Iraq) Independent, quoting Shahrastani that the new council "headed by Prime Minister Nuri al-Maliki or his Deputy for Economic Affairs Barham Salih, the membership and Zrate oil and Finance and the Central Bank, and representatives of provincial governments."

The issue of oil one of the most prominent points of contention between the central government in Baghdad and the government of the Kurdistan region, in terms of signing contracts, investment in the fields of exploration and production and exploitation with foreign companies.

He explained that the Jihad functions of the Federal oil and gas 60th "plans to develop oil fields in all parts of the country, and mechanisms of negotiation and preparation of sample contracts to be concluded with foreign companies for exploration and production of oil and gas."

He continued, "in addition to identifying the companies that would be contracted with, and ratification of the contracts for development and investment."

The head of the government of Kurdistan Nigervan Barzani discussed with Iraqi officials in Baghdad.

In mid-January of last December, the points of difference on the issue of oil.


Barzani announced after those talks to reach "positive results and good" between the two sides.

He pointed out that the Iraqi Council of Ministers will discuss a draft law oil ... Turning to the House of Representatives for approval.

And on the control of oil matters, the Kurdish Barzani that the government "has the right to discuss

The issue of oil investment with foreign companies ", noting that" oil imports will be distributed to the regions according to the population. "

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Building on the policy of the Ministry of Finance : the exchange rate of the dinar would arrive at 1260 per dollar
Mohsen Al-Gabri - 06 / 01 / 2007-17:07

According to relevant information markets currency and the Ministry of Finance that the final decision taken by the Ministry of Finance is planning firmly to communicate the value of the Iraqi dinar to 1260 dinars compared to the American dollar, and the dinar rate of exchange has started improving and steadily since the beginning of the Minister of Finance of its new policy aimed to improve the currency exchange and reducing inflation rates in order to raise the zeros by increasing rents financial staff, and the Iraqi dinar ranges purely between 1470 and 1480 before three months that began the path towards gradual decline.

Translated version of http://www.burathanews.com/index.php?show=news&action=article&id=13578

So we know that the proposal of lop/reprint is rejected by CBI and that it won't happen.

Still talking about the 3 zeroes only means that they will take of 3 places of the value of the dinar.

As I read it, they will set it on 1260 or let is increase to the level they want and then will set it to for example $1.26 or they let it increase to 1000:1 and then set it to $1.00 or maybe 1 euro.

This made me think of the source of Neno. He said also 1268 or lower and by 15th of january 1000:1. After that they would talk more but he also assumed that it would hit the 1:1 sooner than June 2007.



Note: they speak in this article about "raising the zeroes". It is expained by someone on the other forum.

Quote:

"I spoke to a friend who is a professor at St. John's University in Queens NY regaring the term raising the zero's, he said all that they mean by this is improving the rate in other words if it were to reach lets say 900 iqd=1 usd, then they just raised a zero, if they reach 90 iqd = 1 usd, then they raised 2 zero's and if the rate ever goes to 1 = 1, then they raised 3 zero's"

any word on that ICI event of the 7th yet? still looking around...

Parliament must check the files : the new ministers and ensure efficiency
From just the latest
Baghdad - (Voices of Iraq)

Member of the House of Representatives called on the existing Iraqi national Judge Wael Abdel Latif today, Sunday, Prime Minister Nuri al-Maliki in scrutinizing the files of candidates for the entry of government ministers in the framework of the forthcoming amendment, in order to ensure the efficiency of each minister.

The Abdel-Latif News Agency (Voices of Iraq) Independent that the ministry current "hastily formed due to spend much time in the negotiations between the prime minister (Nuri al-Maliki) and the political blocs represented in the House of Representatives."

He added : "Prime Minister, in his capacity as head of government and commander-in-chief of the armed forces, by checking the files of candidates who will succeed the new ministers who are leaving their positions in the cabinet reshuffle announced by the government earlier," he added, stressing that "we must ensure efficiency and curriculum vitae of each minister."

Over the deputy (national list), led by former Prime Minister Iyad Allawi, expressed his belief that the change "will of (12-10) and the minister, and different political blocs."

He said Abdel Latif said that the cabinet reshuffle "must be resolved during the current month," he said, pointing out that the ministers of ministries such as defense and internal security "must be given a greater opportunity to keep abreast of the new security plan, which will be supported by the very forces of the multinational force," he said.

He added that "in addition to that there are substantial financial prepared a budget for the current year (2007) ... They need to budget and competent ministers, as well as the governors and heads of municipal councils invest these sums in the interest of the citizen. "

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The postponement of the opening of an exhibition of Dahuk international next month
The Khadr Domli
Dohuk - (Voices of Iraq)

A source from the organizing committee of the International Exhibition Dohuk postponement of the opening of the exhibition to the second

The 21st of February next February, so as not to coincide with the date Erbil International Exhibition will be held in the 20th of this month.

Kiwan said Harki, Director High Company (Cord Expo), which Tnenzem international exhibition Dohuk, News Agency (Voices of Iraq) Independent "came because of the postponement of the exhibition coincided with his Erbil International Fair, which will be held during the period (21-25) from the month of January this January."

He continued, "and also to allow for joint stock companies and recipients to participate in the intensive exposed. "

He explained that Harki Dohuk International Exhibition "is the first of its kind in the city, and attended by (120) is a company specialized in commercial and agricultural industries and the construction of Iran, Turkey, the United States and several European countries. "

He pointed out that the exhibition will continue for five days.

