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

Assem Jihad: Iraq's oil reserves of 500 billion barrels

Spokesman for the Iraqi Oil Ministry, Assem Jihad, the Iraqi oil reserves of about 500 billion barrels.

The Jihad at a workshop to exchange experiences press organized by the Italian news agency in Baghdad, that the updated data for the first time in decades on the reserve Iraq to oil wealth, showed that the size of 143 billion barrels, indicating that these data can be increased as it accounted for 64 oil fields only.

He expected the Jihad to reach Iraq's oil production to 3 million barrels per day by the end of this year, hoping to increase the pace of production in the coming years to reach 10 million barrels a day, in the light of decades licensing rounds development signed by the Ministry of Oil with international companies specialized in the field of oil production and the development of industrial oil.

http://radionawa.com/Ar/NewsDetailN....499&LinkID=155

Update ........

Central Bank's independence compromised by Federal Court ruling says official

The advisor to the Iraqi Central Bank (ICB) warned on Sunday that the Federal Court's recent ruling that places the institution along with a number of parliamentary committees under the jurisdiction of the Prime Minister's office raises concerns about the bank's independence.

The Iraqi Federal Court issued a ruling on January 18 that connects a number of independent bodies including the ICB directly to the chairmanship of the prime minister and not to the chairmanship of parliament as stated in the Iraqi constitution.

Muzher Mohammed Saleh told AKnews that the terms of the ruling are "ambiguous and not sufficient to affirm the autonomy of the bank."

"The decision of the Federal Court was vague in determining whether the law of the ICB was more influential than the Code of the Council of Ministers concerning monetary authority."

Saleh warned that compromising the independence of the ICB could allow foreign courts to seize Iraqi funds if law suits were brought against the country.

"Iraq is a founder of the International Monetary Fund," he said, "...we must preserve the independence of the Central Bank in supporting the Iraqi economy and protecting its funds."

http://www.zawya.com/Story.cfm/sidZAWYA20110124070435/Central%20Bank%27s%20independence%20compromised%20 by%20Federal%20Court%20ruling%20says%20official

Economists: Iraq has failed to file anti-money laundering

The Iraqi economists said on Monday that Iraq has failed in the fight against money laundering, and the signs point to his failure to deal with the file during the next phase.

A member of the (money) economic Mohammad Reza al-Moussawi, told the Kurdish news agency (Rn) that "the financial institutions of the Ministry of Finance and the Central Bank and BSA failed to develop its work for the purpose of combating money laundering in Iraq."

He pointed out that "there are many reasons led to the failure highlighted that the Coalition Provisional Authority under Bremer did not put clear grounds to prevent the flow of money is especially clear in paragraph b of Article VIII in it."

He explained that "to limit the entry money of unknown origin to Iraq would reduce the terrorist operations that hit the country between now and then the other way, and it will activate the circulation of cash in the country."

On the other hand, Chief Economist of the Iraqi and teaching at the University of Mustansiriya Resan Kikhany of Kurdistan News Agency (Rn) that "Iraq from the States are unable to activate the system of money laundering because there are entrances to several economic, as he was unable to also follow the money that came out of it because of corruption financial and administrative to senior officials in the state. "

"The next stage requires the formation of a joint committee of the Central Bank and the Financial Inspection Office and the Ministry of Finance to do the gates monetary system that monitors the mechanisms of entry and exit of funds from the country."

And that "the percentage of Iraq's development according to the latest scientific studies in the follow-up to the money had arrived since 2003 until now to 12%, which makes Iraq the last file in the top money-laundering."

The CBI had announced earlier this month, raised a new law to combat money laundering to the Iraqi Council of Representatives in coordination with other government institutions, in order to provide greater protection for Iraq's economic system and to engage in international assessment.

The Law on anti-money laundering which was released in 2004 on a secure financial institutions, it also emphasizes the punishment of a fine of not more than 40 million Iraqi dinars, or a fine equal to twice the value of the property of being or initiate a financial transaction involving the proceeds of some form of activity Illicit and he knows that, with respect to the subject of the financing of crime and operations (terrorist).

The Central Bank of Iraq to monitor financial institutions and the issuance of a regulation, as well as he issued a list of suspicious financial activities.

The Law on anti-money laundering to authorize the Central Bank to assume control of financial institutions and check the documents and accounts of their own.

http://www.aknews.com/ar/aknews/2/213008/

Oil Expert: Iraq is losing a lot because of disagreements center and the region for oil

Hamza said oil expert jeweler that the differences between the central government and Kurdistan on oil contracts and attract investment negative impact on the development of the oil sector in full and on the Iraqi economy.

Jeweler said in a statement to the Agency by news Monday that the issue is still controversial and the attraction between the central government and the Kurdistan region, which requires a comprehensive solution to the issues pertaining to oil contracts.

The jeweler said that Iraq is losing a lot because of the differences and failure to provide the province of Kurdistan, the federal government the details of oil contracts, that the region where the central government imposes on the signing of these contracts without the knowledge of their content, not even the details and so far these contracts under secrecy and confidentiality.

http://radionawa.com/Ar/NewsDetailN....467&LinkID=155

CBI sells $119m on Monday

The Central Bank of Iraq (CBI) dollar sales went up slightly on Monday to $119.860 million at an exchange rate of 1170 Iraqi dinars per dollar, compared to the previous session’s $113.546 million.

