The Dinar Daily, Wednesday December 3, 2014
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  1. #1

    The Dinar Daily, Wednesday December 3, 2014





    The Exchange Rate of Foreign Currency in Economic Feasibility Studies

    Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.

    Estimate the shadow price of foreign currency:

    1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.

    The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.

    * What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:


    • Export-outputs.
    • Outputs marketed locally that substitute imports.
    • Imported inputs.
    • Inputs produced locally that usually go to exports.
    • Foreign labor.


    According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.

    In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).

    In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.

    2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.

    The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:


    • The use of an exchange rate that is lower than the official rate is the appropriate action at the investment planning level to translate the country’s economic strategy aiming at stimulating central investments in the sectors that encourage the development of non-oil exports, as well as sectors that encourage the expansion of domestic production base in order to reduce imports and compensate it with local commodities. This helps to reduce reliance on foreign exchange earnings from crude oil exports and increases the share of non-oil sectors in the local production.
    • The application of the amended exchange rate on project imported inputs will assist in directing investments away from aggregated sectors dependent on imported inputs and the preference of those sectors that rely on locally produced inputs.
    • The use of the amended exchange rate helps to correct the balance in favor of the traded goods sectors compared to non-traded goods.
    • The real exchange rate has declined rapidly since the early seventies, through rapid rise of the level of prices and local costs which led by the steadiness of the official exchange rate to change in prices and actual local rate costs that gave an advantage for imported goods at the expense of locally produced goods, meaning that it led to deterioration of the competitiveness of alternative replacement goods and export commodities.
    • This action shows that the official exchange rate overestimates the value of the dinar, compared to the foreign currency and from the promoting goods substituting imports and export commodities point of view of.


    And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.

    3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.



    The Republic of Iraq – Ministry of Planning

    and

    A "flashback recap" of a Live Q and A Call from about a year ago - on THE DAILY DINAR NEWS BLOG...

    In general terms – there were three main focal points of interest I wanted to cover and then allow listeners to ask whatever questions they liked.

    1) the SIGR report…


    2) the Gold Article…


    3) the IIER report…


    I started the conversation out last night by highlighting how crazy this campaign being fielded to contact our lawmakers and bank CEO’s and tell them how unfair it is they are getting to exchange (exchange is the right terminology BTW – NOT “CASH-IN”) at 32.00 per Dinar and we are not – is. It is nuts.


    Firstly, “they” are NOT being allowed to exchange “early” – or at 32.00 per Dinar. It makes you sound “stark raving MAD” to be caught saying such things. You would be better off barking at the moon. It is demeaning to the validity of a true currency play.


    Secondly, this is entirely the wrong way to approach them. I pointed out on the call that Poppy and I fielded a very successful such campaign a couple of years ago. However, we sat down and came up with a much different approach. It was designed to get answers and to approach our lawmakers with respect and as their constituents. Not like a bunch of lunatics. We had extraordinary participation (because it made sense) and we received a good response from lawmakers. It started the conversation in a reasonable manner.


    I asked one caller – “when was the last time you asked a banker for money and told him how unfair it was if he didn’t give it to you”??? Obviously – we chuckled…


    Another caller asked me if (as DC had relayed) – the “zero’s were raised” and the lower denominations were in circulation??


    I said plainly “no”…lower denominations being in circulation would (at the very least) imply there had been a value change. If there were no value change the lower denoms would not only be of little value, they would be such a hinderance – people might even throw them away just to get rid of them. So no – no lower denoms. I told the caller to check the
    CBI.iq website for “real” info on rate change.

    The “zero’s being raised” or “deleted” – as explained by any reasonable researcher, economist or authority – is simply the process removing the large (3 zero notes) from circulation.


    Referring to an Enorrste post from today on
    THE DINAR OBSERVER DAILY(you may want to put this on your favorites and check in several times a day – we to it often )

    “…I have never found a single article from the CBI or the IMF that equates “delete the zeros” to the idea of “move the decimal point.” Instead, the statements overwhelmingly come out to mean “remove the large notes from circulation.”


    Also – this recent internal memo put out by Wells Fargo is likely “push back” from this recent campaign. I pointed out that Pinnacle Bank published an article by an “affiliate” in their internal publication and then “highlighted it” in a similar internal memo a couple of years ago. It is just a defense mechanism. I’m sure Wells is tired of having their name dragged through the “internet rumor mill”. This is highly likely the reason for their vigorous denials about handling it in the future. They get so many useless calls – it isn’t worth the headache. Can you blame them??


