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

9 -----
Auction price selling dinar / US $ 1320 -----
Auction price buying dinar / US $ 1318 -----
Amount sold at auction price (US $) 9.305.000 -----
Amount purchased at Auction price (US $) 1.200.000
Total offers for buying (US $) 9.305.000 -----
Total offers for selling (US $) 1.200.000 -----





D.G. of Investments

Daily price Bulletin buying and selling Thursday 2006/12/28

I dont understand the price is different but the date reads 12/28/2006
does anyone know what's going on ?

Originally Posted by hondo882003

9 -----
Auction price selling dinar / US $ 1320 -----
Auction price buying dinar / US $ 1318 -----
Amount sold at auction price (US $) 9.305.000 -----
Amount purchased at Auction price (US $) 1.200.000
Total offers for buying (US $) 9.305.000 -----
Total offers for selling (US $) 1.200.000 -----





D.G. of Investments

Daily price Bulletin buying and selling Thursday 2006/12/28

I dont understand the price is different but the date reads 12/28/2006
does anyone know what's going on ?

That happend a lot more, especially after the weekend.

On Iraq Updates this morning the following news was reported:

"The draft [of the HCL] is expected to be voted into law this week, and Shiite, Sunni and Kurdish factions have agreed [sic] on the text on Christmas Day, after three and a half months of debate."

This all sounds very promising, and it is promising, except that later in the
article it says that the law won't be "put into effect" until March, 2007.

Finally, the article says that the ultimate share of profit that will flow to
oil companies after they have recouped their costs will be twenty (20%) percent, which is apparently double the normal market rate. Not sur-
prisingly, the United States played a major role in the drafting the would-be
law.

If George Bush doesn't highlight the economic benefits of this development to the Iraqis in his speech on Wednesday, he will be missing the boat.

Economy

The execution of Saddam raises the price of the Iraqi dinar in Jordan

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08 January 2007 (Iraq Directory)
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Jordanian money changers said that the Iraqi dinar from the old edition (Swiss) rose by about 18% in the local market following the execution of former Iraqi president Saddam Hussein last Saturday in the first day of Eid Al-Adha.

They emphasized that the increased demand for the Iraqi currency shattered the recession that hit the currency since the American occupation of Iraq in April 2003.

Head of the Exchange Association in Jordan, Alaa Diraneh, said that the increase in the demand for the Iraqi currency in its two types, the (Swiss) and (Bremer), was due to the desire of some to keep currency in memory of the late president, who appears in the various categories of the Iraqi currency, while some of the Gulf people purchased it in hope that the economy of the country would be improved in the new year, and may be reflected on the exchange rate.

After the Eid holiday, one million Iraqi dinars (Swiss) worth JD 8200, after it was exchanged for seven thousand Jordanian dinars before the holidays, as for the dinar of (Bremer), who is a civil administrator in Iraq following the American occupation of the country, has risen to 545 million from JD 530 dinars, at an increase of 3%.

In October 2003, the Iraqi Central Bank issued a new currency named publicly by 'Bremer', and the Iraqis has been given a period of three months to replace the old currency, which bears images of the late Iraqi President Saddam Hussein, with the new currency which were printed in Britain and carrying pictures of landmarks and historic figures including Hammurabi, the King of Babylon.

Originally Posted by archangel

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

This article gives a good view of the impotance that large companies have concerning iraqi oil. However, we have to remember that of the 500 oil fields they have ready to lease, they are only leasing 20 (one estimate said 60) of the available fields. What this tells me is that the first round of leases will be tendered cheaply, to get the business going. Later I would expect that available leases will be much more expensive, i.e. those that get going and get in there first will benefit the most. Iraq still has almost 500 fields that can be leased at a later date, when money is not as much of an issue and these PSA contracts can be redone much more in Iraqs favor. Thank You

Energy - Oil & Gas

Iraqi factions agree on draft oil law

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08 January 2007 (Turkish Daily News)
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As the world still debates the execution of deposed Iraqi President Saddam Hussein, it has been revealed that the Iraqi government is preparing to send to Parliament important arrangements on how the country's oil resources are to be carved up.

