The Dinar Daily, Sunday April 5, 2015
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  1. #1

    The Dinar Daily, Sunday April 5, 2015





    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 84 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

    Crush Expected When Kuwaiti Banks Reopen Today

    March 24, 1991|From Reuters



    KUWAIT CITY, Kuwait — Thousands of Kuwaitis are expected to jam the country's banks today when they open for the first time since the end of the Iraqi occupation.

    Customers will be allowed to withdraw funds and to swap pre-invasion money for a new currency issued to make more than $1 billion in pre-invasion dinars stolen by the Iraqis worthless.

    "We expect a rush of people," said Issam Asousi, an executive with the Bank of Kuwait. He said it could be a chaotic first week because customers have a lot of questions about their accounts.

    Kuwaiti banks continued operating during the seven-month Iraqi occupation under managers brought in from Iraq, but they have been closed since the U.S.-led alliance ousted the Iraqi army from Kuwait a month ago.

    When the banks reopen today, customers will be able to withdraw up to 4,000 Kuwaiti dinars, equivalent to about $14,000 at pre-invasion exchange rates from their accounts, and to exchange a like amount for foreign currency.

    Balances of customers' accounts will go back to what they were on Aug. 1, a day before the invasion.

    Clients will not be able to exchange Iraqi currency issued during the occupation, when Baghdad pegged the rates of the strong Kuwaiti dinar to the far less valuable Iraqi dinar.

    The new Kuwaiti money will be exchanged for old at a one-to-one rate.

    http://articles.latimes.com/1991-03-..._kuwaiti-banks


    BGG ~ Thanks to wmawhite for some facts on the subject.

    Hi BGG,

    Just thought I would drop you an email. I listened to the call, and was interested in what was said about Kuwait, if I may - I will add my 2 cents worth.

    You were spot on with what you said, I have a close friend who's father made a killing on the KWD. He bought from people who had fled the country and he paid pennies on the dollar (we are in Australia). He took the chance that Iraq would be kicked back out and he was right.

    When the money was reinstated, he exchanged it for AUD at a rate in the mid 3s. The interesting thing about it is, Iraq invaded in November 1990 (I think), they were kicked back out at the end of Feb 1991, the banks reopened with a brand new KWD in late March, that's not a bad time frame to get a currency designed, printed and made ready to use, also the time that the old KWD was valid was initially only for 2 months, then extended to 6, so it was valid until Sept 1991, interesting I think.

    Also the other thing that seems to be a "fact" in Dinar land is Bill Clinton used the Kuwait RV to pay off the debt. However, Clinton was not President in 91, he did not take office until 93, even I know that and I am an Aussie.

    Anyway thanks for the site and enjoy listening to your calls.

    Kind Regards,
    Kevin
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  2. #2

    Re: The Dinar Daily, Sunday April 5, 2015

    CENTRAL BANK OF IRAQ

    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000


    CURRENCY CODE SELL BUY
    US dollar USD 1166.000 1164.000
    Euro EUR ----- -----
    British pound GBP ----- -----
    Canadian dollar CAD ----- -----
    Swiss franc CHF 1215.216 1214.609
    Swedish krona SEK ----- -----
    Norwegian krone NOK ----- -----
    Danish krone DKK ----- -----
    Japanese yen JPY 9.745 9.740
    Special
    Drawing Rights
    SDR 1623.119 1622.307

    Indicative rates - 05.04.2015


    http://www.cbi.iq/

  3. #3

    Re: The Dinar Daily, Sunday April 5, 2015

    sczin11- WHAT DO WE SEE HERE.. AS SOME TRANSLATIONS HAVE STATED, THEY ARE IN FACT, HOLDING AUCTIONS? THE CBI WEBSITE SHOWS LAST AUCTION FEBRUARY 19, 2015.. CAN NOT FIND AUCTIONS ANYWHERE ELSE BEING DIVULGED...WE WERE TOLD NEW MECHANISMS...WE WERE TOLD REMITTANCES...AND NOW WE SEE, AUCTIONS, AGAIN?

    Parliamentary Finance Committee proposes to cancel the auction currency Central Bank



    Information / special / ..Parliamentary Finance Committee proposed, Sunday, cancel an auction of foreign currency at the central bank,re confirmed that it will lead to lower prices in front of the Iraqi dinar.