    Further, for any bank, lawmaker, adviser or official to state the “Dinar is a scam” is nearly as foolish as some of the internet “Gurus”. It is the official currency of a COUNTRY. I pointed out (below) the post from yesterday’s
    DINAR OBSERVER DAILY
    – highlights page 94 of the quarterly SIGR report to THE US CONGRESS in April of 2012…
    __________________________________________________ _____________

    THIS REPORT WAS SENT TO CONGRESS LAST MAY. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.

    We are seeing and hearing that the inflation rate is still climbing and they are pushing to get us our money?? This report is from page 94 of the massive SIGR report.





    BGG ~
    This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
    __________________________________________________ ______________

    I pointed out (last night) this is a highly speculative investment. We are, in no way, guaranteed anything. However, this SIGR report gives us some valuable insights…

    1) This is information given to the US CONGRESS on a quarterly basis… I find it hard to believe such an information source would intentionally mislead Congress. They tend to frown on such behavior. Which goes directly to the validity of this adventure – against all advice from Wells Fargo or other such naysayers.

    2) It points out there having been a legitimate “plan” – or time frame in motion…having been projected to be done in 2013. We are obviously in “over time” now.

    3) It gives us an idea as to who is in charge…the CoM – or Council of Ministers. Who do they answer to?? Maliki. Period. When is he likely to push this forward?? Historically – he has been a “weak Dinar” policy advocate. However, rumor from his own inner circle admits he can’t win a third term in office without some currency reform.

    I fully expect him to use every tool in his “wheel house” to win – his recent moves in Anbar and the disputed territories prove as much. Currency reform has to be a “biggie”. Though this WAS their thinking a couple of months ago – there is no promise it is still part of their political calculus. We shall see.

    4) Though no guarantee of the actual future plan they wind up engaging – this report points out an increase in value that would have taken the Dinar from “one-tenth of a cent” to a value “of slightly less than $1″..

    __________________________________________________ ______________

    AND

    Coins put on the market !!



    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara "The project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find metal coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century

    waradana.com

    And

    CBI is preparing to issue a monetary metal parts



    Metal coins from the category of 25 fils were in circulation until the nineties of the last century

    Nora Albjara member of the committee of economy and investment in the House of Representatives revealed that the central bank completed its preparations for the issuance of metal coins of seven small groups, in conjunction with the implementation of the project to delete the three zeroes from the paper currency is currently in circulation.

    She said in her statement Albjara Radio Free Iraq, "said the project will take between four and five years, and which will be the launch of the categories of small coins gradually."

    He predicted the financial expert Hilal Taan inflation rate declines, with the issuance of metal coins of small denominations in the daily financial transactions, remarkable that 3% of the value of inflation in Iraq due to the presence of large cash block.

    The economic expert on behalf of Jamil Anton, noted that he may not find coins accepted by a lot of Iraqis, especially young people, due to the existence of an entire generation of Iraqis had not trading coins due to stop use since the early nineties of the twentieth century.

    https://www.iraqhurr.org/content/article/26666313.html

    and

    Another "FLASHBACK"...

    Economists Divided Over Deletion Of Zeros

    By Amina al-Dahabi for Al-Monitor.

    The Central Bank of Iraq (CBI) has been attempting to delete three zeros from the Iraqi currency since 2003. This project has raised many concerns among the Iraqi public and within the business community, and Iraqi economists are divided…

    …Haider al-Abadi, the head of the Iraqi parliamentary Finance Committee, told Al-Monitor that while deleting zeros from the current currency is possible, this has been postponed until after parliamentary elections. He noted that studies are being carried out to ensure that, following the currency change, counterfeiting is limited and that Iraqis don’t go back to trading in the old currency.

    The step to delete zeros from the currency has been postponed several times, leading the parliamentary Economic Committee to demand that the CBI accelerate this project, as Al-Sharqiya reported. In a news conference held July 6, the Economic Committee confirmed that the deletion of zeros will lead to an increase in the value of the Iraqi dinar and will have positive repercussions, including a reduction in unemployment and poverty rates in the country.

