Construction Tech has bagged two significant deals in Iraq totaling over $47 million as it firms up its presence in the country across reconstruction and redevelopment activities.

The deals include a prestigious $45 million deal for the revamp of the Central Bank of Iraq and a $2.15 million partnership with Royal Dutch Shell to support developing its main office in Burjisia, Basra, a statement from the company said.

Under the terms of the contract, Construction Tech is mandated to undertake extensive reconstruction of the exteriors of the Central Bank of Iraq, elevator overhauling and updating of the apex bank’s IT systems.

Under the agreement with Shell, the company will supply and erect the main office building of the global oil major across an array of construction-related works. The company’s main office will be the base for its operations in the Majnoon oil field.

Ghaleb Kamel Jaber, vice chairman and partner of Tech Group, said: “Winning these contracts signifies the increasing presence of the UAE-based companies in the infrastructure development and maintenance activities in Iraq. For Tech Group, these projects will help us further firm up our presence in Iraq across various construction and redevelopment opportunities.”

The project contract for the bank was signed by Ghaleb Kamel Jaber with Iraqi authorities and the work on the project has already commenced at the site. “Our expertise in construction related activities with seven specialised companies in the field under our portfolio, we are poised to win more contracts in Iraq, with some of these upcoming projects already under advanced stages of negotiations,” he added.

The bank revamp project will be spearheaded by Construction Tech. Other companies in the group will support the renovation with its respective expertise. The companies include Elevators-Tech, MEP Tech and Wood Tech.

Ali Ghaleb Jaber, Group CEO, said: “We consider winning these two contracts in Iraq within a short span of time ever since we made our presence in that country a testimony to the capabilities of the group as a whole and specifically an endorsement to the expertise of Construction Tech.”

“We are now one of the major players in Iraq’s construction and infrastructure development activities with a line-up of significant projects under our portfolio. We are also present in the oil sector now with significant wins,” he said.

Tech Group set up its office in Iraq in 2009 and has been involved in a host of redevelopment projects across the country including piling works for the Sports City, bridges, water desalination plants and buildings in Basra and Baghdad.

“Tech Group has been able to stay on the growth trail in construction-related activities because of the obvious advantage it has with its portfolio of companies that have made a mark in the UAE and the region. As a group with companies that have expertise across sub-segments in the construction field, we offer our clients unparalleled synergy across activities,” Jaber added.

Construction Tech offers a range of pre-construction and construction services in the UAE and the region.

(Source)

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Ruled out the deputy governor of the Central Bank of the appearance of Mohammed Saleh, the Iraqi dinar return to normal, due to increased demand on the dollar, noting that the average central bank sales of foreign currency amounted to (200) million and the volume of demand to buy an estimated half a billion dollars.

Saleh added (of the Agency news) on Wednesday that demand for the dollar auction the central bank is increasing every day without knowing why, the volume of demand for dollar estimated half a billion dollars and the average sales of the central (200) million, which will make the Iraqi dinar is unable to restoration of normal, except in the case of government control over the amount of money that comes out of the difficult country.

He explained that the state you enter a foreign currency into the country through oil sales only, while the market is the one who directed those currencies abroad, which led to the lack of economic balance in the country, in addition to the Iraqi environment is attractive to invest and to enter the foreign currency because of political instability The continuing internal problems.

He said there is no clear economic philosophy in the country to control the borders and prevent the depletion of foreign currency, in addition to the absence of an economic policy that makes a variety of financial revenues of the Iraqi economy, not only from a single supplier.

(Source)

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Baghdad, The Central Bank said that the dinar against the dollar will return to normal before about “120-121″ few days criticizing lack of Government control over regional attack that targeted the Iraqi market.

Deputy Central Bank Governor Mohammad Saleh appearance that “dominant Bank heavily on the problem of rising dinar which is temporary due to attack on the Iraqi market from some regional States as well as the circumstances surrounding the result of trade openness without strong controls.”

Saleh said “dinar to the dollar will gradually reinstated” 120-121 “after examining the Bank’s problem and develop solutions rise to depend on and its high financial powers, which are the best currently exists.”

The Deputy Governor of the Central Bank said “the coming days will see a decrease of dinar and the end of the dollar in the Iraqi market and stability on its back. “The need to develop new solutions and controls to develop trade and goods entering the country to help lower the dollar against the Iraqi dinar and maintain the purchasing power of the Iraqi currency, global currencies”, stating “the end regional attack carried out by States around the country in the past and that led to the Iraqi market instability and high dollar.”

