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coooool :)
Oil minister heads for Switzerland to attend Davos economic forum
Oil minister heads for Switzerland to attend Davos economic forum
VOI - [1/22/2008]
Iraqi Oil Minister Hussein al-Shahrestani left Iraq on Tuesday afternoon headed for the small ski resort town of Davos, Switzerland, to take part in the 2008 World Economic Forum's annual meeting.
"The minister will join Iraqi Deputy Prime Minister Burham Saleh, who is in Davos to take part in the forum, which will kicked off on Wednesday and will continue until next Sunday," a source from the cabinet, who asked to remain anonymous, said.
"Saleh will deliver Iraq's word in the meeting, in which he will focus on the current economic and security developments in the country," he added.
For his part, the official spokesman for the Oil Ministry Essam Jihad told the VOI "after the Davos meeting, al-Shahrestani will make for Brussels to attend an Iraqi-European economic forum, where he will meet with a number of the EU officials."
"The forum, scheduled for Jan 31, will discuss a number of economic issues between Iraq and the EU," Jihad highlighted.
"The minister's multi-leg tour will end in Vienna, where he will attend the OPEC meeting next month," he also said.
Add this to the oil and natural gas natural gas, now what will the future dinar value be??? C'MON DINAR! Make us welathy!!!
******posted at another board******
http://www.usaid.gov/iraq/accomplishments/agri.html
Agriculture
Agriculture is Iraq's largest employer, the second largest contributor to GDP, and an effective engine for promoting stability through private sector development, poverty reduction, and food security. The revival of a dynamic, market-driven agricultural sector will strengthen private business, increase income and employment opportunities, and help meet the food requirements of the Iraqi people. From 2003 through the fall of 2006, USAID's Agriculture Reconstruction and Development Program for Iraq (ARDI) restored veterinary clinics, introduced improved cereal grain varieties, repaired agricultural equipment, and trained farmers and ministry staff. USAID recently initiated a new agriculture program, Inma. The new program will extend the production improvements made by ARDI by working at the provincial level to support the development of agribusinesses and agricultural markets, improving farmer livelihoods. Inma will Complement USAID's other economic growth programs.
INMA: REVITALIZING IRAQ'S AGRIBUSINESS SECTOR
Complementing USAID's other economic growth programs, USAID's new agriculture program, Inma, will work in the provinces to support the development of agribusinesses and agricultural markets, improving farmer livelihoods and energizing Iraq's single largest source of employment and second largest value sector. Valued at $343 million, Inma is a three-year project with two one-year option periods.
Meaning "growth" in Arabic, Inma will help build meaningful linkages between farmers, agribusinesses, financial services, and domestic and international markets. Technical advisors will support national and local government agencies as they adapt to the rapidly evolving legal, regulatory, and public service needs of a free market economy. By promoting public-private partnerships and dialogue, Inma will stimulate local and national policy-making that underpins free market economic growth.
Helping Iraqis transform local economies, Inma will work in close coordination with Provincial Reconstruction Teams and other provincial initiatives on the development of agribusinesses and value-added processing. Specifically, Inma will:
Improve agricultural quality and productivity. Inma will train farmers on modern technical practices to achieve better yields for their crops and more productive livestock.
Restore soil and water management systems. Program efforts will also support farmers as they restore poorly functioning drainage facilities and improve irrigation practices.
Increase the competitiveness of Iraqi agribusinesses. Inma will assist Iraqis as they improve food grades and standards for sanitary and phytosanitary certification protocols, inspection procedures, and compliance criteria.
Increase domestic and foreign partnerships. Inma advisors will support the Iraqi private sector as it establishes needed linkages with foreign enterprises and international markets.
THE AGRICULTURE RECONSTRUCTION AND DEVELOPMENT PROGRAM, 2003-2006
From 2003 through the fall of 2006, USAID's Agriculture Reconstruction and Development Program for Iraq (ARDI) restored veterinary clinics, introduced improved cereal grain varieties, repaired agricultural equipment, and trained farmers and ministry staff.
Food Security. Iraq currently imports almost $3 billion in food commodities annually. USAID programs help are helping to expand production of wheat, the most costly component of the Public Distribution System food basket, to minimize food imports. Already, efforts on select Iraqi farms have doubled wheat production, from 0.8 metric tons per hectare (MT/ha) to between 1.5 and 2.0 MT/ha. Over 360 crop demonstrations nationwide have introduced farmers to improved production technologies for wheat, barley, rice, and maize.
