Kamis, Juli 31, 2008

Ministerial plan to develop Iraqi ports

The Iraqi Ministry of Planning and Development Cooperation has taken several procedures to develop the potential of Iraqi ports and increase their productivity, the general director of the transport and communications department in the ministry said.

The ministry has supplied ports with electricity generators and cranes, according to a statement received by Aswat al-Iraq ­- Voices of Iraq - (VOI), quoting the department's general director, Emad Hamza Mohammed.

The establishment of service facilities, roads and squares and the negotiation of contracts with investment companies to give their advice on the organization and development of work have also been part of the procedures, the statement noted.

58 projects to be carried out soon in Basra

Basra's provincial council has thus far referred 58 projects to local companies and contractors at a total cost of nearly $25.25 million, a council member said on Thursday.

"A total of 58 projects have been referred thus far to local firms and contractors to be carried out in different parts of Basra under a strategic plan developed for the province…," Hamed al-Dhalimi told Aswat al-Iraq - Voices of Iraq ­- (VOI).

In 2008, the Iraqi government allocated 366 billion Iraqi dinars for provincial development projects in Basra province, of which over 34 billion (1 U.S. dollar = 1155.5 Iraqi dinars) was earmarked for the municipalities department.

The Shiite province of Basra lies 590 km south of the Iraqi capital Baghdad.
(Voices of Iraq)

More ships arrive at Basra port

Basra's port of Umm Qasr on Thursday received three cargo ships, the public relations and media director at the State Company for Iraqi Ports said.

"Today, Umm Qasr Port received three ships from Sierra Leone, Jordan and Panama, carrying varied cargos," Abdul Kareem al-Basri told Aswat al-Iraq - Voices of Iraq - (VOI).

The Shiite province of Basra, 590 km south of the Iraqi capital Baghdad, has five commercial ports and two oil ports: al-Maaqal, established in 1916 by the British forces and handed over to Iraqi authorities in 1937; and Faw, a small port on the al-Faw Peninsula near the Shatt al-Arab and the Persian Gulf.

In the early 1970s, Umm al-Qasr port was built, and in 1974, Khour al-Zubeir and Abu Falous ports were established on the Shatt al-Arab.

ISX opens with huge contracts on Thurs

The Iraqi Stock Exchange (ISX) opened its session on Thursday, the last this week, with two contracts, totaling over 10 million shares.

The first contract was concluded by an Iraqi company, which bought 580,517 shares from al-Istithmar Bank at a value of 1.2 Iraqi dinars per share; while the second was concluded by a foreign company, which bought 10 million shares from the same bank at a value of 1.15 Iraqi dinars (1 U.S. dollar = 1155.5 Iraqi dinars) per share.

The Iraqi Stock Exchange, established under Law No. 74 of the year 2004, held its first session on June 24, 2004. The stock market holds three sessions a week: Sunday, Tuesday, and Thursday.

(Voices of Iraq)

Rain water drainage network in Basra

A network has been set up in Basra province to dispose of rain water in a project touted as the first of its kind in the country since the U.S.-led invasion in 2003.

"The project, which was wrapped up on Thursday, has been designed to dispose of rain water in the areas of Hay al-Hussein, al-Wanbi, Shat al-Turk, and al-Jamiyat," an official from the development and construction committee in Basra's provincial council, Ghali Najm Matar, told Aswat al-Iraq - Voices of Iraq - (VOI).

Three stations working at a capacity of 3,000 cubic meters each have been installed to pull water, in addition to two other spare stations and electricity generators, Matar explained.

The total cost of the project, which took almost a year, was $3 million, financed by the U.S. Engineers Corps, he added.

The Shiite province of Basra, 590 km south of the Iraqi capital Baghdad, had an estimated metropolitan population of 2,300,000 in 2008. Basra is the cradle of the first civilization of Sumer. It has the seven main Iraqi ports. The first built in Islam 14 A.H. (After Hegira), the city played an important role in early Islamic history. The area surrounding Basra has substantial petroleum resources and many oil wells. The city's oil refinery has a production capacity of about 140,000 barrels per day (bpd). Basra is in a fertile agricultural region, with major products including rice, maize corn, barley, pearl millet, wheat and dates as well as livestock. A network of canals flowed through the city, giving it the nickname "The Venice of the Middle East" at least at high tide.

