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Bank Sentral Iraq Meningkatkan Nilai Dinar Secara Bertahap

2009-01-04T06:16:00.002+07:00

The Central Bank of Iraq is Raising the Value of Dinar Gradually

The volume of total demand for the dollar declined at the sessions of Iraqi Central Bank last week, to close at $ 655 million, compared with more than 796 million achieved in the previous week, while the exchange rate had stabilized at 1172 dinars to the dollar.

The Consultant at the Iraqi central bank, Mudhir Mohamed Saleh, said that the bank's policy in its auction for the sale of foreign currencies, "focus on stabilizing the exchange rate and strengthen the Iraqi dinar against the dollar, to face inflationary pressures which in our view that the exchange rate the most important". It is the policy of the central bank to raise the value of dinar gradually.

The average daily demand increased last week at 163.8 million dollars, which is higher than the highest rates achieved in the last period, as the third quarter of this year, the rate of 150 million dollars at each session.

The Central Bank of Iraq "reduced the interest rate to 14 percent rather than 15 percent".

( Iraq Directory )

Ulasan Singkat dari Paragraf Utama :

Kurang lebih kalau saya terjemahkan secara bebas adalah sebagai berikut :

Bank Sentral Iraq Meningkatkan Nilai Dinar Secara Bertahap

Konsultan Bank Sentral Iraq, Mudhir Mohamed Saleh, menyatakan bahwa kebijakan bank dalam lelangnya untuk Penjualan Valuta Asing, "Fokus dalam menstabilkan nilai tukar dan memperkuat Dinar Iraq terhadap dollar untuk menghadapi tekanan inflasi dimana menurut kami bahwa memperkuat nilai tukar Dinar Iraq adalah hal yang paling penting".

Adalah kebijakan Bank Sentral Iraq untuk meningkatkan nilai Dinar Iraq secara bertahap.

( Iraq Directory, 4 January 2009 )

Analisa dari saya :

Iraq sebagai negara Net Importir (negara yang memiliki ketergantungan yang sangat besar terhadap barang impor sehingga hampir seluruh kebutuhannya di impor).

Hampir semua barang yang di impor mereka bayar dengan mata uang dollar.

Kalau nilai mata uang dinar melemah terhadap dollar maka yang terjadi didalam negeri adalah inflasi / melambungnya harga barang dipasaran yang menyebabkan warga miskin & penderitaan semakin bertambah.

Dan kalau nilai mata uang dinar menguat terhadap dollar maka yang terjadi didalam negeri adalah tekanan inflasi akan berkurang.
Itulah mengapa Iraq menggenjot Ekspor minyaknya semaksimal mungkin.
Karena minyaknya dibayar dengan $.

Dan hampir satu2nya cara adalah dengan mengekspor minyak sebagai sumber devisa terbesar & membuat cadangan devisa mereka dalam bentuk US$ berlimpah.
Dengan demikian nilai US$ diharapkan akan melemah karena oversupply.

Namun demikian Pemerintahan Iraq tidak perlu khawatir dengan Cadangan Minyaknya yang terbukti no 3 terbesar di dunia. Itu yang membuat kita semua optimis bahwa Nilai Mata Uang Dinar Iraq akan bisa kembali seperti sedia kala atau minimal sama dengan nilai Dollar.

Yang kita harapkan agar semua itu bisa terjadi adalah Kedamaian sejati di iraq agar Iraq bisa membangun kembali bangsanya & yang paing penting Iraq dapat terus menjaga keamanan produksi minyaknya sehingga bisa terus menghasilkan dollar untuk memperkuat nilai mata uang yang mereka miliki.

Demikian analisa fundamental ekonomi Iraq secara Makro yang bisa saya sampaikan. Terima kasih.

Ibu Ita Arianto. (PH. 081330893103)
http://importir-dinar-iraq.blogspot.com
email: ummu_harits@yahoo.co.id

IMF Menyatakan Iraq Sukses Dalam Semua Komitmennya

2008-12-24T21:17:00.001+07:00

The IMF Confirms That Iraq Succeeded in All Its Commitments

The Finance Minister Bayan Jabr said the IMF Executive has finished its Board meeting and confirmed the success of Iraq in all its obligations under the supporting Convention.

Al-Zubaidi stated on Friday, the IMF decided to further reduction of twenty percent of the 30 billion dollars of Iraq's debt, and this news confirms the success of the Ministry of Finance in its plan to strengthen the Iraqi economy and resolve the issue of Iraq's foreign debt, which strengthens Economic stability in Iraq.

( Iraq Directory )

Rencana Ekonomi Untuk Mengakhiri Perang Iraq

2008-12-19T21:25:00.001+07:00

The Economic Plan to End the Iraq War

"Peace cannot be kept by force; it can only be achieved by understanding." - Albert Einstein

After the U.S. deposed Saddam Hussein, the Sunni Arabs lost control of the government, the military, and the economy. Majority rule put a Shiite-Kurd coalition in charge, relegating Sunni Arabs to a third-tier cultural, economic and political status. From the Sunni Arab point of view, the situation has only worsened since Iraqi Prime Minister Nuri al-Maliki, a strict Shiite sectarian, has further increased his power as a result of the "Surge."

Stability and a lessening of violence cannot be fostered under sectarian rule that ignores the economic and political aspirations of Sunni Arabs. Many Sunnis resist a regional solution because most of the developed sources of oil and gas revenue come from lands occupied by Shiites and Kurds, in the south and north.

What is too often overlooked is that significant sources of untapped oil and gas wealth, some 100 billion barrels of oil, according to the U.S. energy consultancy IHS Inc, exist in Iraq's Western Desert in the Sunni Arab province of al-Anbar. Extraction cost for the oil is estimated as low as $1.50/barrel, among the lowest in the world. A recent book, The Geology of Iraq, written by 16 geologists with firsthand knowledge of the geology of Iraq, is more conservative but still estimates substantial resources in the region. The book's chief author is the internationally known geologist, Dr. Saad Z. Jassim.

Both the Shiites in the south and the Kurds in the north have viable oil economies, a source of wealth which the Sunni Arabs currently lack. Development of oil and gas along with self rule and the prospect of significant revenue from their own oil and gas fields could well be the enticement for the majority of Sunni Arabs to cease their efforts to destabilize an Iraq in which they feel they no longer have a stake.

Such a plan could well receive the support of a majority of Kurds and Shiites, who are attempting to focus on their own prosperity and development after years of upheaval and violence. Indeed, a majority of Kurds, as well as the prominent Shiite group, the Islamic Supreme Council of Iraq (ISCI), have long supported a federal solution.

Success, however, requires an economic rationale. For Sunni Arabs the carrot is the development of oil and gas projects pursued under the ownership of the Sunni Arab Tribal Confederation, the principal Sunni political alliance in Iraq. Such a project also provides Sunni insurgent groups with a major incentive to cease violent attacks against oil and gas pipelines and other targets which are seen as only enriching Shiites and Kurds.

Oil wealth has transformed the quality of life for Kurds, who already enjoy de facto autonomy. They currently negotiate contracts with foreign firms who develop and operate their oil fields and are in negotiation with the Maliki government to sell their oil independently.

In the interest of promoting stability in the region, the U.S. and other nations must pressure Maliki to allow the Sunnis to benefit from revenues generated by such development. Start up funds could come from agencies such as the United Nations Capital Development Fund, or development could be opened to competitive bidding by international or Mideast oil companies.

The benefits of developing oil and gas for the benefit of Sunni Arabs in their own lands would be felt throughout the world. The symbolism of the Sunni Arab Tribal Confederation negotiating oil and gas contracts would stamp out a major piece of anti-American propaganda -- that the U.S. is only in Iraq to secure oil. In the short run, the fledgling Sunni Arab economy would be buoyed by investment and jobs. Transportation of the oil and gas -- which could easily tap into an extensive Turkish energy grid -- could increase energy supplies to Europe, which is suffering under Russia's energy chokehold.

Success of such a plan will only be achieved when Arab Sunnis witness that oil and gas revenues are benefiting the lives of the native Sunni population. Local development in Sunni lands would be a major blow to al-Qaeda in Iraq, whose best recruiting tool has been unemployment, dislocation, despair and resentment. There is less violence and a greater willingness to coexist among people who see the possibility of a better and more prosperous future.

( AINA )

Pembangunan Ekonomi di Iraq Th 2008 "Menggairahkan" Menurut Review Ekonomi Negara itu Oleh IMF

2008-12-19T21:19:00.002+07:00

Economic development in Iraq in 2008 has been "encouraging" according to a review of the country's economy by the International Monetary Fund (IMF).

Improved security and a more stable political environment mean economic activity has "picked up" on the back of increased oil production and exports.

IMF deputy managing director Takatoshi Kato said the authorities had kept the economic programme "on track".

But the IMF warned that the sharp drop in the price of oil may stall progress.

Oil is now more than $100 a barrel cheaper than it was in July this year.

Continued efforts to stimulate economic growth depend "on continued improvements in the security situation and prioritisation in the use of lower oil revenues", Mr Kato said.

Oil revenue in 2009 would be much lower than in 2008, he added.

To compensate, the Iraqi government has already prepared measures to reduce spending next year.

Mr Kato also called on the government to "step up the pace of structural reforms," and to complete a regulatory framework for commercial banks.

"Further efforts are required to strengthen governance and fight corruption, in particular in the hydrocarbon sector," he added.

On Wednesday, Prime Minister Gordon Brown announced that improvements in security meant that UK troops would be withdrawn from Iraq by July 2009.

( BBC News )

IMF Membatalkan 80% Hutang Luar Negeri Iraq

2008-12-18T21:29:00.000+07:00

IMF Cancels 80% of Iraq’s Foreign Debts

The International Monetary Fund (IMF) has decided to write off 80 percent of Iraq’s foreign debts, the Central Bank of Iraq (CBI) said on Thursday.

During its meeting, dated December 17, the Executive Board of the International Monetary Fund completed the second review of Iraq’s economic performance under the Stand-By Arrangement (SBA), according to a CBI statement received by Aswat al-Iraq.

Describing economic developments in Iraq as encouraging, the board has decided to bring the total of cancelled debts to 80 percent, the statement noted.

The bank has expressed its great relief at the cancelation of over $100 billion U.S. dollars of Iraq’s external debts as a result of successful economic policies.

The Paris Club had written off 60 percent of Iraq’s foreign debts under the first SBA agreement, which expired in December 2007.

( Voices of Iraq )

Iraq akan Membangun Terminal Minyak Lepas Pantai di Basra

2008-12-09T06:19:00.000+07:00

Iraq plans to build a new offshore oil terminal in Basra, in addition to reviving the existing facilities, a former official says.

Former Iraqi Oil Minister, Thamir Ghadhban told MEED that the country is considering several options as part of an assessment program of the country's energy infrastructure in Basra province.

"We have a plan to rehabilitate the existing facilities and also expand," Ghadhban said. "By carrying out these plans, we will have more than enough capacity to serve the country."

Iraq tries to revive its oil and gas industry and build new oil refineries as well as improving its ageing infrastructure.

Iraq produces 2.5 million barrels of oil per day, most of which is exported.

The country has the world's third-largest known oil reserves, but war, regular sabotage attacks by insurgents and old infrastructure has created problems for the sector.

( Press TV )

Perusahaan Korsel Investasi 30M US$ di Ninewa

2008-12-08T06:32:00.000+07:00

S. Korean Companies to Invest $30b. in Ninewa

The investment authority in Ninewa has signed contracts worth $30 billion U.S. dollars with South Korean companies to conduct investment projects in the province.

“The projects are in the fields of industry, agriculture, electricity, and oil,” Ninewa Governor Darid Kashmoula told Aswat al-Iraq.

“Contacts are currently underway between the authority and Croatian companies to establish services compounds at the border outlet in Rabia, western Mosul,” he added.

Mosul, the capital city of Ninewa, lies 405 km north of Baghdad.

The original city of Mosul stands on the west bank of the Tigris River, opposite the ancient biblical city of Nineveh on the east bank, but the metropolitan area has now grown to encompass substantial areas on both banks, with five bridges linking the two sides.

Despite having an amount of Kurdish population, it does not form part of the area controlled by the Kurdistan Regional Government (KRG).

( Voices of Iraq )

Penyulingan Minyak Senilai 4 Milyar $ Akan Dibuat di Missan

2008-12-06T17:22:00.001+07:00

$4B Oil Refinery to Be Set Up in Missan

The Iraqi Ministry of Oil is planning to build a new oil refinery in Missan province at a cost of $4 million U.S. dollars, Missan’s mayor said on Wednesday.

“During the coming few days, the Ministry of Oil will sign a contract for the establishment of a refinery with a capacity of 150,000 barrel per day (bpd),” Adel Mahodar told Aswat al-Iraq, noting that the completion period is 18 months.

“The project will be referred to the cabinet for approval given the high cost of the project,” the mayor explained.

Missan is a Shiite province. Its capital city is al-Amara. Sitting on the Tigris River, Amara lies 390 km south of Baghdad. Missan, in the east of the country, bordering Iran, is home to many marsh Arabs.

( Voices of Iraq )

Penyulingan Minyak Senilai 4 Milyar $ Akan Dibuat di Missan

2008-12-06T17:22:00.000+07:00

$4B Oil Refinery to Be Set Up in Missan

The Iraqi Ministry of Oil is planning to build a new oil refinery in Missan province at a cost of $4 million U.S. dollars, Missan’s mayor said on Wednesday.

“The project will be referred to the cabinet for approval given the high cost of the project,” the mayor explained.

( Voices of Iraq )

Japan Nipon Oil Membicarakan Penyulingan Minyak Iraq 5-10 M US$

2008-12-05T06:24:00.001+07:00

Japan Nippon Oil in Talks on $5-10 Bln Iraq Refinery

Japan's Nippon Oil Exploration is in talks with the Iraqi government on the construction of an oil refinery worth $5-10 billion and investment in oil exploration for the same amount, a company official said on Friday.

"We submitted a proposal and still discussion is ongoing," Ryunosuke Onogi, an executive and general manager at the company, which is a member of the Nippon Oil (5001.T: Quote, Profile, Research, Stock Buzz) group, told Reuters at an energy conference in Baghdad.

"The construction of the refinery (would cost) about $5-10 billion. Probably the size of the (oil exploration) investment is the same upstream and downstream," Onogi said.

Iraq's cabinet last month approved the construction of two new oil refineries, with a total capacity of 300,000 barrels per day (bpd). Iraq is also planning to build two other refineries, with a total capacity of 450,000 bpd. The refineries' output would be aimed at both the domestic and international markets.

Existing refineries have been crippled by years of sanctions, under-investment and insurgent attacks.

( Reuters )

Iraq Menyetujui Pembangunan Dua Penyulingan Minyak Baru

2008-11-30T17:15:00.000+07:00

Iraq OKs Construction of Two New Oil Refineries

By Wisam Mohammed

Iraq's cabinet has approved the construction of two new oil refineries with a total capacity of 300,000 barrels per day, Iraq's Oil Ministry spokesman said on Sunday.

One of the refineries is to be located in northern Kirkuk province and the other in southern Maysan province, spokesman Asim Jihad told Reuters, adding that both had a capacity of 150,000 bpd.

A company has already been chosen to build the Kirkuk refinery, but Jihad declined to name the firm. A company has not yet been chosen to build the Maysan plant.

Firms had also not been chosen for two previously announced refineries -- one 300,000 bpd plant in Nassiriya province and the other a 150,000 bpd plant in Kerbala, both in Iraq's south.

All are open to foreign investment in partnership with the Iraqi government, except the Nassiriya refinery which is open to full foreign investment.

"These steps will satisfy our oil product needs," Jihad said, adding that some of the refineries' output are earmarked for export to neighboring countries.

Iraq has a severe shortage of motor fuel, despite sitting on the world's third-largest proven reserves of oil. Existing refineries have suffered from years of sanctions, under-investment and insurgent attacks.

