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SHARM EL-SHEIKH, Egypt (AFP) - Iraq's deputy prime minister said on Monday that his country was the world's largest-ever emerging market, with foreign companies lining up to invest in the war-ravaged economy.
"Iraq is the largest ever emerging market that you can think of," Deputy Prime Minister Barham Saleh told journalists at the World Economic Forum on the Middle East in Egypt's Sharm el-Sheikh.
"There is nothing in Iraq that doesn't require investment, but the state cannot solve it and so we look seriously to the private sector."
He said that Iraq was predicting 70 billion dollars oil revenue in 2008, with reserves that "could well exceed" 350 billion barrels, and the International Monetary Fund slating eight percent growth this year.
"It hasn't taken off yet, but when it does take off, it will be very fast," Saleh said of the ravaged economy.
Vaunting Iraq's investment opportunities, Saleh said that a tender to turn a large former army garrison in Baghdad into housing had seen "applications from 30 major international companies, mostly from the Gulf and Egypt".
But Saleh, a former prime minister of the Patriotic Union of Kurdistan-run region of Iraqi Kurdistan, stressed that the private sector would have to do what the state was unable to do.
"After decades of mismanagement we need to call a spade a spade and admit that the state can't do it," he said of the oil sector.
He admitted that confusion remained for foreign companies wanting to invest in oil exploration and exploitation in the north of the country over which authority to sign the contracts with, Baghdad, or the Kurdistan regional government.
The government in Baghdad and authorities in the autonomous Kurdish region of northern Iraq have been at loggerheads over contracts signed between the Kurds and foreign oil companies for months.
And Saleh said a national oil law to resolve the problem would not be finalised any time soon.
Oil ministry says picked corporations to up production to 3m. bpd
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Baghdad, 18 May 2008 (Voices of Iraq)
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The Iraqi Oil Ministry picked a number of corporations to sign contracts with in order to up oil production by 500,000 barrels per day (bpd) to reach 3 million bpd, the ministry's official spokesman said on Saturday.
"The ministry has hatched a new plan as talks are now underway with six global corporations on Iraqi oil contracts. More than 120 companies have presented offers, but only 35 were selected," Aasem Jihad told Aswat al-Iraq – Voices of Iraq – (VOI) by telephone.
"The ministry seeks to attain the objective of adding 500,000 bpd to the current production rates of 2.500 million bpd within the next year and a half," Jihad said.
He had told VOI on Thursday that the volume of Iraq's oil exports has reached 57 million bpd in April 2008 compared to 59.400 bpd in March 2008, a registered decrease of 2.5 million bpd.
"The decrease is actually blamed on the security conditions in Basra during last month and the vandalizing of several pipelines," he explained.
The export rates of last month were put at 1.460 million bpd from the southern fields via the ports of Basra and Khour al-Amiyah while the oil exported from the northern fields via the Turkish port of Ceyhan was 442,000 bpd, he added.
"The planned production during the month of June 2008 would hopefully reach 2.5 million bpd – 1.800 million bpd from the southern oil fields and 600,000 bpd from the northern fields in Kirkuk, 250 km north of the Iraqi capital Baghdad," Jihad said.
The oil-rich port city of Basra, 590 km south of Baghdad, had witnessed last March a military campaign under the name Saulat al-Forsan (Knights' Assault), which aimed to impose the state power on the city and hunt down "outlaws".
The operation left hundreds dead or wounded on the sides of both the government forces and gunmen believed to be loyal to Shiite leader Muqtada al-Sadr.
Dana Gas investing over $500m in 2008
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19 May 2008 (AME Info FZ LLC)
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Dana Gas PJSC, the Middle East’s first and largest regional private-sector natural gas company, has announced investments of over $500m this year in the Company’s projects in Northern Iraq, Egypt and the UAE.
Dana Gas posted revenues of over Dhs1bn in 2007 which was its first year of operations, and also saw the Company add to its UAE positions with major new entries into the gas upstream business in Egypt and the Kurdistan Region of Iraq, while raising $1bn in an international sukuk offering that had to be increased in size due to strong investor demand.
The Company’s announced investments for 2008, covering all sectors of the gas industry from the upstream through to the downstream, are expected to realize the value of these strategic positions and further boost revenues over the next stage of Dana Gas’s development.
“This year is an important year for the Company, as we will be building upon the important milestones and solid foundations achieved last year, and making major investments that will rapidly take Dana Gas to a new level in its growth and development,” said Mr. Ahmed Al-Arbeed, Dana Gas Executive Director, Upstream.
“Dana Gas has already established strong positions in all areas of the natural gas business in the UAE, Egypt and Iraq, and we will continue to build upon these as well as expand into new countries in the GCC Region and North Africa, especially in view of the record oil prices currently witnessed. Our focus this year will be implementing the important projects in the UAE and the Kurdistan Region of Iraq, while significantly expanding the drilling programme of new wells in Egypt in light of the encouraging new discoveries we have already achieved,” Mr. Al Arbeed added.
Dana Gas is currently implementing a major integrated gas project in Iraq’s Kurdistan region on a fast-track basis in a record time of just one year, in a 50:50 joint venture partnership with Crescent Petroleum, at a combined investment of $650m.
The project, which involves gas development, production, processing and pipeline construction, is the largest private sector energy project in Iraq, and is already over 80% complete.
First gas production from the project is on target for the middle of this year, building up to a production of 300 million cubic feet per day by the year-end, approximately twice the Company’s current production in Egypt.
Dana Gas’s agreements with the Kurdistan Regional Government of Iraq were signed in April 2007, and cover a range of energy-related services and the building of substantial infrastructure to process and transport natural gas, as well as the development of the first “Dana Gas City”, a unique industrial complex that will leverage external economies of scale by powering several industrial operations concentrated in the same area using natural gas.
Dana Gas is proudly behind the largest private sector project in Iraq, which will provide jobs, training, infrastructure and savings on fuel imports to the region, as well as an important long-term strategic position for Dana Gas in an area with high growth potential.
In the UAE, in addition to preparing for start-up for the processing and supply of imported gas, Dana Gas has recently signed a 25-year concession agreement for exploration and development of gas in an area of over 1,000 sq km offshore Sharjah, including development of the discovered Zora Gas Field.
The development plans are being finalized with the tenders for offshore oilfield services soon to be awarded for fast-track implementation to produce gas in 2009.
Another region in which Dana Gas has established itself in the past year is Egypt, where the company now produces 140 million standard cubic feet per day of gas and 6,000 barrels per day of propane, butane and condensate, making the Company the sixth largest producer of gas in the country.
All products are sold in Egypt for use in the local markets and there are extensive plans to drill 19 more development and exploration wells in the country this year at an investment of $170m, following positive exploration results by Dana Gas including new gas discoveries and the first commercial discovery of oil in the Upper Egypt region.
Last year also saw the acquisition of DANAGAZ Bahrain, an affiliate company owned jointly by Dana Gas and local partners.
Its first investment project will be to build and operate the Gulf of Suez Liquids Plant in Egypt, a facility that will be capable of processing 55 billion cubic feet of natural gas per year.
Dana Gas’ strong portfolio of assets and projects will expand further in 2008 with the Company developing the unique “Dana Gas City” concept in several new locations across the Middle East and North Africa Region, as well as actively pursuing new opportunities and projects in the Region’s rapidly growing natural gas sector, in upstream, midstream and downstream activities.
With energy prices and demand on the increase across the Middle East Region, a recent report by the APICORP has estimated over $210bn of required investments in the region’s natural gas industry in the next five years alone.
Announcement No.(1168)
D.G. of Foreign Exchange Control
The 1168 daily currency auction was held in the Central Bank of Iraq day Monday 2008/5/19 so the results were as follows :
Details Notes
Number of banks 14 -----
Auction price selling dinar / US $ 1199 -----
Auction price buying dinar / US $ 1197 -----
Amount sold at auction price (US $) 74.155.000 -----
Amount purchased at Auction price (US $) 2.500.000
Total offers for buying (US $) 74.155.000 -----
Total offers for selling (US $) 2.500.000 -----
US House Speaker visits Iraq "unannounced"
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Politics 5/17/2008 1:48:00 PM
BAGHDAD, May 17 (KUNA) -- US House Speaker Nancy Pelosi arrived to Iraq on Saturday in an unannounced visit.
