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

Iraq to talk with big oil companies in 2 months

8/3/2006

(Reuters)

2 August 2006

Iraqi Dinar News - Iraq to talk with big oil companies in 2 months, SafeDinar.com

BAGHDAD - Iraq is expected to start talks with major companies in two months to develop its oilfields and some are eager to begin work even before a hydrocarbon law is in place, its oil minister said on Wednesday.


“I think within two months we will begin talking to the companies and negotiate and decide the fields which need to be developed,” Oil Minister Hussain Al Shahristani told Reuters in an interview.

Shahristani said he had met officials from the major oil companies, American and European, during a visit to Washington with Prime Minister Nuri Al Maliki last week.

“We talked about Iraq’s vision and plans. The companies were happy. In return the companies expressed their readiness to start working immediately,” he said.

“They (the companies) told us that the security situation does not stop them from working here because they work in difficult conditions in other countries,” he added.

“Some companies said they were ready to work before the hydrocarbon law is approved.”

Shahristani reiterated that the law, which will set oil policy, is likely to be passed by the end of the year.

Oil is the country’s main source of the hard currency needed to rebuild its economy, and the energy sector is struggling to recover from years of mismanagement and sanctions.

Production ambitions

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.

Shahristani said that Iraq’s July exports hit 1.61 million barrels per day.

Sabotage and poor maintenance have left the northern exports pipelines to Turkey almost idle since 2003. On Monday, oil industry sources said that the pipelines were hit by yet another sabotage attack, leaving the southern Gulf as Iraq’s only outlet for oil exports.

But Shahristani, who acknowledged problems on the line, said that the cause was not clear: “It could be a leak in the pipeline. We need a day or two to know.”

He said that the pipeline will be fixed in a week, but did not say when pumping will resume.

“Iraq is under fierce terrorist attack. As for the northern pipeline, it is under sabotage attacks on daily basis and the employees are doing a heroic job by going out there to face the mortars,” he said.

Shahristani said fields chosen from each part of Iraq will be offered to foreign companies.

“Our plan is to begin in one important field from each part of Iraq, one in the north, south, west, central and Kurdistan,” he said.

“We would say that we have this field to develop and whoever is interested will come forward. Not all of them will come forward.”

The general inspector of the Ministry of Oil has said corruption in the energy industry has cost Iraq hundreds of millions of dollars.

Shahristani said a crackdown was already underway at state oil marketing company SOMO.




Iraq to talk with big oil companies in 2 months - Source

Iraqi Dinar News Article List

COUNTRY BRIEFING

FROM THE ECONOMIST INTELLIGENCE UNIT

These forecasts were prepared on May 24, 2006

Zawya.com | Middle East Business News and Company Directory





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Here is the link to the audio from last night's Free Dinar Conference call:

http://securedcontent.net/freedinar/...ce080306ed.wma

Thanks Bluezzguy! Just what i wanted.

I saw this on one of the news station. It was great that they were showing that NOT everything is like it is in Bagdad. Some Americans are building this and it looked really great. They showed some of the completed apartments. We could use our Dinar, when it pegs, if anyone is interested.

Dream City Erbil

Originally Posted by Par77

I saw this on one of the news station. It was great that they were showing that NOT everything is like it is in Bagdad. Some Americans are building this and it looked really great. They showed some of the completed apartments. We could use our Dinar, when it pegs, if anyone is interested.

Dream City Erbil

Now this is more like it. This is the future of Irag. I know they want to be the nation to follow in the future. This is a great start. The plans of this is real and will happen.

I know I am not one of your "click" and as such do not get replies to my questions,but I would really like to know about this statement.Is it because they are not counting on the FI law?

CURRENCY ANALYSIS

Given the commitment by the Central Bank of Iraq (CBI) to maintaining what has become a de facto peg, and the apparent resort to foreign-exchange “rationing” (under other guises) in some instances in the CBI’s daily currency auctions, the average official rate had not fluctuated much below NID1,475:US$1 since the third quarter of 2005. The Central Bank appears reluctant to use its large accumulated gross foreign-exchange reserves (of an estimated US$9.1bn at end-2005) to satisfy dollar demand, and has not been minded to raise local-currency interest rates sufficiently to attempt to stem the pressure on the dinar. In the present security situation, we expect pressure on the currency to remain high. Nevertheless, CBI intervention should maintain a relatively stable rate of around NID1,470:US$1 in 2006-07.


2006 2007 2008 2009 2010
ID:US$ (av) 1,477 1,470 1,471 1,471 1,472
Nominal appreciation of ID (%) -0.6 0.5 0.0 0.0 0.0
Real appreciation of ID (%) 25.9 22.6 23.8 23.8 23.9
ID:US$ (end period) 1,477 1,460 #N/A #N/A #N/A

Zawya.com | Middle East Business News and Company Directory

Originally Posted by pluginprofits

I know I am not one of your "click" and as such do not get replies to my questions,but I would really like to know about this statement.Is it because they are not counting on the FI law?

