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

CNBC reporting President Bush scheduled to speak on Iraq Wednesday but could get pushed to Thursday as Democrats (Pelosi) plans on rejecting his money request for troop support. Also states that Dems should not be able to do this because President has final say over "WAR FUNDS" I don't know what this means.

Guys,

ISX traded on the 1st of January!!

http://www.isx-iq.net/page/daily-bulletin.htm

What is going on, not much companies, maybe electronic trading testing????

Originally Posted by CharmedPiper

Just announced on CNBC Squawk Box (Financial News) that Iraq's Council of ministers have announced that the long awaited hydrocarbon law will be released this week and this will allow foreign big oil companies such as Exxon and Shell to come in.

OUTSTANDING NEWS!

Stopped oil exports from the southern port of Basra because of maintenance
- 08 / 01 / 2007-13:02

It is expected that Iraq's oil exports suspended for four days from the southern port of Basra from January 15 to conduct ongoing maintenance work periodically.

He said airline source in the Middle East today, Monday, "that those responsible for the operation of the port told the company that it is likely to take three or four days." He added : "The maintenance work will begin today, as they work in the port since early December," pointing out that "previous work has disrupted the movement of export shipment."

There is the port of Basra, four berths is the largest among the port used to export oil from southern Iraq.

..:: æßÇáÉ ÃäÈÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÇÁ ÈÑÇËÇ ::..


What is it with that date the 15th!

Ministries

The most important events and activities of the ministries and state institutions

January 7, 2007

1. The Ministry of Defense
The activities of the ministry :
Absolutely Baghdad (forward together) leadership grades six and nine
- 4.6) arrest of the suspects.
- The implementation of periodic (84) and (91) and control (42) and the snare (1) raid.
-mosul leadership boycotted the second and third grades
- - Kill (2) of the terrorists.
- Implementation (61) periodically.
Gray boycotted the first and seventh grades
- .- Arrest of the terrorists (2) and (5) the arrest of the suspects.
- .- Deactivate (2) bomb exploded in Khalidiyah.
- - Implementation (211) periodically, (7) control, and (17) ambushed and (9) raid.

Absolutely Salah al-Din, Diyala, Kirkuk-command grades four and five
- .- Deactivate (5) detonated on the road to Baiji - Kirkuk road and the Riyadh-Baiji and the Jalula.
- The implementation of periodic (60) and (10) and control (10) ambush.

: Absolutely Furat and South eighth and tenth grades :
- - Implementation and Alsitarat patrols and ambushes as part of the Platform unequivocally responsibility.

The naval force
- .- Patrol boat (101) : the duty to protect the port of Al-Amiya.
- .- Patrol boat (102) : the duty to change the port of Al-Amiya.
.- Boats Alvabs (16, 10) to ensure protection of the Khawr Abdullah.
The UNRF II infantry miles to ensure the protection of the oil port of Basra.
- .VI-based faction infantry miles to ensure the protection of the port of Al-Amiya.
- - The faction of the first secret defense duties and ensures the protection of the rule.

قي Air Force headquarters
- Sorties (Baghdad-Sulaymaniyah - Baghdad), the transfer of a committee of Sulaymaniyah.

2. The Ministry of Trade
:The activities of the ministry :
1- An official source at the General Company for Grain Processing Unit of the Ministry of Trade have been processed (313), Under-Mills quantity (3906) tons of flour for distribution within the ration of the citizens.
2- The difference regulatory and inspection company mentioned visits to the mills and agents article flour, as has been the visit (96) mills and (8) agents Mills was withdrawn (74) model Mills, (54) a pill and recorded the difference regulatory (22) violation of the quality and the quality of the received (34) complaint through the telephone hot allocated for this purpose as prepared on the impact of the administrative and legal procedures required.
3- -A source at the Ministry of Commerce, said that the ministry has 252 politically segregated into service after having completed the Central Committee for studying the files separated politicians and archives provided with the relationship.
4- Department of Commerce announced that it was about to sign contracts quickly to import large quantities of wheat article.