A spokeswoman of the US Department of State told KUNA here Saturday that Pelosi is heading a large US delegation visiting Iraq.
Pelosi met with officials in the American embassy, military chiefs, and Iraqi officials, the spokesman added.
Iraqi Parliament Speaker Mahmoud Al-Mashhadani was among the officials that received the US speaker, a source from the Iraqi parliament pointed out.
Iraqi Prime Minister Nouri Al-Maliki arrived to Baghdad from Mosul on Saturday, probably to meet Pelosi, the source added.
http://www.kuna.net.kw/NewsAgenciesP...48&Language=en
I agree with you...I think the news is going in the opposite direction from it's interpretation...It could be smoke but if it's true...woah, not good for investors..
Experts had called on Iraqi economy, at a symposium organized, last Monday, the Central Bank to abandon its adoption of tight monetary policies, because of their negative impact on the national economy, by changing the value of the real exchange rate of dinar and causing a deficit in the general budget.
WUUUUUUUUUUUUUUUUT?????
"freeze all its activities and deposit taking deposits and capital to get the benefits to the Central Bank without the banks to strengthen their role in the market movement and the different economic programmes."
Economists see the importance halt conflict between fiscal and monetary policies
BAGHDAD - Iraq votes 16 / 05 / 2008 at 21:02:39
The view of economists that the Iraqi conflict between fiscal and monetary policies constitutes a burden on the Iraqi economy, demanding a need to consolidate track in two parallel lines and be complementary to each other in the absence of the possibility that there will be more than a single policy in a single economy.
Says economic researcher Hossam Commissioner for the Independent News Agency (Voices of Iraq) that "while it sought monetary policy to absorb liquidity encountered financial policy approach completely incompatible when it sought to pump more liquidity." He said that "fiscal policy orientations halted monetary policy."
He added that "this issue is not strange if Maalmna that the conflict which occurred between fiscal and monetary authorities in the afternoon in meetings of committees and forums are not hidden have surfaced and heard concerned the economic aspect, who recommended the need for coordination between policies."
He went on to say that Osama fiscal and monetary policies "that kept opposing what led to the central bank spent hundreds of millions of dollars in its programme to reduce the price of the dollar against the strengthening of the Iraqi dinar exchange," saying that such spending "gold dust scattered in the general economic policy because it was not the coordinator was not Disciplined and united, in addition to the sums spent by the Central Bank itself in the process of increasing interest on deposits in banks night and civil government. "
He said these actions had banks and the civil government to "freeze all its activities and deposit taking deposits and capital to get the benefits to the Central Bank without the banks to strengthen their role in the market movement and the different economic programmes."
The teaching and economic researcher Hilal Ta `that" the reasons for discrepancies between policies stem from the need to fight the massive scale of destruction in the Iraqi economy by fiscal policy, which tended to expand the volume of expenditure. "
He added that "On the other hand, felt the Central Bank to take deflationary monetary policy to curb inflation resulting from the expansion in the volume of spending fiscal policy by raising interest rates in addition to the use of currency auctions."
Experts had called on Iraqi economy, at a symposium organized, last Monday, the Central Bank to abandon its adoption of tight monetary policies, because of their negative impact on the national economy, by changing the value of the real exchange rate of dinar and causing a deficit in the general budget.
The participants in the symposium, stressing the economic importance of the monetary policy "were not neutral if unable to cope with fiscal policy, reduce the gap inconsistencies between them."
Ta `He stressed the" necessity of unifying monetary policy and fiscal policies that must be travelling in two parallel lines that complement any other policy there can be no more than a single policy in the economy single. "
The monetary policy of the Iraqi Central Bank Law No. 56 set in 2004 to put the issue of inflation-targeting and responding to the escalating rates and work to reduce the priority goals to reach the state of lasting stability in the general level of prices, by influencing the levels of liquidity Assembly.
The Central Bank of a series of actions that would lift interest rates. A procedure often resorted to by States to absorb liquidity and create a balance between the monetary supply on one hand and supply of goods and services on the other. I accept the Central Bank to raise interest rates in August 2004 to 6% and 7% in September, so that arrived in December 2007 to 20%.
The economic researcher Abdel Rahman Star Ferry Scene-as called for by a researcher from the Ta `that" it is not possible to unify fiscal and monetary policies "
He justified this by saying, "the difference between the policies is the nature of the time period, where the impact of fiscal policy later can sense only after a year, such as tax rates, grants and subsidies, while the monetary policy such as lifting the selfish interest rates or reduced, making the economic impact would appear and quickly, possibly within a week ... That can unify policies. "
He continued by saying scene told (Voices of Iraq) that "unification policies were in a time where the former regime was responsible for the central bank monetary policy of fiscal policy could have the same policies, but now Unification can be between policies only if the political decision-Tawhid"
He concluded by saying that "therefore remain contradictory effects during this period and the period ahead," pointing to "the importance of the" general lines of policy believer. "
It was teaching at Mustansiriyah University Sattar Jabbar with the scenery in different time periods between policies, adding that "despite the claim of Central Bank of advisers that there is full coordination between them, however, reflects the fact that there is any kind of coordination between policies."
Jabbar, asks, "When we talk about inconsistencies between the two, on what point we will build our economic ballots for the growth of the Iraqi economy."
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Resonance of inflation and speculation must be avoided
Resonance of inflation and speculation must be avoided17:10' 16/05/2008 (GMT+7)
VietNamNet Bridge – High inflation, ballooning trade deficits, and the Government's economic management are among big issues highlighted at the ongoing National Assembly sitting in Hanoi. Le Quoc Dung, vice chair of the NA Economic Committee, talks with The Saigon Times Daily on the sidelines of the sitting on such issues. Excerpts follow.
Many people have voiced concerns that prices of certain essential commodities will leap up after June as the period of price control initiated by the Government is out. How do you comment on such a possibility?
As far as I know, prices of certain commodities will be revised after June, possibly petrol prices. The local economy is still facing big challenges. Although the inflation has shown signs of a slow-down, prices of some key commodities on the world market remain high, especially crude oil.
There are several problems in the local economy to address such as market pricing, export and competitiveness. If local prices are well linked to the global prices, then such prices should have been revised up.
However, if prices go up further, the inflation will move upwards, thus having adverse impacts on the people's livelihood. I am now keeping a close watch on the banking system.
The lending interest rate has been high while credits are tightened, leading to high capital cost for enterprises, especially exporters. In the region, the lending rate is much lower than in Vietnam, so local competitiveness is a difficult problem.
Some experts have warned against speculation, saying many enterprises have stocked commodities to wait for higher prices after June. How the NA Economic Committee will monitor and address this phenomenon?
That situation may be real. There may be the activity of speculative stocking as people foresee the high inflation and keep back goods for sales when prices move up. The National Assembly will only monitor the Government's administration, while the Government itself will have to tighten control over State-owned corporations, groups and enterprises, especially those producing essential goods so that the supply of goods remains steady. The Economic Committee will dispatch inspection teams to work alongside the Government. If speculative trading is combined with the inflation, the resonance will be dangerous.
The trade deficit in the first four months of the year has exceeded US$11bil, equivalent to 60.7% of the total export revenue. In your opinion, what should the Government do to reduce the trade gap, and whether boosting export is the optimum measure?
It is clear that the trade deficit is widening. But if enterprises boost imports to hedge against the rising price on the world market, we should have a more objective, considerate view. The increasing trade deficit will prompt more difficulties for the trade balance and payment balance.
Nevertheless, the State should ensure sufficient foreign currency supply. The dollar is in short supply now due to rising import, but the State should use part of the foreign reserve to guarantee liquidity for enterprises. However, such a move must be done in a cautious manner. Another measure is to tighten control on luxury goods and consumer goods.
The proportion of consumer goods and luxury goods including automobiles makes up a mere 1% in the total import expenditure, while up to 92% of imports are machinery and materials for local production. Is it possible to control the rising import with such a measure of curbing consumer goods and luxury goods?
