- Billy Giles Interview – CD – Shown Actual Size
Former Secretary of State of the USA Dr Condoleezza Rice had visit Iraq in May of 2005. During this visit the World Bank, Dr Rice, and the IMF met to discuss what the Dinar could be backed at during a revaluation. Here were their respective endorsements and in US dollar/cents:
Opening Rates Debate – Iraq May 2005
.20 Cents – The World Bank
.40 Cents – IMF
.82 Cents – USA (Condoleezza Rice)
Now, assuming a revaluation of a mere 1 cent would give everyone right now a 10X return on investment I’m going to use 1 penny as the minimum opening rate as this is what Billy Giles and I have agreed as would be an absolute minimum.
Now there are three phases in my mind for a revaluation. These 3 phases have objectives tied to them as follows:
Revaluation Phases
Phase 1 – Before Reval – Objective: Maximize Dinar value and oil production before the revaluation.
Phase 2 – The Revaluation – Choose an opening rate/date that will be funded 100% and will grow
Phase 3 – Immediately After The Revaluation – Kuwait’s Dinar reval rate almost doubled immediately
Now, with that being said. It should be no surprise that all supporting Governments in countries around the world would have a stash of Dinar. The USA Government believes in the success of Iraq and has Dinar as proven in the Billy Giles Interview in the DrDinar Home Study Course and also in the DrDinar Report Version 3.
The media does not always hear of news first. Especially if there is a non-disclosure involved and something ‘slips out’ during an interview.
When Condoleezza Rice endorsed a rate of .82 cents we must assume that the USA Dinar stash including a profit forecast of George Bush Jr’s notorious shipment was equated into such rate. Therefore allowing .82 Cents to the Dinar to not be a total farce.
Revaluation Exchange House Fees
Now despite what the opening rate will be, the local banks that will exchange Iraq Dinar for you during and after the revaluation will charge a nominal fee anywhere from 3% to 6% just as they do with any other world currency conversion. They need to make money so that’s why they do it.
Who gets the lower 3% rate? Let me tell you, high volume exchanges, and GROUPS. At DrDinar we will be negotiating group revaluation rates for possibly all our site members including basic free members.
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Written by Darren Chabluk, sign up for the
site launch Priority Notification if you have
not already done so at http://DrDinar.com
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Darren,
What are your thoughts on banks being prepared to exchange 2 or 3 million dinar and giving you a suitcase full of money. I don’t think that can happen. They will probably want you to deposit most of it. I’m not too comfortable with that scenario, not the way U.S. banks are failing. Does anybody know for sure about taxes being paid at the bank or will they issue a 1099. As far as volume exchange for groups, I think we would have more clout as a group.
Thanks for Dr. Dinar!
It sounds like a good idea, but what will stop people that are really desperate to make some return and cash in to quickly will that affect the % lower rate.
For me it is just common sense. Why would you cash in 2 or 3 million at one time. That is just a red flag to the IRS. It will not make any difference if you take your Dinar to a International Bank for exchange that is why they charge to fees. If you have a couple of 5,000 Dinar notes or whatever make the exchange then take your Dinar to Belize or Luxenburg and set up an off shore account. There is no law of how much you can take out of the country you can only bring in less that $10,000 US Dollars without declaring it.
Why don’t we as a group open our own bank in Belize. It’s English speaking and has a rather stable banking system.
Just a thought.
Edward, my thoughts on carrying to exchange 2 or 3 million dinar and giving a suitcase full of money… You best have a permit to carry a concealed 45 and be ready to use that peacemaker. Thats all I have to say about that.
Thank you for the update. You said the Kuwait $ would double when reval of Dinar. Could you explain more on the Kuwait reval.
Thank you
I’m all for cashing in as a Group.
Also Remember, the Less You give Uncle Sam, the More in Your Pocket!
Wish We could setup some sort of Roth 401k.
You pay taxes Now, but when You with-draw, it’s TAX FREE!
I`d have to see what the benefits would be exchanging our dinars as a group – ok for the `lesser`fees (3%) but would those be the only fees?? And Darren, who be handling all those dinars? Am I getting ahead of myself here?? But all in all I think exchanging as a group could be a good idea.
Darren I think the group rate idea is a great deal. I would be willing to use it. I will be listening to the call.
I want to hear every detail you can offer. I’ll call in!
Hi, Darren:
I hope to be on your call…
Thanks,
Betsy
I’m a little puzzled by some of these responses. I thought it was well established from prior calls that there were NO taxes involved. It’s a simple monetary exchange with only the rate of exchange to be paid. I’m not worrying about the IRS. And I’m only depositing minimal amounts. It can stay in a lock box.
What’s really concerning me is the rate the dollar is falling. Unless the reval comes soon, the value of the amount we get will be less and less.
Darren,
I will be on your call tomorrow to discuss the group rv rate. I think it’s an excellent idea to discuss a lower rate the banks it could mean more business for them and a definte advantage for the group.