3. Central Bank
The activities of the bank :
1. One was the opening-day auction XXXVII HUNDRED for buying and selling foreign currency in the Central Bank of Iraq for on Sunday, January 7, 2007, the number of banks contributing to the auction, the five basic price for the auction sale yacht dinars / $ 1325.
2- .Two-and the amount sold by the bank at auction ($) 3,885,000.
3.Three-and the total bids ($) 3,885,000.
4- sale price of remittances dinars (1323) / $. The sale price cash dinars (1336) / $.
5- -quantity sold in cash amount of $ 1,085,000 and the amount of remittances (2,800,000) dollars.

4. The Ministry of Finance
:The activities of the ministry :
.The Rafidain Bank in the follow-up and implementation of banking regulations Afterward all its branches as well as its support and backing technical to government banks and civil processed regulations by the bank, including banks following (real estate, agricultural, industrial, Iraq, and the Bank of the Construction and Housing) and increase the efficiency of workers has stayed the bank in collaboration with the training center of financial and accounting training courses on topics of current accounts and savings deposits, as well as its role in international accounting standards.

5. The Ministry of Labor and Social Affairs
:Activities : Minister
.The Minister of Labor and Social Affairs Sheikh Mahmoud Al-Radi, the need for hard work and dedicated to activate programs of the ministry in 2007 and the cooperation with the government institutions and non-governmental organizations.

:The activities of the ministry :
.1-conducted the ministry a number of field visits as its affiliated to the Department of Labor and social security field visits for the follow-up of the projects the city of the Chamber in charge of the application of the Law of inorganic government debts, No. 56 for in 1977, resulted visits amount of (six hundred and Twenty-six thousand four hundred and 50th dinars) income amounted to the Trial from rental of real estate for Baghdad governorate amount of (one million five hundred and six Forty-one thousand four hundred and one and fiftieth dinars) been claim the relevant authorities to issue warnings and garnishment orders rightly (4) projects because of their indebtedness of the Service.
2 - The Ministry also address the phenomenon of begging in Iraq through the mechanisms of action of the Social Welfare Department, which is the body responsible for filling the needs of the disabled, the elderly and orphans as provide them food, clothing Azafh to medication, and the phenomenon of begging is done through campaigns undertaken by the Ministry in coordination with the Ministry of the Interior is responsible reduction study of this phenomenon, and housed in units according to the conditions and instructions.

6. The Ministry of Agriculture
:The activities of the ministry :
:The Public Authority for the Development of Fisheries in the Ministry of Agriculture instructions prevent hunting and the sale and marketing of fish bodies of the Interior (marshes, lakes and rivers) during the reproductive season and Mayati text instructions :
:In pursuit of the General Authority for the Development of Fisheries to conserve fish stocks, and development of fisheries and to start breeding season for fish decides to prevent fishing in the bodies of the Interior (Marsh-Lakes-river), as well as prevent the sale and marketing of between governorates except marine fish and fish farms fish (carp regular-grass carp-silver carp) and by regions and time periods, as follows :
- For the period of February 15, 2007 until April 15, 2007 and include the provinces (Basra, Maysan, Dhi Qar, Muthanna, Diwaniyah, Najaf).
- For the period of April 1, 2007 until June 1, 2007 and include governorates (Baghdad, Diyala, Salahuddin, Anbar, Babil, Karbala, Wasit).
- For the period of May 1, 2007 until July 1, 2007 and include governorates (Kirkuk, Sulaymaniyah, Nineveh, Arbil, Dohuk).

