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

Originally Posted by shotgunsusie

DINAR NEWS ALERT!!! got word from someone whos friends just returned from working in iraq and wanted to know why they were waiting for the reval by the computer as it had already revalued friday. guess news has been embargoed.

still lookin for more info...

That was a week ago Susie, are y'all rich yet?

Iraq's parliament has agreed to set up a body to draft constitutional changes, a key part of a breakthrough deal reached by the country's factions to end political paralysis and avoid civil war.

Iraq's new, US-sponsored political system has been stalled by wrangling over amendments to the constitution and autonomy for the oil-rich Shia heartland in the south, while the streets have grown ever more violent since December's election.

Breaking the deadlock at a time when US commanders fear a surge in violence through the Muslim holy month of Ramadan was a crucial test of Shia prime minister Nuri al-Maliki's efforts to sustain his four-month-old national unity government.

In the south of Iraq, British forces said they had killed Omar Faruq, described as a senior al- Qaeda figure who escaped from a US military prison in Afghanistan more than a year ago.

"I think the agreement is like a gift presented by parliament to the Iraqi people for Ramadan," parliament speaker Mahmoud al-Mashhadani, a Sunni, said.
"Any speech that might be considered offensive and open up any other topic will be banned - today is like a wedding."

Under the deal reached on Sunday, majority Shias and minority Sunnis agreed to create a constitutional committee and pass a law allowing autonomy for regions, while postponing the creation of any new autonomous region until at least 2008.

Members agreed on the committee in principle yesterday and will
Iraq's parliament agrees body to alter constitution | Iraq Updates

Originally Posted by member99

That was a week ago Susie, are y'all rich yet?

http://www.rolclub.com/iraqi-dinar-d...tml#post111650

Source : Newspaper Conference - 26/09/2006

The Iraqi Oil Minister Hussein Shahrastani, a number of major oil companies reported readiness to begin negotiations with Iraq for the development of oil fields prior to the enactment of the new oil and gas, which is expected to be ready by the end of this year. According to an official statement issued by the Minister Shahrastani, he said. Representatives of the major oil companies, who I met on the sidelines of the meetings of the Organization of Petroleum Exporting Countries in Vienna, where OPEC expressed willingness to start talks with us to develop our oil before completing the enactment of the law on oil and gas. But the minister did not Shahrastani called these companies. He added that the Iraqi oil ministry is currently responsible for managing the Iraqi oil sector would adhere to one type of contracts in a clear reference to the controversy on the process of production and partnership agreements. Shahrastani did not comment on the types of contracts to be imposed by the ministry with these companies.

In this context Shahrastani added. There would be several versions of the contracts which would be earmarked for the plan to develop our oil. The minister added that the Iraqi oil sector will need nearly $ 20 billion of investments so that Iraq will be able to double its oil production to reach five million four hundred thousand barrels a day during the next five years. Shahrastani also stated that Iraq's oil production ranges between 2 to 3 R. four million two hundred thousand barrels a day. But there are many difficulties to Iraq on the need to make strenuous efforts to reach production to pre-war levels because of the deteriorating security situation and poor technology and the old as well as bad weather and logistical support the movie industry.

The Iraqi oil sector officials say they buy that there is a lot of oil fields discovered and ready for development in the south, central or north of Iraq. According to Shahrastani. The Energy Commission of the Iraqi government is currently drafting the final version of the oil and gas, which is expected to pass in Parliament before the end of this year. He added that the law Shahrastani oil and gas new oil company will establish a new Iraqi national working on the supervision of the activities and work of the oil sector. According to the new oil and gas, the Iraqi Oil Ministry will be responsible for overseeing the planning of the oil sector and the policy-making oil instead of direct implementation of the oil multinational by the Iraqi National Oil Company new. The Iraqi Oil Minister Thamir former الغضبان, it was suggested that part of the establishment of a new Iraqi National Oil two years ago. It is noteworthy that the Iraqi National Oil Company of Macedonia was canceled and transferred to the Ministry under the rule of dictator Saddam Hussein's regime in 1987. It would be the role of the Iraqi National Oil Company focused on the separation of important decisions, policies and strategic planning for the Iraqi oil industry, , as well as international relations and investments in the oil sector on the production, import and exploration.

Source : Dar Al Hayat - 25/09/2006
The Iraqi Oil Minister Hussein Shahrastani in a press in Baghdad that the ministry non-binding contracts that have been concluded earlier.

He added that the investment law, the Iraqi Oil to be completed recreated and obtain final approval by the Council of Ministers and the House of Representatives before the end of the year, the pot is resolved problems in the conclusion of the contracts, Al and the ministry is currently mulling over all contracts with the companies, including contracts for the province of Kurdistan ».