( Reuters )

Iraq Mengekspor 53 juta Barrel Dalam Sebulan

2008-11-28T17:18:00.000+07:00

Iraq Had Exported 53 Million Barrels Within a Month

The Oil Ministry's spokesman Asim Jihad, declared in an interview with Al-Hayat paper, that Iraqi oil exports amounted to 52.8 million barrels a total value of 3.11 billion U.S. dollars in (October) the past. The average selling price of crude oil of 58.9 dollars per barrel.

He added that the amount of crude oil exports from Basra (via the ports of Basra and Khor al-Amaya located on the Arabian Gulf), amounted to 42.9 million barrels, worth 2.5 billion dollars, in quantities of oil exports from Kirkuk (via the Turkish port of Ceyhan on the Mediterranean) 9.9 million barrels, worth 603 Million, were distributed among 22 international companies.

The member of « Oil and Gas Commission » in Parliament Abdul Hadi al-Hassani, clarified that the emigration of qualified staff which Iraq suffered lately led to the deterioration of the oil sector and the low efficiency of the technical work. He attributed it resorts to contracts with international oil companies to the need for advanced technology in this sector and for much better investment.

And about the performance of the Iraqi oil ministry, He said that each Ministry has its parameters to set frameworks and work strategies, the good governance and how to use the proceeds to the development of financial work. He added: «the investment budget that devoted to the oil sector is still under the required level, we need an investment budget not operational». He stated that the reasons for the decline of the sector's performance due to hidden unemployment, and bureaucratic work in opening credits, which are an impediment to the government oil companies, and the oil port unprepared for export and the pipelines are obsolete. He called for «interest in addressing these imbalances in order to attract international companies to invest in Iraq».

The «Reuters» agency quoted to the Turkish (Anatolia )semi-official agency, that the flow of Iraqi oil through Kirkuk - Ceyhan pipeline to Turkey resumed yesterday, after extinguishing a fire broke out because of an attack by rebels from the PKKA Party in the province of Mardin in southeastern Turkey.

( Iraq Directory )

Pendapatan Minyak pada Bulan Oktober Melebihi 3 Milliar US Dollar

2008-11-25T12:58:00.001+07:00

Oil Revenues in October Exceed $3B

Iraq’s oil revenues in October 2008 have exceeded $3 billion, an official spokesperson for the Ministry of Oil said on Monday.

“Last month, the ministry exported 58.902 million barrels of oil through its northern and southern outlets,” Aasem Jihad told Aswat al-Iraq.

A total of 22 international companies from the United States, Asia, Europe, Jordan and Morocco were the importers, he added.

( Voices of Iraq )

Obama Bersumpah Untuk Keluar Dari Iraq

2008-11-18T05:06:00.002+07:00

US President-elect is determined to crush Al-Qaeda in Afghanistan, shut down Guantanamo Bay camp.

President-elect Barack Obama vowed to pull troops out of Iraq, crush Al-Qaeda in Afghanistan and shut down the Guantanamo Bay camp as part of a dramatic foreign policy break with George W. Bush.

Repairing the stricken US economy will be priority number one, even at the cost of still-bigger budget deficits, Obama said in his first major post-election interview broadcast on CBS program "60 Minutes" late Sunday.

Following his election triumph of November 4, Obama said at least one Republican would be in his cabinet and confirmed that he had met former Democratic primary rival Hillary Clinton last week.

But the president-elect refused to comment on speculation linking the former first lady to the job of secretary of state.

The man who will be the first black US president is accelerating his transition to inauguration day, resigning his Senate seat Sunday and appointing three more top aides to serve in his White House once he succeeds Bush.

As soon as that happens on January 20, Obama said, "I will call in the Joint Chiefs of Staff, my national security apparatus, and we will start executing a plan that draws down our troops" from Iraq.

"Particularly in light of the problems that we're having in Afghanistan, which has continued to worsen. We've got to shore up those efforts," Obama said in the interview, which was taped Friday.

On the campaign trail, Obama vowed to pull one or two combat brigades out of Iraq every month until after 16 months, only a residual security force of unspecified size remains. Some of those brigades would head to Afghanistan.

He told CBS that "it is a top priority for us to stamp out Al-Qaeda once and for all" and that killing or capturing the group's mastermind Osama bin Laden was "critical" to US security.

Obama pledged to tackle controversial offshoots of Bush's "war on terror" -- the US military's internment camp at Guantanamo Bay, Cuba, and harsh interrogations of captured terror suspects.

"I have said repeatedly that I intend to close Guantanamo, and I will follow through on that," the president-elect said.

"I have said repeatedly that America doesn't torture. And I'm going to make sure that we don't torture. Those are part and parcel of an effort to regain America's moral stature in the world," Obama added.

But he did not elaborate on where the Guantanamo prisoners would be taken, whether they would be transferred to civilian custody in the United States itself, put on trial, or released.

A command to redeploy troops out of Iraq or shut down Guantanamo could be done in short order under Obama's presidential prerogatives, and he is expected to reverse a slew of other contentious "executive orders" signed by Bush.

Obama said that in Congress, his first legislative priority was getting another stimulus package passed to prop up the enfeebled economy, if Democrats in the outgoing legislature fail to overcome Republican opposition.

As already shown in excerpts released by CBS, Obama said it would be a "disaster" for the government to stand by and let the cash-strapped General Motors and the auto industry in general collapse.

In line with the outcome of a summit Saturday of the world's 20 biggest economies, the president-elect said forging new regulation of the financial markets was essential to restoring the trust of consumers.

Obama appeared unconcerned about the red ink blotting the US government's finances, arguing economists from left and right agreed that "we have to do whatever it takes to get this economy moving again."

"And that we shouldn't worry about the deficit next year or even the year after. That short term, the most important thing is that we avoid a deepening recession," he said.

Joined by his wife Michelle in the interview, Obama said their two young daughters would get their promised dog, and expressed hope that Michelle's mother Marian Robinson would move in with them at their new residence.

Obama, a gifted writer who has authored two best-selling memoirs, turned wistful as he anticipated life in the White House fishbowl.

"That's something that I don't think I'll ever get used to. I mean, the loss of anonymity," he said. "And this is not a complaint, this is part of what you sign up for."

( Middle East Online )

Penyulingan Minyak 10000 Barrel Per Hari dibuka di Dewaniya

2008-11-16T05:32:00.003+07:00

Refinery Produces 10 000 B/d Opened in Dewaniya

Oil minister, Hussein Shehristani, opened Dewaniya oil refinery that its primary production capacity mounts 10 thousand b/d to add two units that produce 20 thousand b/d at near future.

At the same time, Finance minister, Baqer Jabr, declared that Iraq seeks multiplication to its oil exports by triple within 10 years through investing $ 2 billion at this sector in the next year and this goal requires holding negotiations with foreign companies to develop the oil infrastructure.

( Al-Sabaah )

Refinery Produces 10 000 B/d Opened in Dewaniya

2008-11-16T04:39:00.000+07:00

Oil minister, Hussein Shehristani, opened Dewaniya oil refinery that its primary production capacity mounts 10 thousand b/d to add two units that produce 20 thousand b/d at near future.

( Al-Sabaah )

Iraq Opens New Oil Refinery to Meet Growing Demand

2008-11-15T04:40:00.000+07:00

Iraq has opened a new oil refinery in the southern province of Qadisiyah to meet increasing demand.

The refinery's senior engineer, Hussam Ali Jalmod, says the refinery opened Friday and will start producing in the next few days.

He says the plant's initial capacity is 10,000 barrels per day. It plans to double that by mid-2009.

Iraq has the world's third-largest oil reserves, totaling 115 billion barrels. But it suffers acute refinery shortages following years of U.N. sanctions and war.

The country currently refines just over 400,000 barrels per day at three main refineries and handful of smaller ones.

Qadisiyah province is 80 miles, or 130 kilometers, south of Baghdad.

( Associated Press )

$2 Billion Iraq Plan to Boost Crude Production

2008-11-14T09:52:00.000+07:00

Iraq aims to triple oil exports to six million barrels per day (bpd) in 10 years, earmarking $2 billion to start increasing capacity. "We are allocating about $2bn to the Oil Ministry in the next year's budget to start increasing capacity in this sector," Finance Minister Baqer Jabr Solagh said.

"From my view, we need to increase our exports at least to what they were in the 1980s, when we exported 3.4m barrels a day," he said.

Current production stands at some 2.4m bpd, of which 2m are exported.

Solagh pointed out that the oil industry's infrastructure and technology are woefully inadequate, however, and that the aid of foreign companies will be necessary if it is to achieve its goals.

"My view is that we have to deal with international companies, Europeans and Americans, and the others, because our technology... is still old, maybe dating back to the 1970s, as well as the equipment," he said.

"For that I think Iraq needs the help of the international oil companies to enter Iraq and do investment" either through revenue-sharing deals, or simple payment for service.

One such arrangement was concluded on Monday, when Iraq and China National Petroleum Corporation (CNPC) signed a $3bn deal to develop Al Ahdab oilfield in Wasit province for 23 years.

Production is expected to reach 25,000 bpd in the first three years and expand to 115,000 bpd in six years.

While output from the field will be exported, a portion of it will be used to fuel power generation stations nearby to alleviate electricity shortages, it added.

China won the rights to Al Ahdab in a 1997 deal then valued at $700 million, but activities were suspended because of UN sanctions and subsequent security issues following the US-led invasion in 2003.

Baghdad said earlier it had managed to change the previous joint venture contract into a mere service agreement, under which CNPC would charge a service fee of $6 a barrel. The fee will decrease eventually to $3.

In September, Royal Dutch Shell signed a gas joint venture estimated to be worth $4bn, becoming the first Western major to enter Iraq through a deal with Baghdad after nearly four decades.

Former dictator Saddam Hussein threw out foreign oil companies after he nationalised the sector in 1972.

Since his execution in 2006, a number of foreign majors had signed contracts with the government of the Kurdish region in the north, but none with the central government.

( Gulf Daily News )

CNPC, Iraq Sign 23-Year Service Agreement to Develop Al-Ahdab Field

2008-11-14T09:51:00.000+07:00

On November 10, CNPC President Jiang Jiemin and Dr. Hussain Al-Shahristani, Iraqi Minister of Oil, signed a 23-year service agreement on the development of the Al-Ahdab Oilfield in Baghdad. Another Chinese partner, Zhenhua Oil, also signed at the contract copy. The contract is among Iraq's first batch of joint-venture oil projects since the US-led invasion in 2003, and is significant to expanding strategic energy cooperation between the two countries.

The Al-Ahdab Oilfield is located 180 kilometers southwest to Baghdad, with a structural area of 200 square kilometers. CNPC will use advanced and applicable technologies to increase the oilfield's production capacity to 25,000 barrels per day within three years, and to 115,000 barrels per day within six years.

( CNPC )

Shell Still Happy to Invest in Oil at $50/bbl

2008-11-14T09:50:00.000+07:00

Royal Dutch Shell Chief Executive Jeroen van der Veer said on Thursday investing in oil projects could still be attractive with the price of $50 a barrel if taxes and royalties on oil production are not too high.

Executives and officials of oil producing countries have previously said oil prices of about $80 a barrel were needed to justify investment in new projects.

Asked if the $50 a barrel would justify oil production, Veer told reporters in Istanbul: "Yes I can produce, provided I do not have too high taxation and royalties ... That is in the hands of the government."

Veer said the Anglo-Dutch oil giant was "very much interested" in Iraqi oil contracts, which he projected would be distributed in 2009 and Shell was in talks with a number of companies about a possible consortium.

"We will make the bidding sometime in 2009 when we expect the contract to be given. We are talking for a consortium with an oil company and then bid maybe some weeks before the bidding starts." he said.

"After the contracts, we will have additional opportunities there."

However, some analysts and oil executives said the government's hopes of having deals by the summer were overly ambitious.

Shell signed an initial multi-billion dollar agreement in October with Iraq to capture gas that otherwise would be burnt off during production of oil.

Veer said their gas deal with Iraq depended on the safety of Shell workers there. "If staff safety is not guaranteed, we will withdraw our staff."

He said current financial distress will add more complexity to pipeline projects, already complicated by governments and the need for viable throughput.

"We do not invest in a pipeline project unless our hydrocarbon flows in it," he said in response to a question about whether Shell would take part in a Turco-Italian oil pipeline deal to pump its Kazakh and Caspian oil via the Black Sea and Turkey to the Mediterranean. "Let us study it now."

Shell said in October it would delay a decision on expanding its Canadian oil sands project as rising costs and falling crude prices raise questions about the profitability of the industry.

Veer said oil sand projects were "at the moment the most expensive" source of oil supply under the present level of oil prices.

( Xinhua News Agency )

Iraq to Triple Oil Exports to 6MM B/D in 10 Years

2008-11-14T09:49:00.001+07:00

Iraq aims to triple oil exports to 6 million barrels a day in 10 years, earmarking $2 billion to start increasing capacity, Finance Minister Baqer Jabr Solagh told AFP.

"We are allocating about $2 billion to the oil ministry in the 2009 budget in order to start increasing capacity in this sector," Solagh said in an interview on Wednesday.

"From my view, we need to increase our exports at least to what what they were in the 1980s, when we exported 3.4 million barrels a day," he said.

"Iraq can export maybe after 10 years, 6 million barrels a day."

Current output stands at some 2.4 million barrels a day, of which 2 million barrels a day are exported.

Menteri : Irak Akan Melipatgandakan Export Minyak 3X dari Volume Sekarang dalam 10 Tahun

2008-11-14T04:42:00.004+07:00

Iraq to Triple Oil Exports in 10 Years: Minister

Iraq aims to triple oil exports to six million barrels a day in 10 years, earmarking two billion dollars to start increasing capacity, Finance Minister Baqer Jabr Solagh told AFP.

"We are allocating about two billion dollars (1.6 billion euros) to the oil ministry in the 2009 budget in order to start increasing capacity in this sector," Solagh said in an interview on Wednesday.

"From my view, we need to increase our exports at least to what they were in the 1980s, when we exported 3.4 million barrels a day," he said.

"The ministry of oil has a plan, and the minister came to the cabinet and... said they will increase (exports) to six million barrels per day in 10 years."

Current production stands at some 2.4 million bpd, of which two million are exported.

Solagh pointed out that the oil industry's infrastructure and technology are woefully inadequate, however, and that the aid of foreign companies will be necessary if it is to achieve its goals.

"For that I think Iraq needs the help of the international oil companies to enter Iraq and do investment" either through revenue-sharing deals, or simple payment for service.

One such arrangement was concluded on Monday, when Iraq and China National Petroleum Corp (CNPC) signed a three-billion-dollar deal to develop the Al-Ahdab oil field in Wasit province for 23 years.

Production is expected to reach 25,000 bpd in the first three years and expand to 115,000 barrels per day in six years.

While output from the field will be exported, a portion of it will be used to fuel power generation stations nearby to alleviate electricity shortages, it added.

China won the rights to Al-Ahdab in a 1997 deal then valued at 700 million dollars, but activities were suspended because of United Nations sanctions and subsequent security issues following the US-led invasion in 2003.

Baghdad said earlier it had managed to change the previous joint venture contract into a mere service agreement, under which CNPC would charge a service fee of six dollars a barrel. The fee will decrease eventually to three dollars.

In September, Royal Dutch Shell signed a gas joint venture estimated to be worth four billion dollars, becoming the first Western major to enter Iraq through a deal with Baghdad after nearly four decades.

Former dictator Saddam Hussein threw out foreign oil companies after he nationalised the sector in 1972.

Since his execution in 2006, a number of foreign majors had signed contracts with the government of the Kurdish region in the north, but none with the central government.

( AFP )

Grafik Peningkatan Kurs Dinar Iraq terhadap Mata Uang US Dollar (USD) & Indonesia Rupiah (IDR), Source : http://finance.yahoo.com/ (Nov 2008)

2008-11-11T19:58:00.007+07:00

Peningkatan Kurs Dinar Iraq (IQD) Terhadap US Dollar (USD) Dalam 2 Tahun Terakhir. Source: http://finance.yahoo.com/

Peningkatan Kurs Dinar Iraq (IQD) Terhadap Indonesia Rupiah (IDR) Dalam 3 Bulan Terakhir. Source: http://finance.yahoo.com/

Iraq, China Sign $3b Oilfield Contract

2008-11-11T09:01:00.000+07:00

Iraq and China signed a final contract to develop al-Ahdab oilfield at a value of more than $3 billion, an Iraqi oil ministry source said.

