" The Dinar Daily ", Sunday, 29 March 2015 - Page 2
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Thread: " The Dinar Daily ", Sunday, 29 March 2015


    
  1. #11

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Parliamentary Energy: Yemen conditions will contribute to the rise in oil prices



    The Commission on oil and energy parliamentary, Sunday, that the political and security tensions that hit Yemen will affect high oil prices.

    The committee member said Ibrahim Bahr al-Ulum told / information /, "The international community will make the effort to ensure the supply of oil, to keep working Economic plays Assayasa role in determining oil prices and the global market. "

    He added Bahr al-Ulum that "harassment strategy during the political and security tensions create a kind of pressure on insurance companies to raise insurance on passers-by oil tankers through the Strait of Bab el Mandeb and the Strait of Hormuz," pointing out that "this matter may contribute in one way or another by high oil prices. "

    It was on the Saudi aggression alliance of a number of Arab and foreign countries disapproval of the international community, which promise many aggression against unarmed people, and a violation of international conventions and agreements legitimacy. Finished

    https://www.almaalomah.com/news/15632/الطاقة-النيابية:-أوضاع-اليمن-ستسهم-في-
    Last edited by pinkadonai1; 03-29-2015 at 03:42 PM.



  2. #12

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    China looking forward to "economic contraction" in the world



    Called China's central bank governor, "Zhou Xiaochuan," Sunday, to keep an eye out for any signs of an economic downturn, among the decision-makers are closely following the slowdown in the pace of growth of the world economy and the decline in commodity prices.

    It is expected that the fuel Zhou's remarks fears of the risk of sliding China toward economic downturn highlights the growing concern among policymakers about the persistence of the economy lost momentum despite the adoption of a set of stimulus measures.

    Zhu in important forum in Boao in Hainan Island in southern China, "China's inflation falls.

    He Zhou "The pace of slowdown in growth," faster than necessary to some extent. "

    Beijing is keen to avoid the second largest economy in the world sliding into recession and deflation suffered by its neighbor Japan over the past twenty years.
    Zhou said China adopts a "clear trend" with regard to the liberalization of prices interest, a long-term goal, although it is difficult to a specific timetable for such a move mode.
    As Zhou said he hoped "the regulation of the prices of the public exchange current through the adoption of new rules ultimately lead to capital accounts become fully convertible." Finished / 25

    https://www.almaalomah.com/news/15643/الصين-تترقب-″انكماشا-اقتصاديا″-في-العالم-
    Last edited by pinkadonai1; 03-29-2015 at 03:44 PM.

  3. #13

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Representative: move economic government to activate the private sector



    Special/propriety/Osama success newspaper – the Member of the Parliamentary Committee on the economy and investment, Najib, najiba said Sunday, there were efforts by the Iraqi Government through its calls for foreign companies that want to invest in a discreet Iraq to go about building a strong economy.

    Najib said in a statement to (newspaper of integrity) that "the Iraqi Government has agreed with the French Government to support private sector investment in and transfer of successful experience to him, noting that" there is a large turnout by French companies in the banking sector to invest in it, and this in turn will increase the perspectives and proposals that would go to a better investment and restructuring of public companies that must move to privatization which we will confirm it very much.

    "The Committee has a worksheet with the Ministry of industry and minerals and housing and reconstruction, the Central Bank and the Securities and investment bodies to make paper is familiar with all aspects of economic and investment to the French side in the coming days.

    She is a member of the parliamentary economy and investment "through activating the private sector, drawing on the experience of States that have expertise and experience in this regard, is the only solution to strengthen the Iraqi economy finished 10

    https://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falestiqama.com%2F%3Fp%3D158771
    Last edited by pinkadonai1; 03-29-2015 at 03:46 PM.

  4. #14

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Parliamentary reveal economic penalties for exploiting the crisis situation of traders



    Follow-up/newspaper of integrity-Member of the parliamentary economy Committee, Hareth al-Harthi, the need to hold merchants who exploit the situation and crisis manipulation of prices of goods and commodities in the Iraqi market, with the customs tariff act soon to reduce the exploitation of traders to crises and rising prices of the us dollar.

    Benedict said in a statement obtained by the newspaper of integrity, "the Government has imposed a tax on imported goods such as food and consumer goods to control types and price controls", stating that "the Government will be accountable, merchants who exploit the situation and crisis manipulation of prices of goods and commodities in the Iraqi market."