The most important job now is to restructure local production, especially to develop the supporting industry. This should have been done a long time ago. For farm produce, we have mainly shipped raw materials rather than value-added products. We should have had a strategy to add value to such products. Most of rubber and coffee are now exported as raw materials.
Many are of the opinion that the State intervention by means of administrative measures should be short-lived, and the basic thing is to let prices driven by market forces?
That's correct. Deep intervention by the State will distort the market. But such measures are necessary under certain circumstances. If such measures are maintained for long, the market will go wrong, leading to a bubble economy.
So what should be the right time to stop such intervention?
I understand that the Government also want to stop such measures as soon as possible, but due to the limited resources and capacity, caution will be taken in choosing a point of time to stop such intervention. The NA Economic Committee will raise its voice to ask for stopping intervention as soon as the situation is back to normal. Prices should be in line with the market principle.
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Kurds smuggling oil into Iran--- UNBELIEVABOIL lol
Editorial www.nooz.comScores of tankers carry crude oil from Kurdistan, smuggle it to Iran Noozz Editorial
May 15 2008 1:0
Journalists from Al-Sabah Al-Jadeed reported these acitivites in their report, claiming that the smuggling takes place with "official endorsements" by the authorities in Baghdad and by the provincial Kurdish government.
Curde oil is loaded onto oil trucks at the Bayji refinery, Iraq's largest, and is then transported across Iraqi Kurdistan and into Iran through the border crossing points at Sulaymaniyya and Hajj Omran. The companies behind the operation were not named, and the report says that little is known about them.
Reporters from the newspaper contacted Edward Jibli, director of the Hajj Omran customs office on the Iraq-Iran border and asked him for details about these operations.
He said: "Many tankers carrying crude oil cross the Iraqi borders every day towards Iran," but he did not disclose the number of these tankers saying, "The load of each tanker is between 10,000 to 35,000 liters of crude oil, and they [customs officers] receive 5,000 dinars [less than $3] per tonne.
"This process has been going on for at least a month, and the crude oil comes from Kurdistan and from Bayji with the permission of Kurdistan's ministry of natural resources in large oil tankers that carry Irbil license plates. The cargo is then taken to the other side of the border and emptied in Iranian oil tankers that take the crude elsewhere."
He did not establish where "elsewhere" is.
Asked about the number of tankers that cross the borders daily, Jibli refused to confirm or deny rumours that the convoys reach over 20 trucks, but said: "You can get the details from Kurdistan's ministry of natural resources."
The Kurdish newspaper Jawdir on Tuesday published a report about large numbers of oil trucks carrying crude oil from the Hajji Omran border point to Iran.
Authorites in Iraqi Kurdistan until recently have been unable to sell crude oil on the lucrative international market as they do not hold export permits from the Oil Ministry in Baghdad, which has pressurised neighbouring states into rejecting any attempts to do so. However the Kurdistan Regional Government announced at the end of April that for the first time they will be able to formally produce oil in the fields of Taqtaq and Duhok and export it to markets through the Ceyhan Port in Turkey.
The revelation of the capacity of oil production in Kurdistan Region came after the political and economic disputes that occurred between the Iraqi central government and Kurdistan Region in the last few months over the 15 oil contracts that KRG has signed with a number of Turkish, Norwegian and American companies.
Oil Mafias
In addition to this apparent state sanctioned 'smuggling' oil smuggling across Iraq by criminal elements has been rife, although recently security forces have attempted to tackle the phenomenon. Oil is either siphoned off in crude form from unprotected sections of pipeline or as refined fuel, directly from refineries.
A London based energy analyst told Noozz that 'oil mafias' have muscled in on a lucrative trade and are present across the country, with fuel from the Bayji refinery the single largest source of illegal supplies.
Wide-scale oil smuggling operation is believed to continue in Basra via the Shatt al-Arab waterway and into Iran. This has prompted Prime Minister Nouri al-Maliki to undertake decisive military measures against groups and illegal militias that stand behind such oil smuggling in the recent "Knights' Charge" security operation in Basra. This security operation is credited as having had some success in limiting the illegal flow of Iraqi oil into Iran.
A report in April in Kurdish daily Rozhnama claimed that the crude produced in the Zakho fields in northern Iraq is being sold to private refinery companies, and that up to 25% of crude oil fed to the Sulaymaniyah refinery ends up on the black market.
Smuggled Kurdish crude sells for around $72 dollars a barrel on the black market, a sharp discount on the $110 a barrel that crude was selling for on international markets at the time of the report.
UAE, Qatar may ditch dollar peg in six months, says Merrill
Khaleej Times - 16/05/2008 [-] Text [+]
(MENAFN - Khaleej Times) The UAE and Qatar, facing soaring inflation, are expected to ditch the dollar peg within six months, but Saudi Arabia will wait until late 2009 to break its decades-old link with the tumbling greenback, economists said.
The Kuwaiti dinar, which abandoned its dollar peg in favour of a basket of currencies almost a year back, will continue to appreciate against the US currency, currencies supported by stronger fundamentals and credible central banks are expected to outperform their peers in the Europe Middle East region, according to the latest research by Merrill Lynch economists.
Merrill Lynch, one of the world's leading financial management and advisory companies, said in its research report titled "ML global currencies ? forex weekly: New forex forecasts" said the dollar should continue to recover versus euro and the Anglo-Saxons . "In EMEA we expect a volatile path within the forecast period."
The report said in Asia, the managed pegs remain largely unchanged as a result of the effects of large basic balances and policy response to higher inflation. "In Taiwan, we forecast a stronger exchange rate against the dollar to reflect the changing sentiment following an expected improvement in the political outlook. Our forecast changes are for weaker exchange rates in Korea, India and the Philippines. Korea and India are also adversely impacted by higher oil prices."
According to Merrill Lynch's currency experts, dollar is expected to have a general recovery against many G-10 currencies. "For second half 2008, the weakness in the US economy has mostly been factored into the dollar, while the deterioration elsewhere should be built in. Thus, the dollar can stage a recovery even though the US economy will remain relatively weak."
However, the forecast by the financial management firm is contrary to the views expressed in this regard by GCC monetary authorities who are pressing ahead with a long-planned monetary union by 2010.
GCC central bankers speaking after their meeting recently have reiterated their stand in favour of the dollar peg to ensure that the currency union goal is achieved as targeted.
The UAE Central Bank Governor Sultan bin Nasser Al Suwaidi said there was no intention for the time being to de-peg currencies from the dollar, maintaining that since decline of the dollar is a temporary phenomenon GCC should not take long-term decisions on short-term issues.
Currency experts and economists are also of the view that a sustained link with the weakening dollar would further fan inflation. They believe it is the time to consider change as a dollar-peg would not be in the long-term interests of GCC members who are under pressure for a revaluation to offset imported dollar inflation.
The International Monetary Fund, on the other hand, supports GCC central bankers by declaring its solidarity with the dollar peg.
Cautioning that dirham's de-pegging from the dollar or revaluation could have little impact in controlling escalating prices, Mohsin Khan, Director of IMF's Middle East and Central Asia Department (MCD), said last week that the benefit of the dollar-peg outweighs its negative impact for oil exporting GCC countries that account for combined external assets of $2 trillion. "With a 20 per cent revaluation, the region would have to take a big hit with the value of their overseas assets shrinking by $400 billion. Dollar denominated oil revenues will also suffer a similar setback."
President of the Iraqi Investment: Opportunities giant to invest billions of dollars in Iraq
Published 16.5.2008, 11:20 Published 16.5.2008, 11:20
نيوزماتيك/ القاهرة Uzmatik / Cairo
. Head of the Iraqi body for investment, Dr. Ahmed Reza, the giant investment opportunities in Iraq, in different economic sectors ranging from investment in the rehabilitation and establishment of many new Iraqi port of Basra, the large port, the port of Umm Qasr, as well as the establishment of the new Baghdad International Airport, in addition To service projects, tourist, commercial and oil in a number of Iraqi governorates.