“Iraqi Oil Minister Hussein al-Shahrestani and Chinese Vice Minister of Commerce Wei Jianguo signed the contract on Monday at the oil ministry headquarters in Baghdad,” the source told Aswat al-Iraq.

The Iraqi cabinet had initialed the contract in August 2008, later ratified in September as a service, not a partnership, contract.

By virtue of the contract, the first three years will see deterioration on the oilfield production stopped and later on the development of the field to produce 200,000 barrels per day (bpd).

Al-Ahdab comprises seven explored wells that are expected to yield 200,000 bpd to be pumped through a pipeline to the al-Nassiriya station, and from there to the export harbors in southern Iraq.

The Iraqi oil ministry had recently hatched a plan to attract foreign companies to invest in the country’s oil sector and increase production to reach 4-4.5 million bpd by 2010 if the 80 explored fields were developed.

Al-Ahdab field lies in the district of al-Ahrar, (25 km) western Wassit province, 180 km southeast of the Iraqi capital Baghdad.

One of the non-invested Iraqi oilfields, al-Ahdab, discovered in 1979, boasts a reserve of 225 million bpd.

( Voices of Iraq )

Iraqis receive US poll news with cautious optimism

2008-11-06T20:32:00.000+07:00

Iraqis received the victory of Barack Obama with cautious optimism on Wednesday.

"The most important thing about the victory of Obama is the rejection of Bush and the Republican party policies which were very repressive to Iraqis in the past five years," Mohsen Al Hussaini, a resident of Al Sadr City told Gulf News.

In Fallujah, a city known for its strong anti-American attitude, citizens were over joyous.

"The defeat of McCain was met with great joy because the Republican administration was directly responsible for the destruction of Fallujah and the killing of its sons," said Mohammad Obaid. The office of the presidency in Iraq issued a cautious statement.

Fundamental change

"The election of Barack Obama as President of the United States will lead to tactical changes, but the overall goal will be unaltered. Obama speaks about accelerating the withdrawal of US troops from Iraq, but we will come to know in the coming months whether this will be feasible," Naseer Al Ani, head of the Office of the Presidency said.

Yassin Majid, advisor to Prime Minister Nouri Al Maliki admitted the change was exceptional, but also gave a reserved response.

"We do not expect a rapid and fundamental change in the situation of US troops in Iraq," he said.

But, the governor of Basra, Mohammad Mosbih Al Waili was more optimistic.

"I think that the situation in Iraq will be better under Obama, despite the fact that foreign policy towards the Middle East rarely changes, despite changes in administration," he said.

"Obama would be a more suitable leader to negotiate the departure of US troops from the country and I think Iraq will be better off dealing with him than President Bush," said Hussain Al Tahan the governor of Baghdad.

Kurds were excited by the Obama victory, but for different reasons.

"Vice-President elect Joe Biden is the leading proponent of dividing Iraq into three regions," said Zaheer Baiani, a media official in the Kurdistan Democratic Party.

If Iraq was divided, the Kurds would have their own country in the North, an aspiration they have long hoped for.

By Basil Adas

( Gulf News )

Japanese companies want to invest in Iraq

2008-11-04T23:01:00.000+07:00

More than twenty Japanese companies expressed desire to invest in the Iraqi market, mainly in oil field, the official spokesman for the oil ministry said on Monday.

“Oil Minister Hussein al-Shahrestani met the Japanese ambassador in Baghdad and representatives of more than 20 Japanese companies, specialized in oil field,” Essam Jihad told Aswat al-Iraq.

“The representatives expressed their desire to enter the Iraqi market and invest in the country,” he added.

“The minister expressed readiness to provide the companies with all facilities,” the spokesman noted.

( Voices of Iraq )

Iraq has allocated 15 billion dollars for reconstruction

2008-11-04T19:44:00.000+07:00

Iraqi Government has allocated an amount of 15 billion dollars for the infrastructure reconstruction, especially oil installations, which takes a quarter of 2009 budget.

The Finance Minister Bayan Jaber said this amount is not related to the hundreds of billions that Iraq needs to redress the collapsed economy, calling on foreign investors to enter and contribute in this effort.

Jaber said at an Iraqi - U.S. symposium for investment in Baghdad that a study by the Government identified the needs of Iraq to 400 billion dollars to repair the destroyed infrastructure in war and establishing other facilities.

He added: "This is what compels us to resort to investment in several sectors including electricity, oil derivatives and refining, housing, infrastructure and banking sector."

The minister clarified that the thirty banks in Iraq are still struggling in the absence of capitals despite the government's support for continued lending, saying the current situation is "a window of opportunity to U.S. and the neighboring states banks for the partnership with our banks and enter the Iraqi market and give greater opportunities for loans."

Jaber added that the insurance sector is "primitive" in Iraq and it represents another opportunity for foreign companies.

The Iraqi economy began to recover slowly since 2003, also benefited from high oil prices this year.
However, Planning Minister Ali Baban has warned that Iraq must stop the dependence on oil revenues, which account more than 90 percent of its budget.

Baban warned that it was very dangerous to the country's economy depends on oil prices, making it vulnerable to any fluctuations.
The recent decline in the oil price has forced Iraq to reduce its budget for 2009 from 80 to 67 billion dollars.

( Iraq Directory )

ID1b. for service projects in Arbil – governor

2008-11-02T22:57:00.000+07:00

A local company embarked on carrying out a number of service projects in the city of Arbil at a cost of 1 billion Iraqi dinars (ID), tantamount to $833,000, as appropriated from the provincial development budget, Governor Nawzad Hadi said on Sunday.

“The company 99 for Public Contracting has started implementing pavement of a 4-km-long road in the newly established area of Ba-har in addition to sewage works and other service projects,” Hadi told Aswat al-Iraq.

“The new area, in eastern Arbil, is planned to have all the necessary services in a way coping with the urban development in the province,” he said.

Arbil, the capital city of the Iraqi Kurdistan region, lies 360 km north of Baghdad.

( Voices of Iraq )

U.S. official: we made huge steps to protect investors in Iraq

2008-11-01T23:00:00.000+07:00

Deputy U.S. Treasury Secretary Robert M. Kimmitt on Saturday said that his country has made great steps towards protecting investors in Iraq.

The remark was made during a speech he gave at a U.S.-Iraqi economic conference that opened earlier today and was attended by Aswat al-Iraq.

The United States “has made great steps in protecting investors in Iraq and in encouraging trade and investment operations,” Kimmitt said, adding that economic development in the country will be rather slow because of the current security conditions.

“We are here to encourage the private sector and the international community is ready to develop the Iraqi economy,” the U.S. official added.

Earlier this morning, a U.S.-Iraqi economic conference opened in the capital Baghdad with the participation of high-ranking officials from both sides.

The conference, held at al-Rasheed Hotel in Baghdad’s fortified Green Zone, was attended by the deputy prime minister, Rafie al-Issawi, and the minister of finance, Baqir Jabr al-Zubeidi.

On Friday, the U.S. embassy in Baghdad announced that Deputy U.S. Treasury Secretary Robert M. Kimmitt, Deputy U.S. Commerce Secretary John J. Sullivan, Ambassador Ryan Crocker, and other U.S. officials would attend the conference.

The governor of the Central Bank of Iraq (CBI), Sinan al-Shibibi, and the head of the National Authority for Investment, Ahmed Ridha, were among the participants.

( Voices of Iraq )

12 investment projects on the way in Wassit

2008-11-01T22:58:00.000+07:00

The head of Wassit’s Investment Authority on Saturday revealed plans for 12 investment projects in the province as part of a 2008 provincial investment plan.

“Today, the authority put forward 12 investment projects in the province and announced their estimated cost, principal and the amount of land needed for them,” Sattar Jabbar told Aswat al-Iraq.

The projects included the construction of a modern theme park, a tourist city, an oil factory, a cement factory, residential buildings and others.

A Shiite province, Wassit, 180 km south of Baghdad, is in the east of the country. Its name comes from the Arabic word meaning “middle,” as it lies along the Tigris about midway between Baghdad and Basra.

Its major cities include the capital, al-Kut, and al-Hayy. Prior to 1976 it was known as Kut Province.

( Voices of Iraq )

U.S. paid $6 billion for Iraq private security

2008-10-31T06:03:00.000+07:00

No one knows for sure, but auditors think the U.S. has paid well over $6 billion to private security companies who've been guarding diplomats, troops, Iraqi officials and reconstruction workers in Iraq.

The money amounts to about 12 percent of the $50 billion Americans are paying for reconstruction in the country, said Special Inspector General for Iraq Reconstruction Stuart Bowen.

The figure, included in a report being released by Bowen's office today, is likely to be taken as the most authoritative accounting so far of what it has cost taxpayers to provide private security since 2003 in the violence-plagued nation.

It included bodyguards for diplomats and top commanders and guards for U.S. military bases, as well as for military supply convoys, contractors, subcontractors and others supporting the U.S. mission and military.

Also included were personal security details for high-ranking Iraqi officials, as well as security advice and planning costs.

There are likely more contractors Bowen has yet to count and so the $6 billion is almost certainly not the full picture, he said Wednesday.

His quarterly reconstruction report to Congress includes these findings:

More than $125.7 billion has now been committed to rebuilding Iraq's infrastructure and government since U.S.-led forces toppled Saddam Hussein's administration five years ago.
Though all of that has not been spent, it includes $50.77 billion appropriated by the U.S., $57.96 billion in Iraqi funds and $17 billion pledged by other international donors, the bulk of it in the latter in loans and under $5.3 billion in grants.
Iraq's rule-of-law system remains broken, most evidenced by the fact that Iraqi judges continue to be assassinated across the country. In 2008, terrorists killed seven judges, compared to 11 killed in 2007 and bringing the number to more than 40 judges and family members since 2003.
A serious problem remains with corruption — which Bowen has long called a "second insurgency" in Iraq for the challenge it poses. For instance, auditors noted that a local contractor asked to be released from his work on three schools in Baghdad's Sadr City this quarter because he and his family were threatened when he refused repeated requests from government officials that he pay them bribes.
The United States has allocated nearly $25 billion to support training and equipping new Iraqi security forces and the justice system and spent more than $10 billion on Iraq infrastructure.

By PAULINE JELINEK ( Associated Press )

Turkey, Canada seek investment in Iraq

2008-10-29T18:39:00.000+07:00

Turkey and Canada renewed its interest to open on Iraq economically and encourage its companies to invest in the country.

Turkish foreign trade minister, Korshad Tozman, and transportation minister who opened office of Turkish airways in Baghdad international airport, expressed his country's attempt to take part at Iraq's reconstruction and cooperation with local private sector by joint ventures.

Meanwhile, Canadian Ambassador in Iraq praised bilateral relations' level, as she confirmed at her meeting with Trade Minister, Abdulfalah Sodani, in his office that future will see more cooperation at all realms, particularly commercial and economic projects.

(Al-Sabaah)

Chinese companies to install U.S. natural gas units

2008-10-27T18:38:00.000+07:00

A group of Chinese companies will undertake the responsibility of installing natural gas generating units provided by GM Corporation.

“A delegation, led by a senior under secretary of state in the ministry, Eng. Raad al-Haris, will take part in a meeting to prepare for the Chinese companies’ arrival to install 55 natural gas generating units,” a spokesperson for the Iraqi Ministry of Electricity, Aziz Sultan al-Shamri, told Aswat al-Iraq.

The U.S. company will provide the Chinese companies with all necessary equipment, Shamri explained.

(Voices of Iraq)

Chinese Energy Ministers visits Baghdad to start implementation of oil contact-spokesman

2008-10-27T06:02:00.000+07:00

Iraq’s Ministry on Sunday announced the Chinese Energy would visit Iraq in November to activate service deal developing a giant oilfield in Wassit province.

“Chinese Energy Minister with a high-level delegation would visit Iraq in November to sign the contract of al-Ahdab oilfields” Oil Ministry spokesman Assim Jihad told Aswat al-Iraq.

“The contact came into action after being endorsed by the council of Ministers in August, “he noted “The Chinese part must start installing the equipment in two months after approving the contract.

The Iraqi government and the China National Petroleum Corporation have signed a contract in Beijing that could be worth up to $3 billion.

Under this contract, the Chinese company will provide technical advisers, oil workers and equipment to help develop the al-Ahdab oil field southeast of Baghdad.

The spokesman highlighted “the oilfield production for three years would compensate the deterioration in Iraqi oil flow”

It is expected the oilfield production would reach 2000 oil barrel per day (bpd).

The 22-year contract is a renegotiated version of a 1997 agreement between China and Iraq under Saddam Hussein. The original contract included production-sharing rights, but under the new contract China will be paid for its services but will not share in profits.

The oil produced from the al-Ahdab field will help Iraq, a nation where electricity is in short supply; fuel a planned power plant that would be one of the largest in the country.

For China, the deal offers a lucrative foothold in one of the most oil-rich countries in the world.

(Voices of Iraq)

Diwaniya refinery opens in 2 weeks

2008-10-26T06:03:00.000+07:00

The al-Diwaniya oil refinery will be inaugurated within the next couple of weeks with a capacity of 10,000 barrels per day (pbd) for each of its two units, according to a statement by the National Information Center on Sunday.

“The project comprises two units: the first one was completed by 100 percent while work on the second reached 50 percent, with a total production capacity of 10,000 bpd for each unit,” read the statement as received by Aswat al-Iraq.

The Diwaniya refinery produces oil and gas oil and the crude that produces benzene, it added.

(Voices of Iraq)

25B dinar bridge to be constructed in Wassit

2008-10-23T20:48:00.000+07:00

A project to set up a bridge in Wassit province has been referred for implementation, a local media director said, noting that the total cost of the project will exceed 25 billion Iraqi dinars (1 U.S. dollar = 1,118 Iraqi dinars).

“Today, the contracts department referred the project of Badra al-Kabir bridge (90 km east of Kut) for implementation,” Majed al-Itabi told Aswat al-Iraq.

Financed through the 2008 supplementary budget, the project will take 900 days to complete, the official noted.

Its major cities include the capital, al-Kut, and al-Hayy. Prior to 1976 it was known as Kut Province.

(Voices of Iraq)

Over 49 million oil barrels exported in Sept.

2008-10-23T06:29:00.000+07:00

Iraq has exported more than 49 million barrels of crude oil throughout last month, a spokesperson for the Iraqi Ministry of Oil said.

“The Ministry of Oil exported 49.3 million barrels with total revenue of $4.214 billion,” Aasem Jihad told Aswat al-Iraq.

The average price was $85.477 a barrel, Jihad explained, noting that 39.7 million barrels were exported via the southern Khour al-Zubeir and al-Ammiya ports.

The crude has been sold to 19 companies from Asia, Europe and the United States, he added.

(Voices of Iraq)

Water network set up in Basra

2008-10-21T20:48:00.000+07:00

Work has initiated on a project to establish a water network in downtown Basra city at a cost of 407 million Iraqi dinars, the head of Basra’s construction unit said on Tuesday.

“Water pipes will be installed in the street linking al-Fayhaa Hospital to al-Muwafaqiya intersection in downtown Basra,” Ziyad Ali Fadil told Aswat al-Iraq.

Work on the project will take approximately four months, Fadil explained, adding that it will be carried out by a local company.

Basra, 590 km (340 miles) south of the Iraqi capital Baghdad, has an estimated metropolitan population of 2,300,000 in 2008.

Basra, a Shiite province with 20% of the population are Sunnis, 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).

The only Iraqi outlet to the sea, 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.

The only Iraqi outlet to the sea, Basra has the commercial ports of Iraq.

(Voices of Iraq)

Kurdistan capable of exporting 100,000 bpd- PM

2008-10-20T20:19:00.000+07:00

Prime Minister of the Kurdistan Regional Government (KRG) Nejervan al-Barazani said that his region is currently able to export 100,000 barrels per day (bpd) of crude oil.

The remarks were made during Barazani’s reception of a German businessmen delegation on Sunday evening at the luxurious Khanzad Hotel (25 km east of Arbil city) and in the presence of the German ambassador in Baghdad, Christopher Weil.