(Voices of Iraq)

ISX index slightly higher

Iraq's Stock Exchange (ISX) index went up slightly by 0.063 percent to settle at 38.045 points at the closing of Thursday's session, the second this week.

Traded shares in Thursday's session exceeded 1.765 billion by 31 companies by implementing 380 contracts.

Non-Iraqi investors participated by implementing 63 contracts.

According to the daily analysis of the capital market, 31 companies were traded in Thursday's session out of 95 companies registered in Iraq's stock exchange, of which nine indexes went up, seven dropped, and 15 maintained their previous price.

The Iraqi Stock Exchange, established under Law No. 74 of the year 2004, held its first session on June 24, 2004. The stock market normally holds three sessions a week: Sunday, Tuesday, and Thursday.

(Voices of Iraq)

Rabu, Juli 30, 2008

KRG announces 461 million square foot site for Kurdistan Gas City

Joint venture by Dana Gas and Crescent Petroleum to generate investments of over 40 billion US dollars


The Kurdistan Regional Government (KRG) announced today that a 461 million square foot site for the Kurdistan Gas City has been designated for development by Gas Cities LLC, a joint venture between Dana Gas PJSC, the Middle East's first and largest regional private-sector natural gas company, and its partner Crescent Petroleum, following extensive surveys that have been completed on potential sites within the Kurdistan Region of Iraq.

The groundbreaking ceremony of the Kurdistan Gas City will take place on 21 September in the presence of KRG Prime Minister Nechirvan Barzani, and several ministers, dignitaries and heads of prospective local and international industry leaders.

Kurdistan Gas City is a major new sustainable and synergistic gas-utilisation industrial complex to be built over an area of 461 million square feet, designed to promote private sector investment in a variety of gas-related industries to further benefit the country’s citizens through mass training, job creation in the many tens of thousands, and the promotion of general economic activity.

Kurdistan Gas City will include industrial, residential and commercial components in an integrated city, with an expected initial investment in the basic infrastructure estimated at 3 billion US dollars, preparing the land for possession by prospective residents. This initial investment will in turn facilitate further foreign direct investment exceeding 40 billion dollars (147 billion UAE dirhams) during the operations phase. The Gas City is being structured to hold over 20 varieties of world scale petrochemical and heavy manufacturing plants, and hundreds of small and medium-sized enterprises (SMEs), served by state-of-the art civic facilities.

Prime Minister Barzani: Gas City to create opportunities
Prime Minister Barzani said, “Dana Gas and Crescent Petroleum have made a significant contribution to the Iraqi economy through their work in the Kurdistan Region of Iraq thus far, and the new Kurdistan Gas City will be an extension of the considerable and commendable achievements to date. We highly appreciate their dedication towards our Region and welcome their efforts to support the Iraqi people and the Iraqi economy. Through their professionalism and genuine concern for the community, we are making significant progress in spurring on economic growth and creating opportunities for our people.”

Mr Hamid Jafar, Executive Chairman of Dana Gas, explained the ramifications of this achievement by saying, “The Kurdistan Gas City is an enormous step forward in Dana Gas’ strategy across the Middle East, North Africa and South Asia (MENASA) Region. At this time, we have the KRG and Prime Minister Barzani to thank for welcoming Crescent Petroleum and Dana Gas into the Kurdistan Region of Iraq, as we work towards strengthening the Iraqi economy and bettering the livelihoods of the Iraqi people.”

Kurdistan Gas City is the first in a series of Gas Cities that are being developed across the MENASA region by Gas Cities LLC, a joint venture company that has been established by and between Dana Gas and Crescent Petroleum. Kurdistan Gas City is projected to generate direct and indirect job opportunities for nearly 200,000 Iraqi citizens in infrastructure, industrial projects, support services and other business activities.

Mr Badr Jafar, Chairman of Gas Cities LLC, and Executive Director at Crescent Petroleum, commented on the occasion by saying, “The Kurdistan Gas City is the first in a series of similar gas cities planned for the entire region. Gas Cities LLC, as a new venture dedicated to the introduction and development of this unique concept, are formidable public-private sector partnerships that will generate massive regional and foreign direct investment and unrivalled local opportunities in the communities into which we plan to introduce the Gas City concept.”

