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

Well, as i see it. This doesnt affect a Reval.

Even though its better if they get all in place asap, but what they are talking about here is an economic program for reliefs on debts and "roadly speaking, a five-year plan, involving Iraq's neighbours and wealthy foreign powers, to revive the potentially oil-rich economy after decades of war, sanctions and now vicious communal bloodshed."

All right PH...perhaps I'm burnt-out with information...but WHAT DOES THAT MEAN? (Not yelling...promise! ) I don't see anything about revaluation or currency in there...

That's how I read it too Raddie...Just wanna make sure.... :-)

BREAKING NEWS
EXCLUSIVE-Iraq cabinet set to pass first investment law-Dep PM
Reuters
Jul 18 2006 16:58

By Mariam Karouny

BAGHDAD, July 18 (Reuters) - Iraq's cabinet is expected to pass the country's first postwar foreign investment law on Wednesday, a deputy prime minister told Reuters on Tuesday.

But the legislation, which also requires parliamentary approval, does not cover any long-awaited investment in prized upstream oil production and exploration.

"The investment law is going to be put to the cabinet tomorrow. I expect it will pass and then either tomorrow or the day after it will move to the parliament," Barham Salih, the Deputy Prime Minister for Economy, said.

"From what I understand from conversations with top parliamentary officials, the law will be passed before the end of this month."

Under the proposed law, Iraqi and foreign investors will have the same ownership rights except in owning land, he added.

Iraq, which sits on the world's third largest oil reserves and is a major producer, had expected billions of dollars in foreign cash after a U.S.-led invasion toppled Saddam Hussein in 2003.

But instead of rebuilding, foreign companies have stayed away from the relentless bombings, shootings and kidnappings that have made Iraq synonymous with death and destruction.

The vast majority of foreign money has been poured into security for western companies, not reconstruction projects.

The oil industry, the lifeblood of the economy, has been crippled by insurgent bombings of crude pipelines and widespread corruption.

Nevertheless, Iraqi officials seem determined to attract foreign companies to an economy that was stifled by tight state control under Saddam.

But the proposed law does not contain any substantial incentives for big oil companies. It only mentions downstream investment, not the production and exploration possibilities that encourage major foreign companies to take risks for profits around the world.

"The law will mention refineries and downstream but will exclude investments in oil fields and contracts which will be organised in a law called the hydrocarbon law," said Salih.

"Today the oil and power committee has met to discuss the hydrocarbon law for the first time, I expect it will be passed in few months."

The hydrocarbon law is aimed at establishing clear investment guidelines for international energy companies.

The investment law expected to be approved by the cabinet on Wednesday appears to be a way of showing Iraq was serious about investment without attempting to tackle tough issues over the upstream energy sector, officials said.

Iraq and many other oil-rich countries are sensitive about allowing foreigners to own their most valuable natural resources and so officials move cautiously.

The semi-autonomous Kurdish regional government in the north has signed oil deals with foreign companies, bypassing the central government and raising fears such agreements could fuel communal tensions that have pushed Iraq close to civil war.

The Sunni Arab community, which forms the backbone of the insurgency concentrated in resource-poor central Iraq, fears it will be left behind as the Kurds, as well as the Shi'ites in the oil-rich south, cash in on exports and exploration deals.

http://www.noozz.com/Iraq/LogIn.aspx...ticleId=166858

Great find PH!!
This is what we have been waiting for!

Lets just hope it will pass!

Originally Posted by Raditz

Great find PH!!
This is what we have been waiting for!

Lets just hope it will pass!

The train move very fast right now.Our last
step are very close :))))

Ye i can feel it!
Lets just hope no1 pulls the emergency break because i can see the last station now!!!

WOOOOOHOOOOOOOOOO!!!

Looks good to me! There's a lot to get done before Maliki comes to town!

Hi, my name is John and I am a DinarAholic. Just today I bought another 250k worth of dinar.

Originally Posted by tiffany

All right PH...perhaps I'm burnt-out with information...but WHAT DOES THAT MEAN? (Not yelling...promise! ) I don't see anything about revaluation or currency in there...

I can relate about starting to be a bit burned out on the heaps of info. I spent the day with NPR, (housepainter go nuts without radio...) and ALL DAY was in depth exploration of the just about the entire middle east. A lot of it ranges from profoundly depressing to outright scary, which I won't belabor here, but one thing jumped out at me about democracy. One person said that in Asia democracy has really, successfully taken hold in many countries, and it's because of the creation of a genuine middle class that will demand democracy. That required a solid financial footing to get started, and has taken some generations to fully take hold. Iraq is surely still in it's infancy with the whole process, in a part of the world where anarchy rules right now.
Let's hope some farseeing souls see it that way and give them a currency that you can actually do something with. Let's bless them with all we've got, they're going to need it.