A high-ranking delegation headed by the president of Iraq’s Kurdistan is currently negotiating controversial issues with the central government in the capital Baghdad.

The German delegation comprised representatives of 40 companies, businessmen and traders.

Arbil, also written Erbil or Irbil, is believed to be one of the oldest continuously inhabited in the world and is one of the largest cities in Iraq. The city lies eighty kilometers (fifty miles) east of Mosul. In 2005, its estimated population was 990,000 inhabitants. The city is the capital of the autonomous Iraqi Kurdistan region and the Kurdistan Regional Government (KRG). It hosts the headquarters of the Kurdistan region ministers and parliament.

Since the overthrow of Saddam Hussein, only isolated, sporadic violence has hit Arbil, unlike many other areas of Iraq. Parallel bomb attacks against the Eid celebrations arranged by the Iraqi President Jalal Talabani’s Patriotic Union of Kurdistan (PUK) and KRG President Massoud Barazani’s Kurdistan Democratic Party (KDP) killed 109 people on February 1, 2004. Responsibility was claimed by the Islamist group Ansar al-Sunnah, and stated to be in solidarity with the Kurdish Islamist faction Ansar al-Islam. Another bombing on May 4, 2005 killed 60 civilians. Despite these bombings the population generally feels safe.

(Voices of Iraq)

Allocating ID54 b for 'Amara municipal projects

2008-10-20T07:54:00.000+07:00

Mayssan province has allocated ID54 billions to accomplish several service projects implemented by Amara Municipality Directorate within 2008 complementary budget.

Amara Municipality Director, Senior Eng. Ali Hasson for as-Sabah reporter: these sums are allocated to continue 2nd phase projects of Amara after technical and engineering cadres accomplished first phases of reconstruction with cost of ID40 billions which include the paving Irrigation Cornish St., Ur and Nafat streets, industrial al-Askan district, as well as establishing sidewalks in the districts included with sewers, rain water nets and potable waters in al-Khadra, Islamic Wahda, Abu Romana, al-Aofia and Said Ashour districts.

(Al-Sabaah)

Follow-up committee to monitor reconstruction projects

2008-10-20T05:04:00.000+07:00

The Iraqi government has decided to set up a follow-up committee to monitor and stimulate the progress of the implementation of reconstruction projects all over the country, a spokesperson for the Fardh al-Qanoon plan said.

“Most of reconstructions plans developed by the Iraqi government are currently underway. It has decided to make for the delay in reconstruction operations, which was the result of military operations and violence that hit several areas in Baghdad and other provinces,” Tahseen al-Shaikhali said during a Baghdad-based joint press conference with a spokesperson for the Multi-National Force (MNF).

When asked about scheduled projects in Baghdad’s eastern city of al-Sadr, the spokesperson said that an amount of 70 billion Iraqi dinars (1 U.S. dollar= 1,118 Iraqi dinars) has been allocated for the establishment of 1,000 housing units in Kasra area, in addition to polyclinics and a blood bank.

(Voices of Iraq)

Iraq’s debts to be slashed by end of 2008

2008-10-20T05:03:00.000+07:00

A deal to cancel the remaining balance of Iraq’s external debts has been approved by the International Monetary Fund (IMF), a media source from the Iraqi Ministry of Finance said on Saturday.

“Today, Finance Minister Baqir Jabr al-Zubeidi met in New York with the head of the IMF, Dominique Strauss-Kahn, who informed him that the fund will submit a report to the Paris Club by the end of the current year to forgive Iraq’s remaining exterior debts, around 20 percent ($30 billion) of the 80 percent reduction in debts,” the source told Aswat al-Iraq.

The source quoted the Iraqi minister as saying that he is working with advisors and officials to reconsider some budget allocations and to reduce the current expenditure in an attempt to cut the budget deficit.

The Paris Club is an informal group of financial officials from 19 of the world’s richest countries, which provides financial services such as debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors. Debtors are often recommended by the International Monetary Fund after alternative solutions have failed.

(Voices of Iraq)

Chinese oil delegation in Wassit

2008-10-19T05:07:00.000+07:00

A Chinese oil delegation on Sunday arrived in Wassit province ahead of preparations for development work on al-Ahdab oilfield, a local media director said.

“Today, an oil delegation from a Chinese company visited the province and met with its mayor to kick-start preparations for work on site,” Majed al-Itabi told Aswat al-Iraq.

Meanwhile, the deputy chairman of the Chinese company expressed his country’s readiness to develop the field and to sign a contract with the Iraqi Ministry of Oil “within the coming days.”

Al-Ahdab oilfield, in the al-Ahrar district, 25 km west of Kut city, is one of Iraq’s recently explored oilfields that, if developed, is expected to hit 200,000 barrels per day (bpd) in capacity.
Discovered in the year 1979, the oilfield boasts a reserve of 225 million barrels of crude oil.

Its major cities include the capital, al-Kut, and al-Hayy. Prior to 1976 it was known as Kut Province.

(Voices of Iraq)

Basra’s Qarna project launched

2008-10-19T05:06:00.000+07:00

Work initiated on a project to rehabilitate and develop the entrance to Basra’s district of Qarna at a total cost of 941 million Iraqi dinars, the head of the reconstruction unit in northern Basra said on Sunday.

The estimated completion period of the project is five months, Hikmat Abdelhay told Aswat al-Iraq, adding that it is being carried out by a local company.

Basra, 590 km (340 miles) south of the Iraqi capital Baghdad, has an estimated metropolitan population of 2,300,000 in 2008.

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).

The only Iraqi outlet to the sea, 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.

The only Iraqi outlet to the sea, Basra has the commercial ports of Iraq.

(Voices of Iraq)

Omani firm to sign investment contracts in Diwaniya next week

2008-10-18T05:13:00.000+07:00

Next week will see the signing of a contract with an Omani company to set up a number of projects in al-Diwaniya, the province governor, Hamed al-Khodari, said on Saturday.

“The Omani company al-Taher will sign a contract next week to build a trade center under the name Diwaniya Mall over an area of 40,000 square meters, including a large parking lot and a fuel station, in the central part of the city,” Khodari told Aswat al-Iraq, not revealing the costs of these projects.

“The Omani delegation will get abreast of other investment fields, namely housing, energy and tourism, to consider ventures in the province,” he added.

Diwaniya lies 180 km south of the Iraqi capital Baghdad.

(Voices of Iraq)

Bahraini FM: Iraq’s debts should be written off

2008-10-18T05:11:00.000+07:00

The Bahraini foreign minister Sheikh Khalid Bin Ahmed al-Khalifa on Saturday called to cancel Iraq’s debts during his visit to the capital Baghdad.

“We came to develop relations with Iraq, which we always seek to support,” the Bahraini official said during a Baghdad-based joint press conference with his Iraqi counterpart, Hoshyar Zibari.

“The Kingdom of Bahrain invited the Iraqi president and the prime minister to visit Manama,” Khalifa noted.

Earlier today, Khalifa arrived on an unannounced visit to the Iraqi capital and was received at the airport by his Iraqi counterpart and an under-secretary of state for foreign affairs, Labeed Abbawi.

When asked about the reasons behind the delay in the reopening of the Bahraini embassy in Iraq, Khalifa said that his country has never hesitated to take this step, unless for security reasons.

On Thursday, Iraqi President Jalal Talabani received the credentials of the ambassadors of Jordan, Syria, Bahrain, and Spain to Iraq.

(Voices of Iraq)

Abu Dhabi developer launches first large-scale Iraq project

2008-10-17T21:24:00.001+07:00

Abu Dhabi-based real estate investment company Al Maabar announced this week that it planned to launch a $10bn project in Baghdad, the first real estate project of this scale to be unveiled in Iraq since the 2003 invasion.

The company is backed by all four major Abu Dhabi developers; Aldar, Sorouh, Reem and Al Qudra, and the announcement comes hot on the heels of a surprise official visit to the Iraqi capital by the emirate's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan.

The $10bn investment is the largest foreign financial real estate project to be unveiled in Iraq. It is planned as a mixed-use facility, including specific residential sectors, a commercial district and a hospitality district with a number of hotels and entertainment facilities including a theatre cinema and golf course.

The planned area will cover 1,250 hectares in the centre of the city, and, following guidelines laid down by Baghdad authorities will also include non-commercial public facilities such as mosques.

'The move to develop this project complements the growing levels of support that the UAE is providing to the government of Iraq. Through the direction of the Abu Dhabi leadership, Al Maabar will add real value to the countries that it invests in,' said Yousef Al Nowais, Managing Director of Al Maabar at the unveiling of the project.

'Al Maabar plans to achieve this through job creation and talent development, knowledge transfer and economic stimulus and will be working very closely with the relevant ministries in Iraq to insure that this project meets the specific needs of the Iraqi people.'

Financial diversification

Al Maabar, which was launched by the backing companies as a vehicle for international projects, already has a range of planned developments outside of the UAE, including a $1bn luxury real estate complex planned outside of Marrakech, Morocco, and a development, Abu Dhabi Plaza, in Astana, Kazakhstan in conjunction with Aldar Properties.

The group also has projects that are either planned or underway in Libya, Tunisia, Syria, Jordan and Belarus.

Abu Dhabi's major real estate companies have all sought to diversify by investing in projects outside of the emirate, although at a much more sedate pace than developers in Dubai, a strategy that now appears wise given the possible contraction of liquidity in global luxury real estate projects.

Indeed, the majority of these involve sharing responsibility by entering into partnerships with global brands to launch developments in emerging markets including North Africa and Central Asia. Many of these also look beyond the traditional remit of UAE developers, which tend to seek out high-end luxury projects, and offer accommodation for local consumption, thus targeting an existent market.

Sorouh has a number of projects underway, including a mixed use residential and 850-unit hospitality development in Morocco targeting the top end of the market, and a residential project in Egypt for 40,000 residents that will look to offer a cross section of accommodation to the local market.

As well as the Astana project, Aldar recently signed a memorandum of understanding with Bahrain-based Cebarco, which will precede an arrangement to create a joint contracting venture for real estate projects across the region. The group is also already involved with the Iskandar project in Malaysia.

(AME Info FZ LLC)

Chinese oil delegation visits Iraq late Oct.

2008-10-15T20:36:00.000+07:00

A high-level Chinese oil delegation is visiting Iraq late this month to sign a contract over al-Ahdab field, according to the official spokesman for the Iraqi oil ministry.

“The signing is pertaining to the development of al-Ahdab oilfield after the cabinet had initialed the deal last August and later ratified it in September,” Asem Jihad told Aswat al-Iraq.

“The contract has officially entered into effect after the cabinet approval and now the Chinese side has to start installing equipment and machines in two months’ time,” he said.

“The agreement held that drilling activities in this field have to be horizontal, not vertical, so that the oil wells would not encroach upon nearby farmlands,” Jihad pointed out.

The field, which includes seven discovered wells, is expected to produce 200,000 barrels per day (bpd), to be pumped through a pipeline to the al-Nassiriya pumping stations and then on to the export harbors in southern Iraq.

The ministry had recently embarked on a plan to attract foreign corporations to invest in Iraq’s oil sector with the aim of upping production to 4-405 million bpd by the advent of 2010, provided that the explored wells, numbering 80, are upgraded.Al-Ahdab lies in the district of al-Ahrar, (25 km) western Wassit province, 180 km southeast Baghdad.

One of Iraq’s wells that are not invested, al-Ahdabm if developed, will hopefully reach a production capacity of 200,000 bpd.At present, al-Ahdab oilfield, discovered in 1979, boasts a reserve of 225 million barrels.

(Voices of Iraq)

A conference in London for the competing companies to develop Iraqi oil fields

2008-10-15T05:24:00.000+07:00

The Oil Ministry Spokesman said on Sunday that the Contracts and Licenses board in the ministry will hold a conference in London for the first permits session in the presence of the Minister of Oil and 35 international companies that won licenses to bid on the rehabilitation of Iraqi oil fields.

Assem Jihad said that "The ministry will hold a conference on Monday for the first licenses which were announced in the presence of Dr. Hussein al-Shahristani the Minister of Oil and the international companies that won the first licensing round of rehabilitation in London."

He added that "The conference will provide the qualified companies with the documents related to the fields that the ministry aims to develop, which they are North and South Rumaila fields, West Qurna, Albozorkan ,Abo Al Gharib and Fakkah in Maysan, as well as fields of Kirkuk and Bai Hassan, along with Gas fields of Akas and Al Mansuria."

He pointed out that the ministry is seeking to rehabilitate production to higher levels and had invited international companies to enter and compete in the first round of licensing.

The information spokesman continued , there were "120 global companies participated in the rehabilitation session, and 35 companies of various nationalities acquired the license for the rehabilitation of oil fields."

And he added "these companies will receive documents about the fields during the conference in the hope to submit their proposals in a short period and the offers will be decided by next summer."

The ministry had approved the rehabilitation of the companies that will compete to develop the fields, which won the first licensing round on the principle of company's gravity and finances and its work in the large similar fields to the production of Iraq's giant fields.

Jihad noted that it was hoped, "the results of the assignment contract next summer and declare the names of companies winning the best performances among the 35 companies that receive contracts papers tomorrow."

(Iraq Directory)

Iraqi - Japanese forum in Baghdad

2008-10-14T21:05:00.000+07:00

Head of presidency divan Naseer al-Aani said that it is necessary to hold the annual economical conference about Iraq, in Baghdad at the beginning of the next year after security improvements in the country.

Aani emphasized during his meeting with Japanese charge d'affaires in Iraq, the necessity to hold this meeting in Iraq, and the importance of Japanese companies' participation in reconstruction process after the positive reflection of security improvements on international companies pursue to invest in Iraq.

(Al-Sabaah)

$10 M to construct bridges, road in Muthanna

2008-10-13T20:35:00.000+07:00

Three projects to set up two concrete bridges and a 12-km road have been initiated in Muthanna province at a cost of over 11.5 billion Iraqi dinars, a local official said on Monday.

“The bridges will be constructed in the districts of al-Majd and al-Sobar and the road will link al-Hilal district to the Shanafiya-Samawa intersection,” Engineer Kamel Maghoul Nino told Aswat al-Iraq.

The concrete al-Majd Bridge, on which work began early this month, is financed through a World Bank loan to Iraq, Nino said, noting that it lies on the Euphrates River and links al-Majd district to neighboring areas.

The bridge will help ease traffic congestion and will be completed within 24 months, Nino noted.

Work on another bridge on the Euphrates River (12 km southeast of Samawa city), with a scheduled completion period of 18 months, began a few days ago, he pointed out.

The third project is to establish a road at a cost of nearly $2.68 million, funded through a Japanese loan to Iraq and World Bank allocations.

The project is scheduled to be completed within 360 days, Nino added.

Muthanna, 280 km south of Baghdad, is bordering Saudi Arabia. Its capital is Samawa.

It was the first Iraqi province where security responsibilities were transferred from the Multi-National Force (MNF) to the Iraqis. On July 13, 2006 British, Australian, and Japanese forces handed over security responsibility for Muthanna province to Iraqi forces.

Prior to 1976 it was part of the al-Diwaniya province.

It also includes the ancient Sumerian ruin of Uruk, which is possibly the source of the name Iraq.

(Voices of Iraq)

$173 million for 224 new projects in Diwaniya

2008-10-13T06:29:00.000+07:00

Diwaniya’s deputy governor for technical affairs on Monday said that 224 different services project were awarded in the province, according to the 2008 regions’ development budget, with a total cost of $173 million.

“The projects are related to the sectors of health, higher education, education, urban planning, mayoralties, electricity, sewage, water, roads and bridges, sports, water resources, and others,” Engineer Hazim Omran told Aswat al-Iraq.

Diwaniya city lies 180 km south of Baghdad.

(Voices of Iraq)

Al Maabar to develop $10b project in Baghdad

2008-10-13T06:28:00.000+07:00

Al Maabar International Investments (Al Maabar), a real estate development company, will develop a $10 billion mixed use project in Baghdad.