Natural gas pipeline and LPG plants near completion

Meanwhile, pursuant to the service agreements signed in April 2007 with the Kurdistan Regional Government, construction is more than 80 percent complete on 180 km of natural gas pipeline and two LPG plants, carried out jointly by Dana Gas and Crescent Petroleum in the Kurdistan Region of Iraq to supply, process and transport natural gas to fuel urgently needed local electricity generation. The project is employing Iraqi contractors, professionals, skilled technicians and labour in phases of construction stages to maximise local content and economic benefit. The entire project is on track for first gas supply of 150 million cubic feet per day in the coming weeks, rising to 300 million cubic feet by early 2009.

The gas supplied to the two new power plants under construction in Erbil and Suleimaniah, will generate 1,250 Mega Watts of electricity, for the benefit of over four million Iraqi citizens in the Kurdistan Region and the rest of Iraq. The project involves a total investment of 650 million US dollars - the largest single private sector investment in Iraq for decades.

As a result of this investment not only will urgently needed gas be supplied to the power plants cost-effectively but it will also result in savings to the Iraqi government’s budget of over 2 billion dollars annually in fuel costs. The project implementation will also provide work opportunities for over 2,000 Iraqi nationals of all ethnic groups, and provide comprehensive training in oil and gas operations for Iraq’s citizens.


Selasa, Juli 29, 2008

Dana Gas and Crescent Petroleum announce establishment of 461 million square feet site for Kurdistan Gas City

Gas Cities LLC, a joint venture between Dana Gas PJSC, the Middle East's first and largest regional private-sector natural gas company, and its partner Crescent Petroleum, announced today that the 461 million square foot site for the Kurdistan Gas City has been officially assigned by the Kurdistan Regional Government (KRG), for development by Gas Cities LLC, following extensive surveys that have been completed on potential sites within the Kurdistan Region of Iraq.

The groundbreaking ceremony of the Kurdistan Gas City will take place on the 21st of September, 2008 in the presence of the Prime Minister of the Kurdistan Regional Government of Iraq, His Excellency Mr. Nechirvan Barzani, and several Ministers, dignitaries and heads of prospective local as well as international industry leaders.

The Kurdistan Gas City is a major new sustainable and synergistic gas-utilization industrial complex to be built over an area of 461 million square feet, designed to promote private sector investment in a variety of gas-related industries to further benefit the country's citizens through mass training, job creation in the many tens of thousands, and the promotion of general economic activity.

The Kurdistan Gas City will include industrial, residential and commercial components in an integrated city, with an expected initial investment in the basic infrastructure estimated at US$3 billion, preparing the land for possession by prospective residents. This initial investment will in turn facilitate further Foreign Direct Investment exceeding $40bn (Dhs147bn) during the operations phase. The Gas City is being structured to hold over 20 varieties of world scale petrochemical and heavy manufacturing plants, and hundreds of Small and Medium-sized Enterprises (SMEs), served by state-of-the art civic facilities.

His Excellency Mr. Nechirvan Barzani, Prime Minister of the Kurdistan Regional Government, said on the occasion,

'Dana Gas and Crescent Petroleum have made a significant contribution to the Iraqi economy through their work in the Kurdistan Region of Iraq thus far, and the new Kurdistan Gas City will be an extension of the considerable and commendable achievements to date. We highly appreciate their dedication towards our region and welcome their efforts to support the Iraqi people and the Iraqi economy. Through their professionalism and genuine concern for the community, we are making significant progress in spurring on economic growth and creating opportunity for our people.'

Hamid Jafar, Executive Chairman of Dana Gas, explained the ramifications of this achievement by saying, 'The Kurdistan Gas City is an enormous step forward in Dana Gas' strategy across the Middle East, North Africa and South Asia (MENASA) Region. At this time, we have the KRG and Prime Minister Barzani to thank for welcoming Crescent Petroleum and Dana Gas into the Kurdistan Region of Iraq, as we work towards strengthening the Iraqi economy and bettering the livelihood of the Iraqi people.'

The Kurdistan Gas City is the first in a series of 'Gas Cities' that are being developed across the Middle East, North Africa and South Asia (MENASA) region by Gas Cities LLC, a joint venture company that has been established by and between Dana Gas and Crescent Petroleum. The Kurdistan Gas City is projected to generate direct and indirect job opportunities for nearly 200,000 Iraqi citizens in infrastructure, industrial projects, support services and other business activities.