". He explained in an interview with Reza "Uzmatik" on the sidelines of the conference to invest in Iraq, which is currently held in Cairo, said "the draft port of Basra Kabir, includes building, 160, wharf by one Iraqi companies, with a capital estimated at 12 billion dollars, either at Baghdad International Airport, estimated to cost 17 billion dollars through a giant international companies. "
وأشار ". The head of the Iraqi investment, to "other projects are in the city commercial center and businessmen, and hotels, primarily in Baghdad Hotel, Marriott Baghdad, which opened last week," adding that there was a project another $ 7 billion port of Umm Qasr, and projects amounting To 34 billion dollars Najaf governorate building tourism city, and 200 thousand housing units. "
". And investment opportunities in other governorates of Iraq, said Reza on "the existence of 650 million dollars for projects and Wasit governorate of Iraq, to build industrial city, and the city of Kut new addition to a large medical complex German forums, through the Tigris River, and housing complexes Karbala Governorate, and plans to manufacture cars in Sulaymaniyah , And a presentation by the company, Mercedes, to be considered for granting land to build the factory. "
". Chairman of the Investment Authority, Iraq, "the eyes of investors need to seize the opportunity to invest in Iraq during the current year 2008," pointing to "numerous facilities granted by the Iraqi body to invest now, with a capital estimated at 250 million dollars."
". He said that "free economy and private sector is what will lead Iraq's future," stressing that "the availability of all the rights of foreigners in Iraq, Iraqis and equality, through the ownership of land with a maximum of 50 years, tax exemption, according to investment law for ten years, subject Increased to 15 years, in addition to tax exemption for all private industrial investment requirements of spare parts. "
". On the security guarantees sought by Egyptian investors, he stressed that "Iraqi Defense Minister, stressed personal guarantees for each project in Iraq."
". He added that "foreign investors have all rights to attract skilled labour, for their projects in the event of non-availability of manpower in Iraq, with facilities belonging to their salaries, and transfer abroad without restrictions, like capital that can convert any currency deems investors inside and outside Iraq."
". He Reza on "Iraq's capacity to absorb investment inflows, both in the areas of employment, wealth and human Iraq," noting that "the economy is the locomotive driving the policy, unlike the past fifty years."
". The president of the Investment Authority, Iraq, investors and owners of capital at the end of his "Uzmatik", the influx into Iraq and investment in many sectors and areas of starting projects, infrastructure and petroleum industries, and chemical. "
. It is noteworthy that an Iraqi delegation considerably, 130 members, arrived in Egypt yesterday to participate in, the investment in Iraq, the delegation was led by Vice President of the Republic of Iraq Adel Abdul Mahdi, in addition to ministers of finance and industry, governors and heads of provincial councils in Iraq and the Finance and economy experts and Iraqi businessmen
http://66.102.9.104/translate_c?hl=e...omy/2056.shtml
Expert: Time ripe for dollar depegging for the GCC countries
Bahrain Tribune - 15/05/2008 [-] Text [+]
(MENAFN - Bahrain Tribune) With $2 trillion infrastructure projects in the pipeline and robust GDP outlook for the 2008 and beyond, this is the right time for the GCC countries to de-link their currencies from the US dollar peg, an economist at StanChart said yesterday.
Mary Nicloa, Economist Middle East and North Africa for Global Markets at StanChart, said there has been great imbalance between the US and the GCC economies.
The GCC economies, she said, has been on the path of diversification for the last couple of years and the excess liquidity the region helped it emerge as one of the strong economic blocs.
Mary, who was joined by team of StanChart officials including Sami Mahfouz MD/Head of Global Markets, Daniel Smith Metal Analysys and F Abah Ofon, Softs Analyst, said that despite the strong economic indicators the GCC economies were facing major challenges. "These economies face many challenges like how to deal with the US dollar peg, how to develop a monetary policy and monetary tools.
"With oil prices at an oil time high, surpluses in the GCC are mounting. Both budget and current account surpluses are close to 20% of GDP across the region. Foreign reserves are high and, as a consequence, domestic investment is booming. The GCC is focusing on diversification to become less reliant and vulnerable to fluctuations in oil prices.
"The UAE, for example, is the leader in this respect; in 2007, the hydrocarbon sector made up only one-third of GDP. Sectors such as real estate and the manufacturing sector are expanding. While this paints a very rosy picture of the Middle East there is one particular challenge to these booming economies - inflation. With money supply growth hitting 50 per cent in the UAE and nearly 40 per cent in both Qatar and Saudi Arabia, there is essentially too much money chasing too few goods.
"The US economy is slackening. This has been compounded by the credit crisis which still has to filter through the economy. This slowdown, unlike in 2002, is affecting the consumer through the housing market and will eventually affect the labour markets. The manufacturing sector is weakening and average hourly earnings growth is slowing. With oil prices on the rise, the US consumer has one more thing to worry about as they try rebalancing their balance sheets."
"At a time, when the US is facing a credit crisis, the Middle East is awash with liquidity," she said.
"The GCC is unable to control money supply growth because of its peg to the US dollar and lack of monetary policy tools. At a time when the Fed is cutting rates, the GCC must do so also. We expect rates to fall to 1 per cent by Q1, 2009 in the US and the GCC. Monetary loosening is not what this region needs. The other two factors affecting inflation are housing and commodity prices," she said.
President of the Iraqi Investment: Opportunities giant to invest billions of dollars in Iraq
Published 16.5.2008, 11:20 Published 16.5.2008, 11:20
نيوزماتيك/ القاهرة Uzmatik / Cairo
. Head of the Iraqi body for investment, Dr. Ahmed Reza, the giant investment opportunities in Iraq, in different economic sectors ranging from investment in the rehabilitation and establishment of many new Iraqi port of Basra, the large port, the port of Umm Qasr, as well as the establishment of the new Baghdad International Airport, in addition To service projects, tourist, commercial and oil in a number of Iraqi governorates.
". He explained in an interview with Reza "Uzmatik" on the sidelines of the conference to invest in Iraq, which is currently held in Cairo, said "the draft port of Basra Kabir, includes building, 160, wharf by one Iraqi companies, with a capital estimated at 12 billion dollars, either at Baghdad International Airport, estimated to cost 17 billion dollars through a giant international companies. "
وأشار ". The head of the Iraqi investment, to "other projects are in the city commercial center and businessmen, and hotels, primarily in Baghdad Hotel, Marriott Baghdad, which opened last week," adding that there was a project another $ 7 billion port of Umm Qasr, and projects amounting To 34 billion dollars Najaf governorate building tourism city, and 200 thousand housing units. "
". And investment opportunities in other governorates of Iraq, said Reza on "the existence of 650 million dollars for projects and Wasit governorate of Iraq, to build industrial city, and the city of Kut new addition to a large medical complex German forums, through the Tigris River, and housing complexes Karbala Governorate, and plans to manufacture cars in Sulaymaniyah , And a presentation by the company, Mercedes, to be considered for granting land to build the factory. "
". Chairman of the Investment Authority, Iraq, "the eyes of investors need to seize the opportunity to invest in Iraq during the current year 2008," pointing to "numerous facilities granted by the Iraqi body to invest now, with a capital estimated at 250 million dollars."
". He said that "free economy and private sector is what will lead Iraq's future," stressing that "the availability of all the rights of foreigners in Iraq, Iraqis and equality, through the ownership of land with a maximum of 50 years, tax exemption, according to investment law for ten years, subject Increased to 15 years, in addition to tax exemption for all private industrial investment requirements of spare parts. "
". On the security guarantees sought by Egyptian investors, he stressed that "Iraqi Defense Minister, stressed personal guarantees for each project in Iraq."
". He added that "foreign investors have all rights to attract skilled labour, for their projects in the event of non-availability of manpower in Iraq, with facilities belonging to their salaries, and transfer abroad without restrictions, like capital that can convert any currency deems investors inside and outside Iraq."
". He Reza on "Iraq's capacity to absorb investment inflows, both in the areas of employment, wealth and human Iraq," noting that "the economy is the locomotive driving the policy, unlike the past fifty years."
". The president of the Investment Authority, Iraq, investors and owners of capital at the end of his "Uzmatik", the influx into Iraq and investment in many sectors and areas of starting projects, infrastructure and petroleum industries, and chemical. "
. It is noteworthy that an Iraqi delegation considerably, 130 members, arrived in Egypt yesterday to participate in, the investment in Iraq, the delegation was led by Vice President of the Republic of Iraq Adel Abdul Mahdi, in addition to ministers of finance and industry, governors and heads of provincial councils in Iraq and the Finance and economy experts and Iraqi businessmen
http://66.102.9.104/translate_c?hl=e...omy/2056.shtml
Saudi Arabia rebuffs Bush on oil production
White House: Riyadh says it's already meeting customers' demands
updated 49 minutes ago
RIYADH, Saudi Arabia - The White House said Friday that Saudi Arabia's leaders are making clear they see no reason to increase oil production until customers demand it.
