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

Central Bank: The foreign exchange abroad "project" and seek to erase the zeros from the dinar

Take the CBI, on Wednesday, transfers of foreign currency out of Iraq "a legitimate act," while seeking to cancel confirmed zeros from the Iraqi dinar.

The adviser said the central bank governor and general manager of statistics for the appearance of Mohammed in an interview with "Alsumaria News" that "the process of foreign-exchange foreign currencies came in accordance with the transition from totalitarian regime to a free economic system", stating that "This is one of the economic rights of citizens that guaranteed them by law."

Saleh pointed out that "the CBI committees involved in combating money laundering and proceeds of crime and terrorist financing, and otherwise is an act of legitimate," he said. The law against money laundering Iraqi development of procedures in 2004 due to regulatory institutions, especially banking ones.

Saleh added that "the transfer of funds, by citizens abroad, through the remittances is to finance the trade of Iraqi private sector, not for reserves in foreign banks, the lack of interest granted by the Iraqi banks compared to foreign banks."

He said Advisor to the Governor the Central Bank that "the Central Bank of Iraq is only in Iraq, which is conducting the financing of the Iraqi private sector and traders in foreign currency, through auction conducted by the daily."

Salih stressed that "The auction was able to maintain the Iraqi dinar exchange rate, for a period of four years of non-volatility, as well as the auction has to absorb excess liquidity, which is reflected positively on the price stability," indicating n "of the Iraqi dinar has become very strong, The strength of rising foreign exchange reserves, would be reflected on the positive performance to cope with any crisis that may occur in the future ", he said.

Regulated by the central bank auction sessions a day, except Fridays and official holidays, and the participation of Iraqi banks, and within which buying and selling foreign currencies, the central bank sold currency conversion process to the outside, for some companies and citizens for a certain commission.

For his part, the economic expert Falah Hassan Alwan said "get out the currency remittance through the auction has a positive side and a negative."

The Alwan said in an interview for "Alsumaria News", that "the positive side is to move the Iraqi economy, by encouraging the private sector and entrepreneurship, while the downside is the fact that some companies out of money laundering."

Alwan called on the Iraqi Central Bank to "pass a law forcing banks, with which to determine the amount of money, which turned out, for the employment of funds, and transfers to be made under the control and supervision of the Central Bank of Iraq."

In another context, "said Advisor to the Governor Central Bank of Iraq that" the proposal to cancel some of the zeros of the Iraqi dinar, is one of the priorities of the Central Bank of Iraq, to reform the currency and organizing it. "

Saleh pointed out that "past wars fought by Iraq, has caused the rise and inflation in the money supply of 25 billion dinars in 1980 to 23 trillion dinars now," asserting that "the Central Bank of Iraq moving in the direction of literacy zeros currency quietly, to avoid problems for the future".

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The 10 largest oil fields in the world .. Half of them in Iraq and Saudi Arabia .. A full report.

Situation in Iraq has finalized contracts with companies such «Exxon Mobil» and »Royal Dac Shell» and »BP», to develop a number of the largest oil fields in Iraq. These giant fields - according to a report in magazine «Forbes» - is one of the last pockets of the global expression of the so-called «easy oil».

It does not require drilling to a distance of some degree of depth or innovative production techniques. All you need is only the application of technical knowledge available to the big oil companies. No wonder the oil companies have agreed to develop the Iraqi fields below so that you get to share in the ownership of these fields, and to accept the restoration of the princely sum of $ 1.15 on every barrel.

Given the size of Iraq's giant fields are undeveloped, there are no technical reasons for Iraq without being replaced within ten years, succeeds Iran and Russia to become the second oil producer in the world after Saudi Arabia. No wonder that the Iraqi territory, including three of the ten largest oil fields in the future.

And gets its share of the world's daily oil (amounting to 85 million barrels) of more than four thousand oil field. Most of these fields are small, producing less than 20 thousand barrels per day. A giant fields (ie, more than its daily production of 100 thousand barrels) accounted for only 3 per cent of the total fields. These fields are the most important sources of energy in the world.

On the menu that Snordha on the ten largest oil fields in the world, do not care about most of the giant fields in the past, nor even necessarily the giant fields in the moment. What is important is only the giant fields in the future (some perhaps not yet begun production processes), but the fields are likely to produce more than one million barrels per day a decade from now.