    ARTICLE LINK



  2. #2

    Re: The Dinar Daily, Wednesday December 3, 2014

    Currency Auctions

    Announcement No. (2833)

    The latest daily currency auction was held in the Central Bank of Iraq on the 03-12-2014 results were as follows:

    DETAILS NOTES
    Number of banks 18
    Auction price selling dinar / US$ 1166
    Auction price buying dinar / US$ -----
    Amount sold at auction price (US$) 199,142,000
    Amount purchased at Auction price (US$) -----
    Total offers for buying (US$) 199,142,000
    Total offers for selling (US$) -----

    Market Rate 1197 !!

  3. #3

    Re: The Dinar Daily, Wednesday December 3, 2014

    Jubouri is being met with Qatari officials .. stresses near the opening of the Embassy of Qatar in Baghdad



    (Almstlqh) ... Office of the Iraqi Parliament Speaker Salim al-Jubouri announced that Qatar plans to open an embassy in Baghdad soon, as he emphasized that al-Jubouri discuss with Qatari officials relationship between the two countries.

    He said the Office of the President of the House of Representatives in a statement received (Almstlqh) said Wednesday that "Salim al conducted an intensive series of meetings with a number of leaders and Qatari officials, including the head of the Shura Council Mohammed Al Khulaifi and Foreign Minister Khalid al-Attiyah."

    He added that "the meetings held by al-Jubouri, resulted in a number of results, including the determination of the Doha open its embassy in Iraq soon."

    It is said that al-Jubouri, arrived in the Qatari capital Doha last Monday on an official visit last for several days. (End)

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3292280&usg=ALkJrhj0zLe84W6B9aJ04V8ycGU_gPC5qw

  4. #4

    Re: The Dinar Daily, Wednesday December 3, 2014

    Iraq Stock Exchange: Central Bank demands return of confidence to domestic banks will not be affected by government austerity



    Long-Presse / Baghdad Counting Iraq Stock Exchange, said on Wednesday that the Iraqi Central Bank to impose their guardianship on some private banks, led to "shake the confidence" of citizens out, low cash liquidity and price traded, while asking him to take swift action to activate the banking movement and the revival of the national economy, felt that the government's austerity "will not affect" in the stock market work.

    The head of the board of the securities, Abdul Razzaq al-Saadi, said in an interview to the (long-Presse), "The recent actions by the imposition of the Central Bank of Iraq, under the tutelage of a number of private banks, because of problems with them, shook the confidence of the citizens of those banks, which led to the withdrawal of many of them and their deposits, and the reluctance of others to deal with it, "adding that" it has caused the reduction of cash to tack banks and reduce the trading price of its shares in the stock market to a very large extent. "

    Saadi said, that "the Central Bank of Iraq when a spectator standing on a task of private banks in the country, without that can be placed where withdraw their money, because of the lack of liquidity, a strong motivation in addition to loss of confidence in those banks," the central bank, demanding that the "action Links contribute to the revitalization of the banking group and the revival of the national economy, and to enable private banks to operate freely and re-citizen's confidence in them. "

    And saw the head of the board of the stock, that "the austerity measures, which proceeded to the Iraqi government toward economic and investment transactions, will not affect the National Stock Exchange of work," attributing it to "the nature of the stock market work, which depends on the liquidity of citizens, companies and factories operating."
    He said al-Saadi, that "austerity will not be reflected in the work of the stock market, either negatively or yes," adding, "Although the market is affected by a natural estimated liquidity of the citizens, because they do not exist will certainly lead to the circulation of traffic."

    The central bank has put in (the fourth of June 2014), Bank of the economy to invest, under guardianship, attributing this to the passion for the advancement of the bank and protect its customers, while stressed banking source, then, the bank put a financial sergeant to inventory assets of the bank and put a two-step for the advancement of his or liquidated after the final payment of the money his customers.

    Ditto the Central Bank of Iraq that Warka Bank was placed under guardianship, 2012, to find work, before deciding filed in, (the sixth of February 2014), without the bank's deposits and restores citizens yet.

    The Prime Minister, Haider al-Abadi, revealed earlier, during a press conference after his meeting with religious Shiite, Ali al-Sistani, in Najaf and attended (the long-Presse), to discuss the issue of the budget three times, and that the Council will prepare a budget in which a military spending as a fait accompli, noting that the 2015 budget, will be based on the current year's budget in 2014, because of the presence of the same problems, of oil from Kirkuk and stopped completely, as well as lower world prices, and expectations about to fall over, for this, the Council of Ministers decided to austerity.