    "We will soon be snnsha strong economic watchdog to hold traders who manipulate the market prices and monopolize goods for personal interest, stating that" If a customs tariff law to border crossings and a merchant fees and taxes will control how the import of goods for the following would stabilize prices in the Iraqi market. " Over 9


    https://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falestiqama.com%2F%3Fp%3D158786
    Last edited by pinkadonai1; 03-29-2015 at 03:47 PM.

  5. #15

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Instruments of private banks to support liquidity for Iraq



    Follow-up/newspaper rectitude - Prime Minister Advisor for Economic Affairs Mohammad Saleh appearance that the decision of the Economic Committee in the Council of Ministers to accept the instruments issued by private banks to pay taxes will support the financial solvency of the State.

    Saleh said in a press statement that "the CBI to move liquidity in private banks, as well as the provision of liquidity to the State itself, that the State today need funds in cash so I suggested to the Cabinet's Economic Committee to accept the instruments of citizens who wish to deal with private banks and taxpayers."

    Saleh noted that "this decision will facilitate the collection of funds for banks, which goes to the State not only the payment of taxes by citizens Bank and good diversity in different banks ended up 11

    https://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falestiqama.com%2F%3Fp%3D158745
    Last edited by pinkadonai1; 03-29-2015 at 03:49 PM.

  6. #16

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Work is due 15 billion dinars to the budget after surpassing revealed the names of the "social protection"



    Long-Presse / Baghdad The Ministry of Labor and Social Affairs, on Sunday, for the return of 15 billion Iraqi dinars for the budget after detecting a large number of names of past social protection network, while the other called for the rest of its members by providing them with data on base ministries for their compliance with data protection network Ctmaih.

    The Chairman of the Committee on Labor and Social Affairs in the Ministry honest frankincense, during a press conference held at the parliament building and attended (range Press), that "the Ministry of Labor and Social Affairs, in collaboration with the parliamentary committee withheld funds for social protection of the squatters out," noting that "the amounts that are returned amounted 15 billion dinars. "

    He frankincense, that "the Commission is continuing to cooperate with the ministry to follow up the names of abusers," and urged "all ministries to cooperate with the Ministry of Labour to give their employees a database for the purpose of compliance with the social protection program".

    He called on the Chairman of the Committee on Labor and Social Affairs, "the tax department and registration of real estate and traffic by providing a database in order to match them with social protection network data."

    The Ministry of Labour and Social Affairs of the end of 2005, the application of the social safety net program, which grants subsidies amount ranges between 50 to 150 thousand dinars per month, and the distribution of those benefits to many segments of society, Kaladzh, widows, orphans and divorced and unemployed.



    https://www.almadapress.com/ar/news/46242/%D8%A7%D9%84%D8%B9%D9%85%D9%84-%D8%AA%D8%B1%D8%AC%D8%B9-15-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%8A%D9%86%D8%A7%D8%B1-%D9%84%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-
    Last edited by pinkadonai1; 03-29-2015 at 03:50 PM.

  7. #17

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    US-led Coalition bombarded ISIL with 17 new airstrikes in Tikrit



    Baghdad (AIN) - US-led warplanes continued to hammer ISIS positions around the pivotal Iraqi battleground city of Tikrit, stepping in at the Iraqi Prime Minister's request to get at what a spokesman called "difficult targets."

    The U.S. military announced Thursday that it and its allies conducted 17 airstrikes around Tikrit, going after three ISIS checkpoints, two bridges, two staging areas and other targets such as a roadblock and a "command and control facility."

    The idea is that this aerial bombardment will pave the way for Iraqi forces to go in and take control on the ground.

    "The ongoing Iraqi and coalition airstrikes are setting the conditions for offensive action," said Lt. Gen. James L. Terry, commanding general of the U.S.-led coalition.

    Iraqi forces have tried multiple times to win back Tikrit since the group, which calls itself the Islamic State, conquered the city in June as part of its campaign to amass an expansive Islamic caliphate. And each time, so far, they've failed.

    The latest push began after Iraqi Prime Minister Haider al-Abadi on March 1 ordered Iraqi forces to retake Tikrit and Salahuddin province. Militants have been under pressure ever since in the battleground city, which is the birthplace of former Iraqi dictator Saddam Hussein and located about 160 kilometers (100 miles) north of Baghdad.

