EXCLUSIVE-Iraq to restart northern oil exports this week
Reuters
Jul 23 2006 21:12
By Simon Webb
LONDON, July 23 (Reuters) - Iraq has completed repairs to one of two sabotaged oil pipelines that export crude from its northern fields to Turkey and aims to restart the flow this week, Iraq's oil minister said on Sunday.
"We completed the repairs today," Oil Minister Hussain al-Shahristani told Reuters in London. "We hope to restart it very soon. This week."
Shahristani is trying to restore Iraq's dilapidated oil industry, the country's main source of the hard currency needed to rebuild its economy.
The industry needs billions of dollars of investment to overhaul infrastructure and boost output after years of sanctions, war and mismanagement.
Iraq hopes to boost exports from the giant Kirkuk oilfields in the northern part of the country further next month when it will have completed repairs on the second parallel pipeline, Shahristani said.
The pipelines to Kirkuk have been mostly unusable due to sabotage since the U.S.-led invasion of Iraq in March 2003.
Both pipelines were fractured in the most recent attack on July 9. The attacks forced Iraq to halt sales of Kirkuk crude from Turkey.
In the weeks before that attack, Iraq had sold 8.5 million barrels of Kirkuk crude from Ceyhan, boosting total exports to match their highest levels since October 2004 in June at 1.8 million barrels per day (bpd).
Iraq has tried to boost security along the line by placing it in the protection of the army. Prior to that, security was in the hands of a special dedicated force and attacks were frequent.
When the line is down, the country relies exclusively on exports of around 1.5 million bpd from its southern Basra terminal.
Iraq's daily oil output is currently 2.5 million barrels per day (bpd), but it is aiming to boost production to 2.9 million bpd by the year end and may even reach 3.0 million bpd, Shahristani said.
"We aim for 2.9 million bpd, and with a little bit of luck maybe we can reach 3 million," he said.
The oil minister also said he was confident that a new hydrocarbon law that will allow foreign investment to flow into the industry will be passed by the end of the year.
"I can't say exactly when it will pass because it depends on parliament," he said. "But it will be this year."
Iraq needs to attract investment from international oil companies if it is to hit Shahristani's longer-term production targets of 4.3 million bpd within the next four years and between 6 million and 8 million bpd by 2015.
The oil minister is accompanying Iraqi Prime Minister Nuri al-Maliki on a trip to London and Washington.
Re-post again this one i like it :)
Iraq advances in Stand By Agreement with IMF, World Bank
23 July 2006 (PortAl Iraq)
Iraq has further advanced in the Stand By Agreement.
The U.S. Agency for International Development (USAID) project advisers were major participants in the Ministry of Finance's 2007 Budget Preparation Retreat held in May.
The new Minister of Finance, Jabr al-Zubaydi, opened the retreat and was joined at the closing ceremony by the U.S. and U.K. ambassadors.
At the event, the Minister announced the successful completion of a new 2007 budget structure (chart of accounts) compliant with the International Monetary Fund's Government Financial Statistics (GFS) classification system, a major condition of the Iraqi Government's Stand By Agreement with the IMF and World Bank.
Project advisers played a significant role in providing assistance to the Ministry of Finance in the creation of the new chart of accounts. Project advisers were also the primary presenters at the event, covering topics relating to the implementation and use of the IFMIS and the new chart of accounts in 2007.
http://www.iraqupdates.com/p_articles.php/article/9505
I Hope this dosen't Delay Things
Saudis ask Bush to intervene in Mideast
AP - 24 minutes ago
WASHINGTON - Saudi Arabia asked President Bush on Sunday to intervene in Israel's military campaign against Hezbollah in Lebanon to stop the mounting deaths, but administration officials said they remain convinced that an immediate cease-fire is not the answer.
http://news.yahoo.com/s/ap/us_mideas...kxBHNlYwN0bQ--
Looks like he will send Condoleezza Rice.
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Looks like a promising week!!
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The Iraqi Minister of Planning doors : The new law provides considerable facilities to encourage foreign investment in Iraq
22/07/2006 3:27 (Greenwich Mean Time)
Said Iraqi Minister of Planning doors that international commitments to assist Iraq in exchange for economic and political action.
He added in an interview with "the world now," Maliki visit Washington soon to reach President Bush for his Iraq accomplish this performance to improve the economic and political.
The following is the text of the interview conducted with him on 19 July 2006 :
O-Is there a tendency to legislate new investment in Iraq?
C-directed there within the Council of Ministers to approve the investment law with some modifications, and the elevation to the House of Representatives for approval and finally cleared.
I think that the law will be the top priority of the government during the next few days.
X-Will the features of this law is similar to laws of other countries?
C-law takes into account primarily the conditions of Iraq and the government's interest in the need to encourage investment in Iraq. The State has great facilities Lmestmerin We believe that foreign investment would begin soon in Iraq.
X-Will this be one of the subjects which Stphthonha through Mrafqatkm Prime Minister in the forthcoming tour to Washington?
C-not sure, but certainly will Ntalaahm for his Iraq action to improve economic performance.
O-issued many reports are hampering investment in particular as regards the administrative corruption in Iraq. Does the Council of Ministers discussed how to deal with this?
C-raised this subject from time to time, the Iraqi government was greatly concerned about the fight against corruption and is doing everything in its power to eradicate it and prosecute the perpetrators of these violations.
O-Is there any indication that the donor countries are serious in the fulfilment of the commitments undertaken, especially after President Bush's call to help Iraq in a meeting of the major industrial nations, held in Russia?
CThis subject matter is now at the top of the agenda of the Iraqi government.
O-Is there any negative repercussions for the reconstruction of Iraq and the economy at this stage as a result of current events in Lebanon?
C-region are interdependent and what happens in any country in the region to be fully reflected on Iraq, We hope that there will be no negative repercussions for the already fragile internal situation which is not likely any additional element of tension.
O Braik-What are the main features of the visit of the Prime Minister to come to Washington and Europe?
C - is to inform our friends in Europe and the United States on the Iraqi situation and what do the Iraqi government and its vision of the status quo and the need to overcome the current stage especially in the area of economic and political reforms, in particular the issue of national reconciliation. X-submitted a draft United Nations on national reconciliation and demanded that the Speaker of the House of Representatives Chairman of the draft to add a Sunni. It seems that there is a set of projects within national reconciliation. Is Bhthtm these matters in the Council of Ministers?
C-Yes, lasting national reconciliation theme on the agenda of the Iraqi government, a major goal of their work and wish to Ttqua good news in the coming days in this regard.
Especially this part--Yes, and as is well known is going to talk about the subject of Iraq promised, and international obligations to assist Iraq in exchange for action on the economic and political levels.