I wish I could be in town to listen to the call but I can not so I will have to read it I think it is a good idea to have a group rate thank you Larry
Darren, I will definitely be on the call tomorrow night. Very much looking forward to it!!
New Business November 4, 2009, 2:06PM EST text size: TTWhy Oil Majors Are Coming Back to Iraq
Global oil companies are finding it harder to resist the huge volume of crude in Iraq, but their change of heart could increase tensions in OPEC By Stanley Reed
BW Magazine
Why This Real Estate Bust Is Different
A Wakeup Call for Part-Time B-Schools
The Accidental Hero
Executive Summary
The Enduring Anger of Hank Greenberg
This Issue
November 16, 2009
Deep Trouble
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The Zubair oil field near Basra holds an estimated 6 billion barrels Essam -Al-Sudani/AFP/Getty Images
In June many of the world’s biggest energy companies walked away from bidding on potentially rich oil fields in Iraq. While they liked the billions of barrels of reserves that were on offer, ENI (E), ExxonMobil (XOM), Royal Dutch Shell (RDSa), and others balked at the tough terms the Iraqis were proposing.
Today they’re coming back—and getting roughly the same deal that was on the table during the summer. On Nov. 2, ENI initialed a contract to boost production in the Zubair field near Basra, which it estimates has 6 billion barrels of reserves. Shell, Exxon, and ConocoPhillips (COP) also are in talks that could help boost Iraq’s oil production to more than 6 million barrels per day—behind only Saudi Arabia in OPEC. “This is the window in which if anything can happen it will happen,” says Alex Munton, an Iraq specialist at Edinburgh-based energy consultants Wood Mackenzie.
The big oil companies are reconsidering Iraq because they realize this may be among their last opportunities to get large volumes of crude. Britain’s BP (BP), for instance, typically turns up its nose at anything below roughly 700 million barrels of reserves; Rumaila, about 30 miles west of Basra, may have 20 billion barrels of recoverable oil, BP estimates. Another field in the same class is West Qurna, located north of Basra, where a group including Exxon Mobil and Shell is competing against a partnership of ConocoPhillips and Russia’s Lukoil (LKOH.RTS) for production rights.
Majnoun, which the Iraqis will offer in December, could have 12 billion barrels. And Kirkuk, where Shell is hoping to get a contract, has at least 8.5 billion barrels. “It is fair to say that there are many people negotiating now who would not have taken $2 [in profit per incremental barrel] before,” Shell Chief Financial Officer Simon Henry said during the company’s Oct. 29 earnings conference call with reporters.
A Threat to OPEC?
The change of heart among oil majors could increase tensions in OPEC, which had assumed Iraqi production would remain low until the world regained its thirst for crude. As Iraqi output starts to rise, the Saudis and other big producers are likely to try to persuade Iraq—which belongs to OPEC but is exempt from its quotas—to toe the line. The Iraqis, though, may want to pump the maximum, arguing that other cartel members who have profited for years from Iraq’s market absence should bear any future production cuts. “This is an issue that is going to come to the forefront as deals progress,” says David Kirsch, an analyst with Washington consultancy PFC Energy.
ENI’s deal is similar to the one BP agreed to after the June auction. ENI and its partners, Occidental Petroleum (OXY) and Korea Gas, plan to increase output at Zubair from the current level of 190,000 barrels per day to 1.125 million within seven years. The companies will recover all costs and receive $2 in profit for each barrel above today’s production level. In June they had insisted on $4.80 per incremental barrel. But after BP agreed to $2 per incremental barrel for tripling production at Rumaila—signing a deal on Nov. 3 in Baghdad—the benchmark price had been set. ENI says clarifications from Iraq on tax-related issues were critical in the decision to accept a lower price. “We got a contract that guarantees us the right return,” says Claudio Descalzi, ENI’s exploration and production chief.
Of course, big obstacles remain. Security will always be a worry. If Prime Minister Nouri al-Maliki, who has promoted the oil deals, is turned out in January elections, the investment climate could sour. And projects that do go through could be hampered by a shortage of skilled workers and infrastructure woes such as a lack of oil terminals and pipeline capacity to get Iraqi crude to foreign markets.
What’s clear, though, is that Iraq has enormous potential. Its reserves stand at some 115 billion barrels, third largest in the world. Three fields alone—Rumaila, Zubair, and West Qurna—could triple Iraqi production from the current level of 2.5 million barrels per day in less than a decade. And much of Iraq remains relatively unexplored, so there’s always the possibility of finding more huge fields. “If Iraq and the international oil companies are able to bring these projects on,” says PFC’s Kirsch, “it certainly would eliminate concerns that global production is going to peak any time soon.”
Reed is London bureau chief for BusinessWeek.
Darren, I won’t be on the call but, will review the blog afterwards. I do like the pooling of Dinars for a reduce exchange rate. Has anyone given thought to a phased exchanged after the reval. This will allow for profits now and greater profits later in the event of a more favorable rate after the dust settles.
Nice comments, all of’em. I’ll respond to the best I can later but need to sleep. It’s go go go go. All day, the launch is crazy. Will be adding new videos and links that members want weekly. So, be patient please..