Al-Sharq Al-Hayat »that this topic is one of several matters were discussed earlier this month at the three meetings of the Ministerial Committee on Energy headed by Deputy Prime Minister Barham Salih. The finished side of the Kurdish formulate the draft law for the oil of Kurdistan. It is supposed to present the draft to the Kurdish parliament in Arbil in very soon, However, some sources expect to be postponed to put the draft law on the Kurdish Parliament in the near future, because of the continued coordination and consultations with the Iraqi energy to avoid conflicts and duplication of laws.

Kamaan ministerial committee had agreed to convert all royalty oil from the fields of new and current, the central point and the distribution of money, according to the ratios of the population in each region, However, differences remain over who distributes the funds to the regions and provinces, and to explore new fields and develop?

The controversy still exists between the parties concerned on the responsibility of the negotiations and the signing of contracts for exploration and development with foreign companies. The Kurdish side, Despite the statements and assurances of multiple Minister Shahrastani on the role of the ministry in central review all contracts, The approval, but the Kurdish draft constitution proposed assumes other and delegate these powers to the Kurdish authorities.

Noteworthy is that the officials of the Supreme Council for Islamic Revolution in Iraq, led by Mr. al-Aziz al-Hakim. have stated more than once that they apply the same laws in the territory of the south and center, which is the proposed legislation in Kurdistan.

The Iraqi Oil Minister Hussein Shahrastani said that his ministry will invest fields east of Baghdad and the Al-Ahdab in the governorate of Al Kut in southern Iraq in the next few days. He said the operation is the first such investment in oil fields, They will extract 30 thousand barrels per day of crude oil from the Al-Ahdab field as a first mount returned to the Alpha 60 and then to 90 thousand barrels per day achieved high productivity fell in the third stage, He pointed out that the quantities extracted will invest to provide a power station Kut, which will soon work of the Ministry of Electricity.

Source : Al-Sabah - 25/09/2006

Two raised Economic Forum organized by the Ministry of Industry and Minerals in the course of this year and marked the role of banks in the economic reform a sensation among specialists, academics and concerned.

The symposium was attended by representatives from various ministries and the Central Bank, businessmen and the level of experts and managers, working.
Acquired lecture delivered by the financial expert in the Office of Counsel for Management and industrial development Majid Mansour Boutros though modest particular importance being raised hot topics and sensitive at this stage enriched views of the participants and identified the required track.

Boutros identified the Iraqi economy by 6 sectors and named the government sector funded centrally, self-financed financial sector, the cooperative sector, the mixed sector, and the private sector, pointing out that these sectors have suffered over long years of interruption nutrients progress and development which made them fall in a corner of underdevelopment, corruption, as he put it, pointing to the serious attempts today and find ways to the advancement of the Present calling to find supplies needed to save it and take it out a cornerstone of that.

The researcher emphasized that the legal reforms as a solid foundation on which the economic life of the community, pointing out that the starting of any reform would require changing laws in the meantime, renewed the call for the application of the principles of transparency and information flow of economic, social and political comprehensive to enable eligible forth real reforms in any sector.

The researcher concluded in its recommendations to the need to support institutional and community-based adoption of democracy and the principles of transparency and disclosure to promote institutional reforms and social access to the issuance of the publication of legislation to help restructure all its forms.

After that the director of the symposium, Mr. Habib Qassim bars, director general of Administrative Service in the ministry of attempts Ministry in the area of some possible reforms Maqp then invited to the symposium to occur.

To put an expert at the Central Bank, Dr. Magid picture in the exhibition Commenting on the research has been controversial opinion on whether Iraq needs to rehabilitate the heirs of the economic system or holistic review of all the grounds on which it is based economy inherited. Calling for a restructuring of the economy and wire manner consistent with what happened in the evolution and changes. According to this development, he felt the need to be exposed to all sectors of economic structural integrated these sectors to contribute its due role in the process of reconstruction and development.

Dr. Magid explained that the picture restructuring in banks based on the presence of defects and shortcomings in the basic functions and attributed the cause to the majority of banks in the world to critical circumstances and problems led to decisive action. Pointing to the formation of a special international banks according to the assessment of international agreements then signed agreements on the development of the prudential criteria.

He said the great international interest in the performance of banks stems from the importance of the role they play in economic and financial relations and international and highlighted as called for the development of the picture of the performance of banks to provide banking services in line with the global development and this requires a deliberate plan to restructure banks and to work diligently to implement Ha by the relevant bodies and the Ministry of Finance and the Central Bank also called for the merging banks, specialized bank, one specializing in the development of industry and agriculture-related projects between them and a general capital increase to half a billion dollars to be able to deal with the tasks.