President Bush was in the oil-rich country to appeal to King Abdullah for greater production to help halt rising gas prices in the United States.
But his national security adviser
blah blah blah blah............................................
Minister of wealth Kurdistan province is adding 35 billion dollars annually for the Treasury Iraq
Published 13.5.2008, 00:00 Published 13.5.2008, 00:00
Egyptian Minister of natural resources Kurdistan Regional Government of Iraq and the existence of various Horami ongoing talks between the Government of the Territory and the federal government in Baghdad, aimed at "agreeing on a final version of the draft law on oil and gas, which regulates the management of oil and gas sector throughout Iraq."
جاء ذلك في جلسة استماع بالمجلس الوطني للإقليم خصصت حول أداء وزارة الثروات، والعقود النفطية التي أبرمتها مع الشركات الأجنبية. This came at a hearing of the National territory allocated on the performance of the Ministry of wealth, the oil contracts signed with foreign companies.
وقال وزير الثروات الطبيعية لإقليم كردستان، عقب جلسة الاستماع، في حديث لـ"نيوزماتيك"، إن "المحادثات بشأن الاتفاق على مسودة نهائية لقانون النفط والغاز التي ستقدم لمجلس النواب، مستمرة وتتم بأجواء سليمة، وسنصل إلى نتائج ايجابية خلال أشهر". The minister also said the natural wealth of Kurdistan province, following the hearing, in an interview with "Uzmatik", "The talks on agreeing on a final draft of the law of oil and gas will be provided for the House of Representatives, are continuing and ambience sound, and we will reach a positive outcome during the month."
ودافع الوزير الكردي هورامي خلال الجلسة البرلمانية عما قال إنه "دستورية عمل حكومة الإقليم في مجال النفط والغاز"، نافيا وجود مخالفات في العقود التي أبرمتها حكومة الإقليم. The minister Kurdi Horami defended during the parliamentary session said what that "the constitutionality of the Government of the Territory in the oil and gas," denying the existence of irregularities in contracts entered into by the Government of the Territory.
وحول تفاصيل العقود وتعليقا على الإنباء التي أشارت إلى إعطاء وزارته معدل أرباح للشركات يفوق ما تحصل عليه الشركات خارج العراق، قال الوزير بأن العقود النفطية لحكومة إقليم كردستان، وبعد أن جرت مراجعتها وتعديل بعضها من قبل وزارته، صارت تمنح معدل ربح لا يتجاوز 12 بالمائة، لافتا إلى أن دول عدة تمنح نسبة تفوق هذه النسبة . Regarding the details of contracts Commenting on the news pointed to give his ministry rate of corporate profits than what you get companies out of Iraq, the minister said that oil contracts for the Kurdistan Regional Government, after having been reviewed and amend some of his ministry, has given the rate of profit does not exceed 12 percent, He pointed out that several countries give a higher percentage than this proportion.
وأشار وزير الثروات الطبيعية إلى أن جهات سياسية في العراق "تريد تعديل المواد الدستورية التي تدعم حق المشاركة لإقليم كردستان في إدارة عمليات النفط والغاز بالبلاد" . The Minister pointed out that the natural wealth of political actors in Iraq "want to amend the constitutional articles that support the right of participation of the Kurdistan region in managing the operations of oil and gas country."
وعزا هورامي سبب عدم إنجاز مسودة قانون النفط والغاز لحد الآن، بالرغم من مرور فترة على بدء المحادثات بين إقليم كردستان والحكومة الاتحادية، إلى تمسك الإقليم بحقوقه الدستورية ورغبة المشاركين من الحكومة الاتحادية "بالانتقاص من تلك الحقوق". He attributed the reason for not Horami formulate the draft law of oil and gas so far, despite the passage of the start of talks between the Kurdistan province and the federal government, the province's constitutional rights and the desire of the participants from the Federal Government "derogation of those rights."
وحول تطورات وضع القانون، ذكر وزير الثروات الطبيعية لإقليم كردستان أن "الموضوع بإنتظار موقف رئيس الوزراء نوري المالكي من رفض الجانب الكردستاني للتعديلات التي أجراها مجلس شورى الدولة على مسودة القانون، العام الماضي". Regarding developments in the law, the Minister natural wealth of the region of Kurdistan, "the subject's position awaiting Prime Minister Nuri al-Maliki rejected by the Kurdish side of the amendments made by the State Consultative Council on the draft law, last year."
وكان الوزير هورماني أعلن خلال حديثه في الجلسة البرلمانية عن "اكتشاف ثلاثة حقول نفطية جديدة بمساعدة الشركات النفطية الأجنبية، تضم احتياطيا يصل إلى بليوني برميل" مؤكدا أن "إنتاج النفط في إقليم كردستان سيصل إلى مليون برميل، خلال فترة الأعوام الأربعة أو الخمسة القادمة، ما يعني إضافة نحو 35 بليون دولار سنويا إلى خزانة الدولة العراقية". The minister had announced during his Lahore in the parliamentary session on "The discovery of three new oil fields help of foreign oil companies, includes a reserve of up to two billion barrels," saying that "oil production in the Kurdistan region will reach one million barrels during the past four or five ahead, what I mean, add about 35 billion dollars annually to the Iraqi State Treasury. "
وكان المجلس الوطني لإقليم كردستان قد أصدر قانون النفط والغاز الخاص بالإقليم في آب 2007، تاركا العمل متواصلا لإصدار قانون النفط والغاز الاتحادي الذي ينظم إدارة القطاع النفطي في عموم البلاد، والذي لم يحسم لحد الآن . The National Council of Kurdistan province had issued a law on oil and gas region in August 2007, leaving work continued to produce oil and gas law that regulates the federal Department of the oil sector in the whole country, which has not been resolved yet.
كما قام الإقليم بتوقيع نحو عشرين عقدا نفطيا مع شركات أجنبية مختلفة، خلال الفترة التي أعقبت الحرب في 2003، كما قامت الحكومة بمراجعة عقودها حتى تأتي مطابقة للدستور العراقي ولقانون النفط والغاز الإقليمي . The province also signed about two oil contracts with foreign companies different, during the period following the war in 2003, as government has revised its contracts come up in conformity with the Constitution and the law of Iraqi oil and gas levels.
وهناك خلاف مستمر بين الإقليم وبغداد حول موضوعي العقود النفطية للإقليم، وقانون النفط والغاز الاتحادي . There are constant disagreement between the Territory and Baghdad oil contracts on the themes of the territory, and the law of federal oil and gas.
تعليقات Comments
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ahmed 13.5.2008 03:55 [ 1 ] 13.5.2008 03:55 [1]
I trust the jews but not the kurds especially Ashtie Hormanie. I trust the jews but not the kurds especially Ashtie Hormanie.
Presidential Office calls on Iraqi funds migrating to return to Iraq
Published 16.5.2008, 15:47 Published 16.5.2008, 15:47
Uzmatik / Cairo ىThe president of the Court of Presidency of the Republic of Iraq Naseer Ani, today, Friday, and on the sidelines of the investment in Iraq to be held in Cairo, the owners of the Iraqi capital abroad to return to Iraq, especially "those who were present in large numbers in the three economic centers in the region, namely Cairo, Amman and Dubai ".
The Chief of Staff of the Presidency in an interview with "Uzmatik" that "considerable expertise available to owners of the Iraqi capital in the economic and commercial areas, entitling them to play an important role in investment and return to their country."
العاني اعتبر مؤتمر الاستثمار في العراق الذي يعقد بالقاهرة، "خطوة لابد أن تتلوها خطوات، لجذب الاستثمارات، والمزيد من رؤوس الأموال العربية، والأجنبية للاستثمار في العراق". Ani said the investment in Iraq to be held in Cairo, "a step must be followed by steps to attract investments, and more capital from Arab and foreign investment in Iraq."