Darren:
I intend to be on the call. Appreciate that it will be recorded as sometimes things happen to change one’s plans.
You have supplied us with great info. I am interested in the group rate if that can be worked out it would be great.
Thanks Darren….
Madeleine Ayotte
P.S. I like your picture….our great Canadian boy eh?
Billy’s report is real good info.
Why The 3% to 6% exchange rate? Never Heard Of any band Charging For an Exchange Rate? TIM
Exxon-Shell consortium signs deal to help boost output at Iraqi oil field
By Ernesto Londoño and Qais Mizher Washington Post Foreign Service
Friday, November 6, 2009
BAGHDAD — Exxon Mobil and Royal Dutch Shell signed a deal with the Iraqi Oil Ministry on Thursday to develop a major field, marking the first foray by a U.S.-led consortium into Iraq’s promising but uncertain oil industry.
The agreement, the second of its kind signed this week, suggests that foreign companies that initially balked at the terms the ministry offered at a public auction in June now think the prospect of eventually tapping into Iraq’s vast oil reserves outweighs the risks. Oil Minister Hussain Shahristani called the deal “another huge achievement in the pursuit of rebuilding this country.”
On Monday, the ministry signed a separate deal with a consortium led by the Italian oil giant Eni that includes Los Angeles-based Occidental Petroleum. The Iraqi cabinet is widely expected to ratify both agreements.
BP and China National Petroleum Corp., the only companies that walked away from the June auction with a deal in hand, signed the final contract this week.
All the deals are for service contracts, which give the companies a per-barrel fee for boosting output at active fields encumbered by old technology and derelict equipment. But they do not give the energy giants a stake in the profits.
Industry experts say the contracts are likely to be only modestly advantageous, if at all, to Western energy giants in the short term but could position them to reap a windfall if Iraq opens unexplored oil fields to foreign companies. The Oil Ministry is expected to hold another round of bidding in December for undeveloped fields.
Those would also be for service agreements, but oil executives hope the deals could one day lead to production-sharing arrangements — long a goal of energy firms that have been shut out of the Middle East for years.
The deal signed Thursday gives Exxon Mobil and Shell $1.90 per barrel above the current production rate, considerably less than the $4 a barrel the consortium proposed in its June bid. The companies will refurbish the West Qurna-1 oil field, which is near Basra, in southern Iraq.
The consortiums led by BP and Eni will boost production at the Rumaila and Zubair oil fields, respectively. Both are in the south. Iraqi officials say they hope the foreign companies will help increase output at the three fields from the current 2.5 million barrels per day to roughly 7 million per day over the next six years.
Since the 2003 U.S.-led invasion of Iraq, foreign oil companies have sought to penetrate the country, which has among the largest proven crude reserves in the world. The firms continue to be wary of the violence, corruption and political instability in the country but are growing more tolerant of risk as other large markets such as Venezuela and Russia adopt increasingly nationalist policies.
Also Thursday, Iraqi lawmakers adjourned for the rest of the week having failed to pass a law needed to hold national elections in January. The impasse has alarmed U.S. and U.N. officials because Iraq’s electoral commission had said that it would be unable to hold the elections on time if the law was not enacted by the end of this week.
Lawmakers said they would resume deliberations Saturday in hopes of settling a dispute over how to hold the vote in the disputed northern city of Kirkuk.
Mizher is a special correspondent.
as a group, what would be the procedure from A to z. jim
I have been watching Dinar speculation for over 2 years now and have read al lot of articles about the nature of bills and how countries changed their currencies in recent history. The present large bills will be replaced by new currency. Do not expect a IQD 25000k turn out to be $ 25000 overnight which is impossible. Once the oil production reach to the desired level and the economy start improving, political and sectarian problems are overcome…say within 5 years from now….they will introduce a new currency and will replace the present ones. I dont see any other alternative for the CBI. So it seems a long way to go for a minmum return on this investment…..forget about becooming rich on a fine morning…..it is just a dreadm.
Philip, that is not what Kuwait did with their reval.
To give my opion on the exchange rate , I think it would be great to have a group large enought to bargain for a smaller rate. I believe all members would go for this.
Exchange rate lowered ! Sounds good.
See ya all on the call tonight!! .. {:-)
Alfred
S T R A T F O R
GLOBAL INTELLUGENCE
Iraq: Election Body Seeks Vote Delay
November 6, 2009
Iraq’s electoral authorities called for polls due next January to be delayed after parliament failed once more to agree on how to hold the vote, Reuters reported Nov. 6. Electoral Commission head Faraj al Haidari said if parliament insisted on sticking to the scheduled Jan. 16 date, the electoral commission could not guarantee the ballot would meet international standards due a lack of time for preparation. He added that the delay and the insistence of political leaders not to postpone the election will force the leaving out of some required procedures, making preparations incomplete and short of international standards.