Badr Jafar, Chairman of Gas Cities LLC, and Executive Director at Crescent Petroleum, commented on the occasion by saying, 'The Kurdistan Gas City is the first in a series of similar gas cities planned for the entire region. Gas Cities LLC, as a new venture dedicated to the introduction and development of this unique concept, are formidable public-private sector partnerships that will generate massive regional and foreign direct investment and unrivalled local opportunities in the communities into which we plan to introduce the Gas City concept.'

Meanwhile, pursuant to the service agreements signed in April 2007 with the Kurdistan Regional Government, construction is more than 80 percent complete on 180 km of natural gas pipeline and two LPG plants, carried out jointly by Dana Gas and Crescent Petroleum in the Kurdistan Region of Iraq to supply, process and transport natural gas to fuel urgently needed local electricity generation. The project is employing Iraqi contractors, professionals, skilled technicians and labour in phases of construction stages to maximise local content and economic benefit. The entire project is on track for first gas supply of 150 million cubic feet per day in the coming weeks, rising to 300 million cubic feet by early 2009.

The gas supplied to the two new power plants under construction in Erbil and Sulymaniya, will generate 1,250 MW of electricity, for the benefit of over 4 million Iraqi citizens in the Kurdistan Region and the rest of Iraq. The project involves a total investment of $650 million - the largest single private sector investment in Iraq for decades.

As a result of this investment not only will urgently needed gas be supplied to the power plants cost-effectively but it will also result in savings to the Iraqi government's budget of over $2bn annually in fuel costs. The project implementation will also provide work opportunities for over 2,000 Iraqi nationals of all ethnic groups, and provide comprehensive training in oil & gas operations for Iraq's citizens.

(AME Info FZ LLC)


Rabu, Juli 23, 2008

Karbala's mayoralty commences 3 billion Iraqi dinar projects

On Saturday, work commenced to execute frequent projects to develop Karbala's streets and inlets, and to construct entertainment gardens," Majid Naji told Aswat al-Iraq – Voices of Iraq.

"The projects' total cost is 3,240,000,000 iraqi dinars, as part of the 2008 regions' development budget of Karbala's mayoralty," he said.

"Those projects are to be finalized within 10 months," he noted.

The holy city of Karbala lies 110 km southwest of Baghdad. (Source)VOI

United Arab Emirates is abolishing 7 billion Dollars of Iraqi debts

The United States is urging Arab governments to support Iraq and follow the example of Western States in exempting Baghdad from foreign debt amounting to 80 billion dollars.

Thus Washington wants from Arab capitals to establish diplomatic representation at a high level in Iraq.

The United Arab Emirates appointed the new ambassador in Iraq last Sunday in a step alleviate the diplomatic isolation of Baghdad during a visit by Iraqi Prime Minister Nuri al-Maliki.

This step came after the Foreign Minister of United Arab Emirates Sheikh Abdullah Bin Zayed Al Nahyan visited Baghdad in June to become the first foreign minister and one of the Arab Gulf States visiting Baghdad since the US-led invasion in 2003.

Stated the official Emirates news agency (WAM) that the debt owed by Iraq is four billion dollars has been provided at different times. As informed diplomatic source Emirati Reuters that the total amount which will be abolished reported seven billion dollars including interest and arrears.

Stated the President of UAE AlSheikh Khalifa bin Zayed Al Nahyan to (WAM) as saying, "The decision of UAE to cancel debts of Iraq is an expression of the brotherhood and solidarity between the two countries and help the Iraqi Government to implement plans and projects of reconstruction and rehabilitation of various institutions and facilities in Iraq."

From his part Al Maliki welcomed this step; he said it would help his government to "support the process of restoring security and stability in Iraq through the opening horizon for Iraq to get rid of the burdens that weigh its economy and its institutions."

Washington also welcomed the decision of the United Arab Emirates to cancel the Iraqi debt and appointing Ambassador in Baghdad after reopen the Embassy.

Stated Gordon Jondro the White House spokesman in Tokyo, where President George W. Bush attends the summit meeting of Group of Eight "We appreciate that Emirates recognized the secure and prosperous Iraq is in the interest of everyone in the region."