Private Sector Development. Decades of conflict and mismanagement have resulted in a severe lack of functioning agricultural machinery. USAID programs repaired thousands of Iraq's tractor and combine harvester fleet. The nationwide program established networks of trained technicians to support continued maintenance.
Poverty Reduction. Development and growth of the agricultural sector, currently employing 25 percent of the Iraqi workforce, will reduce poverty and improve household incomes. USAID supports the development of high value crops like date palms, tomatoes, and olives. In the south, USAID worked with impoverished farmers to improve broad-bean production; in the north, vulnerable groups are participated in workshops on beekeeping, a traditionally profitable business. USAID-sponsored date palm nurseries across 13 governorates will produce 410,000 offshoots annually, eventually contributing $40 million to the Iraqi economy annually.
Livestock. Livestock improvement programs benefited the poorest sectors of society. USAID renovated 70 veterinary clinics and provided training across Iraq, benefiting over 180,000 breeders. Fertility treatments increased water buffalo herds by 20 percent. USAID assisted farmers to expand domestic feed grain production to revitalize the domestic poultry industry, previously a major source of income.
Irrigation. Over half the irrigated area in southern Iraq is affected by water-logging and salinity, diminishing crop production and farmer incomes. USAID and the Ministry of Agriculture (MoA) worked to establish an integrated soil-water-crop management approach, including demonstrations illustrating efficient water use. USAID also assisted Iraqi ministries in preparing a National Water Strategy to manage water allocation, storage capacity, hydro-dam reservoirs, and flood control.
__________________
interesting post from another board...nice scenario
Here is what I think we may see in the next 10 days to two weeks:
#1] The rumors have it that several high(est) ranking
political leaders in Iraq will be "resigning" very soon.
It seems their pro-USA and pro-democracy/pro-Iraq replacements have already gotten the nod. Watch for it.
#2] With the old hindering politicians removed, watch for a
quick passage of the ALL-IMPORTANT HCL (Hydro Carbon Law). This law guarantees IN WRITING EVERY Iraqi citizen a share of Iraq's massive oil and gas royalties.
#3] Watch for the Dinar supply to "dry up"!~ Personally, I
think that BEFORE the peg occurs, you will not be able to buy Dinar ANYWHERE. Once the supply circulation is gone, I think the CBI will peg the Dinar. The "rate" will be irrelevant. Why? Because whether it pegs at 10 cents or $3.30, you still won't be able to buy it...at any price...or exchange it.
Perhaps the private owners will have a feeding frenzy on Ebay? I can't say. But the brokers and dealers won't be selling it even if they have it....with news of a peg? Forget about it!
Here's a possible scenario: Dinar's dried up. Pegs at a Dollar.
However, the banks are not yet authorized to exchange the Dinar. Maybe two or three days pass with the rate in a free fall.... 90 cents, next day 80 cents, then the CBI allows us to exchange. Can you imagine the STAMPEDE of horrified Dinar owners going to the banks to cash out!? I hope you are NOT one of these folks!
Still can't buy Dinar. But you can get yo sef $50,000 per
million Dinar (chump change)....and many will take the bait!
So Iraq redeems several TRILLION Dinar back from nervous
speculators. The wise ones just wait and sit it out (like us!)
Once Iraq is happy with trillions back in their hands, the
REAL fun begins!
I think they will jack the rate up to a $3+ overnight or allow
a gradual and aggressive float up to $3.30 or more! Then, they will again release the Dinar for sale at the new high peg rate. AND, buyers will be waiting in line to buy it....convinced that the Dinar will continue its run!
Don't underestimate these Arab guys. We are not dealing
with Bedouin camel dealers here! They have been coached and prepared by our USA political and economic leaders. All we are watching has been strategized down to the minutest detail!
My plan is to cash in 10 - 25% of my holdings once it pegs.... anything a penny or more will see me doing this. I will then wait for all the smoke to clear and sell at lest half of my remainder at the new higher Peg. I may keep 10% or so just to let it ride up to the expected $3+ rate. We shall see.
