Pin the tail on the Dinar reval Interview/Mastermind Teleseminar. 4th and Final call in the mini Teleseminar series. VIP access is no longer available but you may still attend for free:
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April 14 8pm Central Time
DrDinar Live Free Call Invite
ph number 1-404-920-6610
Your access code *******
(you must enter # at the end)
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Would you call the World Bank to get answers? The retired gentleman I’m about to Interview did exactly that to get answers in his quest for ‘Truth’ about the Iraq Dinar currency.
Call will be hosted by Darren Chabluk from http://DrDinar.com
Recording of the call will be available as part of the DrDinar home study course later this spring.
New York Times Global Business
Iraq Oil Field Goes to Royal Dutch Shell and Petronas
By REUTERS
Published: December 11, 2009
Royal Dutch Shell and Petronas of Malaysia won the rights Friday to develop one of the world’s largest remaining untapped oil fields, as Iraq held its second auction of oil contracts since the U.S.-led invasion of the country in 2003.
The companies proposed that a fee that Iraq would pay them to develop the Majnoon oil field be set at $1.39 per barrel and they pledged to increase output from the field to 1.8 million barrels per day, more than twice what Iraq had expected.
“The fee is less than the Oil Ministry specified,” the Iraqi oil minister, Hussain al-Shahristani, said at the auction, which took place under heavy security in Baghdad.
The French oil major Total had joined with China National Petroleum Corp. to bid for the field, which it had sought to develop during Saddam Hussein’s rule. As some consolation, Total had a stake in a C.N.P.C.-led consortium that won the rights to the smaller Halfaya oil field.
Iraq is offering 10 oil fields over two days in a rare opportunity for oil companies, from Western majors to Chinese and Indian state-owned giants.
Despite the anticipation, no one bid for the 8.1-billion-barrel East Baghdad field, part of which is under the Sadr City slum in the Iraqi capital. Baghdad is still hit by periodic bombings and oil executives considered it unsafe to invest in that field.
Mr. Shahristani said the Iraqi Oil Ministry would develop the East Baghdad field on its own.
The deals have the potential to lift Iraqi oil output to levels that would rival those of the top oil producers, Saudi Arabia and Russia, and could rattle the geopolitical power balance in the Middle East.
Competition had been expected to be fierce as the auction included the last of Iraq’s giant fields, with the Majnoon field holding 12.6 billion barrels. They are among the last untapped fields of their size in the world.
Collectively, the fields on offer hold about as much oil as all that held by Libya, which is a member of the Organization of the Petroleum Exporting Countries.
Iraqi Army helicopters buzzed overhead while convoys of armored sport utility vehicles carrying oil executives hidden behind tinted windows raced through Baghdad to the auction.
Halfaya, with 4.1 billion barrels of reserves, was won by the consortium of C.N.P.C., Total and Petronas. They proposed a fee of $1.40 per barrel and a plateau production target of 535,000 barrels per day.
Also on the auction block were a cluster known as the Eastern Fields in Diyala Province and Qayara, a reservoir in the northern province of Nineveh, where Sunni insurgents are active and Kurdish-Arab disputes have led to tension.
http://www.nytimes.com/2009/12/12/business/global/12iht-oil.html?_r=1
S T R A T F O R
GLOBAL INTELLIGENCE
Iraq: Japan Petroleum Takes Stake In Oil Project
December 14, 2009
Japan Petroleum Exploration Co. said it won its bid to develop the Gharaf oil field in southern Iraq, with the Tokyo-based firm taking a 30 percent stake, Kyodo reported Dec. 14.
S T R A T F O R
GLOBAL INTELLIGENCEIraq: Consortiums Win Rights To Develop Oil Fields
December 11, 2009 | 1235 GMT
The United Kingdom’s Shell and Malaysia’s Petronas led a consortium on Dec. 11 that won rights to develop the Iraqi Majnoon oil field, with more than 12 billion barrels of proven reserves, DPA reported, citing Baghdad’s Oil Ministry. Also Dec. 11, China’s CNPC led a consortium that included Petronas in winning the rights to develop the Halfaya oil field, which is believed to contain 4.1 billion barrels in reserves. CNPC holds a 50 percent share in the group, and Petronas and French Total each hold 25 percent. They agreed to increase Halfaya’s production from 3,000 barrels a day to 535,000.
Hello Henry, good day.