Proposed new arrangements have been frozen since 2003 because of disagreement between Kurdish, Shiite Arab and Sunni Arab groups.

The draft oil law foresees transfer of the exploitation of oil fields, nationalized by the Baath government in 1972, to oil companies via 30-year privileged contracts. The draft is expected to be voted into law this week, and Shiite, Sunni and Kurdish factions have agreed on the text on Christmas day, after three and a half months of debate.

According to Referans sources, a meeting was held in London over the weekend in which Vice Prime Minister Berham Salih attended, representing Iraq. His counterparts included representatives of big oil companies. The fact that Salih, a Kurd who is also the president of the Iraq Oil Committee, is active in the process has been interpreted as a sign that Kurds have been persuaded for a national, not regional, arrangement.

However, after the national agreement is implemented Kurds will start to prepare a similar arrangement in their own region, a source close to the talks told Referans on condition of anonymity. This new agreement will be in accordance with the draft which will soon be on the parliamentary agenda.

Advantages to oil giants:

The Independent on Sunday revealed the text of the draft law, which is expected to be put into effect as of March 2007. The British newspaper wrote in its headline story, "Future of Iraq: The Spoils of War," that the world's oil giants now have an important chance to be active in Iraq, three years after the invasion.

Moreover, the companies will have the right to retain 75 percent of their annual income from Iraqi oilfields, until they match their oil production costs, thanks to the Production Sharing Agreement (PSA) system. After then the companies will be able to pocket 20 percent of the annual income. Experts point to the fact that this is double normal market rates.

Unsurprisingly, the U.S. government played a major role in the preparation of the draft. The lion's share in the PSAs will go to giants such as BP, Shell and ExxonMobil.

The Independent on Sunday commented that if the draft is voted into law, previous promises that "the oil of Iraq will belong to the Iraqi people" will prove to be false.

Iraq, ranked third in the world for oil reserves, has proven resources of 112.5 billion barrels, while the total reserves are estimated at 220 billion barrels.

Old agreements to be served:

The same sources told Referans that the draft envisions the continuation of agreements that the previous Iraqi governments signed with various companies. Still, these agreements will have to be brought into line with new regulations.

Companies, including some Turkish ones, signed various agreements with Baghdad before and after the 2003 invasion. Saddam Hussein, who planned to diminish U.S. influence over decisions in his country, signed oil deals with many companies, including Russian Lukoil, Chinese CNPC and French TotalFinaElf.

In the 1997 agreements Lukoil received the right to develop the West Qurna oilfield, while CNPC obtained a similar right at Ahdab in western Iraq and TotalFinaElf at Majnun in southern Iraq. However, because of U.N. sanctions, these agreements failed to be realized.

Lukoil has a privileged right in the West Qurna oilfield, but U.S. firm ConocoPhillips also has a 17.5 percent stake there

First ODP wireless capacity in Dhi Qar forty thousand line

(صوت العراق) - 08-01-2007(Voice of Iraq) - 08-01-2007
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اول بدالة لاسلكية في ذي قار بسعة اربعين الف خطFirst ODP wireless capacity in Dhi Qar forty thousand line


شبكة اخبار الناصرية /زمن الشيخلي :Nasiriyah News Network / Shekhli time :

