The Dinar Daily, Saturday December 6, 2014
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  1. #1

    The Dinar Daily, Saturday December 6, 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.

    http://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, Saturday December 6, 2014

    The assignment of the National Guard Law to the government



    Khalid Mufriji member of the Iraqi parliament said on Saturday, that the special committee in charge of drafting the law, "National Guard" had prepared a new draft him, pointing out that it forwarded the draft to the Council of Ministers for information in its regular Tuesday.

    He explained Parliamentary Mufriji and is also a member of the Special Committee, that a number of political parties recently rejected more than a draft law to the National Guard, noting that the new draft will be presented for the first time the Cabinet next Tuesday to discuss preparation for approval by Parliament.

    And going through the adoption of laws in Iraq, a number of stages starting discussions and attempts to agree the various political parties on the drafts that committees parliamentary specialized prepared, and then forward them to the Cabinet for discussion and express reservations to be returned back to the parliament if passed by the Council of Ministers in preparation for formal approval.

    He added that the reason for the failure to adopt any of the previous drafts of the law back to try some of the political parties, he did not identify, blocking enactment of the law by trying to join the armed militias to security institutions in various ways, which is not contained in the draft, which will be presented to the Cabinet Tuesday.

    He Mufriji, that the draft law to ensure that the National Guard planned created to take over the functions of the maintenance of security in a number of areas of Iraq and fall under its banner a number of armed factions fighting for "Daash", "larger than the police in force and less ability of the military in terms of manpower and equipment." .

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3301910&usg=ALkJrhicuKTGT_cdtuCpmRKdp2psOTR1Dw

  3. #3

    Re: The Dinar Daily, Saturday December 6, 2014

    Economic Commission: the budget bill parliament will arrive this month By Roudao 44 minutes ago



    According to a member of the Committee on the economy and investment representative for the Kurdistan Alliance bloc Najiba Najib, Saturday, that the draft budget bill for fiscal year 2015 will reach the House of Representatives during the current month.

    Najib said, the network Roudao media, said that "despite being unconstitutional (because of the end of the current legislative term), but the House of Representatives will hold a special meeting if the arrival of draft financial budget law to him, to make him the first reading of this month."

    Najib explained that "oil constitutes 95% of the sources Balancing Iraq, has seen prices in the global market decline, in addition to the loss of control over a number of areas in Iraq for the benefit of the organization Daash, all of this affects the lower the percentage specified for Iraq's budget for the year 2015".

    Kurdistan Regional Government announced (11/13/2014) agreement with the center government to solve the "full and fair" to the problems between the two sides, saying that the federal government would pay for the region of $ 500 million, while the government will transform the region of 150 thousand barrels of crude oil a day under the disposal of the federal government.

    In this regard, Najib said that the agreement between Arbil and Baghdad was "an aide to the Iraqi government workers, to be able to adhere to certain issues, such as displaced people and my defense."

    And confirmed member of the Committee on Economy and Investment parliamentary that "reducing expenses in some form also has a good effect on the budget."

    The Council of Ministers and the Presidency decided last week to reduce Roatbhma half, to coincide with a large budget deficit for 2015 being studied by the government an estimated $ 40 billion.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3302079&usg=ALkJrhjUlSS3LE96_7zmwRkpnz5bA7WBrA

  4. #4

    Re: The Dinar Daily, Saturday December 6, 2014

    sczin11- Talk about conflicting news, this one is hard for me to understand! Abadi's office of PM, denying immunity to OUR troops on the ground, claiming we dont have any on ground, and they, Iraq, dont want any! Is he trying to save face with certain countries, by denying the SFA.agreement?


    Abadi confirms that the country does not need foreign ground troops

    Expressed Information Office of the Prime Minister, Dr. Haider Abadi day Saturday, 12/06/2014, was surprised at the statements reported in the media on the granting of immunity for US troops.

    The office said in a statement, PUKmeedia received a copy of it: that these statements attributed to the US ambassador is not baseless and exciting surprising since there are no US troops in Iraq and there are trained only those have diplomatic immunity because they are part of the embassy staff and this approval has from the previous government and not the current .

    The statement added that Dr. Abadi said on more than one occasion that the country does not need foreign ground forces and our security forces and the men of the popular crowd achieved significant victories on organizations Daash terrorist noting that some are trying to exploit these issues in spite of denials by the US Embassy for personal goals and stir opinion public and political blocs after the reforms carried out by Dr. Abadi campaign.