He concluded by saying it impossible to complete the task of restructuring the banks radically unless concerted efforts of the ministry and the World Bank and support of the government.
The second interjection was the assistant general manager of the banking and credit control in the Iraqi Central Bank, Mr. Walid Idi Nabi. Where the inherent characteristics of the banking system for a long time in spite of the attempts to banks to exercise her openness to the global banking system and deal with it.

Nabi pointed to a lack of awareness of banking and non-arrival at the international levels, through the effects of density standard banking measure any number of banks on the number of the population.

The game was on private banks "civil supremacy" by the family nature, which means the administration with the ownership and thus confined goals in the narrow interests family, leading to poor performance and failure transparency of bank owners of capital.

In the absence of other phenomena strategies banking Assembly actors and detailed plans, emergency and the absence of institutions videotapes to the banking system. as well as the composition of boards of directors in government banks, which weakens the development and called for the restructuring of the government banks and study the conditions of the banks and economic integration and the creation of insurance companies on deposits and loans in order to ensure the protection of depositors and banks.

Inspector General of the Ministry of Industry and Minerals Salem Paul praised the study, research and pointed to the need exposure to the very important issue of money laundering is a matter no less important than the banking reforms, without which there will be reform.

As General Manager Rasheed Bank Mr. Hadi Sadiq for the suffering of the banks and concern the activities of multiple outside its jurisdiction, pointing to the role they play in support of fiscal policy despite the difficult circumstances through which the country.

Banking expert good conciliator. The view for the development of the performance of private banks need to lift the restrictions by allowing it to the opening credits and external dealings, which monopolized the state and limited by Bank One, stressing that no reform of the banking act without giving the banks the opportunity to exercise its required role in the construction and development and business dealings.

As President of the Association of Banks of the Iraqi banking expert Aziz Hassun, the complexity and multiplicity of laws that impede banks and held back, however, praised the decisions of the Central Bank of recent activity in support of the private banks.

The whole participants in the symposium, which is not within the competence of the Ministry of Industry and Minerals commended the role of the ministry for registration as the first to address such issues and characterized the participants with a high level of transparency and had enriched the lecture compliant and the success achieved unlike insisting on moving forward towards achieving the objectives of the reform, which dovetail with the new developments and new orientation towards redressing imbalances suffered by the Iraqi economy, and that any effort would be in this area is greatly admired and appreciated by all, no matter what modest.

Among the participants in the symposium and discussions by representatives of businessmen and the Ministry of Industry and the Rafidain Bank, the Ministry of Agriculture and other interested persons.?

Source : Al-Sabah - 25/09/2006

The Deputy Chairman of the Chamber of Commerce and Industry Iraqi American (Adek Nai) in the Jordanian capital of Amman signed an agreement with the International Finance Corporation (IFC) one of the institutions of the World Bank, whereby the Iraqi training of personnel in the fields of industry and all the economic, administrative and develop their skills and the development of human resources in Iraq.

Said an authorized in the Chamber of Commerce and Industry Iraqi American and added : the agreement stipulates that the obligation of the International Finance Corporation to work with the chamber as coach in the Training Section at times set by the Chamber, according to the requirements of the program (IFC-Business edge), the source said the training program did not include Baghdad alone but also to all of Iraq's provinces and the southern Central and Northern.

The source said that the agreement indicated that the chamber is the owner the exclusive right training program in Iraq and with the consent of the International Finance Corporation, which promised not to conduct training courses for the program without the supervision of the chamber as the owner the exclusive right training.
The source : that Chairperson of the objectives of the program is to build and rehabilitate the size of the Iraqi training for their role and future plans commensurate with the chamber in the development of human resources and make them with Iraqi hands.

For his part, Director of the Chamber's branch in Amman, Faris reformer : The chamber is the first institution activity and worked hard since its founding in order to communicate with the traders and industrialists Iraqis and their connections with the industrial and commercial institutions operating outside Iraq. reformer has pledged to continue to work with the institutions of the World Bank with a view to developing the work of the room.
Praising the representative of the International Finance Corporation (IFC), Dr. Ahmed obsolete achievements of the Chamber of Commerce and Industry Iraqi American in the field of training and rehabilitation pledging to continue working in the field of training and qualification of personnel in Iraq, one of the largest training programs of the institution, which included seven states, including Abra s, pointing to the existence of a marked decline in the activities of the World Bank in Iraq because of deteriorating security conditions.