    The committee member said Masood Haider told / information / "The Finance Committee submitted a proposal to cancel the auction at the Central Bank, in order to reduce the foreign currency rate against the Iraqi dinar."

    He said Haider, that "the proposal stressed the need to replace the auction process hard currency distribution on civil and government banks in a fair way by the competition, because the auction may impact on the Iraqi economy and led to Nzifa," adding that "it will lead to lower foreign currency exchange rate either Iraqi dinar. "

    The past few weeks have seen a remarkable increase the price of foreign currencies against the Iraqi dinar, despite the central bank to sell those currencies is duced. Ended 25 R.

    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%3D3687387&usg=ALkJrhhlh_qZ6aQTsAu3xiDpOQO48mpFOQ


    Last edited by pinkadonai1; 04-05-2015 at 12:32 PM.

  4. #4

    Re: The Dinar Daily, Sunday April 5, 2015

    A member in the Oil and Energy Parliamentary Committee reveals an expected visit by the delegation of the Kurdistan Region to Baghdad

    04/04/2015 13:23

    BAGHDAD / Nina / A member of the Oil and Energy Parliamentary Committee of the National Reform bloc Zaher al-al-Abadi revealed on Saturday for an expected visit by the delegation of the Kurdistan region to Baghdad over the next few days.


    He told the National Iraqi News Agency / NINA / that the meetings of the delegation will include discussions of the oil agreement and the obstacles that hinder its implementation in a mutually satisfactory manner, without adding any further details.

    http://ninanews.com/Website/News_Det...t1VA%253d%253d
    Last edited by chattels; 04-05-2015 at 01:57 PM.

  5. #5

    Re: The Dinar Daily, Sunday April 5, 2015

    A government statement: Abadi, will travel tomorrow to the region at the head of a military delegation to discuss liberalization of Mosul Plan

    05/04/2015 fifty past one p.m.

    [Baghdad-where]
    confirmed a statement to the Office of the Prime Minister Haider al-Abadi, said on Sunday that the latter will travel tomorrow to the Kurdistan region.
    A statement by his office received by all of Iraq [where], a copy of the "al-Abadi go tomorrow at the head of a senior government and military delegation to the Kurdistan region of trading in the liberation of Nineveh province, plan, and coordinate with the Peshmerga forces to eliminate terrorist Daash gangs, freeing the people of Nineveh from the grip terrorism. "

    The Kurdistan Alliance MP Masood Haider, told [where], that "Abadi will visit the region tomorrow and meet with the President of the Kurdistan region Massoud Barzani and Prime Minister Barzani to discuss the oil agreement between Arbil and Baghdad

    http://translate.google.com/translat...m/&prev=search

    and


    Iraqi PM Haider al-Abadi to visit Erbil
    By RŰDAW


    ERBIL, Kurdistan Region - Iraqi Prime Minister Haidar al-Abadi is visiting the Kurdistan Region on Monday for talks with President Massoud Barzani and other officials.

    The main focus of the visit will be on Erbil-Baghdad relations, as well as developments in the region, the prime minister’s media office said.

    “Prime Minister Haidar al-Abadi will head to Erbil and visit Kurdish President Barzani to strengthen ties with the region, discuss refugee problems and Erbil-Baghdad relations,” Saeed Hadisi, the spokesman for Abadi’s office, told Rudaw.

    Erbil and Baghdad have a number of urgent issues to work out. They include an oil agreement, payments to the regional government from national coffers and issues related to the Kurdish Peshmerga army.

    http://rudaw.net/english/kurdistan/05042015
    Last edited by chattels; 04-05-2015 at 03:36 PM.

  6. #6

    Re: The Dinar Daily, Sunday April 5, 2015

    Hundreds of ISIS fighters, suicide bombers holed up in Tikrit district



    By RUDAW

    TIKRIT, Iraq – As Iraqi security forces fortify their control of Tikrit, they still wait for the battle with Islamic State over a remaining district where hundreds of ISIS fighters are still holed up.

    “In Tikrit, the Qadisiya area is the only place yet to be liberated from ISIS,” observed Jamil al-Ghazali, a Rudaw reporter on the scene. “There are checkpoints at the city’s main entry ways,” he said.

    “The situation is stabilized. Iraqi security forces are seen all around the city and there are checkpoints to protect visitors. Meanwhile, Iraqi forces are seen moving in nearby towns and districts.”