The development, which is located at the Al Rasheed Military Compound, will stretch across 1,250 hectares and comprise several key clusters including residential units, a commercial district, a technology centre, a hotel and hospitality district, healthcare and educational districts, and public facilities such as mosques and petrol stations.
A proportion of the site will also be devoted to  undertaking some of the largest entertainment centres in Baghdad. It is envisaged that the project will include public recreational parks, a golf course, museums and other cultural facilities such as theatres and cinemas.

Being dubbed as the single largest foreign investment announced as yet, the mega project has been announced following the landmark last week's visit to Iraq by General Shaikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

"The mega project complements the growing levels of support that the UAE is providing to the government of Iraq", said Yousef Al Nowais managing director Al Maabar.

(Khaleej Times)

105 exhibitors in Baghdad fair next month

2008-10-13T06:27:00.000+07:00

More than 105 Arab and foreign companies will participate in a trade and industrial fair in Baghdad, according to an Iraqi trade ministry press release.

“The companies will take part in the six-day Iraq International Fair under the rubrics ‘International Cooperation Workshop for Reconstruction & Investment’ on November 10-15 in the Baghdad International Exhibition Grounds,” an authorized source in the trade ministry’s Iraqi Fairs Company was quoted in the release as received by Aswat al-Iraq.

“Attending the event will be companies from Germany, France, Britain, Italy, Sweden, Switzerland and South Korea in addition to Turkey, which has the largest exhibiting pavilion, 750 square meters,” the source said.

“Also participating are companies from Saudi Arabia, Egypt, the United Arab Emirates (UAE), Jordan, Syria and Lebanon, as well as Iraqi ministries and official institutions, namely the ministries of industry & minerals, reconstruction & housing, transport and oil,” he added, noting that Phillips and Siemens are among the exhibitors in the event.

The trade ministry had sponsored the 1st national fair on reconstruction and investment last May.

(Voices of Iraq)

ID1.5b. service project in Duhuk

2008-10-13T06:26:00.000+07:00

A service project worth 1.5 Iraqi dinars in Aqra district, Duhuk province, was finalized on Sunday, according to Mayor Jahur Ali.

“The project envisaged opening new roads and paving internal streets as well as linking the district to a main road in Aqra district, (110 km) southeastern Duhuk, at a total cost of 1.5 billion Iraqi dinars from the provincial development budget for Duhuk,” Ali told Aswat al-Iraq.Aqra, 65 km north of Mosul city, encompasses three districts and 125 villages.

It boasts several tourist sites like Bakerman, Sipa waterfalls, Zanta and others. Seventy percent of its area is farmland.Also spelled Duhok, Dohuk Dehok or Dahok; it is a city in the far northern part of Iraq to the borders with Turkey.

Lying 460 km north of the Iraqi capital Baghdad, it has about 500,000 inhabitants, mostly consisting of Kurds and Assyrians.According to some sources, the name “Duhuk” comes from Kurmanji Kurdish meaning “small village”.Circled by mountains along the Tigris river, Duhuk, the third province with Iraq’s Kurdistan region, has a growing tourist industry.

Its population grew extremely since the 1990s as the rural population moved to the cities.

Since the 2003 invasion of Iraq by the United States, Duhuk and Iraqi Kurdistan in general have remained the only safe places for foreigners.

(Voices of Iraq)

Invitation to tender: Hydropower plant switchyard equipment

2008-10-09T06:03:00.000+07:00

Country: Iraq

Project: Dokan and Derbandikhan Emergency Hydropower Project

Sector: Supply and installation of plant and equipment

Product: Derbandikhan HPP Switchyard

Credit No.: 4249-IQ

Project ID: P099059

The Republic of Iraq has received a credit from the International Bank for Reconstruction and Development toward the cost of Dokan and Derbandikhan Emergency Hydropower Project, and it intends to apply part of the proceeds of this credit to payments under the contract for the refurbishment of the Derbandikhan Hydropower Porject (HPP) Switchyard.

Derbandikhan HPP is equipped with three units for a total capacity of 249 MW, is one of the largest power stations in the Kurdistan Region, and is connected to the national power grid. The HPP is part of a multipurpose scheme for power production and irrigation in its area. The Derbandikhan switchyard (132/33/11 kV) is located 300m nearby the Derbandikhan HPP, which is situated about 70km south east of Suleimaniah city, in the Kurdistan Region in Iraq.

The scope of work includes the design, supply, installation, and commissioning of the following main equipment aimed at improving the existing switchyard:
 63 MVA, 132/33/11 kV power transformer;
 33 kV and 11 kV equipment;
 Auxiliary transformer and grounding transformer;
 High, medium and low voltage cables;
 400V AC distribution system and marshalling kiosks;
 Lighting and socket outlet systems;
 Batteries;
 Battery charges;
 DC distribution system;
 Protection system;
 Miscellaneous works;
 General construction features;
 Portable fire fighting (extinguishers);
 63 MVA Transformers fire fighting system;
 Air-conditioning and ventilation system (HVAC).

Bidders’ qualifications
To be qualified for the award of the contract, bidders shall possess the following requirements:

i) Specific experience in the supply and installation of the equipment for high voltage switchyards of power plants acquired in the last five years, either directly or through nominated sub-contractors. This includes at least two supply and installation contracts, each including at least one transformer at 132 kV or above, of a minimum size of 40 MVA.

(ii) A total turnover for the last three years (2005 to 2007) greater than 15 million US dollars.

(iii) The policy of the Bidder as well as those of all its subcontractors shall not forbid either the contractor or its subcontractors to provide expatriated personnel to work in Iraq, and therefore the contractor and its subcontractors shall be in the position to actually provide the expatriated personnel needed for the erection and commissioning of the equipment.

(iv) Absence of any non-performance of a contract in the last three years prior to the deadline for application submission, based on all information on fully settled disputes or litigation.

(v) Not being under execution of a Bid-Securing Declaration in Iraq.

(vi) All pending litigation against the contractor shall in total not represent more than 10%, (ten percent) of the contractor’s net worth.

(vii) Current soundness of the contractor’s financial position and its prospective long term profitability, and capacity to have a cash flow amount of one million US dollars equivalent, both proved by the audited balance sheets of the last three years (2005 to 2007) or, if such audited balance sheets are not required by the law of the contractor’s country, by other financial statements acceptable to the Kurdistan Regional Government (KRG) Ministry of Electricity.

Bidders may associate to enhance their qualifications.

Bidding will be conducted through the international competitive bidding procedures specified in the World Bank’s Guidelines: Procurement under IBRD Loans and IDA Credits, and is open to all bidders from eligible source countries as defined in the Guidelines.

Bidding documents
Interested eligible bidders may obtain further information from the KRG Ministry of
Electricity (MOE Address 1) or from ELC Electroconsult, at the addresses given below, and inspect the bidding documents at the same addresses from 08.00 to 15.00 hours, Sunday to Thursday for MOE and from 09.00 to 17.00 hours, Monday to Friday for ELC Electroconsult.

A complete set of bidding documents in English may be purchased by interested bidders on the submission of a written application to one of the addresses below and upon payment of a nonrefundable fee of 800 US dollars. The documents are available from 13 October 2008 and can be collected from the addresses given below or will be sent by regular mail on request. The documents may also be sent using international courier upon receiving advance payment of 50 US dollars for the courier fee. The method of payment will be by cash. Payment may also be carried out by certified cheque, or prior deposit into the bank accounts as follows:

For payment to the Ministry of Electricity:
 By certified check made payable to Dokan and Derbandikhan Hydropower Project (PMT), or
 Deposit into the following bank account: Kurdistan Regional Trade Bank, Suleimaniah, Iraq. Account number 463

For payment to ELC Electroconsult:
 By certified check made payable to ELC Electroconsult S.p.A., or
 Deposit into the following bank account:
Banco di Desio e della Brianza
BIC: BDBDIT22
IBAN: IT94K0344056400000078300009:
Bids must be delivered to the Ministry of Electricity address below (MOE Address 2) at or before 15 January 2009, 12:00 noon.

All bids must be accompanied by a bid security of two hundred thousand US dollars (200,000 USD) or an equivalent amount in a freely convertible currency. Late bids will be rejected.

Bids will be opened in the presence of the bidders’ representatives who choose to attend in the Ministry of Electricity at the address below (MOE Address 3) five minutes after the deadline for submission of bids.

MOE Address 1:
General Directorate of Electricity of Suleimaniah
Fatih Saeed Salih
Salm Street, Suleimaniah, Republic of Iraq
Phone: 00964 770 1580336
E-mail: fatihsalih02@yahoo.com

MOE Address 2
Commercial Directorate
General Directorate of the Diwan
Ministry of Electricity, Kurdistan Regional Government
Brayaty, 60 Meter Street
Erbil, Kurdistan Region
Iraq
Attention:
Mr. Hoshyar A. Siwaily, Minister for Electricity

MOE Address 3
General Directorate of the Diwan
Brayaty, 60 Meter Street
Erbil, Kurdistan Region
Iraq

ELC Electroconsult address:
ELC Electroconsult
Via 1° Maggio 41, 20021 Baranzate (Milano), Italy
Phone: (+39) 02383351
Facsimile: (+39) 0238335353
E-mail: federico.ciampitti@elc-electroconsult.com
Attention :
Federico Ciampitti

(KRG)

Al Ma'abar international company intends to invest 500 million dollars in Iraq

2008-10-09T05:59:00.000+07:00

Al Ma'abar Company for international investment - a joint project between Al Dar Properties and Sorouh Real Estate –stated that it intends to develop a project in Iraq this year worth not less than 500 million dollars.

The Managing Director Yousef Al Nowais stated to Reuters on the sidelines of Cityscape real estate exhibition in Dubai "We want to inaugurate a new multi-purpose project in Baghdad before the end of the year ...it would be a massive project worth more than 500 million dollars."

"The people (in Iraq) need to take up residence of appropriate homes after the war that destroyed their homes and Arabs are making efforts now to work to achieve stability in Iraq."

Both companies (al Dar and Sorouh) have 30 percent of shares in (Al Ma'abar) and the rest owned by Reem Investments and Reem global capacity and Holding.

The company's projects under construction and development are valued of 11.5 billion dollars in Morocco, Libya, Tunisia, Jordan, Qatar and Belarus.

Al Nowais said that (Al Ma'abar) was studying development projects in Egypt and Algeria. Earlier this month, said that (Al Ma'abar) intends to invest at least 1$ billion in real estate projects over the next three years.

(Iraq Directory)

Iraq and Egypt intend to consolidate their cooperation in oil sector

2008-10-09T05:56:00.000+07:00

The Media spokesman of the Oil Ministry, stated on Sunday, that the Egyptian Ministry of Petroleum had expressed its readiness to cooperate with Iraq and develop its oil sector, noting that a delegation of specialized Egyptian companies will visit Iraq soon in this regard.

Asim Jihad, added that the oil minister Dr. Hussain al-Shahristani discussed with his Egyptian counterpart Sameh Fahmi the prospects of joint cooperation between the two countries in the field of oil and on the sidelines reception of Prime Minister Nuri al-Maliki, to the Egyptian delegation on (Sunday) ", pointing out that the two ministers agreed that a delegation of specialized Egyptian companies will visit Iraq to get acquainted on the opportunities of cooperation and the Ministry's projects for the development of this sector. "

The "Prime Minister Nuri al-Maliki met on Sunday, in his office in Baghdad , the Egyptian Minister for Foreign Affairs, Ahmed Aboul Gheit and the Minister of Petroleum Sameh Fahmi and discuss with them the ways of enhancing bilateral relations in political, security, economic and commercial."

Jihad said that " Al-Shahristani informed Fahmi about the reality of Iraqi oil sector needs", noting that the Egyptian minister, "offered a review of his country's potentials of businesses and the various projects particularly in the pipelines and surface facilities and drilling operations."

(Iraq Directory)

Cabinet approves economic deal with Czech Republic

2008-10-09T05:55:00.000+07:00

The Iraqi cabinet has approved a draft agreement on economic, trade and technical cooperation with the Czech Republic, a government spokesperson said on Thursday.

“The minister of trade will be authorized to negotiate and sign the agreement,” Ali al-Dabbagh said in a statement received by Aswat al-Iraq, in reference to the resolutions made during the 39th session of the Iraqi cabinet on October 7.“The agreement aims at expanding and developing trade, economic and technical exchange between the two countries in accordance with the existing laws in both countries,” Dabbagh noted.

The cabinet has also decided to set up a committee, headed by the minister of immigration and displaced persons, to resume talks on the return of displaced Iraqis, Dabbagh noted.

The committee, which will include representatives of the ministries of finance, higher education, and trade, will submit its recommendations to the cabinet in less than two weeks.

(Voices of Iraq)

Downtown Kut bridges to be set up

2008-10-09T05:53:00.000+07:00

A local company on Thursday initiated work on three bridges at al-Mutanabbi intersection in downtown Kut at a cost of nearly $24 million, a senior official said.

“The project will be financed through the budget allocated to provincial development projects for the year 2008 with an estimated completion period of 660 days,” Engineer Sabeeh Laftah, an assistant to Wassit’s mayor for technical affairs told Aswat al-Iraq.

“Being one of the most significant projects in the province, the bridges will help ease traffic bottleneck at the intersection linking Kut to Baghdad, Amara and Nassiriya,” Laftah noted.

“Two two-way 650-meter bridges will be established, in addition to an upper 850-meter bridge,” he added.

Its major cities include the capital, al-Kut, and al-Hayy. Prior to 1976 it was known as Kut Province.

(Voices of Iraq)

U.S army donates $ 8.5 million aid to drought-affected area in northern Iraq

2008-10-09T05:52:00.000+07:00

The U.S army on Thursday announced its forces donated an $8.5 million drought relief package as a gift for Eid to the people of Salah Ad Din, Diyala, Kirkuk and Ninewa Provinces to provide emergency relief to these drought-affected areas.

“The ongoing drought is the worst in 100 years. The emergency funds provide farmers with agriculture technologies and seed to prevent the complete loss of another growing season,” noted a U.S army statement received by Aswat al-Iraq.

“Maj. Gen. Mark Hertling, commander of Multi-National Division-North, presented the gifts to each province at an event at the Tikrit University Agriculture Center campus in Salah al Din,”the announcement pointed out.

The deputy Minister of Agriculture and the governors of Salah ad Din, Diyala, Ninewa and Kirkuk attended along with their Director General’s of Agriculture.

(Voices of Iraq)

Water Resources Ministry announces it plans erecting dams in Kurdistan region

2008-10-09T05:49:00.000+07:00

Iraq’s Ministry of Water resources Thursday announced it signed a number of agreements with International firms to erect dams in Kurdistan regions.

“The Design department for the Ministry of Water Resources signed a number of agreements with international firms and specialist consultant offices to draft dams and water projects,” said a government statement received by Aswat al-Iraq.

“The ministry would install a number of dams and reservoirs for human use over valleys in different parts of Kurdistan region”.

The government announcement pointed out the projects would include artificial lakes utilised for tourism.

(Voices of Iraq)

Dubai Holding is pursuing to get investment opportunities in Basrah

2008-10-09T03:51:00.000+07:00

The governor of Basra declared that a delegation from Dubai Holding company visited the province of Basra on Monday , and had a look at the reality of the city and investment opportunities there.

Mohammed al-Waeli, clarified that "the delegation included Deputy Prime of ports in Dubai and the director of development in the Emirates Islamic Bank, as discussed with government officials in Basra on the mechanism for the implementation of some investment projects especially in the area of port investment."

He added "Our mates in UAE have the significant ability and the accumulated experience in the area of investment; they are serious about entering with all their strength in this area in the province."

He pointed out that there are many Arab and foreign companies declared their readiness to implement investment projects in Basra and soon will begin the licensing process for these companies to conduct their work.

He stated that "The delegation toured around the city of Basra and saw the ports and Shat al Arabs and expressed their admiration for what they found as positive changes in security and stability."

He pointed out that the meeting was attended by Chairman of Investment Authority and the Director of Basra Chamber of Commerce and director of ports and the Reporter of the provincial council in Basra and the director of the Central Bank of Iraq in Basra. "

For his part, Vice President of the ports in Dubai Hassan Hadi described the visit as "Successful," he said, "That Emirates and Arab investors to look at Basra as an important investment location and aspire to create job opportunities in various economic fields." He noted that the next two months will witness positive steps in this area.