وأكد رئيس ديوان رئاسة الجمهورية على "توافر جميع المقومات للمستثمرين، للاستثمار في ثروات العراق الطبيعية والبشرية". The head of the Office of the Presidency on the "availability of all the ingredients for investors to invest in Iraq's natural wealth and human resources."
وفي لهجة محفزة لرجال الأعمال والمستثمرين أكد العاني أن "فرص الاستثمار في العراق، يصعب مقارنتها بأي دولة أخرى في العالم". In the tone of incentive for businessmen and investors Ani said that "investment opportunities in Iraq, it is difficult to compare with any other country in the world."
وأوضح العاني في ختام حديثه لـ"نيوزماتيك"، أن "الفرص الأكبر للاستثمار، ستكون بين مصر والعراق، نظراً للخبرة المصرية الكبيرة في العراق، من خلال تواجد ما يقرب من أربعة ملايين مصري كانوا يعملون في العراق في وقت من الأوقات"، مشيراً إلى أن خبرة المصريين بالعراق تناقلتها الأجيال المصرية من جيل إلى آخر. He explained at the conclusion of a modern-Ani told "Uzmatik", "The greatest opportunities for investment, would be between Egypt and Iraq, because of the large Egyptian experience in Iraq, through the presence of nearly four million Egyptian who had been working in Iraq at one time," noting that Egyptian experience in Iraq reported by the Egyptian generations from one generation to another.
Speaker of the Parliament of Kurdistan: Law oil worker force of the Territory
15-05-2008
The president of the Kurdish parliament, Adnan Mufti, Thursday, oil and gas law approved by parliament province of Kurdistan "working force" to support major infrastructure of the Territory's economy
The Mufti said during a meeting with a number of students from the Department of Law and Politics University of Sulaymaniyah on Thursday that "the law of oil and gas in the province is a major force working to revive the economic structure of the territory, and oil contracts signed by the Government of the territory falls within the constitutional rights, a sound legal contracts", as he put it
And on the prevalence of corruption in the province in northern Iraq, Mufti said that "each State recent economic systems faced with the phenomenon of corruption, Kurdistan and Iraq in general are not immune from this rule, because this phenomenon spread because of the Iraqi economic orientation toward a market economy, but we stress that this phenomenon Temporary and will be lost, and there is a need to confront and uproot its roots as a government programme, and through the cooperation of Parliament to enact legislation tightening oversight deterrent, "This Mufti pointed out that "in Kurdistan today the independent judiciary, has its own budget and full independence to be able to achieve justice within society, but to activate the role of this Council is incumbent upon its members to achieve justice", according to the recipe
http://64.233.179.104/translate_c?hl...-US:unofficial
Oil Rallies to New High Near $128
16/05/2008
LONDON (Reuters) - Oil shot to a record high near $128 on Friday after Goldman Sachs, the most active investment bank in energy markets, raised sharply its forecast for prices.
U.S. crude hit a peak of $127.82 and was trading at 127.70, up $3.58, by 9:23 a.m. EDT.
Brent was $3.53 higher at $126.16. Goldman Sachs raised its forecast for average oil prices for the second half of the year to $141 a barrel from its previous forecast of $107.
__________________
MPs and experts: the increase called for by al-Maliki on the budget needed "guarantees"
BAGHDAD - Iraq votes 15 / 05 / 2008 at 22:15:51
The view of deputies and experts are Iraqis, that the increase called for by Prime Minister Nouri al-Maliki on a balance in 2008, to set up projects aimed at revitalizing the Iraqi economy, will contribute to accelerating economic development in Iraq in case there safeguards to reduce the financial impact of corruption on the completion of the proposed projects.
While challenged the constitutionality of the proposal, Vice-Maliki, a legal expert said that the proposal unconstitutional and can not be appealed.
In the opinion of the Chairman of the Integrity Commission in Parliament this morning helped, that the initiative made by Maliki "unconstitutional" because the House of Representatives is "possesses the right proposing increases in the budget, not the government."
The al-Maliki had submitted to parliament last Monday, includes an increase of five billion dollars in 2008 budget to cover the work of strategic projects, achieve a kind of progress in the reconstruction process throughout Iraq, especially the education sector, which adversely affected because of the policies of the former regime, according to Maliki.
He adds helps told (Voices of Iraq) that "financial and administrative corruption a major barrier to be drawn to him, as the government exhausted the budget allocated for the period is 13 billion years, but no assurances from the hand of corruption there are many irregularities in this area."
His helped al-Maliki, saying that "it pointed out that the exchange would be within a five-year plan, but the government was not staying until the end of that period." He wondered "guarantee mechanism of the exchange after the away leg of this government and the advent of another government." He explained that the parliament is now working on a study which "guarantee the payment of such amount."
The presidency has been transmitted Parliament last Monday, al-Maliki's proposal to the Finance Committee in Parliament, in addition to the Committee on Economy and Investment Services Committee, to study the economic projects put forward by the government, and make appropriate recommendations around.
And contrary to legal expert Tariq Harb, MP helped al-Maliki on the constitutionality of the proposal, as it believes that the proposal was "OK with the Constitution" justified this by saying, "the law governing financial matters as stipulated by the Constitution, this application contains an additional budget, and therefore the power to approve this request be issued by the Law House of Representatives, especially since the justification of this demand is realistic rather than the existence of the amounts stated in the Budget Law, and must therefore determine the expenditure of these amounts Law. "
He adds that war Iraqi constitution "did not talk about the five-year plan, but its annual plan and the law of the budget is for one year only and does not extend to other years, but the parliament can decide that these amounts will be monitored for five years." He expressed his belief that that I do not think that these sums will be several years because the urgent need to jumpstart the economy of Iraq quickly disbursed during this fiscal year. "
He said the independent MP and former Minister of Planning Mahdi Al-Hafiz, the project made by Maliki of Parliament "is a program of parallel programmes Iraqi ministries, but it is carried out by the private sector and some government agencies that need arises for this."
He added Hafiz, in his speech to the Independent News Agency (Voices of Iraq) that "the important point in this project is to ensure that deficiencies are overcome gaps in the performance of the state, particularly the inability to implement its projects, at the same time, more than bureaucracy and red tape, which makes him the need Very badly. "
Hafiz described the programme as "extraordinary programme, aims at setting up strategic projects in many areas, particularly with regard to creating jobs and combating unemployment and repair infrastructure, including road repairs, bridges, ports and airports and upgrading services." He explained that these "are the priorities of work to be created."
He continued, speaking about Al-Hafiz guarantees the implementation of the project in light of talk about the existence of financial corruption that accompanied the earlier draft, that safeguards "are available through the strengthening of financial control, is that provide transparency and accountability and to prosecute any defects occur, and this is crucial to the success of this project, the success of this project is intimately Directly providing mechanisms that would fight corruption and provide safety performance. "
The Custodian of the amount demanded by al-Maliki to finance projects, "will be charged if the parliament's approval by oil revenues, but needed to monitor the amount greater than five billion." That justification that this project "is a prelude to the establishment of the Iraqi reconstruction, working in parallel to the Ministries of State."
A spokesman for the Iraqi government, said at the end of March last March, said that his government intends to issue a supplementary budget end of June next June to add the amount of five billion dollars for the 2008 budget amounting to 48 billion dollars, due to increased income in Iraq remained high prices of crude oil "
For his part, said economic expert Hossam Osama, that the main points that could be impounded on a proposal Maliki, "is that the budgets of 2006 and 2007, has won the large amounts of surplus hit 36 billion dollars, due to lack of absorptive capacity for projects all the ministries and governorates, To the extent that some of those bodies have not spent only 10% of the amounts allocated to them. "
A number of deputies, during the meeting held last Monday, expressed their reservations about the proposal Maliki, as stressed deputy coalition and leadership in the Supreme Islamic Council, Jalal Din Saghir, that "the Iraqi people deserve to have acted him large sums, but Parliament also need to be reassured . "
He adds Sam told (Voices of Iraq) that is concerned with economic affairs, "absorptive capacity available through devices capable of implementing such projects, because it is clear that many organs at the ministries were not eligible for the implementation of giant projects." This requires, according to Sam "Cadres capable of providing achievement and Cadres not capable of spending, because the increased value of five billion dollars on the budget could be a positive factor in the development of effective economic realities of production and management of the wheel again, subject to the availability of Cadres, or absorptive capacities of accomplishment . "
He disclosed that Osama Finance Ministry "has already demanded" by adding five billion dollars added benefits of the oil surplus, due to increased oil prices and obtain a surplus in the state budget. "Indicating that perhaps this is what al-Maliki to pay additional claims to investment projects, and hoped to contribute to this Increase "the development of the Iraqi economy needs to develop and comprehensive development."