    There has been no exchange of fire between Iraqi forces and militants hiding in Qadisiya
    Iraqi forces say they fear reports that an estimated 500 ISIS suicide attackers are holed up in the district, complicating the task of entirely liberating the city of ISIS.
    But

    Iraqi forces backed by US-led airstrikes liberated Tikrit in Salahadin province from ISIS on Wednesday, after nearly a 10-month occupation.

    http://rudaw.net/english/middleeast/iraq/05042015

    Comment : As I suspected, there is " work " yet remaining to be done in Tikrit. Perhaps Mr. Abadi did not visit the Qadisiya area of Tikrit. - chattels
    Last edited by chattels; 04-05-2015 at 04:30 PM.

  7. #7

    Re: The Dinar Daily, Sunday April 5, 2015

    Israel prepares lobbying strategy against Iran deal



    By Associated Press

    JERUSALEM — An official Israeli analysis has drawn up a list of alleged shortcomings of the nuclear framework agreement between Iran and world powers, providing a basis for what is expected to be months of furious lobbying by Prime Minister Benjamin Netanyahu to reshape or cancel the deal.

    Netanyahu, an outspoken critic of the negotiations with Iran, has already criticized the deal as insufficient. He is expected to lobby heavily against the framework deal as its language is finalized ahead of a June 30 agreement.

    The framework agreement was announced on Thursday in Lausanne, Switzerland, by US-led world powers and Iran. It seems to cut significantly into Iran's bomb-making technology while giving Tehran quick access to assets and markets blocked by international sanctions. The commitments, if implemented, would substantially pare down Iranian nuclear assets for a decade and restrict others for an additional five years.

    According to a US document listing those commitments, Tehran is ready to reduce its number of centrifuges, the machines that can spin uranium gas to levels used in nuclear warheads, and submit to aggressive monitoring and inspections of its nuclear facilities.

    But the Israeli analysis, drawn up by officials in Netanyahu's office over the weekend, claims the system of inspections is not as thorough as proclaimed by negotiators because it does not explicitly force the Iranians to open their sites "anywhere, anytime."

    It also claims the agreement is vague about what happens to Iran's stockpile of enriched uranium, a key ingredient in producing nuclear bombs, or how sanctions might be re-imposed if Iran violates the deal.

    While Iran is not supposed to enrich uranium with its advanced centrifuges for 10 years, the deal permits limited "research and development" of the advanced centrifuges, according to the US document. Israeli officials say this means that Iran could immediately put these centrifuges into action after the deal expires or breaks down.

    Netanyahu has said the deal leaves too much of Iran's nuclear infrastructure in place. He says the deal should "significantly roll back" Iran's nuclear program.

    As Netanyahu lobbies against the deal, he is expected to urge the world to take action against Iran's non-nuclear activities as well, according to the document.

    It says the deal should address Iran's ballistic missiles, which are capable of delivering nuclear warheads, and Iran's support for militant groups across the region.

    The Associated Press obtained a copy of the document Sunday from an official who demanded anonymity because of its confidential nature.

    http://rudaw.net/english/middleeast/05042015

  8. #8

    Re: The Dinar Daily, Sunday April 5, 2015

    Ameri-Jubouri and discuss the political and security situation and ways to restore the displaced to their areas

    2015/4/5 8:57

    [Baghdad-where]
    Search House Speaker Salim al-Jubouri, with the secretary general of the Badr Organization, Hadi al-Amiri political and security situation and the latest developments in Diyala province.
    A statement by his press office received by all of Iraq [where] a copy of it today that "al-Jubouri met Ameri yesterday During the meeting, research in the overall political and security situation in the country, in addition to the latest developments in the Diyala province, especially with regard to local government file.

    "The two sides discussed the displaced file in the province and ways to remove obstacles to return them to Mnatgahm.anthy

    http://translate.google.com/translat...m/&prev=search

  9. #9

    Re: The Dinar Daily, Sunday April 5, 2015

    Barzani, the president of the Kurdistan Parliament affirm the need for a "national solution" on the presidency of the region



    Author: HH, RA
    Editor: HH 4/5/2015 3:45 p.m.






    Long-Presse / Sulaymaniyah

    Confirmed as president of Kurdistan, Massoud Barzani of the Kurdistan Parliament, on Sunday, the importance of maintaining the unity of the House of Kurdistan under any circumstances, and stressed that "the solution to the dilemmas are through" unite the national vote, and the observance of legal principles and the best interests of the province, "while pointed to the need to reach understanding to find a national solution on the Presidency of the Kurdistan region.

