Monthly Archives: December 2010
Iraq Wants to Lead Oil World
| December 31, 2010 | Filled under All Dinar Trade Articles |
BAGHDAD- Iraqi oil production is increasing to the point that it will dominate oil policies on the global stage, a deputy prime minister for energy said. Iraqi Oil Minister Abdul-Karim Elaibi claimed Monday that output had increased 100,000 barrels a day to 2.6 million bpd and will hit higher targets “sooner than expected.” Iraq plans to boost production to as much…
Turkey Flexes Economic, Political Muscle In Iraq
| December 31, 2010 | Filled under All Dinar Trade Articles |
Turkey is stepping up its role in Iraq, vying with Iran as a regional power. These powerful neighbors use investments and building projects to ensure long-term influence. The competition is heating up as the U.S. prepares to withdraw troops from Iraq by the end of next year. Northern Iraq is the staging ground for Turkey’s bid for economic dominance, and the…
Kurdistan Province Imported 26,900 Vehicles
| December 31, 2010 | Filled under All Dinar Trade Articles |
Erbil: according to the Director of Customs port Haji Omran border 147 km north-east of the city of Arbil, which links the province of Kurdistan for Iran’s Kurdistan province imported 26,900 vehicles across a variety of border crossing, noting that there are more than 50 local and foreign companies in the region are importing cars. And Abdul-Rahman Taha, “The vehicles of…
First, the Role of Iraqi Banks for Development Projects
| December 30, 2010 | Filled under All Dinar Trade Articles |
Wadih Nouri al-Handal: Dialogue with the depositary of Nuri al-Handal, Chairman of Ashur International Bank, and forward-looking stance of the reality of the banking sector in Iraq and its aspirations. In this context is to stress that the Iraqi banks is not in crisis and they are invited to play its natural role in the financing of development projects, also emphasizes…
97 Billion Dinars Allocations Muthanna Province
| December 30, 2010 | Filled under All Dinar Trade Articles |
Muthanna: The governor of Muthanna, on Tuesday, that the share of Muthanna province from the budget of the Union State for the next year 2011 approximately 97 billion dinars (more than $ 82 million), indicating that the rate of fiscal spending to maintain the budget for the year past Nahzat 80 percent. Ibrahim said Mayali, in a press statement that the…
Iraq Sets Up Special Court to Reassure Investors
| December 29, 2010 | Filled under All Dinar Trade Articles |
BAGHDAD- Iraq has set up its first dedicated court for investment and commercial lawsuits, a move designed to reassure foreign investors and attract them to the war-ravaged country, the head of the court said on Monday. Ameer al-Shimery, the chief justice of the court, said it had been established in November after a year of preparation. For the court to have…
Iraqi Kurds Demand OK for Oil Deals Made in Self-Ruled Area
| December 29, 2010 | Filled under All Dinar Trade Articles |
BAGHDAD | Iraq’s Kurds said Tuesday they won’t resume oil exports from their self-ruled territory unless the central government recognizes the contracts Kurds have already signed with international energy companies. The Kurds’ condition could foil ambitious Iraqi plans to raise daily oil exports to 2.25 million barrels in 2011 from the current 1.9 million. Oil revenue accounts for nearly 95 percent…
Iraq Oil and Gas Law ~ Laibi Calls for Rapid Ratification of the Oil and Gas Law
| December 29, 2010 | Filled under All Dinar Trade Articles |
Laibi calls for rapid ratification of the oil and gas law. Oil Minister Abdul Karim and coffee, the House of Representatives, to speed up the ratification of the oil and gas law, as he emphasized the Ministry’s campaign to overcome production in less time than planned to allow it to regain its active role in the Organization of Petroleum Exporting Countries.…
Chris Matthews: Why Doesn’t Obama Just Release The Birth Certificate?