باشرت دائرة البريد في محافظة ذي قار بنصب بدالة لاسلكية في محافظة ذي قار وبسعة 40.000 الف خط بقيمة اولية قدرها 6 مليار دينار عراقي وبكلفة اجمالية تصل الى 16مليار دينار عراقي وذكر السيد مدير بريد ذي قار في تصريح لشبكة اخبار الناصرية ان قيمة الخط الواحد بعد النصب والايصال الى المواطن سيكون بقيمة 350.000 الف دينار عراقي بالنسبة للاحياء التي توجد فيها خطوط هاتفية ارضية سابقا من جهة اخرى خصصت وزارة الاتصالات الى منطقة صوب الشامية 120 الف خط وبكلفة 150.000 الف دينار للخط الواحد على اعتبار ان اغلب المناطق فيها لا تحتوي على خطوط هاتف ارضية .Embarked upon the postal service in the governorate of Dhi Qar, pitched ODP wireless in the governorate of Dhi Qar, and a capacity of 40.000 one thousandth the line of the value of an initial six billion Iraqi dinars and a total cost of up to 16 billion Iraqi dinars and Mr. Director of Postal of Dhi Qar, in a statement to the News Network Nasiriyah that the value of Line one after swindling and delivery to the citizen would be the value of 350.000 thousand Iraqi dinars For of the neighborhood where there are telephone landlines previously on the other hand The Ministry of Communications and Information Technology to the area towards the Shamia 120 thousand a line and a cost of 150.000 thousand dinars of the pipeline Wahid on the grounds that most areas where do not contain the telephone lines ground.

يذكر ان مجلس محافظة ذي قار قد عد خطة ستراتيجية للنهوض بخدمة الاتصالات السلكية واللاسلكية في المحافظة بما يتلائم والتطور العلمي والتكنولوجي في العالم والذي يمكن تحقيقه من خلال :It is noteworthy that the Dhi Qar may count strategic plan for the advancement of service telecommunications in the province in accordance with scientific and technological development in the world that can be achieved through :

1. توسيع الشبكات والبدالات الحالية بما يتلائم والتوسع الحاصل في امناطق السكنية .1. The expansion of networks and switches in accordance with the current expansion in Amenatq housing.

2. استحداث شبكات وبدالات جديدة وحديثة للمناطق غير المخدومة سابقا .2. Develop networks and ODP new and modern previously unserved areas.

3. تطوير الكادر الفني والهندسي بادخالهم دورات داخل وخارج القطر للاطلاع على التطور الحاصل في الاتصالات .3. Develop cadre of technical and engineering courses are admitted inside and outside the country for the evolution in communications.

4. استحداث مشاريع الاتصالات اللاسلكية الحديثة لتغطية اغلب المناطق خاصة مدن الاهوار والمناطق التجاري.4. The introduction of modern telecommunication projects to cover most regions, especially in the cities of the marshes and commercial areas.

5. انشاء مركز صيانة للبدالات واجهزة التراسل والا جهزة الملحقة الاخرى.5. The establishment of the Center for the maintenance of the ODP and other messaging and other protocols not prepared.

Sotaliraq.com

First ODP wireless capacity in Dhi Qar forty thousand line

(Voice of Iraq) - 08-01-2007
This issue was sent to a friend

First ODP wireless capacity in Dhi Qar forty thousand line

Nasiriyah News Network / Shekhli time :

Embarked upon the postal service in the governorate of Dhi Qar, pitched ODP wireless in the governorate of Dhi Qar, and a capacity of 40.000 one thousandth the line of the value of an initial six billion Iraqi dinars and a total cost of up to 16 billion Iraqi dinars and Mr. Director of Postal of Dhi Qar, in a statement to the News Network Nasiriyah that the value of Line one after swindling and delivery to the citizen would be the value of 350.000 thousand Iraqi dinars For of the neighborhood where there are telephone landlines previously on the other hand The Ministry of Communications and Information Technology to the area towards the Shamia 120 thousand a line and a cost of 150.000 thousand dinars of the pipeline Wahid on the grounds that most areas where do not contain the telephone lines ground.

It is noteworthy that the Dhi Qar may count strategic plan for the advancement of service telecommunications in the province in accordance with scientific and technological development in the world that can be achieved through :

1. The expansion of networks and switches in accordance with the current expansion in Amenatq housing.

2. Develop networks and ODP new and modern previously unserved areas.

3. Develop cadre of technical and engineering courses are admitted inside and outside the country for the evolution in communications.