MP Abbas al-Bayati: Washington has played a clear role on the elections law
Deputy said the United Iraqi Alliance Abbas al-Bayati said the United
States contributed significantly to influence the Iraqi political
parties in an attempt to reach agreement on the electoral law.
Bayati said in press statements on Saturday that there is a clear role
for Washington to influence the political actors in order to reach the
agreement on Kirkuk and therefore adopted the election law.
He pointed out that U.S. Vice President Joseph Biden, had made numerous
contacts with Iraqi officials from various parties in order to overcome
the differences occurring and thereby passing the electoral law.
Translated Article Here
If We All Do Decide To Cash In Our Dinar For A Better rate! There Is Many Questions To be Answered for Me Who Is Going To Take The Money To Turn It In And When & Where will Our Money Be Sent To Us ? Its To Much Money To Put a Risk On sending It away and Wondering If You Will ever See It Again! What Is Anyone Elses Thoughts On This ? TIM
S T R A T F O R
GLOBAL INTELLUGENCE
France, Vietnam: $9.5 Billion Worth Of Deals Signed
November 13, 2009 | 1535 GMT
France
France, Vietnam: $9.5 Billion Worth Of Deals Signed
November 13, 2009 | 1535 GMTFrance and Vietnam on Nov. 13 signed 18 cooperation deals worth $9.5 billion, in areas such as energy, finance, telecommunications, satellites, urban planning and food processing, Voice of Vietnam radio reported. French Prime Minister Francois Fillon and Vietnamese Deputy Prime Minister Nguyen Sinh Hung were are on hand for the deal signing in Hanoi.
S T R A T F O R
GLOBAL INTELLUGENCE
Iraq: Kurds Threaten To Boycott Elections
November 17, 2009
The office of the Kurdistan Regional Government (KRG) President Massoud Barzani stated that the distribution of seats is unfair to Kurds, BBC reported Nov. 17. Barzani’s office said the people of Kurdistan would be forced to boycott the elections if changes are not made.
So Was The Re Evaluation Taken Place Yester At Noon Or What Was The Result Of The Meeting TIM
REUTERS
U.N. preparing Iraq-Kuwait reconciliation plan
Iraq seeks to reduce war reparations payments to Kuwait
UNITED NATIONS, Nov 16 (Reuters) – The United Nations is outlining a plan to help Iraq end its dispute with neighboring Kuwait over war reparations, 19 years after Baghdad invaded the oil-producing Gulf state, a U.N. official said on Monday.
Baghdad wants the U.N. Security Council to reduce its reparation payments to Kuwait, which it ordered Iraq to pay after the 1991 Gulf war ended Iraqi leader Saddam Hussein’s 1990-1991 occupation of Kuwait.
Iraq says the reparations — more than $20 billion — are unfair and wants the amount reduced so it has more money for reconstruction and development. It has called for annulling Security Council decisions requiring the payments under Chapter 7 of the U.N. charter.
U.N. special envoy to Iraq Ad Melkert told a meeting of the 15-nation council on Iraq that a top priority was the “normalization of (Iraq’s) regional relations, not least with Kuwait, and the related exit from Chapter 7 provisions.” Melkert said the U.N. mission in Iraq would outline a plan for achieving this.
“We will seek consent of both parties to define a mutually agreed agenda, the completion of which should resolve any remaining issues and should normalize Iraq’s position within the U.N.,” he said.
Kuwait opposes ending Iraq’s Chapter 7 status. But council diplomats say they might vote to lift the restrictions in the coming months, paving the way for Iraq to renegotiate the amount of reparations it pays to Kuwait.
OTHER ISSUES
Melkert told reporters that the proposal would cover an array of disputes between Kuwait and Iraq. In addition to reparations, there is the issue of agreeing on the precise land and sea borders between Iraq and Kuwait, he said. Kuwait also demands information related to its missing citizens and the return of property the Kuwaiti government says was stolen during the occupation.
At the end of July Iraq owed some $25.5 billion in reparations, $24 billion to Kuwait alone. Melkert did not comment on a visit to Iraq this month by U.N. assistant secretary-general Oscar Fernandez-Taranco in response to Baghdad’s request for a U.N. inquiry into support given by foreign countries to insurgents.
Iraq’s U.N. ambassador, Hamid al-Bayati, said his government considered Fernandez-Taranco’s visit as a “first step to be followed by subsequent steps … to uncover those behind the deadly bombings in Baghdad in August and October.”
Twin suicide blasts against government buildings in Baghdad last month killed more than 150 people, and bombings in August devastated the Foreign and Finance ministries. Iraq blames both attacks on al Qaeda and supporters of Saddam Hussein’s outlawed Baath party.
Baghdad has accused neighboring Syria of providing a safe haven for Baathists plotting attacks. The United States has previously accused Iran of interfering in Iraq and providing support to insurgents. Both governments deny the allegations.
Must shield the sheep from the truth I see.
http://dinarspeculation.com/
Iraq Dinar Speculation
Info and news on the explosive potential of the IQD!