    The Information Office and called on everyone to make sure the information raised in the media before the launch of positions as the current government has adopted the principle of transparency and openness in any steps taken and will spare no effort to inform the public of the steps that you make.

    http://translate.googleusercontent.com/translate_c?depth=1&hl=en&rurl=translate.google.com&sandbox=0&sl=ar&tl=en&u=http://www.faceiraq.com/inews.php%3Fid%3D3302174&usg=ALkJrhgu2dOI80NUjTv36mnuV25LP67Qcg

    OOTW - HI SCZIN11 - ABADI STATED IN HIS LAST INTERVIEW WITH CHRISTIANNE AMANPOUR (SP?) THAT HE WOULD NOT ALLOW THE U.S. TO HAVE A "GROUND" PRESENCE AND WOULD ONLY UTILIZE U.S. MILITARY EXPERTISE AS ADVISOR'S AND IN THE AIR. I WOULD VENTURE TO GUESS THAT HE DOES NOT WANT TO UPSET IRAQI'S BY ALLOWING A U.S. MILITARY "GROUND" PRESENCE BASED ON THE REPORTED "INHUMANE" ACTIONS WHICH IRAQI CITIZEN'S REPORTED OCCURRED BY SOME MEMBERS OF OUR MILITARY (IS THIS TRUE? I HAVE NO IDEA - I MEAN NO OFFENSE TO ANYONE) DURING THE LAST PERIOD WHERE U.S. GROUND TROOPS WERE ALLOWED - LAST TIME WE HELD A NOTICEABLE PRESENCE IN IRAQ.

    HERE'S MORE ON THIS - IT SEEMS "IMMUNITY" IS GRANTED TO OUR MILITARY ATTACHED TO THE EMBASSY -

    Abadi Office: Advisers Americans enjoy immunity as part of the embassy and in accordance with the agreement with the previous government


    December 5, 2014


    According to the Office of the Prime Minister Haider al-Abadi, on Friday, that the military advisers Americans enjoy diplomatic immunity as part of the US Embassy in Baghdad, according to an agreement with the previous government, stressing the absence of a new agreement on granting legal immunity for US troops to, as pointed out that Iraq fixed position to reject the use of any foreign ground forces. A spokesman for the Office tributary Jabouri in an interview that "the immunity granted to military advisers Americans come as part of the US Embassy in Baghdad crew, and is known as the crews embassies enjoy diplomatic immunity," noting that "this has been agreed upon with the previous government, and there is no new agreement on granting legal immunity for American forces. "
    Jabouri and stressed that "Iraq's position rejecting the constant use of foreign ground forces," he said, adding that he "wants attribution in the areas of training, arming and air support from his friends."

    http://burathanews.com/news/254385.html
    Last edited by OOTW; 12-06-2014 at 07:37 PM.

  5. #5

    Opinion! Where Are We Now!


    sczin11- WHERE ARE WE NOW!

    I dislike a phrase I use often, however, it is SO appropriate when it comes to the event we all await;

    "WE DON'T KNOW, WHAT WE DON'T KNOW!"

    Each time we think we have a handle on the process, and it looks to be the trigger we await, we are hit with additional unforseen news, of something new in the horizon that must be completed!

    Are the banking laws completed?

    are the investment laws resolved?

    is the CBI rate of exchange in compliance with IMF requirements?

    Is the country stable?

    is the government stable?

    is the CBI truly ready?

    are the local banks all hooked up to the electronic systems?

    are the QI/Smart cards fully distributed?

    are the ports all set up for the custom tarrifs to be executed?

    etc... etc...

    The answer to these questions is.... We dont know, what we dont know!

    WHAT WE DO KNOW IS THAT THE RAPID MOVEMENT OF NEIGHBORING AND FAR AWAY COUNTRIES TO SET UP SHOP IN IRAQ IS RAMPANT!

    The participation of the globe in the war against ISIS is real!

    The technological advancements are clear!

    the laws being read, and passed are vast!

    the internal corruption is being cleaned up with full transparancy!

    and most significant to me, IMHO, the world is VERY involved with the
    BUILDING OF THE NEW IRAQ, FOR A REASON!

    Folks, we are holding a life changing currency, and let noone tell you otherwise!

    THE SOVERIGN, PROUD, RICH AND POWERFUL COUNTRY, WE KNOW AS IRAQ, WILL BE BACK IN THE HEARTS OF THE WORLD, AT SOME POINT IN THE FUTURE!