Your blog are informative and precise. Please keep it on Henry. and Thank you very much.
CBI invests part of it foreign cash reserves
December 14, 2009 – 12:59:51
BAGHDAD
/ Aswat al-Iraq: The Central Bank of Iraq (CBI) on Monday said it had
signed an agreement with its Dutch counterpart to invest part of its
foreign cash reserves in safe portfolios, according to a bank statement.
“The bank governor, Sanan al-Shabiby, has signed an investment
agreement with the Dutch Central Bank,” read the statement that was
received by Aswat al-Iraq news agency.
The CBI had signed similar agreements with other international banks and institutions,
the statement noted.
SS (P)
http://en.aswataliraq.info/?p=123503
Kuwait: GCC Not Threatened By Iraq’s Expanding Oil Production – FM
S T R A T F O R
GLOBAL INTELLIGENCEI
December 15, 2009
The Gulf Cooperation Council (GCC) countries “are not threatened by Iraq’s plans to expand its oil production,” GCC president and Kuwaiti Foreign Minister Mohammad al-Sabah said Dec. 15, AFP reported.
Central Bank invests the cash portion of its reserves in agreement with his Dutch counterpart
http://www.cnbc.com/id/33242464?slide=8
Iraq Begins Participation in the IMF’s General Data Dissemination System
Press Release No. 09/460
December 15, 2009
The Republic of Iraq began participating today in the International Monetary Fund’s (IMF’s) General Data Dissemination System (GDDS), marking a major step forward in the development of its statistical system. Comprehensive information on Iraq’s statistical production and dissemination practices now appears on the IMF’s Dissemination Standards Bulletin Board (http://dsbb.imf.org/Applications/web/gdds/gddscountrylist/).
“Iraq is committed to use the IMF’s General Data Dissemination System as a general framework to continue developing the national statistical system consistent with best international practices,” Dr. Sinan Al-Shabibi, Governor of the Central Bank of Iraq, said. “The participation of Iraq in the GDDS will also lead to the production and dissemination of more reliable and timely statistics.”
Ms. Adelheid Burgi-Schmelz, Director of the IMF’s Statistics Department, welcomed Iraq’s participation in the GDDS. “Iraq’s participation in the GDDS is a major milestone in the country’s statistical development,” she said. “I am confident that Iraq will benefit from using the GDDS as a framework for further development of its statistical system.”
The GDDS was established by the IMF in 1997. It provides a framework to help countries to develop their statistical systems to produce comprehensive and accurate statistics for policymaking and analysis. With the addition of Iraq, 97 countries currently participate in the GDDS.
IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs Media Relations
Phone: 202-623-7300 Phone: 202-623-7100
Fax: 202-623-6278 Fax: 202-623-6772
Welcome—–Nikc-Malaysian,Sarawak,Mukah
Iraq will be ‘big player’ at OPEC meet: US diplomat
Sun Dec 13, 11:18 am ET
BAGHDAD (AFP) – Iraq will be a “big player” at OPEC’s meeting in Angola later this month over its allocated crude production quota following a string of deals with oil majors, a senior US embassy official said on Sunday.
The Organisation of Petroleum Exporting Countries meeting in Luanda on December 22 will come shortly after Baghdad set ambitious output targets at a Friday-Saturday auction of Iraqi oil field contracts to foreign energy firms.
“They’re going to have to negotiate with their OPEC partners on that one,” the official at the embassy in Baghdad told reporters, on condition of anonymity, referring to Iraq’s production aims and its OPEC quota.
“They’re going to be a big player that wants to come back to the table, so they’re going to have to negotiate with Saudi Arabia, Iran, Venezuela and the other OPEC members.”
Iraq currently produces around 2.5 million barrels of oil per day (bpd). But after awarding seven contracts to foreign energy firms at the auction, following three more deals sealed since a first auction in June, it aims to ramp up output to 12 million bpd within seven years.
Since economic sanctions of the Saddam Hussein era after his 1990 invasion of Kuwait, Iraq has been the only OPEC member not bound by the OPEC quota system and the cartel’s overall output ceiling of 24.84 million bpd.