NOTE: Beware of real or fabricated "Crisis news" designed to
scare newbie Dinar owners out of their profits. Don't do it!
Again, this is all speculative. But, who knows? Watch and
see.
WOWZA lots of flatulence....lol
OLD BUT NOW RELEVANT...Shell Eyes Developing Iraqi Gas Fields - Iraqi Official by Hassan Hafidh Dow Jones Newswires Tuesday, March 13, 2007
Mar 13, 2007 (Dow Jones Newswires)
Royal Dutch Shell PLC (RDSA) has expressed its willingness to the Iraqi government to invest in Iraq's gas fields and to set up a pipeline that would connect these gas fields to Europe via Turkey, a senior Iraqi oil official said Tuesday.
"There are attempts by Shell to open talks with the Iraqi government to develop Iraq's vast gas fields," the senior official at the Iraqi Oil Ministry told Dow Jones Newswires.
He said that Shell held serious talks with Iraq on development of gas fields during the government of former Iraqi prime minister Ayad Allawi. "Now the company is trying to revive these talks."
Iraq, which has proven natural gas reserves of 3.15 trillion cubic meters, had a daily natural gas production of 1.164 billion cubic feet, of which 60% was flared.
Shell also wants to connect Iraq's gas fields to Europe, through setting up a new pipeline that would run parallel to an existing oil pipeline from Iraq's Kirkuk to Ceyhan on Turkey's Mediterranean coast, he said.
The Iraqi oil official said some European countries held a meeting recently in Syria to look at alternative sources of gas to those from the former Soviet Union, and Iraq attended that meeting.
Iraq, which has proven natural gas reserves of 3.15 trillion cubic meters, had a daily natural gas production of 1.164 billion cubic feet a day and 60 percent of that was flared.
Shell's move comes following the Iraqi cabinet's recent approval of a draft oil and gas law that regulates how foreign companies would be able to invest in the country's vast oil and gas reserves that could be as much as 115 billion barrels. To become a law, it needs to be approved by parliament.
Iraqi oil officials have identified seven gas fields earmarked for development: Akkas (Western Desert- Anbar province), Mansuria (Diyala province), Kormor (Salahidden province), Jeria Pika (Diyala), Khashem Ahmer (Diyala), Siba (Basra), and Chemchemal (Suleimaniya and Kirkuk). Since 2005, Shell has been helping draw up a natural gas master plan for Iraq, the official said. It has been also working on technical studies on the Maysan oil field in the south and the large Kirkuk field in the north. Copyright (c) 2007 Dow Jones & Company, Inc.
http://www.bloomberg.com/apps/news?p...Q&refer=energy
post I found...How will they support a $1.00 or more revalue with only 12 billion in reserves.
--------------------------------------------------------------------------------
The International Comunity is offering the International Compact for Iraq
and the United States has been the driving force behind the debt forgiveness of the Paris Club and the War Reparations paid to Kuwait.
Since the US has a vested interest in seeing a Stable Iraq that can influence foreign Policy in the region I think the will be using Exchange Stabilization Fund of the US Treasury.
U.S. Treasury - Exchange Stabilization Fund
The bottom section of how the Esf operates is what needs to be read.
How much money can the US Spend on defending the Iraqi Dinars exchange rate?
http://www.treas.gov/offices/interna...ent_082006.pdf
As you can see there is alot of money in this fund.
You must also ask your self why was it so important that the secretary of the treasury attend all the meeting about Iraq?
Henry Paulson has done so.
My whole point bringing all this up about Marshall Plan is that there will be a high revalue in order to bring Iraq in line with other western friendly oil producing Nations. Its going to defy logic on how they can do such a high revalue with just 12 billion in reserves. The International Comunity especially the ones that forgave the debt will see that this happens.
The passing of the Fil is proof.
Iraqi inflation falls to lowest in over 17 years
--------------------------------------------------------------------------------
Mon Jan 21, 2008 11:26am EST
BAGHDAD (Reuters) - Annual inflation in Iraq has fallen dramatically, hitting 12 percent in December 2007, compared with 65 percent a year earlier, the central bank said in a statement seen on Monday.
"This positive and encouraging trend in the annual inflation levels has not been achieved in the country for more than 17 years," the bank said.
"This improvement ... if it continues, indicates a new course for monetary policy, a less strict one, in the coming period, but on condition that state expenditure maintains a high level of discipline," it said.