The city of Basra, the status of the province of Basra, about 590 km south of Baghdad.

(Iraq Directory)

$8 billion contracts to generate 11,000 additional megawatts of electricity in Iraq

2008-10-07T03:43:00.000+07:00

The Ministry of Electricity has signed $8 billion deals with the U.S. General Electric, Siemens and other Western engineering firms for the construction of power plants that will generate 11,000 megawatts, electricity minister said.

Kareem Waheed said the bulk of the money will go to General Electric, or GE, a multinational U.S. technology conglomerate.

He said GE will build plants with a capacity to produce 6,800 megawatts.

Siemens, Europe’s finest and largest engineering company, will build plants capable of producing 2,000 megawatts.

Waheed said the deals were complete as memorandums of understanding had been signed with each of the firms long time ago.

But he said the firms were reluctant to start working in Iraq due to high levels of violence.

As violence was receding, the firms have expressed a willingness to go ahead with their commitments, Waheed claimed.

“All in all we have deals which in completion will add 11,000 megawatts to the national grid,” he added

Acute power shortages and protracted blackouts that continue for nearly 20 hours a day in major Iraqi cities have been a characteristic of U.S.-administered and occupied Iraq.

Iraq currently produces 5,500 megawatts, which is still below the amount its rickety and sanctions-hit power plants used to generate under former leader Saddam Hussein.

Waheed put Iraq’s current power needs at 11,000 megawatts.

He gave no further details of the contracts.

(Azzaman)

Iraq, Egypt to boost oil cooperation

2008-10-06T05:41:00.000+07:00

The Egyptian Ministry of Oil expressed its willingness to help modernize Iraq’s oil capabilities, an official Iraqi spokesperson said.

“Minister of Oil Hussein al-Shahrestani discussed with his Egyptian counterpart Sameh Fahmi mutual cooperation between the two countries in the oil field,” a media spokesperson for the Iraqi Ministry of Oil, Aasem Jihad, told Aswat al-Iraq.

A delegation comprising representatives of specialized Egyptian companies will pay a field visit to Iraq to explore opportunities of mutual cooperation, Jihad noted.

On Sunday, Iraqi Prime Minister Nouri al-Maliki received the Egyptian ministers of foreign affairs and oil, Ahmed Aboul Gheit and Fahmi, and discussed with them means of enhancing bilateral cooperation in the political, security, economic and trade fields.

Yesterday, the Egyptian officials arrived in Iraq on an unannounced visit to meet with the Iraqi president and premier in the highest-ranking visit by an Egyptian delegation since 1990.

(Voices of Iraq)

Iraq’s oil exports to Jordan to be up by 4,000 bpd

2008-10-05T05:37:00.000+07:00

Iraq’s oil exports to Jordan will be increased by 4,000 barrels per day (bpd) in accordance with an agreement between the countries, the Jordanian semi-official Addustour daily quoted a local official as saying on Saturday.

“Since September 13, 2008, Jordan received 8,000 bpd of oil from Iraq,” the official told Jordanian paper.
“The process moves smoothly, and security improvement in Iraq contributed to facilitating all required arrangements,” he said.

He expected that starting as of the coming week, Iraq’s oil exports to Jordan will be increased by 4,000 bpd, to reach 12,000 bpd, to achieve the targeted amount agreed upon by the two sides.

(Voices of Iraq)

Dana Gas, Hilal embark on gas supply in Kurdistan

2008-10-05T05:36:00.000+07:00

Dana Gas and al-Hilal Company announced on Saturday that they started producing initial natural gas supplies within their joint mega venture in the Iraqi Kurdistan region, according to a joint statement by the two companies.

Al-Hilal CEO, Hameed Diaa Jaafar, had said in statements that the two companies would soon start producing natural gas from the Cormol oilfield in Sulaimaniya province at an initial amount of 75 million cubic feet per day, to gradually grow to 300 million cubic feet per day by the beginning of 2009.

“The two companies have concluded a series of service agreements and contracts with the Kurdistan Regional Government in April 2007 by virtue of the Strategic Alliance Protocol between the companies and the KRG,” read the statement as received by Aswat al-Iraq.

“The two companies together allocated total investments of $650 million, thus becoming the largest investment project to be injected by the private sector into Iraq at present and also the largest private sector contribution in the oil & gas sphere in the country in decades,” it added.

The gas supplies should be used as fuel for power generation at a capacity of 1250 megawatt from new under-construction stations near the Kurdish cities of Arbil and Sulaimaniya with the objective of providing electricity to more than four million Iraqis.

“The project should also help save $2.5 billion annually for the government budgets allocated to cover liquid fuel imports at present,” the statement indicated, pointing out that the two companies are still in talks with the natural resources ministry in the KRG to develop the Kurdistan Gas City project.

The City’s cornerstone should have been laid in the district of Jamjamal, Sulaimaniya province, over an area of 43 square kilometers but was postponed indefinitely.

Headquartered in the United Arab Emirates (UAE) city of Sharjah, al-Hilal boasts more than 35 years of oil industry experience in many Arab and foreign countries.

The UAE firm is the largest private sector stockholder in Dana Gas, which was founded in 2005.

Also headquartered in Sharjah, Dana Gas is one of the largest natural gas extracting companies in the Middle East region.

(Voices of Iraq)

Missan to set up oil depot soon

2008-10-05T05:34:00.000+07:00

A project to construct an oil depot in the province of Missan at a cost of nearly $40 million has been referred to a local company, the director of the province’s oil products department said on Sunday.

“Today, the Ministry of Oil referred the project to the Oil Projects Company,” Engineer Ali Wared told Aswat al-Iraq, noting that the scheduled completion period does not exceed 12 months.

The depot has a capacity to store 90,000 cubic meters of oil, the director explained.

The Oil Projects Company had built oil reservoirs in the area of al-Barzakan and in the provinces of Muthanna and Karbala.

(Voices of Iraq)

Iraqi gov’t allocates about 120 millions for Missan-local official

2008-10-03T05:39:00.000+07:00

Iraqi government allocated about $118.7 millions for the southern province of Missan in its supplementary budget for calendar year 2008, a local official said on Thursday.

“The allocations would provide big projects, such as, building schools, purchasing equipment for al-Bazargan oilfields and to pave new roads and streets,”Ali Kadhim, deputy chief of Missan’s local council, told Aswat al-Iraq.

The board presidency approved the supplementary budget for calendar year of 2008 in September after its endorsement by the Iraqi parliament last August.

Missan, 390 km south Baghdad, is a border and oil-rich province and has suffered suffering from years of deprivation under former governments.

(Voices of Iraq)

Iraq participates in trade fair in Greece

2008-10-01T05:40:00.000+07:00

Iraq will participate in a trade-industrial fair to be hosted in Greece late this year, according to Iraq’s exporters & importers union chief on Wednesday.

“A delegation will represent Iraq in Exporana Show Athens 2008, the largest diverse industries fair in Greece, where Iraqi industrialists and businessmen will meet with their Greek peers to discuss means to further industrial and trade relations between the two countries,” Thabit al-Baladawi told Aswat al-Iraq.

“The event, to be held on December 6-9, should offer a good chance for the Iraqi participants to get acquainted with advanced industrial techniques and establishments to benefit from with the aim of modernizing their own production lines in the facilities they run in Iraq,” he added.

Baladawi said the fair will also help Iraqi entrepreneurs to discuss their ideas with Greek investors in the agricultural, industrial and real estate domains.

(Voices of Iraq)

Iraq signs billion-dollar power deals with GE, Siemens

2008-09-28T18:34:00.001+07:00

By Simon Webb

Iraq has signed preliminary deals worth billions of dollars with General Electric Co and Siemens for equipment to almost double electricity generation capacity, an energy official said on Saturday.

The deals with GE, Siemens and a third company would be worth a total of $7 billion to $8 billion, Iraq's Electricity Minister Karim Waheed told Reuters.

Years of war, sanctions and neglect have battered Iraq's power grid and the country suffers chronic power shortages. The capital Baghdad receives only a few hours of electricity a day. The deals would mark a big step in the country's reconstruction, Waheed said.

"These deals will help us to end the electricity supply problem by 2012," Waheed said on a private visit to the United Arab Emirates.

Iraq signed a memorandum of understanding (MOU) earlier this month for U.S. giant General Electric to supply turbines to generate 6,800 megawatts of power, Waheed said.

He declined to say how much Iraq would pay GE for the equipment, but said each megawatt would cost between $700,000 and $800,000. That would give a value of between $4.8 billion and $5.4 billion.

The country has signed a second MOU with Germany's Siemens to supply equipment to generate another 2,000 MW, he added. That deal would be worth between $1.4 billion and $1.6 billion.

Baghdad was negotiating with a third company for another 1,000 MW, he said, declining to give further details.

The three deals would enable Iraq to add around 10,000 MW to installed capacity by around 11,000 MW. Damage to the power stations, lack of maintenance and drought mean Iraq's actual power production is well under capacity at around 5,500 MW.

Demand stands at around 11,000 MW, Waheed said.

Iraq plans to approach engineering, procurement and construction (EPC) firms to build the plants once the deals are signed, he added.

While big international companies were still reluctant to send people to work in Iraq, improvements in security had improved Baghdad's chances of attracting companies to undertake the work, he said.

Iraqi oil officials will meet Russia's Technoprom Export on October 12 to review a $124 million deal to repair 400 MW of power generation capacity in the southern city of Basra.

The World Bank will fund the deal, he added.

The deal was one of several frozen after the U.S.-led invasion of Iraq in March 2003. Iraq is also negotiating with Russia's Power Machines to revive another old deal to build two plants with 160 MW of capacity each in Iraq's north, he added.

Iraq signed a deal with GE for three power plants worth $480 million in June.

(Editing by Janet Lawrence)

(Reuters)

Shell seizes Iraq gas investment opportunity

2008-09-28T18:33:00.000+07:00

Royal Dutch Shell's joint venture with Iraq to capture flared gas in the south of the country could involve an investment of up to $4bn. The agreement, expected to be formalised in October, will be the first major contract reached by a major western oil firm with Iraq since the US led invasion of 2003.

It is unclear whether the Shell deal is a production-sharing agreement, under which both parties would share profits, or more of a technical services agreement similar to that signed by China in August.

In any event Shell is expected to buy some of the gas due to be processed as Liquid Natural Gas.

China National Petroleum Corporation became the first foreign partner to reach a service agreement with the Oil Ministry involving a $3bn development of the country's Al-Ahdab oilfield but with no revenue sharing involved.

A formal agreement is due to be signed in October between state-owned Southern Oil Company in Basra, which will hold a 51% stake in the latest venture with Shell taking the remaining 49%.

The move is significant both in ecological and economic terms. Gas burnt off during production for safety reasons in Iraq's southern oil fields would be sufficient to meet virtually all of Iraq's current power plant requirements.

Investing in Iraq's energy potential

Others are also investing in the country's energy potential. Iraq holds 3.36 billion cubic metres of proven gas reserves, the world's tenth largest reserves and which are still largely unexploited.

The UAE's Dana Gas is due to start gas production in September from the Khoomor field in northern Iraq, where the company is building a liquefied petroleum gas plant in joint venture with Sharjah-based Crescent Petroleum.

The gas produced is due to flow through a 180-kilometre pipeline to two new power plants in Irbil and Sulaimaniyah together due to produce 1,250 MW of electricity for Kurdistan. Dana has also said that it will spend up to $50m next year on seismic surveys and appraisal wells in northern Iraq's Chamchamal field.

Supplying European markets

In a separate negotiation, Shell is also discussing conducting output tests for the Akkas gas field in central Iraq with the potential to supply European markets via Syria and Turkey.

The company has been conducting negotiations with Iraqi officials for several months in Damascus about gas developments as well as a service contract to develop Iraq's Kirkuk and Missan oil fields.

When the Southern Oil Company contract is signed it will take at least a year to establish the joint venture. However, some field work is expected to start as soon as the agreement is signed.

The Shell venture is considered a turning point by Iraqi officials. Security used to be a deterrent but now companies feel that it has improved and this will encourage others to come in according to Iraq's Oil Ministry.

The venture also follows a major shake-up of Southern Oil's management structure with Baghdad taking over decision making. The ramifications of this and whether the environment will be safe enough for large-scale engineering work to begin remains to be seen.

(AME Info FZ LLC)

Economic Experts expecting to increase the oil investment in Iraq

2008-09-26T07:46:00.000+07:00

A number of German investment companies applied for the establishment of a giant oil refinery in the province of Dhi Qar, and a capacity of up to 150 thousand barrels per day at a time the spokesman Ali al-Dabbagh announced on the government approval on the agreement of principles with Shell to invest the associated gas with oil extraction in the province of Basra, in partnership With the South Oil Company ..
In the meantime, the Oil Minister Hussain al-Shahristani said that Iraq has a fiscal surplus up to 60 billion dollars, indicating his willingness to support any of the investment projects from the oil ministry revenues..

This move comes at a time when Iraq is seeking to develop oil industry in general, demonstrated by the tireless efforts taken by the government to invite the oil giant investment companies to work in Iraq, and that was reflected recently with a giant Chinese company to develop Al Ahdab oil field, as well other investments that might raise Iraqi oil exports during the coming period ..

The Chairman of the Investment Authority in Dhi Qar, Mr. Kazem Ismail Aboudi clarified that a number of German firms submitted their offers to set up oil refinery in the province with a capacity of 150 thousand barrels a day, adding that those companies will invest the oil refinery in the light of an agreement to purchase crude oil from the Iraqi government with a reduction of one dollar for barrel less than the global market price ,indicating that the company's right to sell its product inside and outside Iraq, and Ismail also said that the body aiming to develop the oil industry and signed an agreements with UAE company and Iranian expertise to establish an oil refinery with production capacity of 350 thousand barrels per day .. He pointed out that the process of obtaining permits to start implementation of the project in the coming months.

According to press reports that the Oil Russian Lukoil and American Conoco Phillips, have announced entering their own coalition to win the contract of extracting oil from the West Qurna oilfield II, and Lukoil won a contract in the West Qurna oilfield, which contains 6 billion barrels of oil before 2003.

For his part, the government spokesman Ali al-Dabbagh said the cabinet approved on the prime agreement to extract gas by Royal Dutch Shell company, jointly with the South Oil Company.

He said that Shell submitted a proposal to the Iraqi government to develop natural gas resources in Iraq and plans to supply the domestic market and export .. He said that Iraq, which possesses the third largest oil reserves in the world certainly will give priority to the development of gas reserves in the South that has become a major supplier to Europe.

Iraq has been heavily dependent on oil imports, which constitute approximately 89% of total revenues.. and importing now between 2.5-3 million barrels per day, and has the third largest oil reserves in the world, and the second largest reserves of natural gas in the world ..

Economists expected to increase the volume of oil investment in Iraq in the coming period, especially with the rising demand for crude oil in international markets, stressing the need of the government to seek with the oil ministry to increase the volume of oil production, which provides good financial returns to Iraq.

(Iraq Directory)

IMF agreed to lend Iraq more than 746 million dollars

2008-09-25T20:47:00.000+07:00

The International Monetary Fund agreed to lend Iraq an amount of 746 million and 300 thousand dollars. The IMF said in a statement: "The economic prospects for Iraq are improving," adding that "the improved security conditions contribute to increase oil production and exports while diminishing the inflation rates."

The Fund agreed on "a first review of the Fund's program performance to lend Iraq an amount over $ 746 million and 300 thousand dollars, by the commitment of the Iraqi authorities to economic targets in spite of its failure to achieve targets related to salaries and pensions law."

The statement added that further economic progress depends on further improvement of security conditions in Iraq and the safe management of oil revenues and taking the reform measures.

Takatoshi Kato, the Deputy Managing Director of the International Monetary Fund said in the statement: that after several difficult years, the economic prospects of Iraq began to improve, as authorities continue to implement its economic program in 2008.

He added that the increase of salaries for civil employees will be implemented gradually over 2008 and 2009 to avoid causing a very rapid growth of the economy.

