The Dinar Daily, Wednesday April 22, 2015 - Page 2
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Thread: The Dinar Daily, Wednesday April 22, 2015


    
  1. #11

    Re: The Dinar Daily, Wednesday April 22, 2015

    War and debt threaten upstream Iraq



    Working in Iraq is not without its difficulties. Obstacles to smooth operations range from ageing infrastructure and a cumbersome bureaucracy to crippling violent conflicts. The domestic oil industry must now combat low commodity prices and major arrears to international operators to satisfy public revenue streams. Myeongnam Kim, managing director of the Korea Gas Corporation (KOGAS) spoke to TOGY about some of the difficulties.
    Being able to operate efficiently in Iraq is contingent on which part of the country the work is being carried out. As evidenced by the consistent level of exports of 2.49 million barrels of oil over the second half of 2014, operations in southern Iraq were largely unaffected by the turmoil that engulfed other parts of the country, such as Anbar Province and much of northern Iraq.

    “Depending on the region of operation, you might not even notice any problems, such as in the Basra area,” Myeongnam Kim, managing director of the Korea Gas Corporation (KOGAS) told TOGY. “It is safe to say that ever since the Islamic State occupied Fallujah in January 2014, unrest has spread. However, around that time we could still manage our operations. The advance of the militants over the summer of 2014 really halted operations altogether,” he said.

    CASE IN POINT: Situated in Anbar Province along the border with war-torn Syria, work in the KOGAS-operated Akkas gasfield, home to 94 bcm-159 bcm (3.3 tcf-5.6 tcf) of gas reserves, began in 2011. In April 2013, assailants killed three local workers. The authorities, caught by surprise, have had difficulties in providing security ever since.

    “While we understand that the situation in the country has at times been beyond the control of the Ministry of Oil, we have not always been able to rely on the government for our security,” Kim said. “At the beginning of 2014, the government deployed extra troops to the Akkas gasfield, but they had withdrawn as of July 1. The country’s oil police were mostly deployed in the north of the country.”

    First gas from the Akkas field was initially scheduled for September 2015, but this deadline will not be met. “We have already discussed the rescheduling of the Akkas gasfield with the state-owned Midland Oil Company. Only when the militant threat is removed and security is restored and guaranteed can operations resume,” Kim added.

    DEFICIT: A problem of a different kind surfaced at the beginning of 2015, when the 2015 budget law draft, approved by parliament in late-January, revealed a deficit of IQD25 trillion ($21 billion). Soon thereafter, significantly lower oil prices started to hurt the Iraqi economy. For example, in January 2014, Iraq exported 69.1 million barrels of oil, earning the country around $7 billion. In December that year, exports totalled 91.2 million barrels, yet revenue was $5.1 billion.

    The government has accrued vast debts to international oil companies. In late-March, Deputy Minister for Gas Refineries at the Ministry of Oil Fayaz Hassan signalled that operators in Iraq were due around $20 billion in arrears. Earlier that month, Reuters reported Minister of Oil Adel Abdel Mahdi as saying that payments due in 2015 would amount to $18 billion.

    “Due to the budget deficit, companies have not been compensated as scheduled. It is probably common for all international oil companies in Iraq now,” Kim said, adding that he fears companies such as KOGAS would be forced to reduce their scheduled activities, unable to continue spending without a scheduled repayment.

    “As of April 2015, we had poured in more than $2 billion. Therefore, we cannot really expand any further,” he said. “Minister Abdul Mahdi has told us that they will definitely repay all the outstanding payments for 2014 by the middle of 2015,” he added.

    BICYLE RIDE: Because the share of oil the country’s public revenue is 98 percent, Iraq has no choice but the keep pumping, no matter how low the price of oil. “The oil and gas industry in Iraq is like a bicycle,” Kim said. “The front wheel is the Ministry of Oil and think of international oil companies as the rear wheel, with GDP on the saddle. In order not to fall, both the front and back wheels need to keep going.”


    https://www.theoilandgasyear.com/articles/industry-strife-war-and-debt-threaten-iraqs-upstream-environment/?
    Last edited by pinkadonai1; 04-22-2015 at 01:01 PM.



  2. #12

    Re: The Dinar Daily, Wednesday April 22, 2015

    Iraq receives urgent financial assistance from the International Monetary Fund



    Roudao - Baghdad announced that the Iraqi Finance Ministry on Tuesday it had agreed with the International Monetary Fund to provide emergency financial assistance to Iraq, indicating that the goal is to reduce public expenditure.