(Source)

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Erbil, (Rn) – A deputy governor of Central Bank of Iraq, that investment in Iraq is weak compared with what has been achieved in the Kurdistan region in the field of construction, services, and diverse projects, which cut a long way in this aspect.

He explained the appearance of Mohammed, told the Kurdish news agency (Rn) “The banking business is still facing difficulties, particularly with respect to the investment environment in Iraq, despite that the bank is fully prepared to the issue of lending and credit to the owners of investment projects, as the Bank may contribute significantly to the investment process through its contribution to the actual by assets of its securities.”

A comparison between investment in Iraq’s cities of Central South, with the Kurdistan region, pointed out that “investment in Iraq is still its infancy compared to investing in the Kurdistan region, and we hope to do the same.” and noted that we “Unfortunately, we are in Baghdad and in the light of the federal government are not good process investment, not aware of its benefits to the country because we do not have the culture of investment, and this is the opposite of what is happening in Kurdistan because the foreign investment law in the province in which incentives for investors and management in the region.”

Mohammed said that “Baghdad needs to be more flexible in dealing with investment, In the administrative procedures and tax over the investor, and seeking various ways to provide better facilities to the foreign investor from reducing red tape harsh through the rest of the facilities. ” and stressed that “the experience of the region in this regard was a successful experiment, but we unfortunately did not learn from them so far, the reasons for their success even Nstvad them reduce Antekasatna in this important area of the country.”

As for the budget in Iraq, said Mohammed “We are still so far do not understand the meaning of the budget, and we deal with it on it’s just allocations given to ministries, knowing that it must be operational, so Our problem of basic Iraq is not financial but is operational.” regulated investment in the Kurdistan region under the Investment Law No. (4) for the year 2006 which formalized the investment in the Kurdistan region, which has taken important steps to attract investors and owners of capital and offered a range of investment opportunities available in the region and projects are carried out already in the region, including residential and hotel as well as a number of private universities such as American University, and electric power plants and a host of other industrial projects.

(Source)

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Revealed the parliamentary finance committee that the deletion of zeros and replacing Iraqi currency Seetman early January 2013, as pointed out it will start printing the new currency in various categories in September.

A member of the Finance Committee Haitham Jubouri in an interview for “Alsumaria News” that “the month of January of next year 2013 will see the deletion of three zeros and the replacement of the currency,” adding that “as of next September 2012, will be the direct printing of new currency in different categories.”

The Jubouri that “the process of replacing the old currency will continue to a full year to be the withdrawal of the old in full within the first six months of the year 2014,” noting that “delete three zeros and replace it from would be afterbirth on the stability of the Iraqi currency and reduce the demand for hard currency.”

He Jubouri that “the Iraqi Central Bank dispelled all concerns relating to money laundering and forgery during the process of replacing the old currency El Jadida,” explaining that “a device has a special anti-money laundering.”

The Jubouri that “the reform of the currency management from the heart of the Central Bank and the deletion of zeros is a function of the strategy,” stressing that “the Finance Committee of the Parliament supports the policy of the Iraqi Central Bank in this direction.”

And the General Secretariat of the Council of Ministers, on April 12, 2012, a decision to wait in the application of the process of removing zeros from the national currency, which had to stop all procedures relating to the operation mentioned until further notice.

According to some economists that Iraq is ready for the time being to delete the zeros of the Iraqi dinar, pointing out that this step you need to stabilize the security and political, as well as economic stability.

The Central Bank of Iraq announced, in January 2012, its intention to put a big three categories of the Iraqi dinar, including 200, 100 and 50 dinars after deleting three zeros from the currency, while pointing out that the process of replacing the currency will take two years.

And the foundations of the Iraqi Central Bank as a bank independent under the law issued on the sixth of March of 2004, as an independent body and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and management of foreign reserves and the issuance of currency management, as well as to regulate the banking sector to promote the system financial competitive and independent.

(Source)

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Baghdad, Called by the Central Bank of Iraq to form a Joint Coordinating Committee of the Parliament and the Government to resolve the issue of the draft Iraqi currency delete zeros.

He said the Bank’s Deputy Governor Mohammad Saleh appearance of agency/JD/draft delete zeros is the draft fundamental change accounting regulations amendment includes all nodes State and not easy. He said the main problem in delaying the project lies in the fear of many officials of the project, stating that this fear caused by lack of knowledge of the benefits of the project and effectiveness in support of the Iraqi economy.

And valid with loakod meeting of the Joint Commission, the decisions would be binding for all. There was a problem of timing as the opinion of the Council of Ministers on the wait in the project due to the timing may be appropriate to start so step because similar projects conducted in the more stable political conditions.