The US official added there was still time for OPEC to reach accord on Iraq’s quota, as it would be several years before the country will be in position to hike output to its targeted levels. “This isn’t like suddenly tomorrow (Iraq is) going to be producing 12 million barrels,” the official said.
http://search.yahoo.com/404handler?src=news&fr=404_news&ref=http%3A%2F%2Fcampaign.constantcontact.com%2Frender%3Fv%3D001KvOA9nYSxsqZURQap3VbpSbRgtxKOM7IyCSbHaSlhyxV4q2WN_V5AsTnGdoHD-WQchHtSeHSuzELqat-sN8_zckU7j8CBB4M1LTbjEnN22afI18coYxTHT8r_iIRxj2yLk4SS4Z6SwDnQAyvqBWoMJFyFRz20NjdcbAjmQLl0qfHZevG711ekUIcsXf3poCfRaG-2VaxtGAqrNIfHbkoqaA2D_6-CMXu&url=http%3A%2F%2Fnews.yahoo.com%2Fs%2Fafp%2F20091213%2Fwl_mideast_afp%2Firaqenergyoilopecus_20091213161949
Superb Content, Top Notch, and User Friendly are the best way to describe this post, reading this motivates me.
The Governor of the CBI is Expected to Cut Interest Rates
January 25, 2010
The Governor of the CBI is expected to cut interest rates
Central bank governor said: that is likely to cut its interest rates from the current rate at seven percent, but the size of the reduction will depend on inflation.
Shabibi ruled out in a press statement to the Iraqi economy suffered any problems because of the elections scheduled for next March.
The Iraqi Central cut interest rates to seven percent from nine percent in June to fit with the decline in the rate of inflation.
He added that it was likely to be less interest rate of seven percent, but stressed that it would depend on the rate of inflation to growth and that will be monitored so closely.
Shabibi said: that monetary policy impact on developments in inflation and added that the central bank has managed to reduce inflation through monetary policies.
He said inflation fell to about 6.0 percent. Although the inflation index for consumer prices stood at 9.2 percent early last year.
Shabibi said that it expected growth of the Iraqi economy, which depends on oil production. Expectations of the International Monetary Fund came in at 5.8 percent.
Shabibi expected to end violence once more economic growth and rising income levels.
http://articlesofinterest-kelley.blogspot.com/search/label/Iraq%20Banks
Iraq: Halfaya Oilfield Deal Signed
January 27, 2010
S T R A T F O R
GLOBAL INTELLIGENCEI
Iraq’s Oil Ministry on Jan. 27 signed a final deal for China National Petroleum Company (CNPC), Total of France and Malaysian state firm Petronas to develop the southern Halfaya oilfield, Reuters reported. Halfaya holds about 4.1 billion barrels of oil in reserves; CNPC is the primary partner. CNPC and its partners have promised to increase output to 535,000 barrels per day (bpd) from a current level of 3,100 bpd.
February 06, 2010 Iraq Planning Currency Redenomination
BAGHDAD — The Iraqi Central Bank is planning to redenominate the national currency in an effort to ease transactions and allow people to carry less paper money, RFE/RL’s Radio Free Iraq (RFI) reports.
Mudhhir Muhammad Salih, a member of a Central Bank advisory panel, told RFI that a plan has been made to remove three zeros from the currency and phase out the current banknotes late this year.
Salih said by the end of 2010 the new banknotes will be fully introduced while the old banknotes will be gradually removed from circulation. He did not specify when the new notes would be issued.
Both will be legal tender in Iraq until the old notes are completely withdrawn.
Iraqi officials have had a long-running plan to redenominate the Iraqi dinar. In 2006, the Finance Ministry recommended to the Central Bank that it carry out such a plan.
Salih pointed out that banks are having a hard time accepting cash savings and deposits, but by dropping the zeros it will make it easier for both the banks to deal with their customers and for the general public to carry money. He said some 80 percent of Iraq’s money supply is cash in circulation.
Salih added that in 1990 the value of banknotes in circulation was about 25 billion Iraqi dinars but is currently some 25 trillion dinars.
Economic analyst Hilal al-Tahhan told RFI that the bank’s move is overdue. He said he expects the currency change to go smoothly because of the decision to allow both the old and new banknotes to coexist, leading to less turbulence in the economy.
The current exchange rate is 1,167 Iraqi dinars to the U.S. dollar. Radio Free Europe/Radio Liberty © 2010 RFE/RL, Inc. All Rights Reserved.
http://www.rferl.org/content/Iraq_Planning_Currency_Redenomination/1950504.html