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3292438&usg=ALkJrhj8_PZ7_YYp2ldRaCo7YWJLbOfCBA

  5. #5

    Re: The Dinar Daily, Wednesday December 3, 2014

    Analyst: Iraqi Stock Exchange was not affected by lower oil prices


    Izzat economic expert d. Peace Sumaisem according to the newspaper Sabah not affected by the Iraqi Stock Exchange, as happened with the Gulf counterparts, down global oil prices because they are not linked to the oil sector Mhalia.ouchehdt most Gulf bourses decline, on Sunday, after the fall in oil prices, following OPEC's decision on production, while increased Iraq Stock Exchange index to the level of 107.93 points, 0.07 points winner by 0.06 percent.

    She explained Sumaisem told the "morning," said the bourse Gulf linked to global stock markets, indicating that contribute to the Gulf bourses companies multinational companies and has stakes participate in other exchanges as well as the presence of foreign investments.

    She said the oil Matrouh investment for all companies in addition to the Gulf of local companies Unlike the case with Iraq and then the stock prices of companies are determined accordingly. And still field of oil investment in the hands of the state, which means that the Iraqi Stock Exchange isolated from the global oil market in general - according Sumaisem, pointing to the presence of foreign investors in several sectors in the stock market while the Iraqi Stock Exchange has not entered into a similar process, indicating that the process is reversed to have if What he found inflation, investors are putting their money in the form of shares and assets of material for factories and other companies.

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3292432&usg=ALkJrhhwukVgQ7DCtO9RxMCObxIYyEneiA
    Last edited by sczin11; 12-03-2014 at 10:49 AM.

  6. #6

    Re: The Dinar Daily, Wednesday December 3, 2014

    Deputy for the solution: Cabinet needs a long time to send the budget to parliament



    MP Raad Aldhlki member of the parliamentary bloc solution Almndobh in the Union of Iraqi forces, on Wednesday, that 'the Council of Ministers needs a long time to send the budget to the House of Representatives for approval.

    A member of the parliamentary bloc of the solution in a press statement, that 'the reason for the drop in oil forms in the evaluation of the next budget strategy put hence the cabinet needs to discuss the budget for a long time in order to be classified according to the budget price of oil calorimeter internationally.

    The prime minister declared Haider Abadi The 2015 budget will be completed after 10 days and that the delay was due to oil prices.

    He Abadi formed a committee to review the budget in the light of new data and prices ', following' We got the approval of the House of Representatives to cut off his vacation and held a special meeting to approve the budget.

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3292683&usg=ALkJrhg-ZgPTnc2Ew-RrtdS3Num31ZbuSQ

  7. #7

    Re: The Dinar Daily, Wednesday December 3, 2014

    According to an informed source in the Interior Ministry, that superior orders were issued to appoint Major-General Hussein Ali Ashour, Director General of the infrastructure in the ministry.



    The source said in an interview for "Alsumaria News", "superior orders were issued, today, appointed Major General Hussein Ali Ashour, Director General of the infrastructure in the Ministry of the Interior . "

    The source, who asked not to be named, said: "Command comes in the context of the changes you make in the internal government, in order to revitalize the work of the security services."

    Referred to the Information Office of the Prime Minister Haider al-Abadi , announced Monday (1 December 2014), for an exemption from the 24 leaders of the Ministry of Interior and retirement, noting that he has been appointed new officers.

    It is noteworthy that the prime minister Haider al-Abadi, issued in (November 11, 2014), a decision to refer the ten leaders of the retirement and the appointment of 18 other new positions at the Ministry of Defense, and the exemption of 26 leaders from office.

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3292697&usg=ALkJrhjmhrO8q7dmeXycQRrPHcmHS-uloA

  8. #8

    Re: The Dinar Daily, Wednesday December 3, 2014

    Transport Minister in the government of the province of Kurdistan born Paweh Murad opens exhibition of Iraqi airports in Sulaymaniyah (December 3, 2014)
    Iraqi airports gallery opening in Sulaymaniyah with the participation of 60 companies



    Long-Presse / Sulaymaniyah Transport Minister opened in KRG born Paweh Murad, on Wednesday, Iraqi airports gallery in the city of Sulaimaniya, with the participation of 60 local and foreign companies, as expressed pleasure with the "broad participation", he stressed that the exhibition will contribute to the development of air transport in the region and Iraq in general.