During the past three years about 66.5 billion dollars of Iraq's total debt has been cancelled, which totals 120.2 billion. And Paris Club canceled 42.3 billion dollars of debt, including Russia, which up to 12 billion dollars.

And some states are not members of the Paris Club abolished of $ 8.2 billion as well as commercial creditors cancelled 16 billion dollars.

Saudi Arabia last year promised to cancel 80 percent of Iraq's debts amounting to 15 billion dollars but have not yet done so. As for Kuwait, which Iraq condemns them five ten billion dollars was cancelled nothing yet.

In references to ease the growing diplomatic isolation of the Iraqi capital, Baghdad expects close visit from King of Jordan Abdullah, and Turkish Prime Minister Rajeb Tayyip Erdogan. The King Abdullah will be the first Arabic leader visits Iraq since the invasion.

Mean while Sunni Arab governments are reluctant to establish relations with Baghdad since US-led war to topple Saddam Hussein, when they funded the Iraq war between 1980 and 1988 against Shiite Iran justifying of security conditions and the large influence of Iran.

No ambassador of any Arab country permanently in Iraq since the kidnapping and killing of Egyptian ambassador shortly after his arrival in 2005.

The UAE has withdrawn its ambassador from Baghdad in May 2006 after one of its diplomats kidnapped and detained for approximately two weeks at the hands of Islamic extremists.

The diplomatic representation has maintained a low level since that time, but the appointment of Abdullah Ibrahim Al Shehhi UAE Ambassador in India currently represents a major shift. Also pledged to Saudi Arabia and Bahrain to send ambassador to Iraq but the UAE is the only Arab country which went ahead with this step.

The source said that the Iraqi government agreed to the appointment of Al Shehhi and is waiting final signature of the President of the United Arab Emirates and is not yet clear when he would reach Baghdad. (Source)AlSabah

The Iraqi National Investment is flooded with investor’s new proposals

He added in an interview this week with Reuters and a Lebanese magazine; that that who comes early will get cheap labour, support and many privileges because Iraq needs investors now and opportunities for them will be less later.

Iraq needs huge investments for reconstruction after decades of wars and sanctions.

The statistics of the United Nations show that foreign direct investment in Iraq in 2006 did not exceed 272 million dollars.

Redha said that the proposals have been made to include huge housing and tourism projects from Gulf investors in the city of Najaf, sacred to Shiites.

He added that the security situation improved more than 90 percent this year, which encouraged Iraq to invite investors.

The body which was founded in December to grant licenses of investment and set rules for the implementation of projects in Iraq. It covers all sectors from the oil and gas to insurance and banks.

Redha said that the Authority so far granted licenses worth 418 million U.S. dollars, which is partly due to the need for further documentation with respect to certain projects and also because of difficulties in land allocation.

He continued by saying that the proposals presented by a mixture of Iraqis and foreign investors who some of them had cooperated in projects. He added that investors can overcome the Commission to conclude an agreement but that will deprive them from incentives such as tax cuts of up to ten years.

Recently many businessmen delegations visited Iraq from South Korea, Japan and Germany. Redha said that the Arab Gulf States are particularly interested in investment in Iraq.

He said that the scheme of Najaf was submitted by a Kuwaiti company named Al Aquila for investment, includes the setting up of 200 thousand new housing units, schools, medical facilities and industrial island in Lake of Najaf.

The representative of the company in Kuwait informed Reuters that Al Aqila submitted a proposal regarding the project would cost several billion dollars.

Redha added that companies such as Hyundai and Kia South Koreans considering building factories in Iraq.

He said that as long as there are no obstacles to the export from Iraq to any country, it is better to Iraq aimed to manufacture and export abroad.

The Ministry of Defense has promised to protect any project obtained a license to invest.

However, there is another source of concern is the legal and regulatory framework.

But Redha stated that the investment law approved in 2006 has a priority in the application of any other law is inconsistent with making it the main guide to potential investors.

He pointed out that the law granting Iraqi investors and others many privileges. He said that the Iraqi economy was a socialist for 50 years where the government buys and sells, imports and exports everything, but now Iraq has turned into a free economy. (Source)AlSabah

MULAI HARI JUM'AT TANGGAL 14 NOV 2008, KAMI MEMBUKA LAYANAN PEMBELIAN DINAR IRAQ

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