4. The introduction of modern telecommunication projects to cover most regions, especially in the cities of the marshes and commercial areas.

5. The establishment of the Center for the maintenance of the ODP and other messaging and other protocols not prepared.

Originally Posted by bultn

But you can not switch from IQD/USD to USD/IQD using the same numbers:

1260 IQD/1USD is 0.000794 USD for one IQD, and you can not change that to 1 IQD = 1.26 USD by raising zeros.

Yes you are right in your conclusion but the Iraqis are not looking at this from that side of the equation they are viewing this from the dinar side and whatever it translates into in decimal format so be it.

They will lift zeros and are not looking at this from the dollar side or should I say the western side. JUst my opinion of course but this is how it appears.

Approximate Conversions
Dinar USD
1260 = .000793
126 = .00793 = one zero
12.6 = .0793 = two zeros
1.26 = .7930 = three zeros
.793 = 1.00 = Still three zeros

The Cabinet-Minister of Labor and Social Affairs announced

(صوت العراق) - 08-01-2007(Voice of Iraq) - 08-01-2007
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جـــــمــهورية الـــعـــراقThe Republic of Iraq
مجلس الوزراء- دائرة الإتصالات الحكوميةCouncil of Ministers-the governmental communications
العلاقات الإعلاميةMedia Relations
بيان صحفي / Press ReleaseA press statement / Press Release

وزير العمل والشؤون الاجتماعية يعلن ان عام 2007 سيشهد أقامة 100 ألف مشروع صغير للعاطلين عن العمل في بغداد والمحافظاتMinister of Labor and Social Affairs announced that 2007 will see the establishment of 100 thousand small project for the unemployed in Baghdad and other governorates


اكد وزير العمل والشؤون الاجتماعية المهندس محمود الشيخ راضي على ضرورة العمل الجاد والمخلص لتفعيل برامج الوزارة للعام 2007 والتعاون مع المؤسسات الحكومية وغير الحكومية .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.

وبين السيد الوزير خلال لقائه مع وكيل الوزارة ورؤساء الدوائر فيها ضرورة الاسراع في تنفيذ الف مشروع للتأهيل المجتمعي كمرحلة اولى حيث سيشهد العام الجديد 2007 اقامة (100000) مشروع صغير للعاطلين عن العمل والمسجلين في مراكز التشغيل والتدريب المهني في بغداد والمحافظات .And Mr. Minister, during his meeting with the undersecretary of the ministry and heads of departments on the need to accelerate the implementation of a project for the rehabilitation of the community as a first stage in the new year 2007 will see the establishment of (100000) a small project for the unemployed registered in the operation centers and vocational training in Baghdad and other governorates.

على صعيد متصل اجرت الوزارة عدداً من الزيارات الميدانية لمتابعة المشاريع التابعة لدائرة العمل والضمان الاجتماعي المكلفة بتطبيق قانون استحصال الديون الحكومية رقم 56 لسنة 1977.In relation to the ministry conducted a number of field visits to the follow-up projects of the Department of Labor and Social Security in charge of the application of the law to secure government debts No. 56 of 1977.
كما تقوم الوزارة بمعالجة ظاهرة التسول في العراق من خلال آليات العمل في دائرة الرعاية الاجتماعية وهي الجهة المسؤولة عن سد احتياجات العجزة وكبار السن والايتام حيث تؤمن لهم الاغذية والملابس اظافة الى الادوية ، وان معالجة ظاهرة التسول تتم من خلال حملات تقوم بها الوزارة بالتنسيق مع وزارة الداخلية وتتولى اللجنة المسؤولة دراسة الحد من هذه الظاهرة وايوائهم في وحدات حسب الشروط والتعليمات .Also, the ministry is addressing 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 dealing with 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.