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

Iraq-Kurdistan oil minister says in talks with oil majors

9/21/2006 MarketWatch.com
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.

Iraq-Kurdistan oil minister says in talks with oil majors

With all that the Parliament would be voting on...you would think they could just get that revaluation "amen" vote done and pass it to PM in the AM and on to CBI GOV and get this dog and pony show on the road!

We are ready! The Kurds are ready!

Banking in Kurdistan
[16:11 , 26 Sep 2006]
Kurdistan (The Globe)
Muhammad Sheikh Fatih
.:: Peyamner Daily NEWS::.

PNA-Security and stability in the region is being accredited with allowing the development of a banking system.

"I used to have many loans from different banks, which caused many of my projects to be delayed," says 58-year-old Kamal Haji Saeed, who has been working in the construction industry for 21 years. "However, in the last year, a lot of transactions through government and private bank accounts have occurred. People are more aware of how to use banks and the security situation has helped to encourage investment in banks in Kurdistan."

This view is shared by Ali Muhammad Abdullah, director of Kurdistan's general bank: "You will find a huge difference between the way people dealt with banks in the past and now. Since the overthrow of the Baathist regime in 2003, people have regained trust in banks. In 2004, private banks began providing services to companies and contractors to make their work easier, for example, through offering loans. In the past, only state banks could exchange currency and deal commercially, which limited the market."

Soran Hassan, director of Suleimaniya's Waraka Bank, says that private banks can now provide services to people and companies with greater efficiency: "The services are carried out very quickly and takes less time. We have had a huge impact on the market and the economic development of the region. We are hoping to expand our services in the future, and build on the trust that our customers increasingly have in us. People are choosing to save their money in our banks because they know that if it is lost, they will be compensated."
Baku Bank's director Muhammed Amin also believes the growth of private banks in the Kurdistan Region is a result of their success in gaining people's trust and providing reliable services, particularly to businesses.
Although some banks are operating along Islamic principles, others are charging interest at 12%. Interest rates are charges at higher rates in state banks (13%), making private banks the obvious choice for businesses borrowing money. Private banks (9%) are also able to offer higher rates for savings accounts than state banks (6%).
Many Arabs, fleeing the violence in Iraq's central and southern regions, have also chosen to open bank accounts in Kurdistan.

Saad Saeed, an engineer from Samarra, recently opened a bank in Suleimaniya's Rafidayn Bank. "I put my money in the bank to protect it," he explains.

Kurdistan Parliament discusses laws and innovative ministries

(Voice of Iraq) - 27-09-2006

Kurdistan Parliament discusses laws and innovative ministries
Arbil-time
The Parliament of Kurdistan during its eight draft law of the Ministry of Martyrs and Almenfelin. He said the essence of Tariq Media Advisor to the President of the Kurdistan Parliament yesterday that he was at the 8th meeting of the second session of the Kurdistan parliament to discuss the remaining articles of the draft law of the Ministry of Martyrs and Almenfelin and ratified The bill passed the whole. " He pointed out that the », Minister for Martyrs and Almenfelin Gunnar Saad Abdullah attended the meeting and commended the role of Parliament in the drafting and revision and approval of dust Al law. The law consists of 13 articles and includes restructuring of the departments and offices of the Ministry of Martyrs and Almenfelin, The need to provide a decent living for low-Anfal, the martyrs and to pay them monthly. He pointed out that he was in the meeting discussed a number of articles of the draft law and the Ministry of Transport and the Ministry of ways, and approval. been postponed discussion of the bill the Ministry of the Environment, which also advanced to a future meeting of the Parliament today, Wednesday,.
It is noteworthy that there are eight ministries in ways the government of the Kurdistan Parliament and the adoption of laws.
The government of the Kurdistan region and 29 of the Ministry.

Sotaliraq.com

From the very natural to think of developing countries (which are often host to foreign investment) on the feasibility of this investment in a number of ways, including economic, social and political background is, in addition to the other aspects, such systems used in the management of capital Alajnabihvi host country and what activities and functions that are spent by the capital invested.