It is noteworthy that the (IFC-Business edge) is the trade name for the formation of global products for training in management skills, This program includes 36 books dealing administratively five different topics : marketing, human resources, production and operation, finance and accounting skills and productivity.

The Iraqi Central Bank seeks to adopt the application of international standards on capital adequacy.

Source : Middle East - 24/09/2006
An official source in the Iraqi Ministry of Finance, the possibility of the application of international standards on capital adequacy by the Central Bank of Iraq, under the resolutions of the Second Conference, held in Basel.

The source added, in an exclusive, on the sidelines of the Economic Forum, which was held at the Ministry of Industry and Minerals, the role of banks in the economic reform process, The Central Bank of Iraq and work quickly to take its active role in the economic stability of the country, It also tries to lay off some of the mechanisms that were prevalent days of the previous regime, especially lending to government institutions. So there is serious studies on the possibility of introducing and developing a market for government securities would provide a needed all of the institutions of cash and fast, in addition to that it will enable individuals and owners of capital to create a new type of domestic investment content, and the reduction of the phenomenon of capital flight abroad.

And the Central Bank's role in achieving economic stability at the current stage, The source pointed out that the Central Bank of Iraq enjoys complete independence, which is making a big effort in order to achieve a stable monetary policy, contribute to the strengthening of the Iraqi economy and reconstruction, and that through a series of constructive steps.

The most important of these steps to replace the national currency, been completed, replacing the old Iraqi national currency in January 15 (January) 2004 through the replacement of four trillion OID new currency. This step has been made of a number of important benefits, which restored confidence in the Iraqi dinar is very high, , which reflected an improvement in the exchange rate are clear. The approval, the recent granting of licenses to foreign banks one important step in the efforts of the Central Bank of Iraq to build banking sector active and competitive in Iraq. The auction on foreign exchange of the Central Bank of Iraq.

Their main objectives of this auction in helping to alleviate the excessive fluctuations in the exchange rate, which may occur suddenly, the bank also worked on new legislation to provide full legal independence and a clear mandate for the pursuit of price stability and effective regulatory authorities. As is the direct use of open market operations through the purchase and sales of treasury transfers to control the liquidity of the economy and the stability of cash flows, and approval of a new law to commercial banks, where is the ratification of the Law on Commercial Banks Iraqi major step towards establishing a financial system that works in accordance with the criteria, Iraq and the promotion of trade and the liberalization of interest rates is immediate and full liberalization of interest rates on all domestic financial instruments (deposits and loans and securities) in force. The World This action is an important step towards the birth of modern financial sector and efficient allows borrowers to make their own decisions rather than having them bound by the directives and orders issued by the Central Bank of Iraq, The bank now plans to implement several projects, the most important of the restructuring and rehabilitation of government banks, an important application of the system to control and the development of local control and ability to implementation, the creation of the framework of the comprehensive statistical standard covers all sectors President, and finally the development of a market for government securities.

Originally Posted by member99

That was a week ago Susie, are y'all rich yet?

Stop it!

We will all be richer soon and eventhough you are a nasty little booger, I hope you will be too. Have a great day and try making someone smile!(and not sarcastically either!)

Iraq-Kurdistan oil minister says in talks with oil majors


Iraq-Kurdistan oil minister says in talks with oil majors


LONDON - The Kurdistan Regional Government in the north of Iraq is to sign oil contracts with companies next month, and is in talks with oil majors, its oil minister said Wednesday.

Ashti Hawrami, the KRG's minister of natural resources, told reporters on the sidelines of a London briefing on the region's oil sector: "We have been talking to oil majors about specific areas," though he declined to say which companies were in the frame.

Officials from Royal Dutch Shell PLC (RDSB.LN), Eni SpA (E), BHP Billiton (BHP) and Statoil SA (STO) were among those at the briefing.

The region's long-planned draft petroleum law "is ready to go to the parliament of the KRG this month or next," he added, and he expects it to be passed by lawmakers in October.

Among the thorny issues surrounding Kurdish oil production within Iraq is who gets the revenue - the KRG or the government in Baghdad.

Hawrami said: "Kurdistan has no intention of withholding revenues from Baghdad " from new oil fields to be developed in the undisputed territories in Iraqi Kurdistan.

Although northern Iraq's oil reserves aren't as big as the giant southern fields around Basra, geologists say the north still has good potential, especially as the area is largely unexplored and modern techniques such as seismic imaging have never been used in Iraq.

The regional government estimates northern Iraq's reserves at around 45 billion barrels of oil and 100 trillion cubic feet of gas.

Oil companies are attracted to Kurdistan because of its relative safety and high levels of security compared with the rest of Iraq where it is virtually impossible for foreign oil companies to work.