The central bank has pursued a policy of raising the value of the dinar against the dollar, helping to lower monthly inflation.
The dominance of the dollar has been a problem for the bank, which cannot curb inflation with traditional tools to control the domestic money supply as most of the country's commerce is handled in dollars.
In December it was forced to issue a statement denying it planned to revalue the dinar quickly after rumors of such a move sparked buying of the currency.
The International Monetary Fund forecast last week that high oil production would push Iraq's gross domestic product growth to over 7 percent in 2008 and 2009, from just 1.3 percent in 2007.
Iraq's economy has been battered by decades of war and sanctions that have fuelled high unemployment and low growth. But along with higher oil prices, business is booming in the country's more stable northern Kurdistan region.
http://www.reuters.com/article/world...15465320080121
Look at this table....
"DATE" "TIME" ".IQD CHLO 1 Month" "High" "Low" "Open"
12/13/07 23:59:58 1212.199951 1212.699951 1210.500000 1212.199951
12/14/07 23:59:58 1212.199951 1212.199951 1211.000000 1212.199951
12/17/07 23:59:58 1212.199951 1212.199951 1210.500000 1210.500000
12/18/07 23:59:58 1212.199951 1212.199951 1210.500000 1212.199951
12/19/07 23:59:58 1212.199951 1212.199951 1212.199951 1212.199951
12/20/07 23:59:58 1212.199951 1212.199951 1212.199951 1212.199951
12/21/07 23:59:58 1212.099976 1212.199951 1211.000000 1212.199951
12/24/07 23:59:58 1212.099976 1212.099976 1211.599976 1212.099976
12/26/07 23:59:58 1212.099976 1212.099976 1210.000000 1212.099976
12/27/07 23:59:58 1212.099976 1212.099976 1210.500000 1212.099976
12/28/07 23:59:58 1212.099976 1212.099976 1210.000000 1212.099976
12/31/07 23:59:58 1211.099976 1212.099976 1209.500000 1212.099976
1/02/08 23:59:58 1211.099976 1211.099976 1209.500000 1211.099976
1/03/08 23:59:58 1210.800049 1211.099976 1209.500000 1211.099976
1/04/08 23:59:58 1211.099976 1211.099976 1209.500000 1211.099976
1/07/08 23:59:58 1210.500000 1211.099976 1209.500000 1211.099976
1/08/08 23:59:58 1210.900024 1212.000000 1209.500000 1211.099976
1/09/08 23:59:58 1210.900024 1210.900024 1210.000000 1210.900024
1/10/08 23:59:58 1211.099976 1211.099976 1209.500000 1210.900024
1/11/08 23:59:58 1211.099976 1211.099976 1210.500000 1211.099976
1/14/08 23:59:58 1210.900024 1210.900024 1209.500000 1209.500000
1/15/08 23:59:58 1210.099976 1210.900024 1210.099976 1210.900024
1/16/08 23:59:58 1210.099976 1210.099976 1210.099976 1210.099976
1/17/08 23:59:58 1209.599976 1210.099976 1209.599976 1210.099976
1/18/08 23:59:58 1200.000000 1209.800049 1200.000000 1209.800049
It's delayed 20 mins but says IQD 1200.00 now
Anyone else use Market Browser for currency?
This is COOOOOOL......
According to the U.S. Energy Department's data arm, the Energy Information Administration, Iraq has the world's third-largest oil reserves at 115 billion barrels. But Iraq is mostly unexplored, and experts believe there's at least twice as much oil to be found.
http://www.iraqupdates.com/p_articles.php/article/26166
Iraq raises price of crude exports to America in February
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16 January 2008 (Iraq Directory)
Print article Send to friend
An Iraqi oil official said on Monday that Iraq is raising the official price of exports of Basrah light crude for loading next February to consumers in the United States, to be equal to the price of Texas Intermediate crude minus $6.65 of the price of Texas Intermediate crude minus $9.05 in January. As for customers in Europe, the price of Basrah light crude for loading in February settled on the average prices of Brent, Fortes, Osberg and Ekovsk ( B.F.O.E) minus $5.10 unchanged from January, and for Asian customers the loading price in February settled on the average prices of Oman and Dubai crude minus $1.50 unchanged from January.
