Thread: Archive News - Iraqi Dinar Think Tank - 06/10/2010 - 24/01/2011

AIG Investments is planning to establish a tourism project in Basra

A source in the Information Office of the province of Basra, on Wednesday, said the group American International Investments discussed with local officials in the province to establish a tourism project on the island of Sinbad in Basra.

The source told (Voices of Iraq) that "a delegation from the American group of international investment research with the Governor of Basra Cltag Abboud, Vice-Chairman of the provincial council Ahmed Sulaiti, setting up a project to invest in tourist island of Sinbad in Basra."

He explained that "the project made by the American group includes the creation of several commercial complexes, hotels and tourist sites and games, entertainment services," noting that "the governor of Basra province was ready to provide all facilities to carry out such projects."

And AIG Investments is a coalition group of American companies doing business in all over the world.

The source noted that "the company will begin the process of investment Sinbad Island after receiving official approval from the body before Estmar Basra."

Sinbad and the island is located on the Shatt al-Arab River and at a distance (15 km north of Basra), and is considered one of the most important tourist attractions in the province and an area of (59) acres approximately.

http://ar.aswataliraq.info/?p=258111

Council of Ministers will discuss next Tuesday third round of licenses for gas

The Iraqi Council of Ministers, on Thursday, as identified on Tuesday as the deadline to discuss the third round of licenses for gas.

The chancellor said the Council of Minister Salam al-Quraishi, told the Kurdish news agency (Rn) that "the Iraqi government on Tuesday decided to discuss the next primary contracts for the third round of licenses for gas and then voting in the important ministerial meeting in the middle of next month."

He added that "the Iraqi government tries to activate the initial round of licensing contracts to be contracts after a final start on the track and the Ministry of Oil and the winning companies to work for the development of a clear oil fields of the three."

He pointed out that "any technical or legal constraints may hinder the initial reading of contracts on Tuesday does not exist, especially after the arrival of the Oil Ministry, which would conclude Sunday."

And announced yesterday that the Iraqi Oil Ministry that it will sign preliminary contracts with the winning companies in the third round of licensing.

The licensing round, the third oil, which was launched on 20 October last resulted in the winning consortium of Kuwait broad social mission, Kuwait T-NBA or Turkish investment field Saybah invasive south of Basra, and the victory of a coalition Company Kaz Kazakhstan Inc. Kocaz Korean investment of the crutch in the province of Anbar, With a field Mansourieh gas in Diyala province, a coalition of business share of Petroleum International, which share 50%, and "Kuwait Energy," and has 30% of the project, and "Korea Gas Corp," and have 20% of it.

Iraq seeks to develop and reality of the oil through the establishment of licensing rounds and encourage foreign companies to invest oil and gas in the country, especially after the oil ministry announced that Iraq has the third largest reserves of crude oil in the world is estimated at 115 billion barrels after Saudi Arabia and Iran.

And exceeded exports of Iraqi oil earlier this year to two million barrels per day ceiling, the first time since its invasion of Kuwait in 1990.

Iraq held two rounds of last year licenses to invest in oil fields resulted in winning several international companies of different nationalities to develop ten fields in different regions.

Iraq seeks to access the oil produced within the next six years to the roof of production ranges between 10-12 million barrels per day in accordance with the licensing rounds, entered into with international oil companies.

http://www.aknews.com/ar/aknews/2/194896/

Kirkuk to receive 1st amount of Petrodollar next week

Iraq’s Finance Ministry Undersecretary, Fadhil Nabi, has stated on Tuesday that he first amount of the Petrodollar Project would be spent in Kirkuk Province next week.
“We have reached a decision to spend the Petrodollar allocations in 2011, after laying down their necessary details, due to non-existence of of necessary financial allocations this year,” Minister Nabi said, adding that: “due to certain pressures, we were forced by the Iraqi government to spend the first amount of the Petrodollar Project’s budget next week.”

On his part, Kirkuk Governor, Abdul-Rahman Mustapha, told Aswat al-Iraq News Agency that “the Province’s Council had formed a committee, comprising North Oil Company, North Gas Company and a number of departments related to the projects, in order to define the strategic projects that would be implemented, using those funds.”

The previous Iraqi Parliament had passed the 2010 state budget, with a majority vote, according to Article 42 of the Budget Law, out of which 5% of the actual achieved revenues from the border points (ground, air and ports), with the exception of leading State revenues, for the budget of the border provinces..And it was also decided to transfer an average of one US dollar for each barrel of crude oil produced by each province, for every barrel of crude oil produced in its in its refineries, and for each 150 cubic meters of natural gas it produces, to be added to the budget of that province, according to Article 43 of the Law.

http://en.aswataliraq.info/?p=138776

US welcomes Iraq government deal as ' big step'

The White House Thursday welcomed a power-sharing deal hammered out in Iraq, eight months after a contested general election, as a "big step forward."

"The apparent agreement to form an inclusive government is a big step forward for Iraq," said Anthony Blinken, national security advisor to Vice President Joe Biden.