The Central Bank of Iraq intends to carry out radical change in monetary policy through three zeros from the deleted version cash estimated at 32 trillion corresponding 4 billion banknotes of different categories and this large number, in the case of application of the new system, it will provide the expenses of publication and print 4 billion paper currency and old groups new as the old currencies destroys every 5 years and not ruin this new speed is therefore very economical project.

The task of the Central Bank of Iraq in maintaining price stability and the implementation of monetary policy, including exchange rate policies and foreign exchange reserves management and regulation of the banking sector.

(Source)

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Baghdad, the parliamentary economic committee called the Iraqi government the application of customs tariffs and the transfer of a free economy to enter Iraq to the WTO.

The decision of the Committee and the representative of the Kurdistan Alliance Mahma Khalil’s, The “to ensure Iraq‘s entry into the World Trade Organization must be preceded by several steps, including the application of several laws of the government.” Khalil added, “There is a program and a desire for Iraq’s accession to the WTO.”

The decision of the Economic Committee and the representative of the Kurdistan Alliance that wishes to enter Iraq to the World Trade Organization is one of the advantages of trade of Iraq. “The World Trade Organization (WTO), is a global organization based in Geneva, Switzerland, whose primary mission is to ensure that trade flows as smoothly as possible The ease and freedom which is the only global organization concerned with international laws on trade between nations. and the WTO has 152 members countries of the world.

WTO was established in 1995. It is one of the youngest international organizations-lived as the WTO is the successor to the General Agreement on Tariffs and Trade (GATT), which was established in the wake of World War II, and despite the fact that the World Trade Organization still modern, the multilateral trading system, which was originally set up under GATT has reached the age of fifty years.

The establishment of the World Trade Organization after the world has experienced exceptional growth in world trade, increased exports of goods an average of 6% per year and helped the GATT and the WTO to establish a strong and prosperous trading, contributing to unprecedented growth.

System was developed through a series of negotiations or trade rounds, held under the banner of the GATT, dealt with tours First mainly reduce tariffs, and included the subsequent negotiations elsewhere, such as anti-dumping and procedures that do not belong to the definitions. led the last round which was held in Alargoaa from 1986 to 1994 to the establishment of the WTO.

Did not end the negotiations at this point, but continued some of the negotiations after the end of the the Uruguay Round. in February of 1997, has been reached agreement on telecommunications services wireless technology with 69 governments agreeing to liberalization measures that have wide-ranging that went beyond those agreed in the Uruguay Round, in the same year completed a forty government successfully concluded negotiations for tariff-free trade in particular products information technology,

Also completed the seventy of the Member States a financial services deal covering more than 95% of trade in banking, insurance, securities and financial information. also approved members of the WTO ministerial meeting in May 1998 to study the positions of trade arising from the global e-commerce.

age_kr This organization seeks to continue to trade negotiations at the Doha, which was launched in the year 2001 within the fourth ministerial meeting of WTO in order to promote equitable participation of the poorest countries, which represent the majority of the world’s population.

(Source)

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Baghdad, Announced the Central Bank Governor Sinan Shabibi for high reserve bank cash of $50 billion to 60 billion dollars, indicating that the process of deleting the zeros will begin early next year. Shabibi said (Rn): The reserves of Iraq cash rose to $60 billion after the year was the past 50 billion.

He added that the central bank seeks through cash reserves to shore up confidence in local currency and increases the stability and regulates financial dealings in Iraq.

Regarding the project to delete the zeros Shabibi said that the project to delete the zeros will be launched in January next, which would address the problems of inflation and the budget and commodity exchange on the grounds that Iraq is moving towards a free economy.

Authority announced the Iraq Stock Exchange earlier that the deletion of three zeros from the local currency will not affect the level of equity investment of external and internal.

The parliamentary Finance Committee had warned earlier in the Secretariat of the Council of Ministers of trying to dominate the monetary policy of the Central Bank of Iraq and curbing the powers of the province, noting that this was a violation of the constitution and has serious consequences on the Iraqi economy.

At the same time acknowledged the existence of the Central Bank of imbalance in the exchange rate of the dinar, stressing his quest to unify the exchange rate between him and the local markets, denying at the same time, any deterioration of the value of Iraqi dinar.

The central bank last week accused the four countries to “conspiracy” to hit the financial economy of Iraq to empty its market of its financial strength, indicating that the free trade corridors in Iraq is becoming the means adopted to hit the economy.

And saw the price of the dollar compared to a rise in local currency during the past few days, which officials attributed to a local banking companies, the central bank to take additional action in the auction sale of hard currency.