Election Law Vetoed by Iraqi VP
November 18th, 2009
First of all, I’m a bit ticked right now. I’m upset that the mainstream media takes something that could be nothing, and twists it until it still resembles the truth, but is far from it at the same time. Did you ever notice how the media will completely skip stories of hundreds of good deeds… and embellish the horrible news? It happens all the time, and the main reason is this: SALES. Every single news agency out there is in competition with each other, and the ones with the most dramatic headlines are the ones that sell the most advertising, which makes them successful.
People see a headline that announces a good deed, and they smile and walk on by. Myabe they feel good inside, maybe they feel the need to do a good deed as well, because so much is right in the world… but they don’t buy the newspaper. When you see a headline that describes horrible news, though – you buy the paper and take it with you, planning on reading every detail at the first possible moment!
It’s sad, but it’s true. Pain and misery sell a lot more papers than happiness and good deeds. Case in point: how often do you hear about all the GOOD things happening in Iraq? Ned some examples? Take a look here at why Iraq is a good investment. That’s stuff you simply don’t hear about from the mainstream media, because it doesn’t sell papers!
This is just as true when it comes to Iraq as it is to our homelands, wherever we might be from. Enough of my ranting, though – let’s talk about the news that Iraq VP Tariq al-Hashemi has vetoed the Iraqi election law. That’s what all the articles are stating, right?
S T R A T F O R
GLOBAL INTELLUGENCE
Iraq: U.S. Drawdown Decision Not Expected Until April, May 2010
November 18, 2009
U.S. Army Gen. Ray Odierno said Nov. 18 he is “very confident” the U.S. military does not have to decide about drawing down combat operations in Iraq until April or May 2010, Reuters reported. He said he believes the United States can meet the spring timeframe. Odierno said any threats that would cause Iraq to become unstable quickly would change the decision to scale back combat operations, but added that this was unlikely.
Baghdad sends oil delegation to KRG – UPDATE
Submitted by Ben Lando on Monday, 16 November 20099 CommentsShareThis
Updated with quotes and more details
By BEN LANDO
Iraq Oil Report
BAGHDAD – Two of Iraq’s three deputy oil ministers arrived Sunday in Erbil, the capital of Iraq’s semi-autonomous Kurdish region, leading a delegation aimed at patching up a bitter, three-year feud over the control of oil deals and oil laws.
Ministry spokesman Assem Jihad denied the goal of the trip is to negotiate an overdue agreement on the country’s oil strategy. The visit also comes the day the Basra-based Fadhila Party announced it had launched a campaign to remove Oil Minister Hussain al-Shahristani from office. The Kurdistan Alliance holds a powerful minority role in Parliament.
The team is meeting with Barham Saleh, who was recently appointed prime minister of the Kurdistan Regional Government. Until the July elections in the KRG, Saleh was deputy prime minister of Iraq, and led a not-so-subtle campaign targeting Shahristani’s leadership.
FPRIVATE “TYPE=PICT;ALT=Barham Saleh, prime minister of the KRG. (source: krg.org)”
Barham Saleh, prime minister of the KRG. (source: krg.org)
The dispute was cordial compared to Shahristani’s feud with northern nemesis Ashti Hawrami, KRG natural resources minister. The two rarely, if ever, speak lately, following a breakdown of a deal for governing Iraq’s oil sector, initially agreed to in early 2007.
Abdul Karim Laebi, deputy minister for upstream, and downstream deputy minister Motasam Akram Hassan, are leading the delegation, which arrived Sunday. It’s not clear thus far how long the delegation is staying and who else is part of it.
The group will “congratulate Barham Saleh for his post as prime minister of KRG,” a source in the Oil Minister told the Iraq Oil Report. It will also “discuss unsolved issues between both sides, the central government and KRG, to find solutions.”
Solutions in Iraq are hard to come by, especially when it involves the revenue and power of controlling the oil sector. The future of oil-rich Kirkuk, claimed by Kurds as well as Turkomen and Arabs, has gone unresolved for years and nearly killed a law governing this January’s national elections.
Iraq has the world’s third largest proven oil reserves and earns more than 90 percent of state income from oil exports. It is producing nearly 2.5 million barrels per day (bpd) now, exporting just under 2 million of it.
It’s assumed that a deal over oil-related laws will not be made until a new government is formed, following the elections. But last minute scurrying for compromise may reflect concerns the results of the election will bring to power a recast leadership that would make decisions even less favorable to the current feuding parties.
Baghdad says it has the sole right to sign oil contracts with foreign oil firms, as Iraq remains a nationalized oil sector. But Iraq’s Kurdish northern area – protected by international forces following the invasion of Kuwait and with semi-autonomy enshrined in Iraqi law after the 2003 U.S.-led invasion – decided to create their own oil economy after being neglected for decades by Saddam Hussein.
While this has meant new oil discoveries in the north, including two fields that exported oil for a few months this year, the two dozen deals are considered illegal by the central government.
The fight over decentralization of the oil sector has stalled a new oil law regulating the country’s hydrocarbons, as well as companion laws for sharing revenue, reconstituting the national oil company and reorganization the ministry of oil.