"All along we've said the best result would be a government that reflects the results of the elections, includes all the major blocs representing Iraq's ethnic and sectarian groups, and that does not exclude or marginalize anyone."

http://www.zawya.com/Story.cfm/sidAN...s%20big%20step

The start of the Iraqi parliament session attended by leaders of parliamentary blocs and the start of nominations

Chairman opened the Age of Iraq's parliament Fuad Masum meeting of the Council of Representatives, Thursday, to be held to elect a speaker and president of the republic, and been nominated a member of the Iraqi List, Osama al sole candidate for the post of Speaker of Parliament also opened the door for nomination of First Deputy and Second Deputy

http://radionawa.com/ar/NewsDetailN....191&LinkID=151

Iraq, Azerbaijan sign agreement for economic cooperation and trade

According to the Ministry of Commerce, Thursday, Iraq and Azerbaijan signed an agreement for economic cooperation and trade, cultural and artistic, which included creating partnerships between businessmen and the private sector between the two countries in addition to qualifying oil and cooperation in the fields of culture and tourism.

This was according to a statement from the Ministry of Trade at the conclusion of the meetings of the Iraqi - Azerbaijan bilateral cooperation, which lasted two days and headed for the Iraqi side, the representative of the Iraqi government and the Minister of Trade purity of net debt, and on the Azerbaijani side, Deputy Prime Minister Abid regiment Ihsanoglu in the Azerbaijani capital Baku.

The statement quoted the net saying during the signing ceremony that "the Convention multi-pronged come to the consolidation of economic relations between the parties, and create partnerships between businessmen and the private sector between the two countries," in addition to "qualifying oil and cooperation in the fields of culture and tourism," and can say it "a comprehensive convention intended to open new horizons for bilateral cooperation."

http://radionawa.com/Ar/NewsDetailN....164&LinkID=155

Petrel receives second payment in Iraq deal

Petrel Resources (LON:PET) said this morning it had received the second tranche of payments relating to the development of the Subba & Luhais oilfield development in Iraq.

The US$2.5 million is for hitting certain milestones and follows a US$2 million payment in April. A third and final instalment of US$2.5 million will follow in six months.

“The expected formation of an Iraqi government should clarify oil policy and enable Petrel to move forward with our Iraqi projects,” the company added in a statement to the stock exchange.

The group revealed in April that it had ended a 20-month stalemate with the authorities with a deal to complete the development on Subba & Luhais with local partner Makman.
After that it will hold a 10 per cent interest in the project.

http://www.proactiveinvestors.com/co...deal-9977.html

New Iraqi Parliament Speaker: Baghdad Seeking Special Ties with Tehran
http://english.farsnews.com/newstext.php?nn=8908231825

TEHRAN (FNA)- Osama al-Nujaifi, the newly elected speaker of the Iraqi parliament, underlined his country's willingness to establish closer ties and cooperation with Iran, and stressed that Baghdad is deeply interested in having exceptional relations with Iran.

Companies Sign Agreements to Develop Iraq's Mansouriya, Siba Gas Fields
http://www.bloomberg.com/news/2010-1...as-fields.html

Kuwait Energy Co., Turkiye Petrolleri AO and Korea Gas Corp. signed contracts to develop Iraq’s Mansouriya and Siba gas fields at a ceremony in Baghdad, after winning rights to develop the deposits last month.

Iraq delayed signing an agreement for a third natural-gas field, Akkas, to “clear the misunderstanding” over the planned use of fuel from the deposit, Abdul Kareem al-Luaibi, an Oil Ministry deputy, said today. The signing for Akkas will take place after this week’s Eid al-Adha holiday, said Abdul Mahdy al-Ameedi, deputy director general at the ministry’s Petroleum Contracts and Licensing Directorate.

The foreign companies will join Iraq’s state-run North Oil Co. in separate ventures to start production at the gas areas. The agreements signed today must receive final approval from Iraq’s Council of Ministers, al-Ameedi said on Nov. 8.

Unpaid electricity bills in Iraq amount to more than half a billion dollars

While Iraqis complain of power outages that may last up to 20 hours a day, the Electricity Ministry says consumers must pay half a billion dollars (530 billion dinars) to cover unpaid bills.

“The sum of money that we need to collect is 530 billion dinars,” said the ministry’s information officer.

Musaab al-Modaris said the ministry has started charging consumers in light of latest rates.

The new rates increase progressively. The more electricity is consumed the higher the charge.

But consumers are complaining and many say they would object paying.

“The ministry should first regularize and increase power supplies before imposing heavy charges,” one Baghdad resident, refusing to be named, said.

However, Modaris said the ministry was determined to collect the money and urged consumers to pay.

“The the citizens must pay their electricity bills and cooperate with collectors. The money is needed to do the necessary repairs to the national grid and new units,” he said.

He declined to comment on power cuts and when the ministry thought they would come to an end.

http://www.azzaman.com/english/index...11-15\kurd.htm