7. The Ministry of Higher Education and Scientific Research
The activities of the ministry :
The Ministry of Higher Education and Scientific Research to form a committee to inventory the land owned by the higher education sector and identified. A source in the supervision and scientific evaluation in the ministry, the Minister of Higher Education and Scientific Research, a. D. Abdul Dhiab Al-Ojaili, formed a committee to undertake the task of accounting for and identify pieces of land belonging to the Ministry and the universities, in Baghdad and other governorates, and examining ways to invest every piece of land, including the best, for a variety of university projects, Kallaksam scientific and classrooms, laboratories and departments of Interior and the university hospitals, and housing complexes for Affiliates. The source added that the investment pieces of land belonging to conclusively higher education contribute to the implementation of part of the Ministry's plans to develop higher education and break the bottlenecks that afflict particularly in the area of buildings and constructions.

8 The Ministry of Human Rights
Activities : Minister
1-met with the Minister for Human Rights engineered heart Salem in Lebanon with the Executive Director and working in Ristan Center for the Rehabilitation of Victims of Violence and Torture in the city of Tripoli to get acquainted with the nature of their work and the possibility of dealing with them in the rehabilitation of victims of violence and torture in Iraq of the presence of specialized expertise to the center in this area. The Minister emphasized that the tools of knowledge rich in diversity and humanitarian dimensions, each of which results in the rehabilitation of victims of violence and torture, in-depth everything related to the support of human rights by supporting training programs and the publication of books and pamphlets specialized education and self-development capacity of the mental torture victims on the principles and norms of human rights.
2-Ms. minister also met with a number of Iraqi communities during her visit to the Republic of Lebanon to get acquainted with the living conditions and the delivery of image to the national government and the relevant authorities in order to overcome some difficulties which they suffer.

9 The Ministry of Electricity
:The activities of the ministry :
1- -conversion No. 1-E-2 the direction of Basra to throw ODP Arksen.
2- -examination and to create one-E-2 Diwaniyah direction for the company Iraqna.
3- linking between the two systems of Diwaniyah, the draft Jadiriyah Notel delivery to the station and the Secretary for the Ministry of Electricity.

Originally Posted by Socata 850

Number of banks 5
Auction price selling dinar / US $ 1325
Auction price buying dinar / US $
Amount sold at auction price (US $) 3.885.000
Amount purchased at Auction price (US $)
Total offers for buying (US $) 3.885.000
Total offers for selling (US $)

Hello RolClub


No change today. This is for the on again off again auction that supposedly didn't happen. Can't figure this one out yet.

1. No point change in the dinar today. Remains at 1325

2. A $3,885,000 (net) worth of dinars, (IQD - 5,147,625,000) out of circulation

3. 5 banks participating.

4. 55th auction since the beginning of CBI's reval plan

5. 99 days into the CBI's reval plan.

6. 2,878,438,402,000 dinars pulled from circulation !!

7. 0 Dinars back into circulation today !!

8. 152 dinar change since Nov 1st (baseline was 1477) 10.291% increase in value of the dinar since beginning of reval plan.

9. 0 point reduction in the rate so far this week. Was at 1325 at the end of last week, 1325 this week.

10. 0 point drop so far in the month of Jan. Ended at 1325 in Dec, now stands at 1325

Hello everyone. Like everyone else, I too would have liked to wake up to a bold adjust in the value of the dinar. But what I am seeing is not dissapointing. A small number of banks participating, a net removal of dinar from the economy, and a small rise in the exchange rate. The CBI is continuing to send a signal that the dinar is going to continue to rise in value, and that they will continue to remove currency from the economy if they can. Both signals are good for us. We have seen that demand for the dinar has increased dramaticly in the last week or so. "Street" price has risen and I expect will continue to do so this week. Many reports of dinar being unavailable, both here and in Iraq. So we can expect this trend of a limited supply continuing based on the increases in demand and the removal of the dinar from the economy. We also have some political issues this week that are very important. The HCL is a big one, Bush's political speech is also a huge issue. This may be his last chance to effect a positive change in Iraq before the end of his administration. Expect an all out effort. This is his legacy, and since many have advised that the solution in Iraq is economic, then that is where I expect the effort to be placed. My own opinion is that the CBI is pre-positioning itself until the "right" moment. We still have a much undervalued currency and we know that purchasing power is the main issue in getting Iraq moving. So, we would all like to wake up and see that bold adjust, however, the more demand increases, supply decreases and market psychology enters into rising price expectations, the better it will be for us. I still feel 2007 is our year. Thank You.