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Spoke to Ali at Dinar Trade and he said rumor of freeze on NID is bs and he is getting more as we speak....wonder who's full of it?
Spoke to Ali at Dinar Trade and he said rumor of freeze on NID is bs and he is getting more as we speak....wonder who's full of it?
The Exchange Rate of Foreign Currency in Economic Feasibility Studies gooooooood read
Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.
Estimate the shadow price of foreign currency:
1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.
The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.
* What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.
In particular the following outputs and inputs of foreign currency were distinguished:
· Export-outputs.
· Outputs marketed locally that substitute imports.
· Imported inputs.
Inputs produced locally that usually go to exports.
· Foreign labor.
According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.
In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency .... etc.).
In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.
2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports... etc.
The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:
· The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
· The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
· The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
· The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
· This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.
And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.
3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.
Spoke to Chase in Boca Raton and they said they can still get in a two day turn for $935 per M. She also said that she hadn't heard anything about a freeze....hmmmm then, confusion set in...lol
Spoke to Chase in Boca Raton and they said they can still get in a two day turn for $935 per M. She also said that she hadn't heard anything about a freeze....hmmmm then, confusion set in...lol
Hearing about a freeze in buying and selling NID at US banks including Chase, by the 16th of May....then resume business on it in a few days....I'm told that they are having meetings on it as we speak and I also heard that it could be the end for the 25k bills...FWIW...just being a parrot...lol
Hearing about a freeze in buying and selling NID at US banks including Chase, by the 16th of May....then resume business on it in a few days....I'm told that they are having meetings on it as we speak and I also heard that it could be the end for the 25k bills...FWIW...just being a parrot...lol
HMIT steady climb on news
.038 NICE
Up now to .035....nobody interested???? lol
HMIT news
Hidalgo Mining International (HMIT) Announces Start of Production Plan, as President and Personnel Leave for West Africa
55 minutes ago - Market Wire
Related Companies
Symbol Last %Chg
HMIT 0.03 7.14%
As of 9:51 AM ET 5/15/08
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, N.Y., announced today that an additional four key personnel left two weeks ago for West Africa and are currently on Hidalgo's property in Guinea to begin phase one of the production plan.
Mark Daniel Klok, President of HMIT, stated from on location in Guinea: "The Company has completed nearly all necessary infrastructure repairs required to successfully transport the Alaskan 50 yard per hour processing plant to the mining location to begin production. The second shipment of equipment, which includes a D-8H, a Cat 950 front-end loader, a 50 ton Hyster trailer, a Kenworth tractor truck, a 150 kw 3 phase generator, a scrubber, and a Western Star dump truck, has now cleared customs and is currently being moved to our location in Guinea. I am with Mr. William Ross, Jr., Mr. Robert Howie, and Mr. David Herrera here, in Guinea, to oversee the upcoming operations. Additionally, Mr. Francisco de Assis Dias, Mr. Anderson Napomuceno, and Mr. Abracos Gerson will soon be joining our group from Brazil to assist with the implementation of the excavation and processing plan. Based upon previous testing and sampling there are several alluvial mining blocks that are expected to have grades ranging from 1 - 8 grams per yard, equaling approximately $28 US per gram (with gold prices above $900 US). If we were to run the plant at full capacity, 50 yards per hour, the monthly gross income would be approximately $672,000 at one gram per yard and $5,376,000 US per month at eight grams per yard (running a double shift, 20 hour day and figuring 24 days of production a month). The purpose of this first phase is to help quantify what grade production should consistently yield and to help quantify and determine the next phase of larger scale production. According to a Yahoo! industry snapshot of over 80 Gold Mining Companies, the industry average trades at over 24 times earnings. Attaching a multiple of this nature, on the low end of anticipated production, would give Hidalgo a market capitalization of well over $100 million."
Klok went on to state: "Additionally, our team of mining specialists and industry insiders from all over the world plan to work tirelessly to ensure that our operation is running aggressively in order to stockpile gravel before the rainy season begins; and therefore be able to continue production throughout the rainy season. I would like to continue to thank all of our shareholders for their continued support in our long-term efforts in building a world-class junior mining company."
ABOUT HIDALGO MINING INTERNATIONAL
Hidalgo Mining International (PINKSHEETS: HMIT), an innovative mining company headquartered in Port Washington, NY, strives to increase shareholder value, while implementing aggressive plans to continue targeting near term mining production projects on a global scale. HMIT's management, directors, and advisors hold an abundance of experience and knowledge to implement expansion in this rapidly growing industry.
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Announcement No.(1166)
D.G. of Foreign Exchange Control
The 1166 daily currency auction was held in the Central Bank of Iraq day Thuresday 2008/5/15 so the results were as follows :
Details Notes
Number of banks13-----
Auction price selling dinar / US $1199-----
Auction price buying dinar / US $----------
Amount sold at auction price (US $)47.210.000-----
Amount purchased at Auction price (US $) -----
Total offers for buying (US $)47.210.000-----
Total offers for selling (US $)----------
A slight decline to buy the dollar at an auction the Central Bank of Iraq
BAGHDAD - Iraq votes 14 / 05 / 2008 at 14:59:33
Demand fell slightly to buy the dollar at an auction the Central Bank of Iraq at a meeting Wednesday, recording total volume of demand reached 134 million and 965 thousand dollars against 157 million and 795 thousand dollars at a meeting Tuesday.
The auction received a special bulletin of the Independent News Agency (Voices of Iraq) a copy of which was that "the demand distributed by 6 million and 935 thousand dollars in cash, 127 million and 760 thousand dollars in the form of remittances outside the country covered by the bank in full at a rate of 1200 dinars."
The bulletin "did not make any of the 16 banks participating in the auction offers to sell the dollar."
He said the Yasiri, one dealing with the auction told (Voices of Iraq) on Wednesday that "demand continues to decline despite high levels and great contrast to the beginning of the week's meeting, which was low and recorded declines in trading volumes; However, the rise during the last two meetings kept the borders of demand."
Yasiri pointed out that "the demand for cash under the same level unchanged and that is striking is the disappearance of auction sales presentations for the first time two weeks ago witnessed the meetings this week and last bids for auction sale."
He said economic expert, Dr. Juma Al-Ani (Voices of Iraq) that "voices rose in the recent period of criticism hardline policy of the Central Bank of Iraq and calls for the bank to abandon its policy of supporting the exchange rate of the dinar Iraqi without finding practical alternatives to absorb inflation and keep pace with the decline in world price of the dollar."
Ani added that"supporting the Iraqi dinar price at the expense of the U.S. dollar is a practical and balanced policy of far-reaching beyond the immediate absorption of inflation and extends to future years assuming that the Iraqi economy after the setbacks would be overcome significant economies in the region must be based on the strong local currency."
He explained, "if left things as they are for the most difficult economic conditions in the absence of effective local alternatives to imported at all levels."
The expert said the economic and industrial Sadiq Abdul Razzaq to "stabilize the exchange rate reflected a positive way to restore confidence to the Iraqi market and raise the value of trading in the auction through the roof of the high transfer outside the country against mass uptake of the local monetary market to offset the amount raised in government spending."
His sincere, "fluctuation in the exchange rate gives an unstable atmosphere and the image blurred on the feasibility of selling and conversion reason a lot of trading to wait and think before buying and selling and creating Save."
For his part, Uday between Shabib Rustum's banking office in Baghdad that "the U.S. dollar exchange rate amounted Stock Exchange today 1221,400 while the purchase price amounted to 1218 dinars."
He pointed out that the sale price of office hit 1225 dinars and the purchase price 1215 with a margin of five points higher and lower, explaining that the bourses Harthiya, witnessing an increasing struggle and Exchange Kazimiya average circulation.