(Iraq Directory)

Rain water treatment project in Basra

2008-09-24T03:50:00.000+07:00

A local company on Wednesday initiated a project to treat rain water and to maintain sewage stations in Basra province at a cost of almost one billion Iraqi dinars, an official source said.

“The project includes rehabilitation work on rain water networks to prevent flooding during winter…,” an official source from Basra’s sewage department, Engineer Hazem Mohammed, told Aswat al-Iraq

“The project will be financed by Basra’s reconstruction and services support committee and supervised by the local sewage department,” Mohammed noted, adding that the scheduled completion period is four months.

The committee, presided over by the minister of state for parliamentary affairs, Safaa al-Din al-Safi, was set up in synchronization with the commencement of Operation Saulat al-Fursan (Knights’ Assault) in late March.

Basra, 590 km (340 miles) south of the Iraqi capital Baghdad, has an estimated metropolitan population of 2,300,000 in 2008.

Basra, a Shiite province with 20 percent of the population are Sunnis, 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).

The only Iraqi outlet to the sea, 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.

The only Iraqi outlet to the sea, Basra has the commercial ports of Iraq.

(Voices of Iraq)

$62 million projects approved – planning ministry

2008-09-24T03:49:00.000+07:00

The Planning Ministry’s strategic authority for reconstructing Iraq approved projects at a total cost of $62 million, a statement from the national media center said on Tuesday.

“The authority chaired by Planning Minister Ali Baban agreed, during its 45th meeting, projects for the agriculture, water sources, education, health, municipalities ministries in Iraq’s Kurdistan region,” the ministry said in a statement received by Aswat al-Iraq.

“The ministry finances some projects through loans presented by other countries and international organizations,” the statement added.

(Voices of Iraq)

Many countries compete on investment in Iraq

2008-09-22T18:21:00.001+07:00

Investment Authority disclosed competition of many developed countries to execute huge projects in the country, it include US, UK, France, UAE, Saudi Arabia and other countries, the Authority Chief, Ahmed Ridha, said.

Iraq received investment's bids of about $ 74 billion during past six months, as the country's budget devoted big allocations to develop Basra's airport, Baghdad international airport and holy city of Najaf, while there's project to build tourism city in Kut, Ridha said.

(Al-Sabaah)

Arab Economic Report : Iraq Memiliki Cadangan Minyak dan Gas Sama Dengan Jumlah Total Negara - negara Kaya Minyak Dunia

2008-09-18T20:54:00.003+07:00

Arab Economic Report: Iraq possessed oil and gas reserves equivalent to the total oil rich countries in the world

The Arab Economic Report for 2008 issued in Beirut recently, described that Iraq possessed stockpiles of oil and gas equivalent to the total oil-rich countries in the world, praising the economic policy implemented by the government, despite the complex security situation in the country.

The report reviewed by the Arab General Federation of Commerce, Industry and Agriculture Chambers, the stock mineral wealth of Iraq, stating that Iraq "possessed reserve of oil and gas equivalent to total oil countries indispensable," praising the government's economic policy that "works in spite of the complex security conditions, to develop the local economy and improve the standard of living of the population ",
According to the report, which is consisted of 450 pages, that the "Iraq contains 530 geological complex of the large oil reserves," and provides that "there were 115 places dug so far, and their gas reserves are estimated at 311 billion barrels of oil, in addition to 415 places undiscovered, that reserves are estimated to be more than 215 billion barrels. "

The report addresses the gas wealth of Iraq, noting that the Iraqi oil ministry, "announced during the first half of 2007, the discovery of gas field stretching from Nineveh province in northern Iraq to Al Qa'em in the West region of the country, and south to the border with Saudi Arabia."

The report considers this field, "the largest in the country," adding that "EU countries had shown great interest in this field because of its closeness to the continent of Europe, especially in the framework of the joint gas pipeline project linking Jordan Egypt, Syria, Turkey, leading to the States of the European continent."

The report on the other side, handled with government actions in dealing with the economic sector, noting that it "works in spite of the complex security conditions, to develop the local economy and improve the standard of living for the population, through the creation of administrative and legislative frameworks and infrastructure required to activate the work of the private sector and attract foreign investment , Particularly in the current affluence resulting from higher oil prices in international markets."

The report indicates that "most of the reforms undertaken by the Government to control inflation and the restructuring of banks and developing the local private sector."

(Iraq Directory)

The improvement of security conditions in Iraq encourages foreign investment

2008-09-18T20:13:00.000+07:00

The Iraqi economic community believed that the investment in Iraq will increase in the coming period, in the light of international companies started to study the possibility of investment in various sectors.

It is striking in this context a plan revealed by the Iraqi Oil Ministry for the construction of an airstrip for the helicopters at its headquarters to facilitate the arrival of delegations and international companies, which will start work soon in the development and rehabilitation of the oil sector.

And what enhances the expectations of these communities , the improvement in the security situation which gave the Iraqi government a greater opportunity to persuade companies to contribute in construction and reconstruction campaign, which Iraqi officials believe it needs to be developed from scratch.

A source in the Iraqi «National Board for Investment» stated that it agreed with local and international companies on implementing many projects in Iraq and granted the necessary permits, and the discussions are continuous with the German company's branch of «Mercedes-Benz» for cars and trucks in Egypt to build a branch in the province of Diwaniyah to produce Small buses. Also negotiations continue with the British - Dutch «Shell» oil company and «British Petrleom» to build oil refinery and ethylene production of urea and other petrochemicals.

The source noted that the company is currently negotiating with «Wood - McKenzie» Global Advisory to open branches in Baghdad, Basra and the Kurdistan region, and that the British company «Avinias Capital» expressed their willingness during the meeting, which gathered them with the President of construction body « Wasit international airport » (200 km south Baghdad). And the British «Crest Petroleum» Company has expressed its interest in constructing a gas city in Basra, according to the latest global designs, and is expected to invest burning gas to generate 1,280 megawatts of electricity.
The «National Board for Investment» had received six offers from international companies to generate electricity in different parts of Iraq and the Iraqi government has to buy the production and sells it at a subsidized price for citizens.

The head of the National Authority for Investment , Mr. Ahmed Redha said that the volume of investments made by the Board which is newly founded (in December of 2007) amounted to 74 billion dollars, distributed among the various infrastructure in Iraq such as factories and refineries and the development of airports and marine facilities, through local and foreign investors equally.

He noted that among the advantages of the investment law for foreign investors, tax exemptions, which extends nearly 15 years if the foreign investor has an Iraqi partner, which would trigger domestic capital and labors will gain broad experience.

(Iraq Directory)

Iraq's budget growing rapidly

2008-09-12T16:20:00.000+07:00

Iraq's 2009 budget will be approximately US$75 billion.
By Aiyob Mawloodi

The draft of the 2009 budget is complete and is expected to approved by the Ministerial Council, and then be submitted to the Iraqi Council of Representatives for final approval. There are claims that the parliament will most probably approve it in this month.

The Iraqi Deputy Minister of Finance, Fazil Nabi, says that though the exact amount of the 2009 budget is not fixed and is subject to change; still it is clear that it will be higher than both the main and the supplementary 2008 budgets. He says that the budget is more 90 trillion Iraqi Dinars (approximately US$75 billion)

Members of the Finance Committee expect that the Ministerial Council will submit the draft budget to Parliament by the end of this month, which is an effort to avoid delays in the final approval of the budget. Previous years' delays in the budget approval had been blamed for seriously hurting the economy as a whole, and especially public sector investment projects and the welfare of Iraqis.

"Due to the fact that preparing, approving, and implementing 2008's budget was done very late, we faced some problems with the ministries, and they became the basis for any complaints against the Finance Ministry," said Nabi in an interview with a local Kurdish news agency. "Therefore, we tried to accelerate the process this year, and we sent the project to the Ministerial Council earlier so that they could approve it and send it to Parliament for their approval as well."

While the 2008 budget, including the supplementary budget totaled at US$70 billion, and 2007 budget was even less, the 2009 budget is expected to be much higher than those of the previous years.

Economic experts believe that the main reason behind this tangible increase is mounting oil prices in the global markets at a time when oil is the major source of Iraq's revenues. Some official statistics suggest that more than 70% of the Iraqi government's revenues come from exporting oil.

The Finance Ministry official announced that the draft has been complete since last week, but the Minister has not yet signed it. Hence, the figures are not yet final figures and subject to change both by the Minister and by the Ministerial and Representatives' councils. However, the changes, if any, won't be that significant and are to be approximately the same as they are in the first draft.

There are hopes that the budget will get the final approval by the Presidential Council before the beginning of next year.

Another issue related to the budget is Kurdistan Region's share of it. This has been the major issue in the previous years' budget preparation and approval processes. According to an agreement among different political groups in the country and based on the Permanent Constitution, Kurdistan Region has a 17% share of Iraq's total budget. This has been resisted severely by many political groups, especially in Parliament. Some groups were trying hard to reduce this share and became serious roadblocks in the way of approving the region's share. And this very issue was the main reason behind the delays in approving the 2007 and 2008 draft budgets.

However, there are hopes that this won't be a serious problem for the 2009 budget. Nabi says that 17% is already allocated for Kurdistan in the draft budget. He believes there will not be any problems regarding this issue neither in his ministry, nor in the Ministerial Council. If there is to be a problem about the issue, it will be in the parliament, but is should neither be that serious.

Kurdistan Regional Government's (KRG) budget was mainly spent on wages and little remained for investment purposes, a fact that negatively affected the economy of the region. This problem led to a mandate by the regional Ministerial Council to reduce the number of public employees to save some money for reconstruction and development purposes. Assuming that Kurdistan is to get the 17% fully, then the region's budget will be uniquely high. Bearing in mind that wages and consequently the operational budget is expected to be less than that of previous years, it is normal to expect a much higher investment budget in the next year.

However, the question remains whether this budget is utilized efficiently and invested in necessary and important projects, or wasted with minor projects and through corruption.

(Kurdish Globe)

Karbala to set priority for investment projects

2008-09-12T04:00:00.000+07:00

Karbala governor Aqeel Mahmoud al-Khazaali discussed in a joint meeting with the local investment authority the projects scheduled for implementation in the province, according to an official statement.

"The meeting was meant to draw investment maps in the province," read a statement released by the Iraqi cabinet's national media center and received by Aswat al-Iraq - Voices of Iraq - (VOI).

The statement stressed the need for communication between provincial departments and the investment authority.

Karbala, with an estimated population of 572,300 people in 2003, is the capital of the province and is considered to be one of Shiite Muslims' holiest cities.

The city, 110 km south of Baghdad, is one of Iraq's wealthiest, profiting both from religious visitors and agricultural produce, especially dates.

It is made up of two districts, "Old Karbala," the religious center, and "New Karbala," the residential district containing Islamic schools and government buildings.

At the centre of the old city is Masjid al-Hussein, the tomb of Hussein Ibn Ali, grandson of the Prophet Muhammad by his daughter Fatima al-Zahraa and Ali Ibn Abi Taleb.

Imam Hussein's tomb is a place of pilgrimage for many Shiite Muslims, especially on the anniversary of the battle, the Day of Ashuraa. Many elderly pilgrims travel there to await death, as they believe the tomb to be one of the gates to paradise. On April 14, 2007, a car bomb exploded about 600 ft (200 m) from the shrine, killing 47 and wounding over 150.

(Voices of Iraq)

Foundation stone laid for downtown Falluja hospital

2008-09-12T03:57:00.000+07:00

Iraqi Vice President Tareq al-Hashemi on Thursday laid the foundation stone for the new Falluja hospital in the downtown of the city in the presence of several government officials.

Hashemi, who is also the head of the Iraqi Islamic Party (IIP); MPs Omar Abdelsattar al-Karbouli and Salman al-Jameeli from the Sunni Iraqi Accordance Front (IAF); the governor of Anbar, Ma'moun Sami al-Alwani; and the head of the provincial council, Abdelsalam al-Aani attended the ceremony, according to a correspondent for Aswat al-Iraq - Voices of Iraq - (VOI), who was there.

The IIP is one of the three main components of the Sunni IAF, which also includes the Iraqi People's Congress led by Adnan al-Dulaimi and the Iraqi National Dialogue Council, led by MP Khalaf al-Ulayyan.

Ramadi, the capital of Anbar province, lies 110 km west of Baghdad.

Anbar is the largest province in Iraq geographically. Encompassing much of the country's western territory, it shares borders with Syria, Jordan and Saudi Arabia. Anbar is overwhelmingly Sunni Muslim Arab.

The name of the province translates "granaries," as this region was the primary entrepôt on the western borders of Lakhmid Kingdom.

The province was known as Dulaim until 1962 when it was changed to Ramadi. In 1976 it was renamed al-Anbar.

(Voices of Iraq)

Preliminary investment agreement with German company

2008-09-12T03:54:00.000+07:00

Diwaniya governor on Thursday revealed a preliminary agreement with a German company to invest in several giant projects in Diwaniya province.

"A preliminary investment agreement has been made with the company to establish a tourist hotel, an entertainment area and a modern market, where foreign and Arab companies can display their products," the governor, Hamid al-Khodari, said during a press conference held in Diwaniya and attended by the company's director general.

Meanwhile, the company's director general said that it has assessed the economic situation in the province and has reached several preliminary investment agreements with the local government.

"The local government is ready to offer all facilities to our company," he noted, adding that the main obstacle facing foreign companies in the country is Iraqi banks, which he said still adopt routine and lengthy procedures despite being mostly run by the Central Bank of Iraq (CBI).

Diwaniya lies 180 km south of the Iraqi capital Baghdad.

In 2002, the population of Diwaniya was estimated at 420,000. The area around the province, which is well irrigated from the nearby Euphrates River, is often considered to be one of the most fertile parts of Iraq, and is heavily cultivated.

The town is located on the main rail transport corridor between Baghdad and Basra. For birdwatchers, Diwaniya is a city with a rich bird list, as it has a wide range of biodiversity.

(Voices of Iraq)

Iraq settles $1.2 bln in Saddam-era commercial debt

2008-09-11T16:15:00.000+07:00

Iraq has settled $1.2 billion in outstanding Saddam-era commercial claims against the Iraqi government and public sector after concluding a debt buyback programme, it said on Wednesday.

Iraq opened this latest commercial debt buyback programme in January 2008 and said it would qualify claimants for a cash buyback of 10.25 percent of the outstanding amount, including principal and accrued interest.

The terms of the programme were "substantially similar to those of Iraq's previous cash settlement offers," Iraq's Ministry of Finance said in a statement, adding they were comparable to the terms of Iraq's 2004 Paris Club deal.

The latest programme brings total commercial debt claims settled by Iraq to $20.9 billion, the finance ministry said.

It said 85 claimants participated in this offer, bringing the total number of claimants to 576 since Iraq's first buyback programme launched in 2005 for commercial claims from the era of Saddam Hussein, overthrown by the U.S.-led invasion in 2003.

Iraq restructured commercial claims to launch $2.7 billion worth of sovereign bonds in January 2006.

The bonds mature in 2028 but start to pay back the principal from 2020. The bonds began trading at 69 cents on the dollar and fell as far as 55 cents last year, but have since recovered to 73 cents <462652aa6=rrps>, boosted by increased confidence over Iraqi security and the economy.

Iraq has also settled debt with 58 countries, the finance ministry said in Wednesday's statement.

The United Arab Emirates waived $7 billion of Iraqi debt in July, and Kuwaiti media have said Kuwait may forgive Iraq's $15-16 billion debt.

Investors have been looking for settlement by Middle Eastern countries of Iraqi debt to provide a further boost to the Iraqi economy.

The Paris Club of 19 rich creditor nations agreed in 2004 to write off 80 percent of its $40 billion debt to Iraq, and Russia wrote off most of Iraq's $12.9 billion debt earlier this year.

Analysts expect the remaining 20 percent of the Paris Club debt to be written off at the end of this year, with non-Paris Club countries following suit.

"There are two major stories for investing in Iraq -- one is oil and the other is the Paris Club restructuring," said Turker Hamzaoglu, economist for Middle East and North Africa at Merrill Lynch, which recommends an overweight position in Iraqi debt.