The official also said that the selling price of Kirkuk crude to be loaded in February will be decided within days.
http://www.iraqupdates.com/p_articles.php/article/26239
thx Bob
sweeeeet...thx Rasica
I bought some Dong when it was at 1630ish 20m we'll see.
Gulf to revalue currencies by April
--------------------------------------------------------------------------------
Gulf Arab oil producers could revalue their currencies together if the US dollar weakens further, with appreciations of 8% in the UAE dirham and Saudi riyal likely before April, Standard Chartered said on Wednesday.
Markets piled pressure on Gulf currencies last year as speculation mounted that more GCC countries would follow Kuwait and abandon links to the weak dollar partly to curb imported inflation. Kuwait ditched the peg in May.
"It seems likely that GCC countries will maintain their dollar pegs," Standard Chartered said in a note on Wednesday. "However, if we see further dollar weakness against the majors a coordinated revaluation by the GCC is possible," it said.
http://www.arabianbusiness.com/50838...by-april?ln=en
AFFN nice recovery...now gooooooooo
AFFN nice recovery...now gooooooooo
Nice news!!!
http://www.iraqupdates.com/p_articles.php/article/26321
IMF sees Iraq economy, oil output recovering
--------------------------------------------------------------------------------
18 January 2008 (Forbes)
Print article Send to friend
Iraq's economy is expected to find stability in 2008-2009 despite political and security problems as oil production recovers and the government moves ahead with reforms, the IMF said.
Mohsin Khan, director of the International Monetary Fund's Middle East and Central Asia department, said that Iraqi gross domestic product (GDP) growth would likely top seven percent this year and hold between 7 and 8 pct in 2009.
Oil production, which accounts for 70 pct of the war-ravaged country's GDP activity, is expected to increase 'at least' by 200,000 barrels per day (bpd) in 2008, he said in a news teleconference.
The IMF estimates Iraq produced two million bpd in 2006-2007.
Khan said the IMF's full-year 2007 forecast of 1.3 pct GDP growth for Iraq was based on non-oil data from the first six months and probably will be revised upward.
'There was an improvement in economic activity' in the second half of the year with an improvement in security, he said, citing 'anecdotal' evidence.
Oil production picked up in the fourth quarter and retail services are improving, he said.
'We're expecting a significant jump in growth,' he said.
__________________
why depress over recess when Dinar could make you excess? lol
From CIA website....
Balance of Payments/Exchange Rates:The Balance of Payments (BoP) is an account of all transactions between one country and all other countries—transactions that are measured in terms of receipts and payments. From the US perspective, a receipt represents any dollars flowing into the country or any transaction that require the exchange of foreign currency into dollars. A payment represents dollars flowing out of the country or any transaction that requires the conversion of dollars into some other currency. The CBI Department of Research and Statistics provided statistics on Iraq’s Balance of Payments, which are summarized (Figures 14 and 15).
Exchange rates are important during these transactions because they represent the linkage between one country and its partners in the global economy. Exchange rates affect the relative price of goods being traded (exports and imports), the valuation of assets, and the yield on those assets. The CBI pegged its official rate between $3 to 3.38 per dinar in the 1970s. The last official exchange rate of $3.11 per dinar was set in 1982. During the 1970s the official and market rates generally corresponded and by 1980 the country had $35 billion in foreign exchange reserves. Because of the war with Iran that figure had fallen to $2 billion by 1987. The currency depreciated rapidly in the unofficial market during the Iraq-Iran war and after the first Gulf War the pace of depreciation increased further. During 1997 to 2003, the exchange rate fluctuated between 1500 -2000ID per $1 and was fairly steady at about 1950 ID to $1 in recent years. Although the Regime did not alter the official exchange rate after 1983, it acknowledged the rate differential in 1999 by allowing state run banks to exchange hard currency at the rate of 2000 ID to $1.According to the statistical bulletin published by CBI (Figure 16) the numbers projected by sources in the US are consistent, with numbers reported internally. It is important to note that the validity and reliability of the data provided by CBI has not yet been evaluated.
It,s a post from investorsiraq.com / www.imf.org
INTERESTING POST FROM ANOTHER BOARD....
Dramatic changes to Iraq's currency holding position as of Dec. 31,2007. It seems there has been a large reduction of currency on account. A reduction from 1,314,412,991 million SDR to 1,017,312,580 million SDR.