The first field in our list, is the Ghawar field in Saudi Arabia. Specialists believe that it was included on more than 100 billion barrels of oil recoverable. The length of the Ghawar field 258 kilometers and a width of approximately 26 km. In view of this large volume, it confuse and fluster even the most experienced geologists. Estimated quantities of oil produced by the Ghawar during the past sixty years, up to 60 billion barrels, and therefore you are justified in the belief that it is now in the process of decline. However, the Saudis insist that this field still has the strength and vitality, which produces at present 4.5 million barrels per day comes from the six major producing areas, which is capable of producing 5 million barrels per day if needed.

In second place is the Western Qurna field in Basra, southern Iraq, which is the home field of the quantities of oil expected from the approximately 21 billion barrels. This month the Iraqi government awarded a contract to a joint venture between «Exxon Mobil» and Shell for the development of nine billion barrels in the first phase of West Qurna field. The two companies aim to raise the output of 300 thousand barrels per day to 2.3 million barrels. Under the contract that the contractor retains ownership of the Iraqi government and the ownership of the oil field. The contract provided that «Exxon» and »Shell», in their capacity by contracting companies, you will get on each $ 1.90 for each barrel produced by them.

The third field is the Majnoon field, which is located in Iraq as well. Includes the field on the vast reserves of 13 billion barrels, which is found in a relatively small area near the Euphrates River in southern Iraq. Abundance in the huge field to an amazing degree it is a field called insane, in the sense that it has exceeded the bounds of reason. Partly to the fact that this oil is not easy to be developed in the past to its location near the Iranian border. In the eighties and during the Iran-Iraq war said that managers were buried wells because they were afraid to be aimed at by Iranian forces. Currently the field produces only 50 thousand barrels per day, but he has the capacity to produce 1.8 million barrels.

And the fourth largest field in the world is Rumaila in Basra, in southern Iraq, which includes 17 billion barrels. In November (November) won the oil giant BP and China National Petroleum Corporation's first oil contract in the post under the previous regime, for the redevelopment of Rumaila. The field is located near the border with Kuwait, which already produces one million barrels per day, or half of the total production of Iraq. The two companies plan to spend about $ 15 billion to raise the amount of production to three-fold, so as to reach 2.85 million barrels per day. This output will be sufficient because Rumaila put in second place in the world after the Ghawar field in Saudi Arabia.

But the fields that will not see in this list? Mexico's Cantarell field to a small degree it is hard to see. In the past, this field is the second field in the world in terms of production, where he gives more than two million barrels of oil per day. But now in decline in the final stages, where production declined to less than 400 thousand barrels per day. Apply the same words on a field Samotler in Russia. This field was the giant fields of the Soviet Union days, reaching a peak production in 3.5 million barrels per day in the seventies. Today, the production within the 350 thousand barrels per day. On the other hand there is nothing to admire in the field Daginj, the largest field in China, which still produces 800 thousand barrels per day but it is in phase of rapid deterioration.

As for the fields that are declared by Canada, known as oil sands region, it is certainly enormous resources, but does not include oil easy. Oil sands require huge amounts of water and natural gas recovery and treatment. A barrel of oil extracted from oil sands cost roughly more than 20 times the cost of extracting a barrel of Iraq. The ecologists believe that it is not clean.

Many of the provincial oil to enter the menu. West Africa, she has seen the largest growth among all regions across Nigeria, Angola and Ghana, but there is still no individual fields look great in itself to the extent that it is within the list of top global fields. The same applies to Siberia, where most of Russia's production, but it comes from the fields of impoverished older.

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Continued .......

It was possible that Saudi Arabia is a better situation. Of the fields that it was possible to enter the menu there Shaybah field, which produces 750 thousand barrels per day. And Iraq as well. The Iraqi government has not received any bids for the redevelopment of the East Baghdad field (which is estimated reserves of about eight billion barrels), because most of the field is located under the regions and neighborhoods. The Kirkuk field in northern Iraq contains approximately eight billion barrels remain in it, but was destroyed by over-production in the last years of the late dictator Saddam Hussein, is not likely he will return again to the previous peak rate, which is 700 thousand barrels per day. But it is possible to do so.