    ISIS responded by adjusting its positions in and around the city, hiding in buildings and other key infrastructure, said Saad al-Hadithi, a spokesman for al-Abadi. This movement led Iraq's military to pause its operation, out of growing worries that a full-on invasion could produce heavy Iraqi military and some civilian casualties.

    The situation also spurred the Iraqi Prime Minister to request more help.

    Al-Hadithi said the U.S.-led coalition has "advanced technical" and "powerful" capabilities -- not to mention the right munitions -- that Iraq's air force does not have to conduct precision airstrikes.

    Thus, it was al-Abadi who specifically asked for the strikes, based on what he heard from military commanders on the ground.

    If so, the decision would appear to be at odds with what was said just a few weeks ago by some leaders of the predominantly Shiite Muslim forces doing much of the fighting around Tikrit. Some of these Shiite fighters are getting help from the Iranian government, a longstanding and staunch U.S. foe.

    "We don't need it, and we won't need it," Hadi Al-Amari, the head of the Hashd Al-Shaabi fighting force, said in mid-March. "Anyone who puts their faith in the international coalition to liberate Iraq is putting their faith on a mirage."

    Thus, al-Abadi is taking a bit of a gamble by having the U.S.-led coalition play any part in this fight.

    He hopes it pays off by not only ousting ISIS from Tikrit, but setting the stage for Iraqi forces to take back an even bigger prize: Mosul.

    "There is high morale to liberate this city from ISIS and the terrorists. I would like to assure all the citizens that there are almost no civilians remaining in the city now, and there are only terrorists," al-Abadi said Thursday during a visit to Tikrit.


    https://www.alliraqnews.com/en/index.php/security-news/66318-us-led-coalition-bombarded-isil-with-17-new-airstrikes-in-tikrit-.html
    Last edited by pinkadonai1; 03-29-2015 at 03:52 PM.

  8. #18

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Top Kurdish ISIS leader killed in Mosul



    By RUDAW - ERBIL, Kurdistan Region – The top Kurdish ISIS leader, reportedly responsible for the death of dozens of Kurdish civilians, was killed in coalition air strikes in Mosul, the Kurdistan Regional Government (KRG) said Sunday.

    “Ziad Salim Mohammad Ali al-Kurdi, the top ethnically Kurdish ISIS leader, has been killed by US-led coalition airstrikes last night in Mosul,” the KRG’s National Security Council said in a statement.

    It said that al-Kurdi, who was “also known as Mansur, had joined the al-Qaida terrorist group in 2004,” and was arrested by coalition forces in 2006.

    It added that al-Kurdi was later affiliated with ISIS and “had been in charge of several military operations,” including assaults on the Kurdish towns of Gwer and Makhmur, some 80 kilometers south of Erbil.

    “Dozens of Kurdish civilians and Iraqi people have been murdered by al-Kurdi”, the statement said.

    Coalition airstrikes have been bombarding ISIS arsenals and positions in Syria and Iraq ahead of an impending attack on Mosul, which was captured by ISIS in June.

    Meanwhile, an official from the Kurdistan Democratic Party (KDP) from Mosul told Rudaw Sunday that ISIS had executed 20 of its militants in Iraq who were trying to escape from the frontline and flee to Syria.

    “The fighters were trying to escape from a battle near Mosul on Saturday,” he said.

    “All the militants were reportedly from Iraq and were killed by ISIS foreign fighters,” he added.

    Coalition airstrikes on ISIS bases and troops near Mosul on Saturday reportedly led to the deaths of several ISIS militants.

    https://rudaw.net/english/kurdistan/290320153
    Last edited by pinkadonai1; 03-29-2015 at 03:53 PM.

  9. #19

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Rebuilding Iraq’s oil industry

    Adil Abdul Mahdi was born 1942 in Baghdad. He is a trained economist who left Iraq in 1969 for exile in France. He worked for French think tanks and edited magazines in French and Arabic. He was educated in France. His father was a minister during the royal era in Iraq. He attended high school at Baghdad College, an elite American Jesuit secondary school.

    A politician and an economist, he became vice-president of Iraq from 2005 to 2011. He was formerly the finance minister in the interim government after 2003.

    Iraq has the world’s fifth largest proven petroleum reserves in the world with an estimated 115 billion barrels, although a large amount of its reserves are undeveloped.

    Since 2009, oil exports have returns to levels last seen before the US invasion of Iraq in 2003. However, the ongoing battle with Daesh has caused some concern about the country’s ability to continue to produce oil. The majority of Iraq’s oilfields are in the south of the country and in northern Kurdistan.