CURRENCY ANALYSIS

Given the commitment by the Central Bank of Iraq (CBI) to maintaining what has become a de facto peg, and the apparent resort to foreign-exchange “rationing” (under other guises) in some instances in the CBI’s daily currency auctions, the average official rate had not fluctuated much below NID1,475:US$1 since the third quarter of 2005. The Central Bank appears reluctant to use its large accumulated gross foreign-exchange reserves (of an estimated US$9.1bn at end-2005) to satisfy dollar demand, and has not been minded to raise local-currency interest rates sufficiently to attempt to stem the pressure on the dinar. In the present security situation, we expect pressure on the currency to remain high. Nevertheless, CBI intervention should maintain a relatively stable rate of around NID1,470:US$1 in 2006-07.


2006 2007 2008 2009 2010
ID:US$ (av) 1,477 1,470 1,471 1,471 1,472
Nominal appreciation of ID (%) -0.6 0.5 0.0 0.0 0.0
Real appreciation of ID (%) 25.9 22.6 23.8 23.8 23.9
ID:US$ (end period) 1,477 1,460 #N/A #N/A #N/A

Zawya.com | Middle East Business News and Company Directory

You are a RC member so that makes you apart of the click (Dinar Gang). I would answer your question on this great find but, I have no ideal and dont want to post something on this that I dont know. I in return with you would like to hear some comments on this too. Maybe the Gang in whole can help you and I with this. I find it alarming, (with a quick peg) and I also know that yesterday News in Iraq, is that. So come help pluginprofits and I with this thought gang. I know they will be Opinions but give us the best possible senerio here.

Originally Posted by bluezzguy

Here is the link to the audio from last night's Free Dinar Conference call:

http://securedcontent.net/freedinar/...ce080306ed.wma

Thanks for this. This shows the Hyip of the dinar selling company. The Dr. is mostlikely informed more then us all (Maybe) but he definetly has some awsome answers for us all to hear. We all notice the way the question are ask in a way for the Hyip for the dinar company. But the DR. does answer these questions in his on way with alot of good opinion based facts. He all ways covers himself with saying, "what he thinks". This is ok because we all think what we believe. The one thing that impresses me is the DR. is there and and I am not.

There are alot of things coming out on this call thow that are pretty "Cool" in my Opinion. I like the one the Bob (I believe said ) with the Banks buying up the dinar and putting it into the Vaults. This does indicate something on the horizen. Just my 2 dinar thought.

Originally Posted by pluginprofits

I know I am not one of your "click" and as such do not get replies to my questions,but I would really like to know about this statement.Is it because they are not counting on the FI law?

CURRENCY ANALYSIS

Given the commitment by the Central Bank of Iraq (CBI) to maintaining what has become a de facto peg, and the apparent resort to foreign-exchange “rationing” (under other guises) in some instances in the CBI’s daily currency auctions, the average official rate had not fluctuated much below NID1,475:US$1 since the third quarter of 2005. The Central Bank appears reluctant to use its large accumulated gross foreign-exchange reserves (of an estimated US$9.1bn at end-2005) to satisfy dollar demand, and has not been minded to raise local-currency interest rates sufficiently to attempt to stem the pressure on the dinar. In the present security situation, we expect pressure on the currency to remain high. Nevertheless, CBI intervention should maintain a relatively stable rate of around NID1,470:US$1 in 2006-07.


2006 2007 2008 2009 2010
ID:US$ (av) 1,477 1,470 1,471 1,471 1,472
Nominal appreciation of ID (%) -0.6 0.5 0.0 0.0 0.0
Real appreciation of ID (%) 25.9 22.6 23.8 23.8 23.9
ID:US$ (end period) 1,477 1,460 #N/A #N/A #N/A

Zawya.com | Middle East Business News and Company Directory

Hi Pluginprofits,

I've been a member here awhile and still do not get all my questions answered. So, please, do not take it personally. I believe it is just a logistics problem.

As to your post --- I am no expert and can only give my opinion which is based on very limited knowledge..... but here goes........

Maybe this is one of those "leaked news releases"(my words) that Mike, Offshorewealth, was talking about. The ones that are intended to scare dinar holders into selling before reval.

Also, maybe Iraq is holding onto the $9.1billion to accomodate the soon to come reval?

I'm not sure what they mean by defacto peg? Sounds like someone's opinion to me.

This article seems waaaayyyyy out there to project that the dinar's value will remain relatively the same through 2010. How could anyone project so far into the future unless they are DELIBERATELY trying to convince? And Very Presumptous to me if they are being transparent.

Just my 2 dinar worth. And only opinion. I welcome any and all correction from those in the KNOW.

Monica