Earlier this year, Barham Saleh, as deputy prime minister, organized a conference in Baghdad that was in name aimed at studying the status of Iraq’s oil sector. In reality, it was an attempt to embarrass Shahristani by presenting reports highlighting a decline in output from southern oil fields.
Shahristani, an independent but allied with Prime Minister Nouri al-Maliki, has in recent weeks finalized a deal with BP and partners Chinese National Petroleum Corp. to boost production in the Rumaila field. Two other fields in the south have deals pending for them with the Council of Ministers: Exxon Mobil and partner Shell and Eni with partners Occidental Petroleum and Korea Gas will likely sign in the coming weeks.
These are intended to increase production by nearly 4 million barrels per day. Shahristani touted the contracts during a recent questioning in Parliament. Jabir Khalifa Jabir, a Fadhila member and third ranking in Parliament’s Oil & Gas Committee, led the questioning and said he expects to get enough signatures for a vote of no confidence.
The ministry doesn’t seem to be worried – and such a vote is unlikely still – as evidenced by the cool response to queries of the meeting in Erbil.
“In the media, it is mentioned that the Oil Ministry delegation to KRG is to solve the problems and find solutions, but in fact the delegation went to Kurdistan for giving the congratulations to Dr. Barham Saleh for becoming the Kurdistan prime minister,” is all spokesman Jihad would say.
http://www.iraqoilreport.com
Iraq finalizes oil drilling joint venture with Mesopotamia Petroleum
Inside Iraq – Improved democracy? – 13 Nov 09
http://www.youtube.com/watch?v=5YoIvtci7as
MP Falah Shanshal: Denunciation of the election law will be presented next Saturday on Parliament
A member of the Iraqi parliament Falah Hassan Chanchal from the Sadrist bloc has been postponed discussion session set aside the election law By Tariq Al Hashimi on Saturday for a demonstration of the veto in parliament.
The Chanchal In a telephone conversation with News Agency “It will be the parliamentary blocs an opinion on this veto that the Constitutional Court To my knowledge, she said that the veto unconstitutional being the event of one party and this was confirmed by Legal Committee Parliament, stating that this requirement will be discussed Saturday and we will, God willing, the outcome of the about how to answer this veto.
Translated Article Here
http://al-iraqnews.net/new/siaysiah/43242.html
So Are we Now Back To Square One On The Revaluation? Or When It Suppose To happen now! TIM
November 20, 2009 at 6:03 pm
S T R A T F O R
GLOBAL INTELLUGENCE
Iraq: Election Body Seeks Vote Delay
Iraq: Al-Sistani Aide Calls For End to Political Deadlock
November 20, 2009
A top aide to Grand Ayatollah Ali al-Sistani, Iraq’s Shiite spiritual leader, is asking the country’s political groups to end the political crisis that could delay national elections scheduled for January, AP reported Nov. 20. As part of his regular sermon, the aide – Sheik Abdul-Mahdi al-Karbalaie – said al-Sistani is concerned there will not be enough time to hold the elections if lawmakers do not break the deadlock over a key election law soon.
Iraq: Parliament To Meet Again On Disputed Electoral Law
November 20, 2009 at 6:03 pm
S T R A T F O R
GLOBAL INTELLUGENCE
November 21, 2009
Iraqi parliament members will meet Nov. 22 to once again attempt to break the deadlock over a stalled electoral law which could delay the country’s next general election, slated for mid-January, AFP reported Nov. 21. Parliament Speaker Iyad al-Samarrai told reporters Nov. 21 that the parliamentary vote aimed at resolving the dispute over the election law would be postponed until the next day. The Iraqi election cannot move forward until the disputed law receives presidential assent.
Iraq, U.S.: Troop Withdrawal To Occur On Schedule – Gates
November 20, 2009 at 6:03 pm
S T R A T F O R
GLOBAL INTELLUGENCE
November 19, 2009
U.S. Defense Secretary Robert Gates said plans are going ahead for a large troop withdrawal from Iraq next spring, AP reported Nov. 19. Speaking at a Pentagon news conference, Gates said that warnings that politics could delay Iraqi elections slated for January 2010 are not affecting his plans for the troop withdrawal.
http://www.uragency.net/index.php?aa=news&id22=2659Ministry of Oil: the government agreed to proceed with the licensing of oil
شريط الاخبار | 18-11-2009 Bar News | 18/11/2009
بغداد/ وكالات Baghdad / agencies
أكد مسؤول في وزارة النفط أن رئاسة الحكومة في البلاد أبلغت وزارته “المضي قدماً في جولة التراخيص الثانية” التي من المؤمل اجراءها يومي 11 و12 كانون الأول المقبل. An official at the oil ministry said the country’s prime minister told his ministry “to move forward in the second round of licenses,” which will hopefully take place on 11 and 12 December next.