Here is a summary of the largest oil fields in the future. And the rest of the fields in the list are:

Field in Khuzestan, Iran: 100 billion barrels
Khuzestan is not just a field, it is the province that is the production of 90 per cent of Iranian oil. Located near the Iraqi border and is home to the field of Ahvaz, which experts believe, it produces 300 thousand barrels per day, and Yadavaran, which is currently being developed by the Chinese company Sinopec Sinopec under a contract worth 70 billion dollars was signed in 2004. In the past year in the province Tntnt Iran detection field includes eight billion barrels called Susangerd field. Believed that the Majnoon field in Iraq that extends beyond the border into Khuzestan.

Kashagan field in Kazakhstan: 9 billion barrels
Discovered this field in the Caspian Sea in 2000. The quantity of recoverable reserves of more than nine billion barrels, out of the total oil in the region, with an estimated quantity of up to 38 billion barrels. This field is deep (15 thousand feet) and the oil is causing a high rate of erosion (19 per cent of hydrogen sulfide), and the cost of extraction is high (more than $ 100 billion in projected costs for projects. It is expected that production to 1.5 million barrels per day by the end the current decade.

Khurais field in Saudi Arabia. 27 billion barrels

In the past year and put «Saudi Aramco» finishing touches on a project worth ten billion dollars to develop the field, Chris. The project included the extension of pipelines to bring two million barrels a day from sea water to be injected under the field. Water injection technology, developed by the Saudis to extract oil from the Ghawar field, is the key Khurais and the key output of 1.2 million barrels per day. Field was developed in part in the eighties, reaching peak production 140 thousand barrels per day. This is a huge reservoir, due to the complexity of the oil extracted from oil is not «easy», such as undeveloped fields in Iraq. And the rest of the fields are:

Tupi field in Brazil: 8 billion barrels. 9. The field of Carabobo in Venezuela: 15 billion barrels. 10. Curve in the northern Alaska: 40 billion barrels.

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Meetings in Washington .. An attempt to draw a shape the next government

Seeking administration of U.S. President Obama to design the future shape of Iraq after the parliamentary elections can be achieved with the withdrawal from Iraq.

The move came after the trends have emerged within the first White House calls for the withdrawal of US troops after providing comfortable atmosphere for the political process in Iraq, so that the United States have achieved a milestone in building a democratic state.

What he is calling the other direction to pull out without looking back, in the sense that Washington gives up on its previous commitments, there is no need for the continuation of the American effort in a country is difficult to adjust his political movement.

But Obama decided that paves the way for the withdrawal of a crucial by-step, based on the study of the situation in Iraq through direct encounters with leading figures involved in the Iraqi political process, to get to know the views of the near and get a final decision contributes to shaping the next government, which sets forth the administration US hope for the future of Iraq as a whole.

Reports speak about American earnest desire to create a balance that satisfies everyone in the power-sharing, where it could be removed marginalization complaint brought by Sunni Arabs, Kurds and the satisfaction of the extent of the privileges that does not anger the Arabs, with performance tuning in the management of the Shiite government.

The U.S. administration reiterated its views for each of the former Prime Minister Iyad Allawi and Deputy President Adel Abdul-Mahdi also said that the United States is interested in power is distributed between the main parties in Iraq, and that the next government will be balanced in its composition with the presence of a character balanced by a moderate prime minister post.

Washington did not require a certain trend for the next president, they do not mind to be an Islamist or secular, but focuses on its ability to absorb all sides, and its ability to create a reasonable balance of Iraq's external relations.

Obama's efforts to consult with Iraqi political figures, imposed by the current expectations of what could come out of the parliamentary elections, which give a close-checking, that the differences between the blocs winner will be minimal, which requires the use of consensus to resolve the line-up ahead.

It is also the U.S. administration that preparations for the elections and the concomitant problems, will make the birth of the government is a complex process, and may cause significant problems violence erupted once again, which is why this step to bring the perception ready until after the elections.

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Seaview, thanks for your efforts to keep us current and up to date. You have done a superb job and it is appreciated. God Bless America, Her Warriors in harms way and her leaders..67

Oil Ministry finalizes oil contract with CNPC-led group

The Iraqi Ministry of Oil has signed a final contract with China National Petroleum Company (CNPC), Total, of France and Malaysian state firm Petronas to develop Missan’s Halfaya oilfield.