So whats significant about the change?
A reduction of NID on deposit at the IMF of 22.60% in the currency holdings account to the tune of 360.085 billion NID. The zeroing out of the CVA accounts from previous levels since 2004, which had the effect of increasing the holdings account as of Nov. 31, 2007 to 1,314,412,991 million SDR. Now with the Dec. 31, 2007 amount of 1,017,312,580 million SDR, there has been a reduction if 290,100,000 SDR.
Again with Kudo's to common-sence does that 290,100,000 SDR look familiar, well do you all remember the press release from the IMF in Dec. that stated that Iraq had payed back it's loan in full and actually paid it early? Well that is the exact amount of the original SBA post conflict agreement began in 2004.
It seems that providing that Iraq doesn't actually use the current SBA of 475 million SDR, then at some point the current holdings account will reduce from 1,017,312,580 SDR to 541,972,580 SDR within a couple of million SDR from pre-conflict levels.
So, going out on a limb here!, I believe we will soon see a rapid appreciation of the NID at the CBI auctions to correct the imbalance or the yet to be posted increase of the xchange rate at the IMF of 22.60%. Remember the new xchange rate will not be posted until Apr. 30, 2008 unless the IMF moves to, or the CBI requests a change in par value before then.
So to shorten things up, If the CBI is performing to IMF requirements then the NID should move at the CBI 333.94 pips to correct the imbalance bringing the rate to 881 in the first qtr. 2008. IMO!!
Iraq stops cooperation wilth oil firms that signed deals with the Kurds
--------------------------------------------------------------------------------
[January 17, 2008]
Iraq stops cooperation with oil firms that signed deals with Kurds
(Associated Press WorldStream Via Thomson Dialog NewsEdge)
BAGDHAD_The Iraqi Oil Ministry has decided to stop cooperating with international oil companies participating in production-sharing contracts with the Kurdish regional administration in northern Iraq, an official said Thursday.
The decision is considered a first step toward implementing the ministry's threats to blacklist and exclude these companies from any future deals with Baghdad if they refuse to abandon their oil deals with the self-ruling Kurdish government.
Four companies are thought to have agreements with both Oil Ministry and with Kurdistan: the United Arab Emirates' Crescent, Canada's Western Oil Sands and Heritage Oil, India's Reliance Industries and Austria's OMV.
The Kurds are a key group within the national governing coalition and have been Washington's most reliable allies in Iraq. Since the ouster of Saddam Hussein they have forged a close relationship with the majority Shiites.
But assertive acts by the Kurds, such as the refusal to fly the Iraqi national flag in the region, have irritated the Shiite-dominated government in Baghdad as well as Sunni Arabs. Many see such gestures and the recent oil deals as a threat to the country's national unity.
The Oil Ministry's decision came days after 145 Iraqi Arab lawmakers from rival sects joined forces to criticize what they claim is overreaching by the Kurds, alleging the powerful U.S.-backed minority's go-it-alone style threatens national unity. They took issue with Kurdish ambitions in the disputed northern city of Kirkuk and in negotiating deals with foreign oil companies without involving the central government.
With the national oil and gas law stuck in dispute between the Kurds and Arab leaders over who has the final say in managing oil and gas fields, the Kurds have signed 15 production-sharing contracts with 20 international oil companies. The Oil Ministry considers those contracts illegal.
As of Dec. 31, the Oil Ministry ended South Korea's SK Energy's term contract to import Basra crude oil because it refused to abandon its exploration project in Kurdistan as part of a consortium led by the state-run Korea National Oil Corp.
Another aspect of cooperation being halted is the one-year memorandums of understanding the ministry has signed with about 40 international oil companies since 2004, including the four believed to have signed oil deals with the Kurdish regional administration.
Under these memorandums, which are up for renewal every year, companies offer the Oil Ministry free technical support for specific oil and gas fields and some provide training for ministry staff.
In return, the ministry provides data on the fields for which it was seeking help, though these memorandums are not considered a commitment to awarding these fields to the companies in the future.
"They will be canceled as well," added the official, who spoke on condition of anonymity because he was not authorized to release information to media.
Last year, the Iraqi-owned, UAE-based Crescent signed a series of deals with Kurdistan through subsidiary Dana Gas.