    The ministry said in a statement that "Iraq agreed with the International Monetary Fund during talks technical and detailed, which made, on Monday, to crystallize Help Fund for Iraq under the current financial crisis, providing emergency financial assistance. " The ministry added that "the agreement comes within the government and Ministry of Finance plans to reduce public expenditure," indicating that the 'Iraqi delegation later held talks with department officials legal department of accounting in the box to stand on the use of the government and the Ministry of Finance for funds SDR allocations in the budget of 2015. " It is noteworthy that low global oil prices could significantly impact on Iraq's budget and public-dependent budget on oil exports by 95% at the time suffering from financial pressures because of the large increase in public expenditure.

    https://rudaw.net/arabic/business/210420154

  3. #13

    Re: The Dinar Daily, Wednesday April 22, 2015

    Islamic banks are willing to work with "Islamic instruments" and calls for legislation law defines work



    Long-Presse / Baghdad Called departments private Iraqi banks, on Wednesday, to organize the work of Islamic banks in Iraq, the law, as they represent an important part of the Iraqi economy, while the representatives of the Islamic banks that the State Council is currently considering the drafting of a special law in this sector, and revealed their intention to implement the project "Islamic bonds" to support the national economy.

    It consists of the Iraqi banking system of 54 banks, including seven state-owned, one of them an Islamic talk of incorporation, and 23 special commercially, including Islamic nine, are found in Iraq, also 15 branches of foreign banks, and there are many institutions that do some banking business, including 34 money transfer company, and nearly 200 affiliated banks or foreign exchange company to deal with, with the Loan Guarantee Company and the financing of small and medium-sized enterprises, with two of the electronic banking services and smart card, in addition to nearly 800 subsidiary banks and distributed to the provinces of Iraq.

    The Managing Director of the Bank of guidance for investment, Hazem al-Shammari, said in an interview to the (long-Presse), "The Islamic banks lack the mechanism or law to regulate its work," returned to "the work of those banks raises a lot of questions on how to access to capital and dealing with projects ".

    Shammari said, that "the State Council had intended to prepare a draft law to regulate the work of Islamic banks, but it is still under study," noting that "every one of the Islamic banks operating in Iraq currently follows the religious reference deprive some sort of financial transactions and analyze the latest, as is the case with most of their counterparts in the world. "

    For his part, saw the Commissioner of Bank Union Director, Aqeel trouble maker, in an interview to the (long-Presse), not "the possibility of the assertion that Islamic banks operate in varying outweigh its counterpart for being a newly established in Iraq, and that the capital can not be compared to those found at commercial and investment banks I started working since 1994 ".

    The trouble maker, that "the progress of the other Islamic banks does not prevent some success in the banking business," proving that the "some commercial banks began to open Islamic windows because a lot of customers asking for subjecting their mechanisms of Islamic banking."

    Commissioner promised to Union Bank Director, that "the success of the work of private banks, whether commercial or investment or Muslim, is the size of its deposits and progress of the profits, because it is a proof of its ability and good management",

    In contrast, Islamic banks approved its part, the absence of a law regulating the work, and defended by the Iraqi orientations and economic sector.

    The Managing Director of the Bank of the Islamic country, Iyad al-Khafaji, said in an interview to the (long-Presse), "The government has already issued instructions since the year 2011 to organize the work of Islamic banks and support," noting that "the State Council is considering such instructions is to draft a law on banks Islamic. "

    Said al-Khafaji, the need to "legislation of a special law Islamic Bachirfah being different from the business in terms of transactions and the method of deposits and withdrawals, and even the implementation of projects supported by," adding that "Islamic banks supported the infrastructure for various operating in Iraq sectoral projects, such as housing and sanitation, and others, From Nineveh to Basra. "

    The detection of the Bank of the Islamic country, for "the determination of some Islamic banks to agree on the implementation of the project benefit the Iraqi economy as a whole and not the banking sector only," he continued that "The Islamic instruments, where Islamic banks are trying to raise the central bank's interest and the Ministry of Finance to the project by providing a study by the authorities concerned. "

    Islamic banks operate like other banks, to provide the community with needed resources in a manner different from the "illegal" in order to raise the "embarrassment" for customers who want to deal with the banks in accordance with the principles of Islamic law.

    In the pursuit of government and private banks and citizens wishing to invest service, banks, "node" progress towards this sector remains the law because of the "restricted freedoms and subjected to the control of" state.

    The specialists and managers of banks, demanded in conversations to (long-Presse) in, (the 17th of this April 2015), the need to amend the Banking Act almost makes those banks contribution to the President of the Iraqi economy, and stressed that the total capital of Iraqi private banks amounted to one billion and 600 million dollars during 2014, while the government has confirmed that it is currently considering several proposed projects to strengthen the infrastructure for private banks and enable them to meet the challenges facing the country.

    It is noteworthy that the banking system in Iraq consists of 54 banks as well as the Central Bank and distributed according to property between (7) state banks and 23 commercial banks, including special (9) Islamic banks in addition to the 15 branches of foreign banks.



    https://www.almadapress.com/ar/news/47319/%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D8%A7%D9%84%D8%A5%D8%B3%D9%84%D8%A7%D9%85%D9%8A%D 8%A9-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%A7%D9%84%D8%B9%D9%85%D9%84-%D8%A8%D9%80%D8%A7%D9%84%D8%B5
    Last edited by pinkadonai1; 04-22-2015 at 01:02 PM.