The contract was concluded during a ceremony attended by Oil Minister Hussein al-Shahrestani, Missan Governor Mohammad Shayaa and general directors from the South Oil Company, the Missan Oil Company and the Contracts and Licenses Department as well as representatives of the three firms.

The firms will be paid a remuneration fee of $1.4 per barrel.
The current total production of Missan’s oilfields does not exceed 110,000 barrels per day (bpd), but is expected to reach 535,000 bpd when CNPC and its partners start work.

Iraq hopes the contracts signed during the first two oil licensing rounds will help bring the country’s oil production to 12 million (barrels per day) bpd in six years, compared to the current production level of about 2.5 million bpd.

http://en.aswataliraq.info/?p=125991

Central Bank announces increase in hard currency reserves to 42 billion dollars

The Director General of Statistics and Advisor to the Governor Central Bank of Iraq said Tuesday that "rising up to the Iraqi Central Bank hard currency to US $ 42 billion last year.

The appearance of Mohammed Saleh told Kurdish news agency (AKnews) that "this is the rise in Iraq's reserves of hard currency calculated without taking into account the reserve original Iraq's old or imports of Iraqi oil" .. He pointed out that "Height proof of the success of fiscal policy followed by the Central Bank of Iraq."

Barham Salih, "The interest rate to the Central Bank of Iraq is 7% from 9% before June 2009" .. He pointed out that "interest rates in the banks of the Central Bank of Iraq is still higher than the inflation indicators in Iraq."

And Saleh, said that "interest rates in the Central Bank determined the adoption of inflation expressed by the index of consumer prices excluded from transportation and fuel prices based on supply and demand and not affected by shocks and economic fluctuations."

He pointed to me that "The reduction of interest in Iraqi banks at the present time came to equal the rate of inflation" .. Stressing that "this matter does not affect economic development in Iraq."

The Central Bank reserves have reached 30 billion dollars in 2008, when the price of oil to $ 147 a barrel.

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Am I reading post # 221 correctly? It was not said how many zeros would be cancelled but a 25000 dinar note becomes only a 25 dinar note if three zeroes are lopped.

Please more commment.

One of the largest currency dealers in the country is contacting their largest customers that have Warka and other electronic accounts, to pull their funds out immediately.

This is what is being emailed to only a few of the biggest electronic account holding clients:

I don’t normally spread rumors and our past history speaks to that. That said, I just got off the phone with one of the largest currency exchange companies in the Middle East--this is where we purchase our currency from. While talking with the owner of the company, he brought up Warka Bank (very popular among Iraqi Dinar investors) and electronic accounts supposedly holding Iraqi Dinar in the Middle East. The owner and I haven't discussed these electronic accounts or banks in years. He wanted to make sure I hadn't invested in any of those accounts. I had asked him to investigate the electronic account operation and the people involved several years ago when we ware asked to steer customers to these accounts. We declined because of the apparent lack of security for the funds--no FDIC, no oversight. Anyway, I asked him why he was asking me if I had money in this particular bank in Iraq. This is what I was told by him:

Some of the top people at the bank took off with much of the money in the bank---most of the money is gone. This occurred a couple of months ago.

However, there is still some money at the bank, and people are still there covering for the loss/theft.

My source obtained this information through conversations in Jordan while trading currency. He said his information came from several sources over a period of time---most recently 10 days ago (January 19th, 2010).

Perhaps this is a false rumor, but I don’t think so--it seems like it was inevitable. Unfortunately, there is no real way to know exactly what the bank has and if anything has happened to the funds. I don't think there is any credible banking oversight organization to go to in Iraq to find out what the real status of the funds are.

I have relayed exactly what was relayed to me. I can’t verify what I was told; it only qualifies as a rumor or hearsay. I’m not putting this info on our website or mass emailing it. I may take some criticism for passing this along---but I would want to know about this rumor if I held an electronic account.

Take this for what it is worth and please protect yourself---these accounts are not insured or legitimately governed by anyone.

Thanks for the info. This rollercoaster ride gets more bumpy each day!