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Political pressure to transfer Iraqi oil law to parliament before the end of this month
14-05-2008
Political pressure to transfer Iraqi oil law to parliament before the end of this month
Kurdistan province announced the discovery of oil fields reserve was two billion barrels
London: Mena Laaribi
After 15 months of the approval of the Iraqi Council of Ministers a draft law of Iraqi oil, remained at a standstill law. The Iraqi sources said that there are responsible political pressure Interior to sell oil bill in parliament before the end of this month to move the file, which is still teetering between different political blocs and differences the Iraqi Oil Ministry and the Kurdistan Regional Government. The efforts in Baghdad to involve the parliament in resolving the subject of oil whilst the Kurdistan region by announcing the discovery of oil fields with the oil reserve was two billion barrels. Sources close to the Iraqi oil file that there is a major issue obstacles to reaching agreement among various political factions, the first issue of contracting and contracting powers, and secondly, the nature of management of oil. While demanding the opening of the Kurdistan Alliance Management-oil private sector to develop it, you want to, inter alia, the Dawa Party and the Accord Front to keep making oil in central Baghdad and through the national oil company. An Iraqi official asked the Middle East non-disclosure of her identity, that there is political pressure to speed up the first reading of the bill in the House of Representatives. It is noteworthy that the issuance of petroleum law is an essential objective for the recovery of the Iraqi economy, which will discuss details at the meeting of the International Covenant with Iraq in Stockholm on May 29 (May) Sunday. He said the Iraqi deputy Fuad Massoum told Middle East that there is a semi-final return version of the bill in February (February) last agreed upon by all parties that participate in the government were timely, including Sadrist bloc and the existing Iraqi Accord Front, and ratified It . He added: We expect to discuss a draft law in Parliament this month and before the start of the parliamentary recess. The official source pointed out that the Iraqi government is trying to pay the petroleum industry forward through actions partial for the maintenance of the oil sector but not live up to the required level does not meet the need because of disruption of Iraqi petroleum law and the absence of a legal framework it. He added that the government was aware of the need to pass a law on oil to begin investing in the oil sector and its development.
It is noteworthy that Iraq is now a group of oil service contracts short-term value of each to about 500 million dollars. For its part, the Kurdistan Regional Government continue to make in the field of oil under the law of the Kurdish oil endorsed by the Kurdish Parliament summer 2007. The Minister of natural resources in the Kurdistan Regional Government Leste Horami last night «discovery of three new oil fields in the province down its reserves of up to two billion barrels. He added that the value of foreign investments in Kurdistan would be 10 billion dollars, and will be until the end of this year's completion of refineries card 40 thousand barrels a day, and work is under way to complete refineries others. As the minister pointed out to explore three new oil fields in Kurdistan working for the ministry, and expected to hit oil production in Kurdistan during the four or five years coming to a million barrels a day, thus reinforcing the general revenues of Iraq and Kurdistan by about 35 billion dollars. He stressed that the Attorney infallible Kurdistan Regional Government is not in isolation from Iraq and this income is part of general imports to Iraq. He said Horami front of the Kurdish Parliament: many in Baghdad want to cross the new law to delete those words contained in the articles and paragraphs of the Constitution and by the territorial Government whereby using its powers in the field of oil. The oil production actually began in the province after drilling the first wells in the region of Zakho in November (November) 2005 by the company De or that Norwegian. Middle East
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SPNG news ...adding here
SPNG news...adding
Experts : the Iraqi inflation is " real " and the declared decrease is just " an illusion "
BAGHDAD - Iraq votes 13 / 05 / 2008 at 23:32:14
Iraqis may economist alarm before the substantial rise in commodity prices, and described some of the figures stated low inflation rates as mere "They" For the purposes of "propaganda", adding that monetary policy did not come to fight fruit, but focused for a group of "speculators" because of lack of understanding Of the type of inflation in Iraq.
Economic researcher Hossam Osama describe figures and indicators of inflation in Iraq as "delusional" and said the Independent News Agency (Voices of Iraq) that "there are significant and imposed imaginary figures to reduce the so-called indicators of inflation in the country."
He noted that these figures ", two contradictory adopted in measuring indicators, namely: the Central Agency for Statistics and Information Technology, the Central Bank of Iraq."
He gives an example that Osama PCBS "says that the rate of inflation (17%), while the bank says it (12%) only."
His "but things on the ground say the high prices, without action CBE bear any effect on the reduction, or even identified, it ranged in place."
He attributed the economic researcher that the "basis of procedures the Central Bank, are believed to be firm, is more lenient in dealing with the market," believing that reducing the dollar Central "was in favour of traders, who not only few of them (speculators) forcibly seize the benefits of lower Rise in the dollar against the dinar, but increased prices of imported make the market movement in Iraq generally ravaged the ambitions of seminars and parasitic totals speculators in the market. "
He stressed the need Sam to be a "binding controls for those who benefit from the reduction in the dollar," believing that the central bank "totally neglected the follow-up procedures to reduce the dollar, traders need to commit certain price limits which weighs upon the consumer, and therefore does not call to drive the market Currently contexts random played its role in raising the wondrous indicators of inflation in the domestic market. "
For his part, the President of the Economic Studies Department (Institute of the Arab world),'s Mustansiriyah University in Baghdad, believed "the absence of a clear economic policy in Iraq," considering what is happening now is merely "a set of ideas will be applied."
He said Section Chief, Dr. Abdul Rahman told scenery (Voices of Iraq) that "each country's specific policy and action plans are mostly for the next five years or extend medium-(10 - 15) years, with paint developed countries for their economic and twenty five years to come."
The scene that "not having the Iraqi economy, representative branches in the financial, monetary, economic and clear approach led to a continuous rise in prices", pointing out that the Central Bank "to take a deflationary policy to reduce inflation."
He added that this approach was a "real fallacy, because of inflation in Iraq is real inflation, not considered critical as the Central Bank, which is due to increased demand for goods and services with a shortage of supply."
He pointed to insufficient local production "that does not constitute a significant proportion of demand for commodities in the market, while covering the demand through imported goods, which led to a global food crisis move quickly to the inside because of strong link between the Iraqi market and abroad, because most consumption Local imported goods. This means that inflation exists in Iraq is not inflation cash, but real. "
The economic expert said that everything pointed to him "a sign of the failure of monetary policy in the face of what inflation think critically, with reduced interest rates (18%), however, there has been no change in the rates of inflation, but the opposite happened, where inflation rates started to escalate, Contrary to the rumours that they fell to (17%), which is for the purpose of propaganda media. "
The scene shown on the view that the Central Bank "to take measurements of the year (1993) on the basis of comparisons with the rates of inflation last year, a measure is absolutely not true," and believes that the bank "has two choices, either to re-rate the base year, or adopt last year As a base. "
He attributed this "different ratios rates, as it in general (1993) basic materials involved in inflation rates differ from existing articles, as are the citizens is essential and timely access to foodstuffs, with an issue of access to oil derivatives (which constituted Only 3% of income) is the most important citizen today. "
The scene concludes by saying: "This means that those results declared invalid, and their objective information."
The teaching and economic researcher Ta `Hilal, sees the inflation" was in previous decades, but the kind currently disagree. "
He said Ta `l (Voices of Iraq) that inflation" was, in previous decades, inflation fully. B counted as a turning year's events (2003) and the openness of the Iraqi market to the outside, the kind known as a depression, where there is stagnation and inflation at the same time. "
The economic researcher shows that Iraq "is currently facing three types of inflation, I: increased aggregate demand for goods is very large, without a parallel with the presentation of insufficient domestic production to him, which led to resort to importing from abroad."
He adds "as well as an inflated cost, due to higher fuel prices due to enter Iraq in agreement with the IMF and World Bank."
The researcher that the third type of inflation, which obstruct the Iraqi economy now is "imported inflation, due to open its borders to foreign goods, and the abolition of customs tariffs and replaced by a tax called (ages fee) or (5%) only, which led to Goods entering poor "to the Iraqi markets.
He concluded by saying that Ta `modern" All these reasons combined, led to increased rates of inflation in Iraq, as we see now. "
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