    He born Paweh Murad said in an interview to the (long-Presse) on the sidelines of the opening ceremony of the exhibition, "The Sulaimaniyah airport today witnessed the opening of the Iraqi airports gallery and wide participation by local airports and airlines operating in Iraq," noting that "60 local and foreign companies participated in the exhibition ".
    He was born on "happiness size of broad participation", stressing that "the exhibition will contribute to the development of air transport in the Kurdistan region of Iraq and all the airports."

    And attended the opening of the exhibition, which lasts for two days the governor of Sulaimaniya Behrouz Mohammed Saleh and officials in the Kurdistan Regional Government ceremony, as will shed light show on the business opportunities for infrastructure projects to fly in Iraq and the progress of our ongoing projects in Iraq Airports, and expand and create new stations, in addition to best practices in air navigation safety and security of information and support, maintenance and ground services operations and technology management, as the exhibition local and international experts in the aviation host to discuss various industry trends that will shape the image of the Iraqi air navigation in the coming years.

    The Foundation Emirati specialized aeronautical announced, in (November 12, 2014), to organize a conference and exhibition for the Iraqi Airports Sulaymaniyah province next month, as shown that the conference will see the participation of 60 local and international companies, to discuss the conference emphasized the development of the civil aviation sector and the creation of new airports in Iraq allocated its $ 50 billion, while the head of the institution described the Iraqi air navigation market as "solid" despite market challenges.

    The Iraqi Civil Aviation Authority revealed, (26 December 2013) for the restoration of "vital status" national airspace in the region and the world, after he began receives about 600 different foreign aircraft types per day, indicating that they charge between $ 350-550 dollars for each and every one of them.
    The Iraqi Ministry of Transport signed in 2011, a contract worth $ 30 million, with the "British Serco" group to assist in Iraqi airspace management in accordance with international standards and secure air traffic.

    https://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=https://www.faceiraq.com/inews.php%3Fid%3D3292690&usg=ALkJrhhidTvzobul_XL0A_Swj_nCo-un4g

  9. #9

    Re: The Dinar Daily, Wednesday December 3, 2014

    Transportation intends to develop the Baghdad airport and make it a par prestigious international airports



    Business & Economy Alsumaria News / Baghdad

    The Ministry of Transport, on Wednesday, its intention to prepare a plan for the development of the Baghdad International Airport and make it a par with international airports Almroukh.

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  10. #10

    Re: The Dinar Daily, Wednesday December 3, 2014


    sczin11- Look at these predictions! Can you say POWER? MONEY? IRAQ? All at 1166 Dinar to 1 USD? Right....

    Official: rising oil production in Iraq depends on an increase in foreign companies



    Iraq's oil minister said that the Islamic state is no longer a major threat to Iraq, and that the new government in Baghdad plans for comprehensive reforms to eliminate corruption and rationalization of expenditure.
    The Iraqi oil minister, Adel Abdul-Mahdi, in an interview conducted by the British newspaper The Telegraph believes that "Iraq is double the current production of the actual can in 2020 and beyond," adding, "but the issue is related to investment in the oil industry, which include installations and pipeline network across the country, as well as going to export gas, may be accomplished by the year 2020 the whole. "

    And continued the paper, based on the words of Iraqi Oil Minister Adel Abdul-Mahdi, that "the increase Iraq's production by one million barrels per day, requiring him to invest at least five billion dollars."

    Saw Abdul-Mahdi, according to the Telegraph, that "It's the most vital that Iraq must do now with live with the pressure of falling prices, is ensuring that bring foreign investment to the sector of the oil industry in the country, from giant companies, such as Dutch Shell and British Petroleum, BP British working Currently in the fields of the southern Rumaila and crazy, which promise to Iraq's largest oil fields. "

    Ruled Iraq's oil minister, the possibility of producing 12 or even nine million barrels per day in 2020, while likely to be doubled, "the current actual" production by that date if they are to attract major international companies for the rehabilitation of its facilities, emphasized the need to combat corruption and improve the methods of management and finding Private sector effectively.

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