  4. #14

    Re: The Dinar Daily, Wednesday April 22, 2015

    The Future is Coming – Oil and Gas in Iraq



    By Samar Rassam, CEO of Somer Industrial Projects (SIP). This is an extract from an article originally published by Nina Iraq, and is reproduced here with permission.

    As always, when returning to my column in Nina Magazine, I reflect on the past few months. It has been a very busy time. I am excited to see developments and opportunities arising which would not have been possible this time last year.

    In March 2015, I attended an event in Erbil organised by the Iraqi British Business Council (IBBC) regarding business opportunities between UK, Iraq and Kurdistan. I met attendees from various Iraqi Chambers of Commerce covering all the country’s regions.

    Over the two day event much was discussed. The panels covered the Oil & Gas Sector and Higher Education. Training was discussed too, with talk of linking private sector capabilities to the energy sector. I was also pleased to hear that a united Iraq seemed to be at the top of the agenda for most delegates.

    Although this united vision seems to be the common goal, it is also one of the main challenges and directly impacts the economic and social development of Iraq. My personal view is that, in order for Iraq to get to where Iraq wants to be, the need for an improved standard of education is still paramount.

    In simple terms, the country holds almost nine per cent of global oil reserves and a vast wealth of natural resources. This means that Iraq will have a critical role supporting the future worldwide demands for oil.
    In order to meet these demands efficiently an ‘enabling commercial environment’ for international trade must be assured. The people of Iraq must embrace the role they have to play in facilitating this – building a united, peaceful and prosperous future for all.

    Two key takeaways for me are:
    Commercial expertise is crucial to success, and development plans have the potential to impact the whole workforce
    Having a skilled workforce is the key to develop Iraq as a nation.

    So, look out world – Iraq is ready for the international community. The future is coming.


    https://www.iraq-businessnews.com/2015/04/22/the-future-is-coming-oil-and-gas-in-iraq/
    Last edited by pinkadonai1; 04-22-2015 at 01:05 PM.

  5. #15

    Re: The Dinar Daily, Wednesday April 22, 2015

    Finance Ministry: No prejudice to the salaries of employees and retirees



    Khandan - confirmed that the Ministry of Finance in the federal government, not to prejudice the salaries of employees and retirees with its continuing quest to secure the amounts allocated to them.

    He said the Inspector General of the Ministry of Finance, Maher al-Bayati told the newspaper "morning": "The ministry is working to secure the amount of employees and pensioners, and there is no prejudice or reduction in the salaries of those at the current stage. "

    He noted that the ministry is currently working to expand its resources through the preparation of plans and measures concerning taxes and fees related to the sales tax and customs based on the budget bill for the current year to fill the budget deficit



    https://www.xendan.org/arabic/drejaA.aspx?=hewal&jmara=11948&Jor=2
    Last edited by pinkadonai1; 04-22-2015 at 01:07 PM.

  6. #16

    Re: The Dinar Daily, Wednesday April 22, 2015

    Presidency of the Council of Representatives: Sheikh Mohammed will be the follow-up files that hover around suspicions



    Khandan - decided the Presidency of the Council of Representatives of Iraq, to take over, "Deputy Chairman of the Board Iaram Sheikh Mohammed, the follow-up files that hover around suspicions."

    He said the Presidency of the Council of Representatives member Hamoudi, in a statement, "Khandan" received a copy of it, "This decision will include all projects that have been approved by the Council or his and the reluctance or suspicions or delay of financial and technical pleura. "

    He said Hamoudi "The Presidency is ready to receive any special allegations of suspicions of corruption financial or administrative council projects and departments of him."


    https://www.xendan.org/arabic/drejaa.aspx?=hewal&jmara=11956&Jor=2
    Last edited by pinkadonai1; 04-22-2015 at 01:08 PM.

  7. #17

    Re: The Dinar Daily, Wednesday April 22, 2015

    BP’s Kirkuk Contact Extended



    By John Lee - (Source: Reuters) BP‘s president in the Middle East, Michael Townshend, has said that the company has extended an agreement with the Ministry of Oil to boost production at the Kirkuk oilfield.

    Reuters quotes him as saying “We had a letter of intent, which was for a year, and we extended that until the end of this year because there was a time last year where we couldn’t do anything productive.”

    Under the deal, BP works on the Baba and Avana geological formations on the Baghdad-administered side of the border, while Kirkuk’s third formation, Khurmala, is controlled by the Kurdistan Regional Government (KRG).

    https://www.iraq-businessnews.com/2015/04/22/bps-kirkuk-contact-extended/
    Last edited by pinkadonai1; 04-22-2015 at 01:10 PM.