"The demand hit $900.000 in cash today, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $118.960 million in foreign transfers outside the country, covered at an exchange rate of 1,183 Iraqi dinars per dollar," according to a CBI news bulletin received by Aswat al-Iraq news agency.

None of the 14 banks that participated in today’s session offered to sell dollars.

http://en.aswataliraq.info/Default1....&id=140678&l=1

Council of Arab Economic Unity finish preparing a file of private investment in Iraq

The Arab Economic Unity Council of the League of Arab States, on Monday, for the completion of the file private investment in Iraq, which was presented to the Permanent Representative of Iraq to the Council and the representative of Iraq in the League of Arab States.

The Assistant Secretary General of the Council of Economic Unity, Ambassador Mohamed Spring Kurdistan News Agency (Rn) that "will visit Iraq to meet with officials and to identify investment opportunities in the country, especially in the Kurdistan region."

Indicating that he "will be accompanied in the visit, representatives of major Arab Unions and corporate mission that fall under its banner to be to identify investment opportunities in Iraq."

He said the spring that he "intends to broaden the base of the council's membership and revitalize the areas of work of the Secretariat through frequent visits will be conducted by a number of Arab countries are not members of the council." Indicating that Iraq is a founding member of the Council, a member active in ten Arab countries belonging to him.

He stressed that "the coming period will witness a development of the Economic Report of the Secretary-General of the Arab League and activating the role of the economically more so in the Arab world." Explaining that he "will hold a meeting with the Secretary-General of the League of Arab States Amr Moussa, the Secretary-General for Economic Affairs Mohammad Ibrahim Tuwaijri to agree on the role of the Council After developing the structure and the Declaration of his new role."

He revealed the spring that he "will be held three conferences in Syria, Jordan and Yemen during the coming period in this context." Noting that "Intensive contacts are underway with a number of university presidents to prepare for the signing of cooperation protocols with the Council serve the economic development issues and joint Arab economic action."

He pointed out that "the Secretariat of the Council of Arab Economic Unity has completed the preparation of a series of important studies and pivotal to serve the Arab world, particularly the role of agricultural investment in the Arab food security and the role of Arab Economic Unity Council in support of small enterprises in the Arab world, and the mechanism of development of investment in the fisheries sector".

In conclusion, the leaders of the Arab economic summit in the work of the second session of the summit of economic and social development, held in the Egyptian resort of Sharm el-Sheikh on January 19 this month.

The new leaders of the Arabs, in the final statement of the economic summit, their full commitment to the strategies of development and economic thought developed, which was adopted at a summit of Kuwait in 2009, confirming to proceed with the development of their human and technology, economically and socially, and develop structures of joint Arab action in the framework of the League of Arab States.

http://www.aknews.com/ar/aknews/2/213090/

PM Maliki to confer with al-Iraqiya Coalition's Leader, Allawi, within two days:

Iraq's Prime Minister, Nouri al-Maliki, is expected to confer with the Leader of al-Iraqiya Coalition and former Prime Minister, Iyad Allawi, in the forthcoming two days in order to settle the dossier of the remaining ministries, including the security ministries, and the proposed National Council for Strategic Policies (NCSP), al-Iraqiya Spokesman, Shaker Kattab said on Monday.

The Iraqi Parliament had granted trust to the new Iraqi government, led by Prime Minister Nouri al-Maliki, comprising 42 cabinet posts, including 12 ministries of state, whilst Maliki kept the administratin of the Interior, Defense and National Security, under him, on "acting" basis, pending the naming of their ministers.

As regards to the possible Parliament's voting on the NCSP, Kattab told Aswat al-Iraq news agency that "The NCsP will be a high-level Iraqi institution, similar to the Presidency, Council of Ministers and the Parliament, and in the event of the Parliament's non-voting on it, it shall not become such a high-level state institution."

http://en.aswataliraq.info/Default1....&id=140669&l=1

International experts: Iraq will meet the global demand expected in 2030

Western energy experts say that after the formation of the new Iraqi government must give priority gas projects deferred in order to avoid new crises in the provision of electric power and gas investment, which burns in the air in the absence of industrial projects.

Confirms these experts who participated in the World Future Energy Summit in Abu Dhabi, that the amount of gas burned per day in the air in southern Iraq, rising at high rates because of high production fields, major oil in Rumaila, Zubair, West Qurna by 10 percent, resulting in quantities of additional gas a huge burn in the air.

According to Paddy Badmanathan Company AC W. A. Energy / the new Iraqi government has shown great attention to solve the problem of gas shortage that while there are international companies specialized style / Shell / willing to work in a gas southern Iraq after the signing of final contracts with the Iraqi Oil Ministry.

According to the information available to it so far, no final approval from the Iraqi government contracts that were discussed by the Iraqi Oil Ministry with Shell in the past year on the development of the giant South Pars gas project. Were approved by the Iraqi Council of Ministers in June 2010 formation of Basra Gas Company in partnership with the South Gas Company, Shell, and Mitsubishi on economic fundamentals and trade for this project.