وقال مدير الشؤون القانونية والتجارية في دائرة العقود والتراخيص صباح الساعدي في تصريح لوكالة (آكي) إن “الجولة الثانية من العطاءات ستشمل عشرة مشاريع على حقول نفطية كبيرة مكتشفة غير أنها ليست مطورة، كحقول مجنون وحلفاية وغرب القرنة، فضلاً عن حقول أخرى أبرزها حقول الغراف في الناصرية والكفل في الفرات الأوسط والحقول الشرقية في ديالى”. The Director of Legal Affairs and Trade in the Contracts and Licenses Sabah al-Saadi told (AKI) that “the second round of tenders will include ten projects at the giant oil fields discovered but not developed, and Hlvaip crazy as fields, West Qurna, as well as other fields notably in the fields Gharraf Nasiriyah, Zulkifli in the Middle Euphrates and the fields in the eastern Diyala. ” وأردف “هناك 45 شركة من 30 جنسية غربية وشرقية ستشارك في هذه الجولة التي ستقام على الأرجح في مقر الوزارة ببغداد”. And added “There are 45 companies from 30 Western and Eastern nationalities will take part in this round, which will be held probably in the ministry’s headquarters in Baghdad.”
وتابع الساعدي “في شهر آب الماضي عقدنا مؤتمر ترويجي في اسطنبول بتركيا للجولة الثانية من العطاءات وزودنا الشركات النفطية الراغبة في الإستثمار الشهر الفائت بحقائب معلومات تتضمن اجابات عن مجموعة من الإستفسارات القانونية والفنية التي قدمتها هذه الشركات حول العقود النفطية الجديدة”، وزاد “هذه العقود ستكون كسابقاتها عبارة عن عقود خدمة وليست مشاركة في الإنتاج أي بمعنى أن عمل الشركات سيقتصر على تطوير حقول النفط ورفع سقوف انتاجها مقابل أجر محدد”. He Saadi “in last August, we held a promotional conference in Istanbul, Turkey, to the second round of bidding and provided us with the oil companies interested in doing business last month, the advocates of information, including answers to a series of legal and technical inquiries made by these companies on new oil contracts,” and added, “These contracts will be like its predecessors is a service contracts and not participate in any production in the sense that the work will be limited to companies to develop oil fields and raise the production ceiling for pay specific. ”
وحول الاعتراضات التي أبداها نواب عراقيون على هذه التراخيص، أكد الساعدي إن “رئاسة الحكومة العراقية طلبت من الوزارة وأبلغتها بضرورة المضي قدماً في جولة التراخيص واجراءها في الموعد المحدد لها”. On the objections made by Iraqi lawmakers on these licenses, Saadi said that “the Iraqi prime minister has asked the ministry and was informed by the need to move forward in the licensing round to be held on schedule.”
وقوبلت مساعي وزارة النفط لمنح التراخيص النفطية بردود فعل سلبية داخل البرلمان العراقي، وغالباً ما كان يحذر نواب من أن هذه العقود ستعمل على “تفتيت شركة نفط الجنوب المحلية والشركات المساندة لها، وستتسبب بخسارة اقتصادية وتضعف من القدرات والكفاءات العراقية”. Offset by the efforts of the Ministry of Oil for licensing oil negative reaction in the Iraqi parliament, and was often warned deputies that these contracts will “break the Southern Oil Company and local companies support it, and would cause economic loss and weaken the capacity and competencies of Iraq.”
When the IQD is going up in value. It is going up. It’s risen 21% in value since November 2006. The tremendous potential for economic growth in Iraq that could result from the recently signed oil contracts and soon to happen send round of oil bidding on Dec. 11-12.
This article is about loans being distrubuted by private banks in Iraq to people and companies. Again, strongly suggestive of more potential for future economic growth to come in Iraq should the situation there remain stable. Consider for yourself who it is that is being given those loans and what they intend to do with those loans. Small business and homes sales have both been economic growth engines here in the United States. Also consider what was happening in our own economy when loans were being given out by U.S. banks more freely during the past economic boom in the United States. Let’s just hope these loans are being properly secured more effectively than our own banks did. Ultimately, the value of a currency usually reflects growth in an economy.
Reguards,
Henry
Private banks flourish as peace returns to Iraq
Last Updated: November 16. 2009 3:12PM UAE / November 16. 2009 11:12AM GMT
Full article at link below.
http://www.thenational.ae/apps/pbcs.dll/article?AID=/20091116/BUSINESS/711169986/1005/rss
http://www.reuters.com/article/worldNews/idUSTRE5AM1OJ20091123?feedType=RSS&feedName=worldNews
Iraq parliament passes key investment law
Mon Nov 23, 2009 7:48am EST
REUTERS
U.S. official: Iraq may join WTO by end-2011
Sun Nov 22, 2009 1:13pm GMT Sun Nov 22, 2009 1:13 pm GMT
BAGHDAD (Reuters) – A U.S. official said Iraq had to join the WTO by the end of 2011 if diligently sought for membership that may help reconstruction efforts through the promotion of trade and investment.
Iraq has begun the process of accession in 2004, however, has taken only initial steps required by the membership. Iraq may also receive limited benefits, given that Iran is one of its major trading partners are not a member of the Organization.