    Recently, Mahdi sat down with Gulf News to talk about his country’s oil industry, Daesh and relationships with Kurdistan

    Gulf News: How much have Iraq’s oil revenues been affected by the drop in oil prices? Do you foresee a rise in oil prices any time soon?

    Adil Abdul Mahdi: Revenues have dropped by 60 per cent which is big especially when we take into consideration that Iraq’s budget relays by 90 per cent on oil. Regarding oil prices springing back towards a rise, we believe that they are currently fluctuating at the bottom with a slow tendency towards rising which will take a long time over 2015.

    Gulf News: Iraq is still interested in exporting its oil. So are you searching for market shares?

    A.A.M.: Because oil is the main source of the economy and the budget, and because Iraq does not control prices, paying attention to production is what makes up some of the loss inflicted by the current price drop. Oil production also protects Iraq’s interests and its shares in global markets, especially as Iraq was one of the first countries producing and exporting oil, and has oil reserves that place it in second or third place globally.

    Moreover, the price of production is low and does not exceed $8 (Dh29.36) a barrel, hence, increasing production and exports is important for us to learn from the current crisis and to invest in it by developing other real sectors of the economy and not on its expense and not for it to become a reason for its regression as what happened during the second half of the 20th century.

    Gulf News: In case there is an agreement reached between the US and Iran regarding the lifting of sanctions preventing Iran from exporting its oil, is Iraq worried about the increase in oil exports that will follow in world markets?

    A.A.M.: I hope the two parties will reach an agreement, and I hope the sanctions imposed on neighbouring Iran will be lifted. Sanctions have been imposed upon a political decision which Iraq already paid for, and we do not want our neighbours or any other state or people to experience the near and far negative effects which are collective punishment in every sense of the word. Sanctions affect people first, unlike what those who impose sanctions claim. Therefore, Iraq is affected by the sanctions imposed on the Islamic republic, and it is also affected by the tense atmosphere that costs it as many times as what could be earned if the Iranian oil gets out of the market. The Iranian oil is not a competitor for Iraqi oil. The two countries used to produce more than 10 million barrels a day in the seventies. Their production and exports today fell by almost half because of wars and sanctions.

    Some are worried today about the recovery of the Iraqi oil sector. There may be some people among us who think this way with respect to others, but we believe that major benefits are achieved when we learn how to make the power of others a power for us, and how to cooperate so that all of us will make progress, not for one party to make progress at the expense of others. I think this is the philosophy of the establishment of Opec (Organisation of Petroleum Exporting Countries) so that the exporting countries organise their interests through cooperation and not through the exclusion of the other and sending them off the market.

    Therefore, I think that Iraq, Saudi Arabia, Iran and the rest of the Opec countries should cooperate in joint ventures not only within the framework of the export of oil, but also to develop their interests, markets and capacities so that oil will be a momentum for encouraging a wide regional economic movement aimed to develop the region’s economies and play a role in the global economy. We should not keep our economies marginal, and not having diverse and strong regional and international sources. Rather, we should protect our oil interests so that our global share will not decline, as happened during the last half century. We should rather occupy a greater oil and non-oil status.

    Gulf News: Will Iraq adhere to the Opec quota for oil export or will it continue selling outside this quota? Does it worry Iraq that countries such as Saudi Arabia do not sell within this quota?

    A.A.M.: Iraq’s share of Opec has dropped significantly since the Iran-Iraq war and the successive wars, siege and sanctions. The production has declined as well. Moreover, the situation in Iraq and the war against Daesh, the Islamic State in Iraq and Syria, deprived the Iraqi exports of a million barrels per day in 2014.

    So, Iraq is now exempted from the Opec quota in order to recover some of its strength. When Iraq develops its production today, it does not think of increasing its exports only, but it also thinks of developing its domestic markets of derivatives and the industries that depend on oil as a raw material, such as petrochemicals, fertilisers and others.

    Gulf News: Regarding Iraq’s budget and oil prices. To what extent is the deficit due to falling oil prices and are there any solutions on the horizons?