    I wish all of you, my friends, a very happy and healthy, and hopefully prosperous, holiday season!

  6. #6

    Re: Opinion! Where Are We Now!

    Parliamentary economy plans to host heads of economic commissions in the provincial



    The Commission on Economy and parliamentary investment on Saturday, it will move aggressively to build infrastructure in the country after the approval of the draft federal budget for 2015 Act, as indicated that it will host the heads of economic commissions in the provincial beginning of the next legislative term.

    The vice president Committee Harith al-Harthy told / information /, the "Committee for the economy and parliamentary investment will host the heads of economic commissions in the provincial councils at the beginning of the next legislative term to discuss provincial projects to provide better services to the citizen."

    He added Harthy that "the Commission will move aggressively to build infrastructure after the approval of the draft the federal budget for the year 2015 in collaboration with the Investment Commission of Baghdad and provincial councils to provide the best picture of the citizen and the advancement of the Iraqi economy.

    http://www.almaalomah.com/news/5038/الاقتصاد-البرلمانية-تعتزم-استضافة-رؤساء-اللجان-

  7. #7

    Re: Opinion! Where Are We Now!

    Trade calls for Turkish companies to establish specialized exhibitions in Iraq



    Called on the Minister of Commerce Mlas Mohammed Abdul Karim, Saturday, Turkish companies to establish shows specialist inside Iraq and its participation in the next session of the International Baghdad Fair.

    The ministry said in a statement received by the agency / information / copy of it, "the minister met with the Turkish ambassador accredited to Iraq and his accompanying delegation in Mketbhogery exchange views with regard to economic and trade relations and the prospects for development and increase the volume of trade as well as to discuss the issue of securing a meeting of the Iraqi and Turkish ministers during the upcoming visit of Prime Minister Haider al-Abadi for Turkey. "
    According to the statement called Abdul Karim, the Turkish government to "increase the volume of trade exchange between the two countries, which saw a decline because of the circumstances in the region."

    For his part, the Turkish ambassador stressed his country's desire "to activate the Turkish joint Iraqi committee that was her last meeting in 2006 to their importance in the development of economic and trade relations between the two countries, as well as to the desire of the Turkish side in the possibility of signing a memorandum of understanding with the Ministry of Commerce to increase the volume of trade. " Finished / 25

    http://www.almaalomah.com/news/5061/التجارة-تدعو-الشركات-التركية-لإقامة-معارض-

  8. #8

    Re: Opinion! Where Are We Now!

    Abadi Office: No US troops in Iraq and coaches diplomatic immunity



    Twilight News / Information Office of the Prime Minister Haider al-Abadi Saturday denied the presence of US military forces in Iraq, confirming the presence of trained and have diplomatic immunity.

    The press office said in a statement: "We express our surprise at the statements reported in the media on the granting of immunity for US troops."

    He said that "these statements attributed to the ambassador does not baseless and exciting surprising since there are no US troops in Iraq, and there are trained only those have diplomatic immunity because they are part of the embassy staff, and such approval has from the previous government and not the present."

    He pointed out that "Abadi said in more than one occasion that the country does not need foreign ground forces and our security forces and the men of the popular crowd achieved significant victories on Daash terrorist organization."

    He noted that "some are trying to exploit these issues in spite of denials by the US Embassy for personal goals and to stir up public opinion and political blocs after the reforms carried out by the campaign, Mr. Prime Minister. "

    The statement called on "everyone to make sure the information that is raised in the media before firing positions, as the current government has adopted the principle of transparency and openness in any steps taken, and it will spare no effort to inform the public on the steps carried out."

    http://www.kululiraq.com/?p=130713

  9. #9

    Re: Opinion! Where Are We Now!

    Parliamentary bloc: Kirkuk did not increase barrels and one above the export capacity of oil



    Twilight News / A spokesman for a coalition of citizen eloquent Abu tirelessly Kirkuk has not issued a single barrel increase over the 200 thousand barrels since the fall of the former regime in 2003, according to reports to the company SOMO.

    He said Abu tirelessly in a statement that "oil export rate of the Kirkuk oilfields, which did not exceed barrels and one above 200 thousand barrels over the past years and to this day not because of respect to the production capacity of the fields of Kirkuk, but because of the tube exposed carrier to ongoing terrorist attacks and bombings that led to the Large parts of it are damaged, as well as mired for maintenance and repair the damage and return to work. "

    He added that "the reasons that have led to significant financial losses, which wasted oil from the tube in each bombing and the associated time and effort to return to work represented," noting that "such information, mounted official documents from SOMO."

