Thread: Archive News - Iraqi Dinar Think Tank - 01/10/09 - 27/03/10

Accusations of stalling parliamentary blocs in the general budget

Haider Abadi, deputy accused unnamed parliamentary blocs to block adoption of the General Budget Law for 2010, expressing regret at the insistence of those blocks on the Electoral Code of Conduct legislation before approving the budget.

Ebadi said in a radio interview Thursday that those who want to conduct a law seeking to limit the electoral government during the election period, adding that they want to form a committee to oversee the election by adding some of the judges to be neutral, but will lawmakers and politicians to oversee the electoral process and the confiscation of the work of UNHCR and, unfortunately, associate by ratifying the budget.

http://radionawa.com/ar/NewsDetailN....2354&LinkID=99

Parliament is unlikely to increase the capacity to export Iraqi oil significantly this year

Ruled out the vice chairman of the Committee on Oil and Gas Authority, Abdul Hadi al-Hassani to increase the capacity to export Iraqi oil significantly this year, indicating that the increase needs to years.

Hassani explained that "Iraq will not reap the fruits of oil investments only after two or three years," noting that "many companies Alajnip came to Iraq and began its work within the first licensing round and the second, but that these companies can not increase production in one year, but after years of work."

Hassani said that "the investment of oil wealth needs to be several years because of the long-term strategic projects, not a short-term."

http://www.radiodijla.com/cgi-bin/ne...?id=2010-01-14

Abdul Bari Zebari: the next parliament will be more advanced and renew the current

Sign a member of the parliamentary Foreign Relations Committee, Abdul Bari Zebari said "the parliament next renew and more advanced than the present Council."

Zebari said in a press statement that "the current parliament passed a very difficult phase, and deal with many of the laws, not as the satisfaction of ambition, but he did go beyond this difficult stage."

He explained that "many of the political blocs in parliament engaged in political debates and moved away in many positions from the plan year, but there is a desire in the renewal, especially in the last stage to activate the role of the Council."

http://www.radiodijla.com/cgi-bin/ne...?id=2010-01-15

ATM system introduced in Iraq banks

For the first time in Iraq many public and private Banks introduced the international ATM system which contributes in facilitating money transfer between Iraq and other countries. The activation of this service aims to reduce the hindrances which impede investing in Iraq.

http://www.alsumaria.tv/en/Economics...raq-banks.html

CBI dollar sales jump by 65% this week

The Central Bank of Iraq (CBI) dollar sales this week went up to reach $950.257 million, compared to $618.967 million last week.


"The demand hit $62.820 million in cash this week compared to last week's $74.060 million, covered at exchange rate of 1,183 Iraqi dinars per dollar, and $887.437 million in foreign transfers outside the country compared to $544.907 million, covered at an exchange rate of 1,173 Iraqi dinars per dollar," according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the banks that participated in this week's session offered to sell dollars.

http://www.zawya.com/Story.cfm/sidZA...this%20week%20

Germany company in Basra were setting up investment projects in agriculture & housing

Search the governor of Basra, Dr. Abboud Cltag Mayah Friday with Germany's investment projects in agriculture and housing in the city, according to a statement issued by the conservative media.

The statement that "the governor of Basra discussed with the director of the Promised German cream Yasiri getting a chance on investment projects in agriculture and housing."

The statement quoted the governor of Basra as saying that "German industry is known at the global level we have seen interest from several local governments Germany to win the investment opportunities in Basra."

He said that "the local government seeks to improve the service of reality and the city was trying to rehabilitate the infrastructure of the province is ready to cooperate with all the constructive efforts in this regard."

He pointed out that "there is global competition to win the investment projects in Basra, which today constitute a point of attraction, with their natural resources and geographical location and wealth of human capital."

The statement quoted the Director of the German company as saying that "There is a twinning project between the city of Basra and the city of Stuttgart, Germany is located and seek to apply."

"The company had meetings with several ministries to win the investment opportunities in agriculture, construction and the establishment of housing projects and run the wells using solar energy."

http://translate.googleusercontent.c...yaaB27O6QBfkVA

11/01/09

Ahmed Anorl: the agreement on oil and gas law issued by the Federal Parliament

Deputy Ahmad Anwar said the agreement on oil and gas law issued by the federal parliament and end the problem between the province and the federal government and the oil contracts concluded by the federal government is not having any legal framework, considering that the current constitution, set of powers between the federal government and the region.