    A.A.M.: I mentioned in my previous answer that resources fell by almost 60 per cent. The solution lies in two approaches; the first is to take advantage of this opportunity to reduce the excessive and irresponsible spending policies, depending on the “easy money” of oil, and turning the national economy to yield economy, the state to a state of social care, the community to a community of employment, which in turn has become flabby and cannot absorb more, and so on. The second approach is to launch investment and invest the energies of the community in real sectors and magnify the role of these sectors and make them the base and also make oil resources support them in the achievement of general economic renaissance that, in turn, will achieve balanced development in all sectors.

    Gulf News: Regarding oil wells that have been set on fire by Daesh, what is the extent of the damage caused and its impact on Iraqi oil revenues? How was the terrorist organisation able to set fire to these wells? Do you think that these terrorist operations will be repeated in other locations?

    A.A.M.: Setting fire to wells may be a sign of Daesh’s sense of defeat, exactly like Saddam Hussain’s feeling when he set fire to Kuwait’s oil wells when he was forced to withdraw. Ujail and Hamrin wells were under his control, or outside the state’s control, and he could destroy them during the past few months, but he did not do so because he intended to stay there and invest these wells. The Khabaz wells in Kirkuk were set on fire following the attack on the city last month. As for revenue, the production of these wells is few and does not affect the production rates. For example, only three wells were torched in Khabaz. The total production of these three wells is 1,500 barrels per day. The fire was extinguished in two wells, but the third remained on fire. Initial reports indicate that there was serious damage in one well, where the so-called “Christmas tree” in the well was damaged. The production of both Hamrin and Ujail is less than that of Khabaz, but the security situation has not yet allowed the assessment of the situation.

    Gulf News: Is Iraq in a financial position that is able to increase research and development of new oil wells? Is it feasible now that Iraq is in a combat situation against Daesh that the ministry is moving in its research projects?

    A.A.M.: Iraq is not a poor country. So, we rejected the “austerity” issue and advocated a “rationalisation” policy. Iraq is fully capable of increasing research and development based on its enormous and investable assets. Our latest reports indicate that our original oil stock is 516.772 billion standard barrels; the original oil reserve is 181.400 billion standard barrels; the reserve remaining until January 1, 2015 is 142.400 billion standard barrels; and the free and associated gas reserve remaining until January 1, 2015 is 130.966 trillion cubic feet, divided as 32.695 trillion feet of free gas and 98.271 trillion cubic feet of associated gas. All this does not include the fields of Kurdistan and what explorations showed recently.

    These amounts make Iraq a top oil country for centuries to come. A country that has these reserves is really attractive to investors, as we have seen in the past and at present. One of the biggest problems in Iraq is not the weak investment flow, as the volume of offered investment projects is much more than we prepared ourselves to absorb. Our laws, investment environment which is still hesitant and sometimes aggressive, and our repellent behaviour are the main reasons, not the lack of money, capabilities and opportunities. On the contrary, we say that because of the low cost of oil production in Iraq, time is ripe for investment in oil. You do not buy real estate when prices are high, but you achieve the highest investment when prices collapse.

    Gulf News: Can you give us an overview of the agreement that you reached as a central government with the Kurds and whether you have resolved outstanding problems concerning their exporting oil without the approval of the central government?

    A.A.M.: We have not yet reached a definitive solution with respect to oil exports. We hope to discuss this issue at upcoming meetings. It was necessary to reach a quick agreement to organise the 2015 budget so that the federal government delivers 550,000 barrels daily during 2015, with 300,000 barrels coming from Kirkuk and 250,000 barrels from the Kurdistan region. Despite all the difficulties and disagreements, the deal is still holding, and I think that it is to everyone’s interest to continue with that agreement, as failure would be a loss for Iraq and everyone. This agreement was necessary because we have been allocating 17 Per cent of the budget to the Kurdistan region since 2004, as the region has been autonomous since the seventies, and — according to the constitution — has wide administrative and financial powers. Since 1991 (when the government troops withdrew from it), the region has ministries and departments completely similar to what the federal government has. So, it was necessary to allocate the above mentioned rate to it so that there would not be double payments.

    I regret to say that misguided policies have led over the past years to the complexity of these issues and the accumulation of dues for this or that party, because of the absence of oil and gas law and the law of financial management and because each party provided its own interpretation of the constitution. This resulted in the disruption of settlement and benefits deserved by the region, and on the other hand there are exports whose values must have entered the Iraqi treasury because they were rights of the federal government.

    Gulf News: Is there any response from Iraq to Daesh’s selling oil on the black market? Do you blame Turkey for not taking punitive measures against those who run the black oil market in their country and turning a blind eye towards those who run these illegitimate oil markets?