  8. #18

    Re: The Dinar Daily, Wednesday April 22, 2015

    Al-Assadi: party law will be presented for second reading next week



    Tomorrow press Baghdad - confirmed State of law leader, Khaled Al-Assadi, Wednesday, alahaza Act of political will for a second reading next week, noting that the law was drafted by the Government in this session.

    Al-Asadi said, for "tomorrow," "the party law is one of the main constitutional laws governing the political process", pointing out that "the law was delayed because of disagreement between the blocs and political parties on certain paragraphs".

    "The serious desire of the political blocs to adopt the law, we in the State of law Coalition insist on its legislation in line with the democratic process."

    The Parliament Speaker Salim Al-jubouri, the adjournment of the debate on the second reading of the law on political parties, at the request of the competent committees.


    https://www.microsofttranslator.com/bv.aspx?from=&to=en&a=http%3A%2F%2Falghadpress.com%2Far%2Fnews%2F30066 %2F%D8%A7%D9%84%D8%A7%D8%B3%D8%AF%D9%8A-%D9%82%D8%A7%D9%86%D9%88%D9%86-%D8%A7%D9%84%D8%A7%D8%AD%D8%B2%D8%A7%D8%A8-%D8%B3%D9%8A%D8%B9%D8%B1%D8%B6-%D9%84%D9%84%D9%82%D8%B1%D8%A7%D8%A1%D8%A9-
    Last edited by pinkadonai1; 04-22-2015 at 01:11 PM.

  9. #19

    Re: The Dinar Daily, Wednesday April 22, 2015

    Outlook: Oil prices will rise dramatically this summer



    BAGHDAD / follow Baghdadi News / ... announced Founder and Executive Chairman of the Group of Beira Energy Gary Ross, on Wednesday, announced a rise in global oil prices "significantly" in the coming months after it reached several weeks bottom before the losing streak lasted many months, though pressure supplies supply looming next summer at the earliest.

    Ross said that "the magic price cause a rapid return of global demand for oil has led to a sharp sudden collapse in the number of operating drilling rigs in the United States may be a change more difficult than many people expect."

    Ross added that "the world has focused in the past six months to get rid of supply."

    Ross stressed that "this mentality will change gradually. They will have to start thinking in the formation of supply again and this will translate into much higher than today's prices the prices. Significantly higher. "

    Spare capacity and diminished in Saudi Arabia with crude production at a record pace, leaving the global market is facing a rise in demand and an increase in political risk during the summer spare capacity may drop to 700 thousand barrels per day, or only about 0.7% of the market.

    The Beira and one of the first consulting firms big energy that had been predicted a sharp drop in oil prices last fall, which among other companies - including two companies trading commodities Gianfor and Vitol - that talk about prices to the ultimate decline despite rising US crude stocks to levels exceed the record levels last year, more than 20%. Ended 21 / l

    Ross said, "Although we collected a fair amount of stocks and perhaps collect more .. but the worst is over to a large extent."

    "The low prices too much, much more .. can not remain so, especially in light of such a low excess capacity."


    https://www.kululiraq.com/?p=259193
    Last edited by pinkadonai1; 04-22-2015 at 01:13 PM.

  10. #20

    Re: The Dinar Daily, Wednesday April 22, 2015

    Housing loans in arrears for 2014 acted during the next two weeks



    BAGHDAD / Baghdadi News / ... The Ministry of Construction and Housing, on Wednesday, the payment of all arrears of housing loans for the year 2014 to resolve over the next two weeks, and to facilitate the disbursement of loans for the current year 2015 measures ..

    The Minister of Construction and Housing Tariq Kikhany in a statement received / Baghdadi News / "The ministry will exchange all housing loans in arrears for 2014 within the next two weeks, and to facilitate the disbursement of loans for the current year 2015 proceedings."

    He Kikhany, during his visit to the Department of the fund, "The visit is to follow up the work of the department and the mechanism of promotion of transactions it and listen to the reviewers citizens of the department, as well as hold an expanded meeting with the Director General and advanced cadres in the box to activate the work of the department and the completion of the transaction as quickly as possible."

    He Kikhany that "the Department of Housing fund ongoing promotion of borrowers transactions for 2015, according to the applicable regulations in spite of the lack of financial allocations for the current year", adding that "the loan disbursement process to all the provinces will be by seniority for applicants from citizens."

    He stressed that he Kikhany "decisively face all delinquent loans in 2014 during the next two weeks of this month, and work on the completion of transactions in 2015 and disbursement of loan amounts as soon as possible and to facilitate procedures and bypass the red tape" .anthy 21 / l


    https://www.kululiraq.com/?p=259281
    Last edited by pinkadonai1; 04-22-2015 at 01:14 PM.

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