In spite of that there are significant benefits for foreign investment, , which is a value-added of the country and reflected on the national economy after the draw which is the salaries and wages of local employment, which may exceed 25% of total foreign capital of the project, in addition to the direct taxes ((20-25%)) and profit after tax ((almost 10%)), it should be cautious of the second aspect of foreign investment and gross mismanagement of this investment by the host country or by the investor and the foreign companies investing itself. These are subject to the following :
* That is not an area of activity of foreign investment a similar nature with local activities. And thus leading to the events of competition unnatural and dishonest lead to the killing of local industries lead by the private sector is essential, or even the development of the state development.
* Caution from entering foreign investor in the domestic industries enjoy fully the investment climate in the country ((whether small or large)) and the reverse will lead to the depletion of human and material resources of a developing country ((or host)) only.
* The primary objective of a foreign investor is to make a profit and, therefore, it is capable of controlling prices of goods produced, Therefore, the direct impact will be on the final consumer ((injured final)) of the policy dimensions of the natural, and it should invest in commodities and goods which are not directly Ptmas very lives of the consumer, or that the State address this imbalance by known, , or through the adoption of the State of the investment projects of local activity and the same local sources of income away from the policy of borrowing from foreign sources of funding known and, for example, the International Bank for Reconstruction and Development and others.
* Caution of the entry of the host country with Arab or foreign language away from dictations or consistent with the national interest.
* The legislature of the foreign investment law that prevents the right of ownership of the land on which foreign investment projects or to grant this right for a period of time not to exceed fifty (50) years maximum, and after the ownership of land and the project to the state, only if the so-called deal Similarly, This means that the State should allow foreign investors to the local investor to own land and the establishment of investment projects and the same type and size of projects.
* Be taken into account in terms of granting leave to the foreign investor investment national interest before others, and be approved by the legislature for such a long-term investment projects, not on the level of the current phase or medium term.
* Caution against unilateral foreign investor or consumer service projects, which is often possible execution by the state, but focusing on projects with a capacity of the events added value to the national economy, with the enjoyment of the high-powered technical and non-implementation of local efforts.
* The legislature should distinguish between local investors and foreign investors in licensing the establishment of investment projects. only if the state invested in the country did not discriminate between the two sides.
* The legislation of a number of laws for foreign investment in one country lead to the creation of investment opportunities between different departments or regions of a single country, This is a natural result of the different nature of these laws is not true in the case of a single country, because there must be a difference only if they do not contradict with the laws of the central state, It is an undesirable situation, since the law is the best one, where can give some paragraphs special in some governorates or regions in the original bill.
* Not give full freedom to foreign investors and that would lead to interference in the performance of the government sector, this freedom should be within the field of labor investment only.
* Allowing foreign investors to invest in sectors that do not affect the economy of the State or manipulated, In other words, that this investment does not include oil and gas sector, for example ((not exclusively)).
* Not be neglected or marginalized local investors and owners of funds and adequate able to enter into high-value investments. in addition to forcing entry to any foreign investor with a State deems appropriate to the parties.
* Not to allow political views under any names to enter in the field of investment companies with foreign investment, except in the case of getting out of the decision.
All these measures require legislation and constitutional amendments. Even if the matter required reconsideration of the clause of the Constitution before the issuance of the foreign investment law in the country.
Finally, on the whole, our country is able to develop its economy local projects positive returns, in order to provide the local investment climate in the near term, with the partial or total reliance on foreign scientific and technical which can be obtained in many ways is a mystery to specialists.

OK, So this is it...the long awaited FIL??.....a done deal....now where is the reval

US House clears $70 billion mostly for Iraq war
(Reuters)

27 September 2006

Khaleej Times Online - US House clears $70 billion mostly for Iraq war

WASHINGTON - The US House of Representatives on Tuesday gave final approval to a massive funding bill for the Pentagon that provides another $70 billion for the wars in Iraq and Afghanistan.

The Senate was expected to pass the final version of the $447.6 billion bill by this weekend, sending it to President George W. Bush for his signature.

The House passed it 394-22 with virtually no debate as lawmakers worked to complete business before breaking to campaign for November elections that will determine control of Congress.

In a slap at Bush, the bill would bar the administration from using money from it to construct permanent US military bases in Iraq or to exercise any control over Iraq’s oil sector.

Both the House and Senate have approved that language before, but until this bill Republicans had stripped it in House-Senate conferences.

Democrats and many Republicans say the Iraqi insurgency has been fueled by perceptions that the United States has ambitions for a permanent presence in the country. They have called on Bush to make a policy statement that the United States has no such plans.

With this bill, Congress will have approved more than $500 billion for the wars, with the bulk of that spent in Iraq. Lawmakers called the $70 billion a ‘bridge fund’ to last about halfway through the next fiscal year, which starts on Oct. 1.

About $23 billion of that is to replace and refurbish equipment worn out in the harsh environments of the two conflicts.

The bill provides $377.6 billion for the Pentagon’s core programs, $4.1 billion less than Bush wanted but $19 billion above current levels.

It funds a 2.2 percent military pay raise, and provide $557 million more for the Army Reserve and the Army National Guard than Bush sought.

(100% behind Iraq to see the mission through!)

Translated version of http://www.alsabaah.com/

The first political : 20 million dinars bank loan to the members of the House of Representatives
Zubaidi discussed with the charge d'affaires of Lebanon financial effects between the two countries
Baghdad - the Samurai
The Finance Minister Baqer Jabr Al-Zubaydi bank Rafidain and Rashid granting members of the House of Representatives a cash advance of 20 million dinars each Vice ensure that their salaries deducted monthly installments over 36 months, as discussed with the Lebanese Chargé d'affaires consultant Nawaf financial effects between the two banks.
He said banks adviser in the Ministry of Finance had been instructed to various branches of government banks Rafidain and Rashid implementation of directives by the Minister of Finance.
The actions of bank lending, said the distribution of 140 members of the House of Representatives of the branches of the Rafidain Bank, 135 members of the Rasheed Bank.
On the other hand, Research and Finance Minister Baqer Jabr Al-Zubaydi with the Chargé d'affaires Lebanese financial consultant Nawaf effects between the two banks.
According to the "morning" an official source at the Ministry of Finance
He added that the two sides had agreed during their meeting in Baghdad yesterday to resolve all the obstacles to the work of banks in both countries to serve the interests of the two fraternal .
The source added that the Lebanese Chargé d'affaires expressed during the meeting expressed his thanks and gratitude to the position of the Iraqi government in support of the Lebanese people during the Israeli aggression.

i say if youre going to revalue your currency get a big chunk of it first. lol

Originally Posted by shotgunsusie

Translated version of http://www.alsabaah.com/

i say if youre going to revalue your currency get a big chunk of it first. lol

And they say our goverment makes to much money!!!

Originally Posted by kerby team

And they say our goverment makes to much money!!!

now what, when the dinars go up the won't ahve a government left, their all gonna go

Originally Posted by day dreamer

now what, when the dinars go up the won't ahve a government left, their all gonna go

my statement was meant as a humor remark, dry and cynical. I am not understanding your meaning.