Originally Posted by Wm.Knowles

Hello everyone. Like everyone else, I too would have liked to wake up to a bold adjust in the value of the dinar. But what I am seeing is not dissapointing. A small number of banks participating, a net removal of dinar from the economy, and a small rise in the exchange rate. The CBI is continuing to send a signal that the dinar is going to continue to rise in value, and that they will continue to remove currency from the economy if they can. Both signals are good for us. We have seen that demand for the dinar has increased dramaticly in the last week or so. "Street" price has risen and I expect will continue to do so this week. Many reports of dinar being unavailable, both here and in Iraq. So we can expect this trend of a limited supply continuing based on the increases in demand and the removal of the dinar from the economy. We also have some political issues this week that are very important. The HCL is a big one, Bush's political speech is also a huge issue. This may be his last chance to effect a positive change in Iraq before the end of his administration. Expect an all out effort. This is his legacy, and since many have advised that the solution in Iraq is economic, then that is where I expect the effort to be placed. My own opinion is that the CBI is pre-positioning itself until the "right" moment. We still have a much undervalued currency and we know that purchasing power is the main issue in getting Iraq moving. So, we would all like to wake up and see that bold adjust, however, the more demand increases, supply decreases and market psychology enters into rising price expectations, the better it will be for us. I still feel 2007 is our year. Thank You.

Since I can't click thanks I'm posting a "THANKS!"

Originally Posted by kiko

Guys,

ISX traded on the 1st of January!!

http://www.isx-iq.net/page/daily-bulletin.htm

What is going on, not much companies, maybe electronic trading testing????

I am not surprised. Iraq does what it wants when it wants. I never underestimate them. Just as I expect a high reval with no warning...they can drag their feet when they want and as we have seen with Hussein-hanging they can accomplish tasks at lightning speed without looking back. Let's hope they are in lightning speed mode this week.

Iraq poised to end drought for thirsting oil giants
After 35 years, the third-largest reserves in the world are to be opened to American and British companies
Danny Fortson, Independent



07 January 2007

For more than three decades, foreign oil companies wanting into Iraq have been like children pressed against the sweet shop window - desperately seeking to feast on the goodies but having no way of getting through the door.

That could soon change.

The Iraqi Council of Ministers is expected to approve, as early as today, a controversial new hydrocarbon law, heavily pushed by the US and UK governments, that will radically redraw the Iraqi oil industry and throw open the doors to the third-largest oil reserves in the world. It would allow the first large-scale operation of foreign oil companies in the country since the industry was nationalised in 1972.

It would also be a shot in the arm for the global petroleum industry. The biggest oil companies are finding it ever harder to uncover new reserves to replace those that are going dry. Iraq sits on a sea of easily tapped, high-quality crude.

For a sector desperate for a panacea, the stakes couldn't be higher. By conservative estimates, Iraq represents about one-tenth of the world's reserves at 115 billion barrels. Most of this is untapped or under-exploited. Former oil minister Issam Al-Chalabi was quoted recently saying that a fully functioning Iraqi oil industry could generate $100bn (£52bn) in annual revenue.

The new legislation "is a redrawing of the whole Iraqi oil industry into a modern standard," said Khaled Salih, a spokesman for the Kurdish Regional Government, a party in the negotiations. "It will allow new technologies to come in to revitalise the oil industry and allow foreign investors to invest long-term in Iraq and upgrade infrastructure."

Iraqi government sources say the hope is to have the law on the books by March.

