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

Economist: delay approving the budget would reduce the incentive for private sector investment

Financial expert warned Hamad Bashir Alwan of the delay in approving the budget for the financial Szbbh to reduce the incentive for private sector investment in the country.

Hamad said that there is considerable influence might bring delay budget economic because the expenses of the state represents the many aspects of investment expenditure, which absorbs unemployment, including manufacturing, which fill the deficit in the low level of income for many segments of society, as well as the existence of actual expenditures, which represent the benefits and services that benefit society and the economy Iraq.

He warned of the delay in approving the budget more than that causing a reduced incentive for the private sector to invest in the country, which generates therefore prevail has the spirit of pessimism because the investor is always looking for opportunities for profitable and safe if not fired budgets they certainly will expect that there is nothing will reduce the motivation for investment, noting that there is another negative aspect is the low levels of income for all segments of society because the budget allocation process is a way to enter the government as that government spending is part of the application which is a special and spend a year, which in turn is divided into consumer and government spending and investment in particular.

http://radionawa.com/Ar/NewsDetailN....614&LinkID=155

Iraq civilian death toll lowest since 2003

Civilian deaths from violence in Iraq are on track to be the lowest number this year since the 2003 US-led invasion, a preliminary report released Thursday by a monitoring group said.

Iraq Body Count (IBC), an independent Britain-based group, put the number of civilian deaths in Iraq as of December 23 at 3,976, down 713 from 4,680 in 2009.

A tally based on data released by the Iraqi defense, interior and health ministries shows however 2,416 civilians were killed until the end of November 2010, compared with 2,800 for all of 2009.

http://www.alsumaria.tv/en/Iraq-News...ince-2003.html

27th December 2010

Iraqi government won’t let Kurds export ‘their own oil’

The new government says there will be no change in its stand vis-à-vis the export of oil produced in areas under Kurdish control.

Deputy Prime Minister for Energy Affairs Hussein Shahristani said the government would forestall any attempt by Iraq Kurds “to export oil on their own.”

Shahristani assumed his new post as part of tough negotiating that took more than nine months for the new government to come to light.

In his former position as oil minister, he was known to be among the most vociferous Iraqi government officials critical Kurdish moves for economic independence, particularly running their own affairs as far as the natural resources of their region are concerned.

The Kurds have their own regional government which includes a ministry for natural resources and oil.

But Shahristani said: “The Kurdish government cannot export oil produced from fields situated in the region’s territory without central government approval.

“The constitution has stressed that the country’s oil riches are the property of all Iraqis and the export of oil will have to be for the benefit of the central government (in Baghdad).”

Shahristani is Iraq’s most powerful energy official. In his new position as deputy prime minister, he has authority over all energy affairs (oil and electricity) in the country and supervises oil and electricity ministries.

http://www.azzaman.com/english/index...12-27\kurd.htm

KRG Holds out over Oil Exports

Officials of the Kurdistan Regional Government pressed the central government today to recognise oil contracts that they have inked with transnational corporations, warning that they will not resume exports until it does, according to Morning Star.

The Kurdistan Regional Government (KRG), which can reportedly export 150,000 barrels a day, has signed 37 contracts for oil exploration and production with 40 transnational firms since the US-led invasion toppled the Ba’athist regime in 2003.

Those production sharing agreements, which entitle the companies to a share in the oil extracted, are deemed illegal by Baghdad.

Article 11 of the Iraqi Constitution states that the country’s oil and gas belongs collectively to all Iraqi citizens, regardless of their religious background or in which region they live.

Iraq’s newly appointed Oil Minister, Abdul-Karim Luaibi [Elaibi], has declared that the KRG can sell oil to the outside world – but only through the national export network, with revenues going to the government budget.

Kurdish Ministry of Natural Resources adviser Ali Hussein Balo said that was not possible because “We are committed to the companies we have signed contracts with to have a share in the produced oil.
“Baghdad wants everything free of charge,” Mr Balo complained.

He said that the KRG will only start exporting if all “our deals are recognised officially in a signed paper by Baghdad.”

Iraq’s new oil minister last week declared the dispute over how private companies accounted for equipment costs and other expenses for reimbursement has been settled, clearing the way for the exports to resume.

He said Baghdad would receive all the oil produced for export and would pay only the costs incurred by the developers.

The KRG started exporting oil for the first time on June 1 2009, despite protests from Baghdad. The exports were suspended in October of the same year in a dispute over payments.

Oil revenues account for nearly 95 per cent of Iraq’s budget.

http://www.iraq-businessnews.com/201...r-oil-exports/

US Forces hand Bucca Camp over to Iraq

US security forces handed Bucca Camp over to Iraq on Wednesday. Camp Bucca, will be turned into a commercial center.

“The cost of this project is 245 Million dollars," said Haider Ali, head of the Basra Investment Commission.

The new business complex should be ready in two years, Ali added.

http://www.alsumaria.tv/en/Iraq-News...r-to-Iraq.html

29th December 2010

Oil Infrastructure Set for Boost

The oil minister, Abdul Karim al-Luaibi, has been busy in the few days since his appointment. Not only has he announced that exports from the northern Kurdistan region are to resume, but he has also promised that the focus will be on rebuilding the decayed oil infrastructure, according to the Arab Times.