| December 28, 2010 | Filled under All Dinar Trade Articles |
Chris Matthews waded into the birther controversy on his Monday show, wondering why President Obama has not demanded a copy of his full birth certificate to put the conspiracy theories about his birth to rest. Speaking to Chicago Tribune columnist Clarence Page and Mother Jones reporter David Corn, Matthews addressed the recent efforts by Hawaii Governor Neil Abercrombie to release more…
Fox News Confirms Reports Saying Hillary Clinton May Step Down
| December 27, 2010 | Filled under All Dinar Trade Articles |
Megyn Kelly on Fox News just reported that they are also hearing reports that Hillary Clinton may step down and New Mexico governor Bill Richardson may be her replacement. Kelly also reported that the State Department decline to comment on the issue. Considering Secretary Clinton’s lack of media coverage on several high level international events, is it possible that she is…
2 Tucson Comics Off to Iraq on Comedy Tour
| December 27, 2010 | Filled under All Dinar Trade Articles |
TUCSON (KGUN-TV)- A Navy veteran and an ex-newspaper reporter and editor from Tucson are off to Iraq Sunday to entertain the troops for two weeks. A Sierra Vista entertainment company that books gospel singers and comedians has booked Lorrie Brownstone – who wrote under the byline Lorrie Cohen at the Tucson Citizen for years – and Walt Maxam, a retired Marana…
Threat on Iraqi Christians Linked to Egyptian Priests
| December 27, 2010 | Filled under All Dinar Trade Articles |
Cairo • The wives of two Egyptian Coptic priests, forbidden by the Church from divorcing their abusive husbands, desperately sought another way out by converting to Islam. When their intentions were discovered, police handed them over to the Church and their whereabouts since have been unknown. The cases caused a furor at home that spilled over the borders and turned deadly…
2nd Shipment of Electric Appliances within Japanese Loan land in Iraq
| December 26, 2010 | Filled under All Dinar Trade Articles |
“The Electricity Ministry has received the 2nd shipment of electrical appliances, sent by the Japanese Toyota Company, being part of the Japanese Loan, including electric circuit breakers and spare parts, to be implemented in the rehabilitation of the electric power netwoks and electric power distribution networks inside citizens, townships and villages, aimed at improving the electric system in the country,” the…
Baghdad Municipality Announces 2011 Year to Clean the Capital
| December 23, 2010 | Filled under All Dinar Trade Articles |
Live Baghdad state of alert, but not security as usual, but for the hardware service in preparation for the implementation of the Plan of the new secretariat to make the next year, 2011 years for cleanliness, driven by several factors, including a willingness to receive the Arab Summit in March, and a number of events and art festivals, international cultural, as…
Central Bank of Iraq Intends to Issue a New Class of Currency
| December 23, 2010 | Filled under All Dinar Trade Articles |
Heading for the Iraqi Central Bank to issue a new currency of a 100 thousand dinars to facilitate financial transactions in the markets and face the phenomenon of “dollarization” of Dhahiyeh. The draft version of the new cash in light of expected delays to the project to delete the three zeroes from the Iraqi currency, and continue with the implementation of…
Iraq’s Camp Bucca Becoming Commercial Center
| December 23, 2010 | Filled under All Dinar Trade Articles |
BAGHDAD- Camp Bucca, the sprawling former prison once run by the U.S. military in southern Iraq, will be turned into a commercial center with offices, warehouses, aviation and fuel services to support investors, an Iraqi official said Monday. Basra Investment Commission leader Haider Ali Fadhil said the $245 million-deal with the Iraqi Kufan Group and U.S. Northern Gulf Partners marks a…
Iraq Outlines 20 Years of Power Projects to Overcome Shortfall
| December 23, 2010 | Filled under All Dinar Trade Articles |
MEED reported that Iraq’s electricity ministry plans to overcome the current shortfall in power generation capacity with comprehensive 20 year masterplan that includes an independent power project program and engineering, procurement and construction schemes. Iraq’s current demand for electricity is roughly double that of installed capacity and this gap is widening. Demand is growing six times as fast as capacity. Industry…
Iraq: Land of Entrepreneurial Opportunity?