No one expects big players such as Exxon, BP and Shell to jump into the country until the security situation stabilises. They are jockeying to stake their claims now for exploitation later. "It's a mad rush to get something there," said James Paul, the executive director of Global Policy Forum, a New York watchdog group. "The companies are saying, 'Before any troops are withdrawn, we have to have these contracts.' "

So why are the oil companies so desperate to get a foot in the door? For one, they are struggling to keep production increasing in line with demand, which last year rose to more than 82 million barrels a day. Those rises have been driven in large part by the growth of the Chinese economy. The tide of oil nationalism in places such as Venezuela, where the stranglehold applied by President Hugo Chavez on the industry has led to lower production, has shifted more pressure on to the rest of the industry.

Also, the cost-per-barrel of extracting oil in Iraq is among the lowest in the world because the reserves are relatively close to the surface . This contrasts starkly with the expensive and risky lengths to which the oil industry must go to find new reserves elsewhere - witness the super-deep offshore drilling and cost-intensive techniques needed to extract oil form Canada's tar sands.

"The majors are finding it increasingly difficult to locate actual black oil resources," said Praveen Martis, an analyst at research firm Wood Mackenzie.

The most coveted sites in Iraq are the Majnoon and West Qurna fields, both close to Basra in the south of the country. Together, they fields represent nearly a quarter of Iraq's proven reserves. Total and Russia's Lukoil had deals in place with Saddam Hussein's government on the Majnoon and West Qurna fields respectively.

It is arguable whether these contracts are still valid, and Exxon is now seen by insiders as the frontrunner to nab the rights to the Majnoon field.

Other parts of the country, such as the Western desert, remain virtually unexplored and could be home to large reserves.

Critical to whether the petro-leum industry will be able to exploit Iraq's buried treasure will be the introduction of production-sharing agreements (PSAs). These are contracts that allow the state to retain legal ownership of its reserves but let international companies share in the profits from extracting oil, in exchange for investing in the infrastructure and operation of the wells, pipelines and refineries. The agreements would be the key to the sweeping development of the Iraqi industry by international companies.

According to an early draft of the legislation that was sent to oil companies this past summer and obtained by The Independent on Sunday, PSAs are the centrepiece of the new legal framework.

Their introduction would be a first for a major Middle Eastern power and is sure to be highly contentious. Saudi Arabia and Iran, the world's number one and two producers, both control their industries tightly with no appreciable foreign company collaboration. According to the Iraqi draft legislation, the PSAs could be fixed for as long as 30 years, which would provide a welcome framework in which the companies could work. Though they are preferred by the oil industry, PSAs don't always guarantee profits for Western companies.

The Russian government depended heavily on PSAs in the 1990s when it was far weaker economically than it is now. The Kremlin has since made moves to wind back these agreements. The most notorious instance came last month when Shell was forced to cede a controlling stake in the $20bn Sakhalin 2 oil and gas project back to the Russian state-owned gas giant Gazprom, after months of brinkmanship from the Kremlin.

Yet for all the black gold that lies under the sand of the Iraqi desert, any potential payoff for Western oil giants is years off. An enormous amount of work remains to be done. The infra-structure is decrepit and patchy after years of neglect, and there is the risk of sabotage and wars. The country is in a state of near anarchy and the debate about the ownership and exploitation of its main asset, which accounts for nearly all of Iraq's GDP and export revenues, is still to be had.

But if the new hydrocarbon proposals pass through their fledgling parliament, the Iraqi people will be forced to share their buried treasure with the West's oil giants.


Iraq poised to end drought for thirsting oil giants After 35 years, the third-largest reserves in the world are to be opened to American and British companies :: from www.uruknet.info :: news from occupied Iraq - it

Originally Posted by CharmedPiper

I am not surprised. Iraq does what it wants when it wants. I never underestimate them. Just as I expect a high reval with no warning...they can drag their feet when they want and as we have seen with Hussein-hanging they can accomplish tasks at lightning speed without looking back. Let's hope they are in lightning speed mode this week.

I hope so, Charmed!