Al-Luaibi, who has a lot of experience in the sector, has said that in addition to rebuilding infrastructure the priority will be to increase export capacity from the south to 4.5m barrels per day from around 1.6m bpd.

The increase is to be found in two fields: the Rumaila field, holding 17.8bn barrels of oil and being developed by BP and China’s CNPC, and the Zubair field, being developed by Italy’s Eni, the US’s Occidental Petroleum Corp and South Korea’s KOGAS.

However, Samuel Ciszuk of analysts IHS Global Insight is worried that improvements in infrastructure to transport and export oil cannot keep up with the rapid increase in production, due to a lack of financial resources and “infrastructural bottlenecks.”


http://www.iraq-businessnews.com/201...set-for-boost/

29th December 2010

Iraq to Export 40% More Oil Within 2011

It is one of the better problems a rebuilding country can have: Iraq is attracting too much oil investment.

The problem is that the infrastructure does not exist to export most of the extra oil produced. However, this is going to change as early as next year, perhaps increasing exports by one million barrels of oil per day, an increase of almost 40%. This will be a massive boost to Iraq, which gets around 95% of its revenue from oil.

In an interview with the Wall Street Journal, prime minister Nouri al-Maliki explained that the biggest hold up to exports is infrastructure. “That’s why we are about to construct a pipeline through Syria that pumps 2.6 million barrels per day. We also have the construction of four [floating] platforms for oil export.” The four platforms will export a total of 3.6 million bpd.

One of these platforms is due to become operational in September 2011, exporting 900,000 bpd. Add on the expected new Kurdistan exports of 150,000 bpd to 200,000 bpd and we’re looking at more than one million extra barrels, taking the total from 2.6m bpd today up to around 3.6m bpd. This will vastly overshoot the 2011 target of 2.25m bpd set earlier this year.

The cash generated will be used to finance further projects.

http://www.iraq-businessnews.com/201...l-within-2011/

Advisor Central: the stability of import prices caused by the euro

The advisor said the Central Bank of the appearance of favor Annual inflation eased in Iraq, after controlling the levels of liquidity and reduce inflationary expectations, pointing at the same time that Iraq has imported its needs from Turkey in Euro. Attributed the appearance of low inflation, monetary policy of the Central Bank, which succeeded in gaining control of the levels of liquidity and reduce inflationary expectations. Saleh said in a statement singled out the agency Akanyuzalabarip: that Iraq is important and imported from Turkey and a strong euro, which will cause the dollar to decline against the cheap and low prices of products entering Iraq.

And Saleh said the signs are good for low inflation, which fell to the level of one decimal after it was tied, and continued: »The Central Bank is working to preserve the status to one decimal place in order to achieve stability in the introduction to this development and this makes the development of investor comfortable to the lack of fluctuations in price in exchange rate and the general level of prices.

And on why he would not lend the government $ 5 billion shortfall in the budget of 2011, said Saleh refused to Central Bank of the matter, adding that the bank is not an institution for development projects and bank reserves are in order to achieve Alastaqraralaguetsadi and because Alastaqraralaguetsadi is the incubator for development.

He said: We are working to lend to the government only in the case of economic disasters or large floods and there are indications we have suggest that we have surpluses sufficient does not require resort to the easy money, but require re-calculation of oil prices by the Ministry of Finance correctly, management and efficiency of resources optimally.

And Saleh: that the lending would be within the general budget of the State any of the fiscal policy where it will be the port for the financing of development and as a source for the provision of cash and liquidity.


http://translate.googleusercontent.c...mrwAlfOKyGgMXA

Iraqi Oil Minister: the goal of increasing production has not changed

Said the new Iraqi Oil Minister Abdul-Karim Allaibi on Friday that Iraq is still aiming to boost production capacity to 12 million bpd within the next six years to seven.

He said Allaibi told Reuters after his arrival to Cairo to participate in a meeting of Arab Petroleum Exporting Countries (OAPEC) that this is the target level, which will stick by Iraq.

Iraq has some of the largest oil reserves in the world but has struggled to increase production close to its level in the late eighties before the invasion of Kuwait when he was three million barrels per day.

Iraq has ambitious plans to raise production capacity from 2.5 million bpd to 12 million barrels over the past six to seven years, but analysts are skeptical of this goal, saying that six million barrels per day to seven million more realistic target.

The Allaibi expressed the hope to achieve further increases in production from other fields in the near future look like and said on Friday he was optimistic about the prospects of production growth.

Allaibi Asked whether he expected to increase production next year, said it would increase and there will be continuing increases. Allaibi said he was satisfied with the current global oil prices.


http://translate.googleusercontent.c...TIyOdg6ZQqWTrw

Iraq Urges Creation of “Exclusive” Arab Trade Organization

An adviser to the Iraqi prime minister, Nouri al-Maliki, said on Thursday that in the coming Arab League Summit in Baghdad, Iraq will push for the creation of an “exclusive” Arab trade organization, similar to the World Trade Organization (WTO).

The organization is to boost trade and economic cooperation among the oil producing, industrial and commercial Arab countries, Salam Qurayshi told AKnews.

The Arab states are expected to convene in Baghdad on March 23 to take part in the next Arab Summit; Iraq has not hosted the summit since May 1990 due to the economic and political sanctions.

The Arab press stress holding the assembly in Iraq is to bring the country back into the Arab fold and to distance it from Iran, according to AKnews.

http://www.iraq-businessnews.com/201...-organization/