    The presidency of the Kurdistan region in a statement received, (long-Presse), a copy of which, "The President of Kurdistan, Massoud Barzani held, today, meeting in the resort of Salahuddin with the President of the Kurdistan Parliament Yusuf Mohamed and his deputy, Jaafar Aamenki and secretary of Parliament Fakhruddin capable," indicating that "They discussed the situation in the field fronts fighting against terrorists Daash."



    She added that the presidency of the region, "the conferees appreciated the sacrifices and tournaments provided by the Kurdistan Peshmerga forces to protect Kurdish and thwart terrorists," noting that "the meeting saw the discussion of the political and security situation in Iraq and the region, and the victories achieved by the Iraqi forces in Tikrit."



    She went to the presidency of the Kurdistan region, "the conferees discussed the issue of the Constitution and the Presidency of the Kurdistan region," pointing out that "in addition to the reference to the challenges facing the province of Kurdistan, has been to emphasize the importance of maintaining the unity of the House of Kurdistan under any circumstances."



    She presidency of the region to "The meeting stressed that the solution to the dilemmas is by uniting the national vote, and the observance of legal principles and the best interests of the Kurdistan region," indicating that "the participants in the meeting stressed the continuation of efforts to reach an understanding to find a national solution," pointing at the same time that "In order to continue this relationship and consulting between the two parties."




    The Kurdistan Regional Parliament witnessed, on 25 March 2015, before the start of its regular brawl hands as a result of a dispute between the two deputies from the Kurdistan Democratic Party and MP for the MDC Ali Hama Saleh over differences on the condemnation for the presidency of the Kurdistan region, while the chairman of the parliament decided to form a committee to investigate the incident and to adjourn the meeting for a quarter of an hour.

    The session dedicated to the discussion of oil and gas law, but a House of Representatives spoke about the extension of the term of the president of the Kurdistan region caused with loud verbal evolved into a fist fight.

    He was the voice of the Kurdistan Regional Parliament in 2013 to extend the presidency of Massoud Barzani of the territory two years will continue until 2015.


    http://www.almadapress.com/ar/news/4...A4%D9%83%D8%AF

  10. #10

    Re: The Dinar Daily, Sunday April 5, 2015

    Oil signs MoU with French company to create the largest petrochemical project in southern Iraq



    Author:
    Editor: AR 04/05/2015 4:06 p.m.






    Long-Presse / Baghdad

    The Iraqi Oil Ministry, on Sunday, announced the signing of a memorandum of understanding with the French company Total for the establishment of the largest petrochemical project in southern Iraq, while confirming that the Minister Adel Abdul-Mahdi discussed with French President sign a number of memorandums of understanding in the field of communications.

    Media Advisor to the Minister of Oil Ahmed al-Saadi said in a statement received (range Press) copy of it, "Oil Minister Adel Abdul-Mahdi signed a memorandum of understanding on the petrochemical pledged under which each of the Ministry of Industry and Oil Aerakitin and the French company Total's commitment to the project Petrokimaawi in southern Iraq."

    He said al-Saadi said "the oil minister, who currently resides in Paris in order to participate in the Joint Economic Committee between Iraq and France signed a number of memorandums of understanding with Total and other companies," noting that "the establishment of this project will make Iraq the largest producer of petrochemicals in the Middle East."

    He pointed out that al-Saadi, "Abdul-Mahdi discussed with the French president and a group of French Minister of the Joint Economic Commission between Iraq and France sign a number of memorandums of understanding in the field of communications with Total and other companies."

    The Iraqi Minister of Industry Nasser al-Issawi announced, on Wednesday, (January 28, 2015), signed a deal with Royal Dutch Shell Dutch Petroleum to build a petrochemical plant in Basra province, five with a total capacity of 11 billion dollars.

    The French company Total, announced Saturday (03/01/2014), was seeking the establishment of petrochemical complex in southern Iraq, and pointed out that the project is part of the strategic plans for the development of its activities in the growing Middle East markets, while confirming that Iraq is one of the more -owned states "investment opportunities."

    The French oil company Total, and one of the six largest oil companies in the world is based in Paris and began to invest in Iraq in different areas of the country.




    http://www.almadapress.com/ar/news/4...B1%D9%86%D8%B3

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