He said Anwar told Khabar news ((et al)) that the dispute is still on the interpretation of constitutional provisions of the constitution first, as well as a political dispute that there is a mentality in the federal government that does not mean that the two sides is not right, but through dialogue we can find solutions and I think that the fundamental solution The ultimate goal is to pass a law by parliament, which is oil and gas law which tells the powers, the law should be a document to the Iraqi constitution, and unfortunately this has not been so far, and differences exist, and I hope the current session in the old law remaining to go out, so far there is no consensus, director of oil and the change in the North, "Anwar said , these actions by the Federal Oil Ministry is supposed to according to our understanding of the Constitution to be consultation with the Council of the province, so I think it is not of this consultation, which are some of the remnants of the central mental still do not understand the philosophy of the Constitution, and even If this happens not to Kirkuk to Basra supposed to consult the Basra city council, or any other province, and this does not and if there is no cooperation with the provincial council or with a new director of the Ministry Away surely there will be problematic and there will be a loss for the Ministry and the provincial council and the Iraqi citizen who benefits from Services all the ministries including the Ministry of Oil.

http://translate.googleusercontent.c...Kd551Ikhc15dBg

MP says budget won’t be endorsed before cabinet OKs it

A legislator from the Iraqi parliament’s financial committee said the 2010 federal budget would not be endorsed by the committee before the cabinet approves it.

“The modified budget we have received will be endorsed by the committee only after the cabinet approves it. Hopefully, it would be okayed by the cabinet by mid-next week so that the parliament passes it by the end of next week,” Sami al-Atroushi told Aswat al-Iraq news agency.

“The budget, after the modifications, exceeded 84.600 trillion Iraqi dinars, which upped the deficit by more than 22.9 trillion Iraqi dinars and this should be covered by an increase in the oil prices among other resources,” Atroushi added.

He said that the sum of 263 billion Iraqi dinars, which had been cut from the Iraqi Kurdistan region’s quota for the 2008 supplementary budget, was added, in addition to the sum of 250 billion Iraqi dinars for investment expenditure.

http://en.aswataliraq.info/?p=125307

BP, CNPC Pay $500 Mln Signing Fee For Iraq Oilfield

Oil major BP and Chinese partner CNPC have paid a $500 million (306 million pounds) signature bonus due on the contract they won to develop Iraq's supergiant Rumaila oilfield, a senior Iraqi oil sector official said.

The Iraqi Oil Ministry and the BP-led consortium also agreed to set the baseline production level at Iraq's biggest oilfield at 1.066 million barrels per day, Dhiya Jaafar, current head of the South Oil Co, told Reuters in the southern oil hub of Basra.

"The effective date for the Rumaila contract was December 17 and they (BP and CNPC) notified us in recent days that we would receive $500 million. We have concluded the bank transfer," Jaafar said.

The contract to develop the workhorse field of the Iraqi oil industry was the first of a series of deals that Iraq struck with foreign oil firms last year as it sets the foundations to catapult itself into third place among oil producers.

If all goes as planned, Iraq could reach an oil output capacity of 12 million barrels per day in under a decade, rivalling top oil powers Saudi Arabia and Russia and giving it the billions it needs to rebuild after years of war and economic decline.

The contracts are subject to hefty signature bonuses. In the Rumaila agreement, which emerged from a first round of tenders in June, the signature bonus is considered a soft loan that will be repaid through 20 quarterly payments, starting from the ninth quarter after the effective date.

Iraqi officials have said they are willing to repay the bonus either in cash or in the form of oil, depending on the companies' wishes.#

BP has a 38 percent stake in the venture and CNPC a 37 percent stake. The South Oil Company is a 25-percent partner.

The consortium intends to increase output from the 17-billion-barrel field to 2.85 million barrels per day.

http://www.nytimes.com/reuters/2010/...aila.html?_r=1

Window Economic - Oil Revenues

Oil revenues

Oil countries face a particular challenge in how to manage their economies .. Not only because of volatility in oil prices .. But because the oil is depleted and the day will come for the end of this resource ..

In the opinion of economists. That the instability of oil prices generates a number of complexities of fiscal policy in the short term and long-term is associated with a number of substantive issues, including the size of the relative importance of the oil sector in the national economy and the size of reserves of crude oil and the development of the oil industry and stage of development of other sectors, non-oil ..

The biggest challenge for the State of oil is how to manage oil wealth wisely and without waste of revenues earned, especially since oil prices and fluctuating commodity revenues volatile trend, so the first focus should be on long-term .. The key challenge for fiscal policy is the decision on the allocation and management of resources for many generations, and this challenge must be transformed to the attention of the justice of distribution of resources, the burden of a number of present and future generations ..

The huge rise in oil prices years ago .. Led to a significant increase in the size of government budgets, which means increasing public spending .. , Both current and investment, which in turn open the appetite of individuals to a greater volume of private consumption expenditure which is not particularly in Iraq, where the marginal propensity to consume is very high as a result of deprivation suffered by many citizens during the past years .. This was a great burden on the oil sector is required to increase the production and export to meet the economic needs of the new increased both the government and individuals, noting that this sector in Iraq suffers from major problems in the infrastructure.

http://www.alsabaah.com/paper.php?so...page&sid=96515