    A.A.M.: The black market appears anywhere where there is a big difference between the prices of goods under the law and the prices outside the law. The war traders, terrorist organisations, and trading away from systems and across borders require all countries and organisations to cooperate. We have discussions with neighbouring Turkey to fight this phenomenon. We also have talks with countries of the region and specialised international organisations in this regard.

    Gulf News: It is known that the Basra light oil is one of the finest oils across the globe. How is its world market today?

    A.A.M.: Yes, this is true, and its condition is good, and there is high demand for it. But it is our duty in Iraq to defend the Basra light oil. The rapid development of production after the licensing contracts, the investment of new wells, or the drilling of deeper wells required us to provide several types of oil to protect the Basra light oil which was subjected to severe pressure due to mixing it with the rest of produced oils, some of which with high density. We have already provided heavier oil, which we may call “Basra heavy oil”, and we started negotiating with some companies over it. We are planning to make this year or early next year a time for the launch of two types of oil, the first is the “Basra light oil” with its known quality, and the second is the “Basra heavy oil” with density of less than 27 degrees (API) and other different specifications.

    Gulf News: How is Iraq’s relationship today with Exxon Mobile?

    A.A.M.: We have good relationship with Exxon Mobile as well as with the rest of the companies. We seek to develop our relation with everyone. Companies are our partners, and we have a common interest in the development of the relationship to reduce costs and increase the profits of both parties. We also have a common interest in expansion in all areas of the oil industry, whether downstream, midstream, or upstream.

    Gulf News: Is there still a large turnout by international oil companies to develop wells in Iraq at this time?

    A.A.M.: The turnout is high, but on condition that we pay the dues of companies in the agreed deadlines. I think we have reached arrangements in recent weeks and days. These arrangements were contained in the budget law to reassure companies. Our schedule (which we amended recently) to supply crude oil for companies is not a promise, but it is a fact. The oil is present, and its production is well known, and the supply contracts guarantee this. We believe that the concerns of a lot of companies have already dissipated, and that overall reassurance will be achieved. We believe that the presence of companies is strategic, although they seek profit on the other hand. They know Iraq’s reserves and the country’s future in the global oil market. As we need their experiences, they also want to remain our partners, as their interests are linked to ours.

    (zawya)


    https://iraqdailyjournal.com/story-z10540765
    Last edited by pinkadonai1; 03-29-2015 at 03:57 PM.

  10. #20

    Re: " The Dinar Daily ", Sunday, 29 March 2015

    Copperchase Ltd. wins $6m contract in southern Iraq

    The Cramlington based manufacturer, Copperchase Ltd, has secured a $6m contract with Hyundai Engineering and Construction to conclude a new security project for the southern oil refinery of Iraq.

    The firm used a £200,000 loan from the Tees Valley Catalyst Fund, which is managed by FW Capital, to secure the performance bond it needed, from Lloyds Banking Group. Copperchase possesses the portfolio to work with large engineering and construction companies in the Middle East, United Arab Emirates and South Korea and hopes this latest contract will open the door to further contracts in the region over the next five years. Paul Boydell, Director of the company, said, “We were pleased to win the Karbala refinery contract which will hopefully lead to even more work in the region.

    We’ve won a number of significant projects in recent years, but this is our largest to date and the Tees Valley Catalyst Fund loan was vital in helping us to fund the performance bond we needed. “We believe this contract will really showcase our technical and project management capabilities and be the springboard we need to win even larger contracts in future.” The Tees Valley Catalyst Fund was conceived by Tees Valley Unlimited (TVU), the Local Enterprise Partnership for the Tees Valley to provide companies in Tees Valley with finance.

    Copperchase basically has core competence in air traffic control systems. FW Capital investment executive, Chris Johnson worked with Copperchase to provide the short-term loan. He mentioned, “Copperchase has really expanded its overseas presence since it was first established in 1990. In recent years, the team has set up the company’s Middle-East offices to take advantage of opportunities in emerging markets like Iraq.

    “We’re delighted to provide them with the financial backing needed to deliver this contract. Copperchase has a great deal of experience with large global engineering and construction companies and is an excellent example of a North East company making its mark on the world map. This contract has the potential to boost Copperchase’s prospects significantly.”
    (iraqdirectory)


    https://iraqdailyjournal.com/story-z10540680
    Last edited by pinkadonai1; 03-29-2015 at 03:58 PM.

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