But Larry Morgan, director of international trade, trade the draft of the U.S. Agency for International Development said that some Iraqi ministries such as Ministry of Finance is keen to win membership of the organization as it would boost trade and increase the revenues of customs duties.
The draft and trade advice to the Iraqi Trade Ministry in matters relating to the WTO.
And Morgan said, “As is clear the process is very slow but they are not too far from the track .. I think that if they have made a reasonable effort expected of them will be able to join the end of 2011. This is the earliest possible date.”
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He pointed out that joining the WTO would increase the chances of Iraq to obtain imported goods and the introduction of standardization and quality control and pave the way for the practice of customs chaotic and less bureaucratic.
And Morgan said, “will allow the Iraqi Customs to join the developed world .. for men and women, Iraqi businessmen the country has one of the worst records in terms of time required for the import and export of goods.”
He added that foreign businessmen will feel more protection before venturing into the Iraqi market and to support Iraq’s efforts to develop tourism and financial services sectors.
But analysts warn that Iraq will not likely to diversify its economy to include activities other than oil – which already generates 95 percent of government revenues – and that red tape and political debate are delaying many projects on time.
A country’s money supply is generally sized in relation to it’s economy, it’s GDP.
The United States has a money supply of about $15 Trillion. That’s supports the US economy with a GDP of about $13 Trillion… plus the currency is used all over the world.
Iraqs economy… their GDP is about 50 or 60 Billion dollars, and the majority of that is from oil sales which are done in dollars, so Iraq’s GDP that is non dollar… their GDP that is Dinar based is maybe $10 billion. Iraq currently has about 38 Trillion dinars… so if they RV to 1:1 they would have a money supply of $38 Trillion.
The whole world only has about $60 trillion in money supply.
http://dollardaze.org/blog/?page_id=00023
Do you really think Iraq will have 2/3 of that total all by themselves… with a $10 billion dollar economy to support it.
Look at M0 in the chart… that is currency in circulation… hard cash. The whole world has about $5trillion. Iraq has about 20 Trillion dinars. If they go to 1:1 Iraq will have 4 times more currency in circulation than the rest of the world combined.
The only thing sillier than this… is that some people actually believe the rate will be 3:1
http://www.ad-hoc-news.de/dubai-trade-bank-of-iraq-joins-thomson-reuters–/de/Unternehmensnachrichten/20739217
REUTERS
Dubai, – Trade Bank of Iraq joins Thomson Reuters world-class global foreign exchange trading service
Trade Bank of Iraq joins Thomson Reuters global foreign exchange trading
MENAFN Press – 25/11/2009
(MENAFN Press) Thomson Reuters today announced that the Trade Bank of Iraq (TBI) will become the first bank in the country to connect to the international foreign exchange and money market community using the Thomson Reuters Dealing trading service.
By joining the professional international foreign exchange community through Thomson Reuters Dealing, TBI will for the first time be able to access liquidity and counterparties across global money markets electronically. Until now, TBI has been managing its foreign exchange (FX) and funding needs by telephone.
TBI traders will also use Reuters 3000 Xtra, a high-performance desktop system that delivers real-time data and analysis tools for financial professionals. The dealing code for the bank will be TBIB.
“This deal reinforces Thomson Reuters strong global position in foreign exchange dealing but, more significantly, it also marks a major advance in Iraq’s return to the international financial community,” said Basil Moftah, Managing Director of Thomson Reuters in the Middle East and Africa.
Zaid A. Mahdi, Vice-President, Business Development at Trade Bank of Iraq, said: “This connection to the international foreign exchange community via the world’s leading source of intelligent business information is a milestone for Iraq and for the bank.
“The deal means that TBI will be able to widen the range of financial services it provides to help Iraqi businesses to trade internationally and grow. It is further evidence that business in Iraq is gradually returning to the international financial markets.”
TBI, a state-owned bank, was established in July 2003 to facilitate international trade and reconstruction after the expiry of the UN oil-for-food programme. TBI has since built relationships with a network of 120 banks covering 63 cities in 39 countries.
TBI announced record profits for 2008, reflecting increased business volumes stemming from the growing need for trade and project financing in Iraq’s reconstruction. TBI was one of the first Iraqi banks to receive lines of credit from major international financial institutions.
Moftah added: “Thomson Reuters has maintained a strong presence in Iraq over the last 10 years and we are delighted to support the development of its financial markets by equipping TBI with the right tools and information to trade with the wider world. We look forward to working with them to open further opportunities as their banking systems develop.”
Moftah said the deal was a landmark achievement in strengthening the Iraqi economy by providing vital links to and from Iraq and the global financial markets. “Transparent links to the international markets are of crucial importance as Iraq rebuilds its economy and attracts increasing interest from foreign investors,” he added.
Thomson Reuters Dealing is used by nearly 18,000 professionals worldwide across 5,000 organisations to trade foreign exchange spot and forwards, as well as money market, fixed income, commodities and derivatives in more than 120 countries.