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For everybody that missed the post today, here again!

I placed a message on another forum with the question if somebody knew more about the exchange rate in Iraq.

It is mentioned in a television show in Iraq about a month ago that they have the plan to try to increase the exchange rate to 1000:1 and then to remove 3 zeroes.

This is exactly in line with the article about raising the value of the dinar and then raising the 3 zeroes.

That would mean that it will set to a 1:1 level.

We know that there will be no reprint, so it only can be by improving the real exchange rate!

Maybe other have heard or saw something similar!

It was Alhurra-Iraq News!

We must be close!

Originally Posted by crave681

any word on that ICI event of the 7th yet? still looking around...

If I remember that article was vaguely worded and could have meant the week of the 7th , not necessarily the 7th.

Originally Posted by Mike5200

Oil giants to profit from law change

Monday January 08, 2007
By Danny Fortson, Andrew Murray-Watson and Tim Webb

BAGHDAD - Iraq's massive oil reserves, the third-largest in the world, are about to be thrown open for large-scale exploitation by Western oil companies under a controversial law which is expected to come before the Iraqi Parliament within days.
The US government has been involved in drawing up the law, a draft of which has been seen by The Independent on Sunday.
It would give big oil companies such as BP, Shell and Exxon 30-year contracts to extract crude and allow the first large-scale operation of foreign oil interests in Iraq since the industry was nationalised in 1972.
The huge potential prizes for Western firms will give ammunition to critics who say the Iraq war was fought for oil. They point to statements such as one from Vice-President Dick Cheney, who said in 1999, while he was still chief executive of the oil services company Halliburton, that the world would need an additional 50 million barrels of oil a day by 2010.
"So where is the oil going to come from? ... The Middle East, with two-thirds of the world's oil and the lowest cost, is still where the prize ultimately lies," he said.
Oil industry executives and analysts say the law, which would permit Western companies to pocket up to three-quarters of profits in the early years, is the only way to get Iraq's oil industry back on its feet after years of sanctions, war and loss of expertise.
But it will operate through "production-sharing agreements" (or PSAs), which are unusual in the Middle East, where the oil industry in Saudi Arabia and Iran, the world's two largest producers, is state controlled.
PSAs allow a country to retain legal ownership of its oil, but gives a share of profits to the foreign companies that invest in infrastructure and operation of the wells, pipelines and refineries.
Opponents say Iraq, where oil accounts for 95 per cent of the economy, is being forced to surrender an unacceptable degree of sovereignty.
Proposing the parliamentary motion for war in 2003, Tony Blair denied the "false claim" that "we want to seize" Iraq's oil revenues. He said the money should be put into a trust fund, run by the UN, for the Iraqis, but the idea came to nothing. The same year Colin Powell, then US Secretary of State, said: "It cost a great deal of money to prosecute this war. But the oil of the Iraqi people belongs to the Iraqi people; it is their wealth, it will be used for their benefit. So we did not do it for oil."
Supporters say the provision allowing oil companies to take up to 75 per cent of the profits will last until they have recouped initial drilling costs. After that, they would collect about 20 per cent of profits, according to industry sources in Iraq. But that is twice the industry average for such deals.
Greg Muttitt, a researcher for Platform, a human rights and environmental group which monitors the oil industry, said Iraq was being asked to pay an enormous price over the next 30 years for its present instability. "They would lose out massively because they don't have the capacity at the moment to strike a good deal."
"It is a redrawing of the whole Iraqi oil industry [to] a modern standard," said Khaled Salih, spokesman for the Kurdish Regional Government, a party to the negotiations. The Iraqi government hopes to have the law on the books by March.
Several major oil companies are said to have sent teams into the country in recent months to lobby for deals ahead of the law, though the big names are considered unlikely to invest until the violence in Iraq abates.
James Paul, executive director at the Global Policy Forum, the international government watchdog, said: "It is not an exaggeration to say that the overwhelming majority of the population would be opposed to this. To do it anyway, with minimal discussion within the [Iraqi] Parliament is really just pouring more oil on the fire."
Vince Cable, the Liberal Democrat Treasury spokesman and a former chief economist at Shell, said it was crucial that any deal would guarantee funds to rebuild Iraq.
"Although it does make sense to collaborate with foreign investors, it is very important the terms are seen to be fair."
Oil giants to profit from law change - 08 Jan 2007 - Energy

This week is very interesting!!

Originally Posted by Mike5200

If I remember that article was vaguely worded and could have meant the week of the 7th , not necessarily the 7th.

I also believe they mentioned "early in 2007", so it should be this week.

Now we have read that HCL will be before parliament it all has to come together!

This week is very interesting and exciting!

Iran resumes exports to Iraq via Mehran border point Ilam, Jan 6, IRNA
Iran-Mehran-Export
Iran resumed export of non-oil goods to Iraq via the international border point of Mehran on Saturday, a local official said here on Saturday.

Governor General of Mehran Khaled Rahimi told IRNA that Iraqi border guards stopped export of non-oil commodities to Iraq via Mehran international border point (in western Ilam province) due to a four-day holiday on the occasion of Eid-Ul Adha (Feast of Sacrifice).

He added that Iranian tradesmen could resume export of non-oil goods to Iraq via Mehran border point, stressing they would face no legal problem in this regard.

Mehran border is considered one of the most important points for travel of Iranian pilgrims and export of commodities to Iraq.