| December 22, 2010 | Filled under All Dinar Trade Articles |
As Iraq’s Parliament approves Prime Minister Maliki’s 42-member cabinet, the increasingly stable country is aiming to build its economy and draw foreign investment. Translation: Opportunities for U.S. companies could be significant. The evolution of Iraq passed a milestone today, as the country’s Parliament approved Prime Minister Nouri al-Maliki’s 42-member cabinet. Iraq’s growing stability, hard for many to imagine just a few…
After Iraq, Google in Pakistan to Explore Internet Growth
| December 22, 2010 | Filled under All Dinar Trade Articles |
Internet connectivity in Pakistan is as low as 10 percent but opportunities for growth are evident, a team of Google and YouTube officials who visited the country early this month said in a blog post. The main reason of the growth of internet opportunities in the country, according to the team, is low broadband costs which at $13 per month is…
World Bank allocates US$90 millions for Iraq’s Housing Projects
| December 22, 2010 | Filled under All Dinar Trade Articles |
BAGHDAD: The World BankWorld Bank has granted Iraq a US$90 million credit to carry out projects, carried out by the Ministry of Housing & Reconstruction in different parts of the country, according to a Ministry statement on Tuesday. “The Ministry has implemented a number of projects, financed by a US$90 million credit by the World BankWorld Bank, covering the construction of…
Former NZ PM Denies Iraq Troops-for-Contracts Claim
| December 22, 2010 | Filled under All Dinar Trade Articles |
Former New Zealand Prime Minister Helen Clark on Wednesday denied sending non-combat troops to Iraq in 2003 to ensure one of her country’s largest companies retained lucrative U.N. contracts. A U.S. diplomatic cable released by the WikiLeaks website this week reportedly cited New Zealand defense officials saying Clark opposed the Iraq deployment until she was told dairy giant Fonterra might lose…
The Coming Iraqi Business Boom
| December 21, 2010 | Filled under All Dinar Trade Articles |
Foreigners can own 100% of Iraqi companies, must pay only a 15% flat tax on profits, and may take 100% of those profits home when and how they please. The expected announcement of Iraq’s new government marks the culmination of a remarkable process. The former bully-boy of the Arab neighborhood has become its only functional democracy. What may be the world’s…
Foreigners can own 100% of Iraqi companies, must pay only a 15% flat tax on profits, and may take 100% of those profits home when and how they please.
The expected announcement of Iraq’s new government marks the culmination of a remarkable process. The former bully-boy of the Arab neighborhood has become its only functional democracy. What may be the world’s richest resource economy, once the closed shop of a murderous clique, is today wide open for business.
Driven by what many geologists consider the world’s largest oil reserves, Iraq will probably be the world’s biggest crude oil producer within a decade. The country currently ranks second to Saudi Arabia in official reserves, with 143 billion barrels. With much of Iraq’s exploration still to come after a three-decade hiatus, and with Saudi Arabia’s reserves substantially inflated and already in decline, Iraq could take the mantle as No. 1 in fairly short order.
Iraq last year signed 12 oil contracts that promise to take output from under two million barrels per day currently—less than Algeria—to over 12 million by 2016. This timeline is probably optimistic, but the contracts will likely see Iraq surpass Saudi Arabia’s 10 million to 11 million barrels per day within a decade. And these figures include no contributions from Iraqi Kurdistan, from natural gas reserves, or from new oil fields, with which the lightly-explored country is replete.
The Saudi comparison suggests that as Iraq’s oil production rises, its economy could grow approximately six-fold over the coming decade—gross domestic product is currently $66 billion—and add a mind-boggling $300 billion in annual GDP. This means one of the largest economic reconstruction and development booms in history.
The entire Iraqi economy is being rebuilt. The government’s electricity program has a $50 billion price tag. Baghdad has awarded the reconstruction of Sadr City to six Turkish companies at a cost of $11 billion. Nationwide, thousands of police stations, schools and clinics will be built. Airports, bridges, dams, railways and roads are being planned. The $20 billion Al Faw port project will create the leading port in the Persian Gulf. A modern army, air force and navy will be trained and armed. The investment programs of last year’s 12 oil deals alone add up to well more than $200 billion.
The holy cities of Najaf and Karbala currently receive more annual visitors than Mecca but have almost no hotel space or modern residential facilities. Iraq’s real-estate sector generally is warming up, with Abu Dhabi companies alone committing over $65 billion in the last year. New refineries, cement plants and steel mills are being financed across the country.
Iraq’s greatest resource is its famously resourceful, tough, educated and enterprising people. Whereas the capitals of the Gulf oil monarchies did not have paved streets a generation or two ago, Baghdad and Basra are ancient capitals of commerce, ideas and global finance.
Oil, people and history are not Iraq’s only advantages. One of the important food-exporting countries of world history, watered by the Tigris and Euphrates rivers, Iraq possesses abundant agricultural potential. Located at the head of the Persian Gulf, Iraq is poised to regain its ancient role as a trade link between East and West. A modern rail system linking the Gulf to Europe via Turkey will provide Asian exports a faster, safer and cheaper alternative to the Suez Canal and the Horn of Africa.
Perhaps most important of all, Iraq’s is a free economy. There is no ruling family, party or tribe in Iraq, and there is no culture of religious imposition.
There is strong evidence that Iraq can avoid much of the “oil curse” and build a more cosmopolitan and modern economy than those of its autocratic neighbors. In the last election, senior Iraqi leaders campaigned on, among other things, establishing individual oil accounts for Iraq citizens to receive their share of the nation’s wealth directly. Unique among the region’s resource economies, this would put the state at the mercy of the people, not the other way around.
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