Canada's Heritage Oil signed a deal with Kurdistan last October for the Miran Block in Sulaimaniyah province. Western Oil Sands is working on three structures in Kurdistan's Zagros Fold Belt, under an agreement signed in mid-2006 and ratified in March.
Another production-sharing contract was signed last November between Reliance and the Kurdish regional government for the Rovi and Sarta Blocks through Dubai-based subsidiary Reliance Exploration and Production.
Also in November, Austria's OMV signed similar contracts for the Mala Omar and Shorish Blocks in the Irbil area.
http://www.tmcnet.com/usubmit/-iraq-...17/3215765.htm
AFFN .16'S GOING OFF NOW
AFFN .16's going off
but I have a piano...will they take it?...lol
GCC Single currency delay - official report
--------------------------------------------------------------------------------
is this good for us or bad for us???
The 2010 deadline for the GCC monetary union and single currency looks set to be pushed back as Gulf Arab states struggle to meet monetary and economic requirements, according to an official report.
Despite Gulf leaders publicly sticking to the deadline at the GCC summit in December, the report seen by UAE daily Emirates Business 24/7 reveals that finance ministers had told their heads of state they would not be ready by 2010.
According to the report, which the newspaper said was labelled “classified document”, GCC leaders have asked ministers and central bank governors to come up with a new date and timeframe for establishing a monetary union and single currency.
http://www.arabianbusiness.com/50849...l-report?ln=en
IMF expects significant growth of the Iraqi economy
Said Mohsin Khan, Director of the Middle East and Central Asia, the IMF is expected to grow GDP in Iraq rose by 7% in 2008, and continue growth rate of 7 or 8% in 2009.
However, Khan said in a press conference in Washington that "this is of course dependent on the expansion of oil production, and an improvement in the security situation."
Khan explained that he expects to increase oil production, which represents approximately 70% of the income of Iraq, with 20 thousand barrels a day at least through in 2008.
According to IMF estimates, the average production of oil from Iraq amounted to some two million barrels per day during the period from 2006 to 2007.
Khan pointed out that the improvement of the security situation in Iraq in the second half of 2007 led to a rise in economic activity. He also pointed to the increase in oil production during the last quarter of 2007, a trend expected to continue in 2008.
"Best picture"
On the other hand, said United Nations envoy to Iraq, Staffan de Mistura, that will a positive image of progress in Iraq in his report to the Security Council.
He added in an interview with Reuters news agency, "we at the beginning in 2007, concerned about the fact because of the weakness of progress on the national dialogue, but now the situation has changed fundamentally."
He constructed in his government's efforts in supporting the Iraqi political reconciliation.
According to BBC correspondent in Baghdad Johnny Diamond that the statements issued by officials of the United Nations and the IMF on Iraq reflects what is, compared to Iraq, improvement in the situation.
He adds BBC correspondent that the law allows for some former Baath Party officials to work in the army and government departments contributed to the optimism on the situation in Iraq.
Economic progress
The IMF agreed to extend credit facilities in Iraq by about 744 million dollars in December 19, 2007, after a week of the Iraq repay debts worth 471 million dollars before the date of maturity.
The improvement was due to the repayment ability of Iraq to increase oil prices to hit Iraq's oil revenues in 2007 about 27 billion dollars compared to 20 billion dollars in 2006.
Khan praised the economic progress achieved by Iraq in the last period, which included strengthening the role of the Central Bank, and the restructuring of State-owned banks, reducing inflation, which reached 65% in 2006.
Khan explained that the price index in Iraq showed increased by about 4% only during the period from January to November 2006.
ا
However, Khan stressed the need for international support for Iraq, particularly in the area of security.
http://72.14.203.104/translate_c?hl=...px%3Fid%3D5366
AFFN Makin a little noise now
AFFN makin a little noise here
RDYM....holding very well
RDYM back to .24
RDYM flying go baby
RDYM sweeeeeeeeeeeeeeet
I don't know...third base? lmao
Good explanation....geez...and fast....lol
as Johnny Carson would say "I didn't know that".....
Unless I missed the memo: A 1 dollar bill is a promissary note against 1 dollar worth of Gold...So if you look at it that way, isn't a dollar worth way more than years ago because of gold prices? lmao....I think not...