Hamzaoglu calculates Iraq's debt to GDP ratio falling to 36 percent next year from 160 percent, due to debt restructuring and increased domestic growth.

(Reuters)

Grafik Peningkatan Dinar Iraq (IQD) terhadap US Dollar (USD)

2008-09-11T06:06:00.000+07:00

Nov 2007 - Sep 2008

Investment authority approves new Najaf city project

2008-09-10T16:16:00.000+07:00

The Iraqi national investment authority on Wednesday approved the establishment of the new Najaf city project with a total cost of $38 billion, the spokeswoman for the authority said.

"Ahmed Reda, the chairman of the authority, approved the project to set up the new Najaf city with a total amount $38 billion," Jina al-Amou told Aswat al-Iraq - Voices of Iraq (VOI).

"The project was submitted to the cabinet for approval," she added.

The head of the authority had told the VOI last Saturday that the project envisages establishing 200,000 housing units and tourist and public utilities, including a huge library like the Congress one.

Two companies; Iraqi and UAE, will carry out the project.

(Voices of Iraq)

Water network to be established in downtown Basra

2008-09-09T16:12:00.000+07:00

A project on Tuesday was initiated to establish a drinking water network in Basra's downtown areas of al-Janeena and al-Mufaqiya at a cost of nearly $100,000, an official source said.

"The houses in al-Janeena area will be linked to the main pipes," Engineer Ahmed al-Mayahi from Basra's construction unit told Aswat al-Iraq- Voices of Iraq- (VOI).

Mayahi explained that the areas of al-Janeena and Mufaqiya have old water networks, which negatively affected drinking water supplies in them.

According to the engineer, the completion period of the project, which will be carried out by a local company, is three months.

Basrah, 590 km (340 miles) south of the Iraqi capital Baghdad, has 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)

Basra's al-Najibiya power station renovated

2008-09-09T16:10:00.000+07:00

The Iraqi Ministry of Industry on Tuesday said that it has completed renovation work on Basra's al-Najibiya electricity station, noting that all work has been carried out by "Iraqi hands."

"Ibn Majid General Company, which is owned by the Iraqi Ministry of Industry and Minerals, has finished rehabilitation work on al-Najibiya electricity station, which generates 90 megawatts for the country's national grid..," according to a ministerial statement received by Aswat al-Iraq - Voices of Iraq - (VOI).

Similar stations would be renovated by international companies, the statement noted, adding that it was the first time to be done by "Iraqi hands."

The statement revealed the company's readiness to implement larger and complex projects, including a project to install equipments and machinery in units 2 and 3 in al-Haritha Electricity Station, which is expected to supply the national grid with no less than 350 megawatts of electricity when fully operated.

There are four main electricity generating stations in Basra province: al-Shuaiba, al-Najibiya, al-Zubeir, and al-Haritha.

Basra, 590 km (340 miles) south of the Iraqi capital Baghdad, has 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.

Iraqi dinar soars despite rising dollar

2008-09-09T11:07:00.001+07:00

When the new Iraqi currency went into circulation about four years ago, one dollar bought nearly 1,500 dinars.

But the dinar surged in value, backed by a hike in Central Bank’s reserves of hard cash and financial policies that have prevented the currency from sliding.

Iraq exports nothing of note apart from oil. Unlike industrial countries where expensive currency negatively affects exports, Iraq has no such worries.

Oil prices have nothing to do with the value of national currencies of oil producing states.

Thus the Central Bank’s policy of keeping the dinar appreciating is one of the rare success stories in an economy battered by U.N. trade sanctions and ongoing war since the U.S. invasion of 2003.

When the dollar climbed to a one-year peak versus a basket of major currencies on Monday, it kept sliding vis-à-vis the Iraqi dinar.

The dinar soared to 1l82 to the dollar from 1184.

The Central Bank keeps a close eye on the Iraqi financial market and specifically the exchange rate. Every week the bank sells on the spot Baghdad market up to 1 billion dollars. On Monday it sold $113 million.

(Azzaman)

FM urges Cypriot companies to invest in Iraq

2008-09-09T04:04:00.000+07:00

Iraqi Foreign Minister Hoshyar Zebari on Tuesday called on Cypriot companies to invest in Iraq.

This came during his meeting with the special envoy if the Cypriot president on the sidelines of the Arab foreign ministers meeting in Cairo, according to a statement of the Iraqi foreign ministry.

“Foreign Minister Hoshyar Zebari met in Cairo with the special envoy of the Cypriot President, upon the demand of the later, on the sidelines of the Arab foreign ministers’ meeting at the Arab League headquarters,” it added.

“Zebari called on the Cypriot companies to invest in Iraq in various economic domains and also urged Cypriot officials to visit Iraq and coordinate with Iraqi transport ministry regarding the Basra’s ports,” the statement explained.

The statement quoted the Cypriot official as expressing his country’s desire to develop its economic and trade relations with Iraq, mainly in oil and gas fields after the reopening of the Cypriot embassy in Iraq long with other 55 countries which resumed their diplomatic relations with Iraq after the great security improvement in the country.

(Voices of Iraq)

Deputy premier receives U.S., Japanese envoys

2008-09-09T03:57:00.000+07:00

The Iraqi deputy prime minister, Rafe' al-Issawi, on Monday received two envoys from the United States and Japan and discussed with them means of improving services and supporting investment in Iraq.

"During a meeting with the U.S. envoy, the deputy premier discussed several issues related to the services sector," according to a statement released by Issawi's office and received by Aswat al-Iraq - Voices of Iraq - (VOI).

The two sides examined the possibility of increasing U.S. support to improve services in the country.

Another statement released by the office quoted Issawi as urging Japanese firms to invest in Iraq and to contribute to reconstruction efforts in the country.

Other issues of mutual concern were also raised during the meeting with the Japanese envoy.

(Voices of Iraq)

Thi-Qar investment plan in symposium

2008-09-08T03:59:00.000+07:00

The investment authority in Thi-Qar has held a symposium in Nassiriya city to tackle means of developing an investment plan for the province with the participation of a number of provincial council members, heads of administrative units, businessmen and industry players.

"The symposium took place in a hall in Nassiriya's al-Janoub (South) Hotel and was opened with a speech by an investment authority member, Mohammed al-Battat, in which he outlined the authority's role in attracting investors, and foreign and domestic capital," according to a statement released by the Iraqi cabinet's national media center and received by Aswat al-Iraq- Voices of Iraq- (VOI).

Battat's speech was followed by another by the chairman of the authority, Ismail al-Abboudi, in which he stressed the importance of investment for infrastructure development.

Evening workshops were held with the participation of the heads of administrative units to specify key sectors for future investment in the country, according to the statement.

Thi-Qar, 380 km south of Baghdad, has an area of 12,900 square kilometers (4,980.7 sq mi). In 2003 the estimated population of the governorate was 1,454,200 people. Thi-Qar's capital is the city of al-Nassiriya.

It also includes the ancient Sumerian ruins of Ur, Eridu, Lagash and Ngirsu. Before 1976 the province was known as al-Muntafiq.

(Voices of Iraq)

Governor reveals German intentions to invest in Basra

2008-09-07T04:03:00.000+07:00

Basra governor on Sunday said that a number of German firms have shown their willingness to invest in the province, revealing plans by the German government to open a consulate in Basra.

"Some German companies have expressed their readiness to come to Basra and to gain investment and trade contracts to set up projects in the province in different fields," Mohammed Musbah al-Waili told Aswat al-Iraq- Voices of Iraq- (VOI).

On July 22, Iraqi Prime Minister Nouri al-Maliki arrived in Germany on a European tour that also included Italy and the Vatican.

The Iraqi premier urged the German government to open two consulates in Basra and Arbil and a university in Baghdad. He also called on German companies and investors to participate in investment and development projects in Iraq.

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)

70B dinars in border revenues in Kurdistan

2008-09-07T04:01:00.000+07:00

The Iraqi Ministry of Finance on Sunday said that the revenues from border tariff collection in Iraq's Kurdistan region reached 70 billion Iraqi dinars in 2007, comprising 45 percent of Iraq's total border revenues.

"The General Customs Authority in the central government and the customs department in the Kurdistan region have agreed to unify customs procedures countrywide," according to a statement released by the Iraqi cabinet's national media center and received by Aswat al-Iraq- Voices of Iraq- (VOI).

It is noteworthy that 1 U.S. dollar= 1,118 Iraqi dinars.

Earlier, the ministry sent a delegation comprising high-ranking officials to the Kurdistan region to implement Article 18 of the Budget Law of the year 2008 and to discuss a broader unification of customs and tax laws and procedures.

(Voices of Iraq)

IMF sees improving economic prospects in Iraq

2008-09-05T09:07:00.000+07:00

Iraq's economic prospects are improving with increased security helping to boost oil output and exports, while inflation has declined, the International Monetary Fund said on Wednesday.

The IMF approved its first performance review of Iraq's $746.3 million IMF loan program. It said Iraqi authorities had largely stuck to the program's agreed economic targets, although it waived those related to a government wage and pension bill.

Still, it said further economic progress depended on more improvements in Iraq's security situation, sound management of oil revenues, and reform measures.

"After several very difficult years, economic prospects for Iraq are improving and the authorities are persevering with the implementation of their economic program in 2008, IMF Deputy Managing Director Takatoshi Kato said in a statement.

To keep inflation in check, the IMF said Iraq's central bank planned to tighten its monetary policy stance, including by increasing the pace of appreciation of its currency.

To speed up rebuilding of Iraq, the IMF said a supplementary 2008 budget allowed for sizable spending increases following years of public underinvestment.

It said a civil service pay hike will be phased in over 2008 and 2009 to avoid overheating of the economy.

"It will be important to step up the pace of structural reform," Kato said.

"Of particular urgency are the early adoption of a comprehensive reform plan for modernizing public financial management, the finalization of the census of public service employees to eliminate ghost workers, and the streamlining of the in-kind public distribution system," he added.

He urged that a restructuring program for two major commercial banks, based on financial and operational audits, should proceed and regulations for commercial banks completed.

A new legislative framework for the country's oil sector will facilitate investments in the sector, Kato added.

The IMF said Iraq had made progress in fighting corruption in the oil sectors by introducing oil meters and increasing transparency. "An extension of the metering system to all oil sector activities will further strengthen transparency in the sector," Kato said.

He said Iraqi authorities were making "commendable efforts" in concluding debt agreements with non-Paris Club and private creditors.

(Reuters)

Iraqi Dinar has strengthened its gains against US dollar and rises 0.002 within a week

2008-09-05T09:06:00.000+07:00

The Iraqi dinar has continued to strengthen its gains against the U.S. dollar and the rise registered at (0.002), where the rate of exchange today 1182 dinars for the one dollar as high the value of exchange a week ago, specifically last Thursday and that was 1184 dinars for the one dollar.

The rising of dinar comes within a program adopted by the Iraqi government since the middle of last year, when the government had supported the value of dinar and raised the exchange rate to 1500 dinars to the one dollar during the month of July 2007 to 1182 dinars for one dollar through this September.

The Central Bank of Iraq announced in a statement that it sold by auction today about 113 million U.S. dollars, with new exchange rate of 1182.

It is noteworthy that the value of Iraqi dinar exchange rate determined by the price sold at the auction held by the Central Bank of Iraq daily, which involves a number of Iraqi banks participations.

(Iraq Directory)

Cabinet expects oil proceeds from al-Ahdab field to hit $55B.

2008-09-03T11:04:00.000+07:00

The Iraqi cabinet expected the total proceeds from developing the al-Ahdab oilfield in Wassit province to hit $ 55 billion for a period of 20 years, or 87% of the total revenues of $ 63 billion, according to a statement by the official spokesman for the Iraqi government on Wednesday.

"The presumptive investment cost to upgrade al-Ahdab oilfield in association with a Chinese company reached three billion dollars hile the operational cost was put at four dollars per one barrel before adding 15% tax duties over the contractors' profits," Ali al-Dabbagh said in the statement received by Aswat al-Iraq - Voices of Iraq - (VOI).

Al-Ahdab field, in the al-Ahrar district, (25 km) western Kut city, is one of the uninvested Iraqi oilfields that is, if deveoped, expected to hit 200,000 barrels per day (bpd) in capacity.

Discovered in the year 1979, the oilfield boasts a reserve of 225 million bpd.

The statement quoted Dabbagh as saying that "the 20-year-old service contract provides that the Chinese company shall construct all the surface installations necessary to extract oil and separate and treat gas as well as other reservoirs and facilities".

"In return, the Iraqi side will afford the costs these obligations over annual batches to guarantee fine performance," said Dabbagh.

The Iraqi government spokesman pointed out that the contract to develop al-Ahdab field envisages economic previliges for Iraq compared to the partnership agreement signed during the previous regime's time, as the Chinese company's profits from the total revenues of the project are 4% in the current contract compared to 8% in the previous contract, which saves a sum of $ 2.5 billion for Iraq provided that one barrel of oil is worth $ 100.

Wassit, 180 km south of Baghdad, is in the east of the country. Its name comes from the Arabic word meaning "middle," as it lies along the Tigris about midway between Baghdad and Basra.

Its major cities include the capital, al-Kut, and al-Hayy. Prior to 1976 it was known as Kut Province.

(Voices of Iraq)

2 tourist roads to be constructed in northern Karbala

2008-09-03T09:09:00.000+07:00

Work has begun on a project to construct two tourist roads in the north of Karbala city at a cost of over $900,000, the head of the construction committee in the city's provincial council said on Wednesday.

"Two local companies have begun their work on two tourist and agricultural roads in al-Huseiniya district (20 km north of Karbala) at a total cost of 951.603 million Iraqi dinars," Fallah Hassan Atiya told Aswat al-Iraq - Voices of Iraq - (VOI).

"The first road is 2,300 m in length and 5 m in width, while the second d it 1,000 m in length and 5 m in length," Atiya explained, noting that the scheduled completion period of the project is six months.

Highlighting the significance of the projects, Atiya said that the two roads will link al-Huseiniya road to the public road in Baghdad and will serve a large number of residents.

Karbala, with an estimated population of 572,300 people in 2003, is the capital of the province and is considered to be one of Shiite Muslims' holiest cities.

The city, 110 km south of Baghdad, is one of Iraq's wealthiest, profiting both from religious visitors and agricultural produce, especially dates.

It is made up of two districts, "Old Karbala," the religious centre, and "New Karbala," the residential district containing Islamic schools and government buildings.

At the centre of the old city is Masjid al-Hussein, the tomb of Hussein Ibn Ali, grandson of the Prophet Muhammad by his daughter Fatima al-Zahraa and Ali Ibn Abi Taleb.

Water station maintained in western Basra

2008-09-02T18:09:00.001+07:00

A local company on Tuesday has initiated work on a project to maintain Khour al-Zubeir water station at a total cost of nearly $1.8 million.

"New pumps will be installed in the station. Crude and pure water basins will be cleaned up and an administration division will be set up," the engineer supervising the project, Ahmed Kadhim, told Aswat al-Iraq - Voices of Iraq - (VOI).

The project, whose cost will exceed 2.19 billion Iraqi dinars (1 U.S. dollar= 1,118 Iraqi dinars), will be carried out by a local company from Basra, the engineer noted, adding that the scheduled completion period is five months.

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)84re

Intl. economic event in Baghdad in November

2008-09-01T18:37:00.000+07:00

The Iraqi Ministry of Trade on Sunday said that it will hold an international economic event for the Baghdad International Fair on November 10.

"Preparations have started for the event in cooperation with the Iraqi government and different ministries," according to a ministerial statement received by Aswat al-Iraq - Voices of Iraq - (VOI), quoting the director general of the Iraqi exhibitions, Sabti Jumaa Hassan.

"It is a good opportunity to directly deal with those concerned with building a modern infrastructure in Iraq and creating a development and an investment breakthrough," Hassan said.

According to Hassan, the Baghdad International Fair deals with contracting works, roads, bridges, modern building and housing mechanisms, trade, electricity, universities, health, mobile phones, computers, investment, motors, medications, agriculture, environment protection, tourism, hotels, tourist services and others.

(Voices of Iraq)