    He continued that "the first agreement reached represents a quantum leap in to take advantage of Kirkuk in favor of the federal budget and the beginning of the road to get to the final and just solution within a period not exceeding six months, according to the constitution and laws to deal with things more complicated."

    He added: "As for the necessary arrangements for an agreement on the budget requirements as a matter of urgency, agreement has been reached on 250 000 barrels puts the region of production for export abroad, and to use the territory of pipelines for the export of 300 000 barrels of Kirkuk", stressing that "this agreement means The 550 thousand barrels per day will be added to Iraqi exports and that means more than $ 14.5 billion will go to the budget in 2015, so that you include the price of a barrel of oil to $ 70 a barrel.

    The Oil Minister Adel Abdul-Mahdi has announced an agreement concluded with officials in the Kurdistan region to resolve all problems between the governments in Baghdad and Erbil on production and export of oil of Kurdistan, according to Abu tirelessly.

    http://www.kululiraq.com/?p=130716

  10. #10

    Re: Opinion! Where Are We Now!

    Iraq is ready to make the leap in oil export



    BAGHDAD / Obelisk: Open the oil agreement, which the Iraqi federal government and the Kurdistan Regional Government reached the doors to the Oil Ministry to check an unprecedented to raise the export capacity of crude oil to reach 3.3 million barrels per day for the first time in the history of Iraq since 1979, when the rate of export reached 3.244 million barrels per day .

    Under the new agreement would hand over the government of Iraqi Kurdistan government 250 thousand barrels per day of production of its oil fields to be exported under the supervision of Iraqi crude oil marketing company "Sumo", as well as allowing for the export of 300 thousand barrels of Kirkuk fields through the oil export pipeline through the territory of Kurdistan to the Turkish port of Ceyhan to end the oil crisis, and the locking mechanism of the public budget for next year resources .

    Iraqi Oil Minister Adel Abdul-Mahdi, and announced that the Ministry will raise oil export capacity from the southern and central fields to 2.75 million per day in the framework of the general budget for 2015 .

    If implemented in its current form the agreement between the government and the region, Iraq Vsahakq achievement unprecedented in the history of the export of crude oil, where the rate of exports under the new agreement will be 3.3 million barrels per day .

    The MP said Ibrahim Bahr al-Ulum member of the Oil and Energy Committee in the Iraqi Parliament is an important agreement, because it put significant time plan for 2015 for the export of crude oil from the fields of Kurdistan card 250 thousand barrels per day and run the Kirkuk oilfields and oil export capacity of 300 thousand barrels per day over the line to export crude oil pipeline through Kurdistan and then to the Turkish port of Ceyhan .

    He also noted that crude oil production is currently in Kurdistan fields ranging between 380 thousand and 400 thousand barrels per day .

    Reports indicate the Iraqi Oil Ministry to crude oil production levels now approaching 3.2 million barrels per day, mostly from southern and central Iraq fields with the exception of the city of Kirkuk and the Kurdistan divided by 2.65 million barrels per day from the South Oil Company fields and 340 thousand barrels of Missan Oil Company fields and 170 thousand Midland Oil Company fields, while crude oil production still from the Kirkuk fields of about 600 thousand barrels shut after the invasion of the organization of Islamic militants, the state last June for a number of cities of Northern Iraq, where the company is based fields in Kirkuk, Mosul and Salahuddin .

    Iraq and managed in the past two years to raise the export of crude oil capacity across the northern Gulf of Iraqi ports after four floating platforms opening for the export of crude oil a total capacity of up to 3.6 million barrels per day in addition to the power port of Basra, amounting to 1.6 million barrels and about 400 thousand barrels in the port of al-Amaya, while Preparations are underway to add a fifth buoy for export card 900 thousand barrels per day in the future .

    Oil experts in Iraq and is likely to develop and stabilize the production of crude oil and petroleum industry in Iraq will not be achieved unless the frame through the adoption of the oil and gas law stalled because of political differences since 2007.

    http://almasalah.com/ar/news/42582/%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D8%AA%D8%A3%D9%87%D8%A8-%D9%84%D8%AA%D8%AD%D9%82%D9%8A%D9%82-%D9%82%D9%81%D8%B2%D8%A9-%D9%81%D9%8A-%D8%AA%D8%B5%D8%AF%D9%8A%D8%B1-%D8%A7

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