In spite of the formation of the new government and give Mr. Karim Allaibi Ministry of oil, but it is not clear that there is a formally to move forward in approving the contract for the gas south, which is long overdue.

And imposes the challenge of the same gas shortage at the moment and there are fears of renewed problem of various power outages in southern Iraq, as happened for long periods in the summer.

And confirms Michael Yprik, Chief Executive Officer of Bloomberg New Energy Finance that the slowdown in the gas sector to address the power sector, which suffers from a bug since last summer has become the responsibility of the new government, especially that the previous government had agreed on a partnership between the South Gas Company and Shell, but it is not to reach a final contract until now.

It is noted that the Iraqi Oil Ministry had contracted with two world wars, a law firm to review the contracts that have been reached between the ministry and Shell, have been making observations additional to the contract, but until now has not set a timetable and clear by the Iraqi government for the signature of the contracts to begin work on gas project the south.

It is noted that in September 2008, Shell signed a preliminary agreement with the Iraqi Oil Ministry of Commerce sets out the principles for the establishment of a joint venture between Shell, South Gas Company. The agreement provided that the South Gas Company, the largest contributor by 51 percent in a joint venture with Shell by 44 percent and Mitsubishi 5 percent.

Iraq has huge reserves of oil and gas are among the largest in the world, on his way to play the role of the President in meeting the global demand is expected for 2030.
In this way, it is difficult to see the future of Iraqi oil, which is expected without the development of gas industry that will play an important role in meeting the growing demand for Iraqi gas and global energy supplies of natural gas as a cleaner means of energy.

Shell has expressed for a long time commitment to work with the Iraqi government to support its goal of rebuilding the energy infrastructure in Iraq.

Experts point to the objectives of the draft South Gas is to help in the development of infrastructure for the gas industry in Iraq, and the establishment of the gas industry and modern in accordance with international standards based on the latest technologies and allow Iraq to be a major player of the gas in the region and the world.

There are joint ventures between Shell and the Iraqi government has already completed have resulted in the production of 500 tons per day of liquefied petroleum gas that is being collected. And also represents a reduction by 20 percent of the gas currently flared from the oil fields of Iraq, while more than two thirds of Iraq's current needs of liquefied natural gas is imported from abroad.

Agencies estimate of specialized international UN quantities of gas which is flared into the air every day as sufficient to produce 300,000 cylinders per day of liquefied petroleum gas (cooking gas) per day in southern Iraq and the quantities of gas burned is enough to cover the needs of three million homes without electricity.

And also estimated that the gas burned in the air leads to emissions of carbon in sizes up to about 20 million tons annually, equivalent to annual greenhouse gas emissions to more than 3.5 million cars or 90 000 flight from London to America. The value of the gas burnt in the south of Iraq is estimated at 1.8 billion dollars annually. and there is a possibility to export natural gas, which is not sold for use in the local market, for example, as liquefied natural gas, and create a new stream of income for the Iraqi economy and increase the likelihood of reliable infrastructure of domestic energy, which will in turn stimulate local economic development.

Experts believe that the crisis is escalating because the first stage in the fields of oil giant aiming to raise production by 10 percent and said that if the new contracts for the fields / crutch and Mansuriyah and Saybah / As of now, the gas production will not start three years ago will not be enough to cover demand for the electricity sector.

According to experts, the Mr. Hussein al-Shahristani, Iraqi Deputy Prime Minister for Energy, gas, oil and water as the Chairman of the Committee on Energy High in the new government, which is supposed to be more motivated to complete the project gas south to provide an adequate supply of electric power generation and coverage of the growing domestic demand and stop the import from abroad particularly as it is coming to build new power plants use gas turbines.

But experts are wondering about the reasons for the delay in approving the projects, such strategy, which would in the event of approval, providing a huge financial return to Iraq and provide a source of energy crisis as power outages as well as protecting the environment from the massive carbon emissions.

The subsidiary of Royal Dutch Shell has put forward in mid-2011, January competitive bidding for engineering and procurement for the construction of a new power generation capacity of 50 MW in the Khawr al-Zubayr in southern Iraq.

The objective of the establishment of this station is to reduce the consumption of the national electricity grid and provide electricity to the population and improve the natural gas industry and liquefied petroleum gas to supply the domestic market and add new jobs and stimulate the local market.

Will be used to power five generators from gas turbines that have been purchased independently by the South Gas Company and Shell, but it makes sense that there is no sign of Shell, it seems, the contract to build the plant at Khor Al-Zubair is final only after reaching a final agreement to the gas project south.

It is expected Mr. Michael Yprik, Chief Executive Officer of Bloomberg New Energy Finance to initiate the Iraqi government to approve the bill soon to move forward in the economic development plan and to address shortages of electric power and provide new job opportunities for Iraqis in the coming period, especially in light of the availability of financial institutions, regional and international willing to fund new projects in the energy sector.

http://www.alsabaah.com/ArticleShow.aspx?ID=1484