And picked up local media reports about the widening phenomenon of smuggling hard currency from Iraq to Syria and Iran on the border crossings which has not been confirmed by the CBI.

And subject its nuclear program by Iran and Syria as a result of popular protests to UN sanctions are harsh and markets both countries to an economic collapse because of poor cash flow of hard currency.

The deputy governor of the Bank according to the appearance of Mohammed (Rn) does not exist in the current phase of any deterioration of the value of Iraqi dinar and this is important, “but he came back and acknowledged” the existence of an imbalance in the exchange rate of the dinar.”

Saleh explained that the central bank seeks to unify the exchange rate of the dollar against the dinar between the central bank and domestic markets (corporate banking) and uniformity depends on the volume of sales of the bank. “

He pointed out that the volume of central bank sales of the dollar is approaching 200 million dollars a day which is close to last year’s sales.”

The main task of the central bank in maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

(Source)

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Baghdad, Detect Economist Salim Al-Bayati, of the intention of the Government to take new measures within the next two months will be to raise the price of the Iraqi dinar against the dollar, noting that the absence of oil policy were the most important factors of the high price of the U.S. dollar.

He said Al-Bayati (News Agency news) on Sunday: that the Government will take four steps to raise the price of the Iraqi dinar against the dollar, the Central Bank will open great auctions, add to control banking companies and shops with multiple ways of undisclosed Al-Bayati.

He added: it will be setting conditions for the import operation to lift the dinar, the State will also re-examine the oil policy and revenue.

Noted: the absence of oil was one of the most important political factors the low exchange rate of the dinar against the dollar.

This saw the exchange rate stability over the past few days against the US dollar by about (1227), after it arrived (1300).

The Economist said: the adoption of Government oil revenues, the Central Bank’s revenues in equilibrium and stability of exchange rate when a number is one of the reasons for the increased demand for the dollar, as well as Ziad demand for import operations that contribute to increasing demand on the dollar, plus currency smuggling.

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Baghdad, called a member of the parliamentary finance committee and the representative of the National Alliance, Haitham al-Jubouri to apply the process of replacing the currency properly to reduce the volatility caused.

Jubouri said “The replacement of the currency reduces the volatility of the current Iraqi dinar and the dollar if carefully studied and applied the correct steps.”

He explained, “The increasing demand for hard currency was due to the currency is characterized by its small size and high purchasing value, and therefore resort to the Iraqi traders Dnanarh converted into dollars.”

And between Jubouri “The switch of the Iraqi dinar in hard currency caused great pressure on the dollar and contributed to Ptzbzbh which confused the market at the present time.” He was a member of the parliamentary finance committee and the representative of the National Alliance for optimistic “the process of deletion of zeros from the dinar. The government had asked to wait in the process of replacing the currency, which was hoped to launch soon.

(Source)

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Bank Governor Sinan Al-Shabibi “demand to buy hard currency dropped slightly after taking new measures to reduce the volatility of the dollar against the Iraqi dinar“. Shabibi said “the Bank launched the currency freely available to dealers as controls.”

Central Bank Governor said that “the new procedures through which the Bank tries to prevent money laundering.” The parliamentary Finance Committee had earlier confirmed that the Central Bank put restrictions on the sale of hard currency and require that the buyer has to dollar bank account and leave the import and trade lists in addition to the tax accounting.

She is a member of the Committee and MP for the Liberal block for Majida Al-Tamimi said “a meeting today of the Finance Committee with the Governor of the Central Bank and some representatives from the World Bank at the causes of the high rate of the dollar against the Iraqi dinar.”

Tamimi said “that the Central Bank under tight controls on the sale of hard currency in the Iraqi banks is that have submitted on purchase quantity of dollars leave import and bank account as trade lists and subject to tax account”, stating “because of limitations on dollar buyers to control currency exchange rate of the Iraqi dinar in the market.”

Tamimi blamed the Central Bank for such asylum restrictions due to the instability of the dollar against the dinar, which had a negative impact on the work of the Bank.

According to the parliamentary Finance Committee member and MP for the Liberal block “that the Central Bank put these restrictions to reduce width for the dollar.”

(Source)

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Baghdad, He said Lebanese Prime Minister Najib Mikati said that “Iraq has a law for investment is the best in the region and will enable him to provide a fertile environment for Arab companies and global action and implementation of projects in various sectors, especially after the improvement and great stability in the security situation witnessed in the capital Baghdad and cities across the and governorates of Iraq.

“This was the opening of the Prime Minister of Lebanon’s Arab Economic Forum Bdorth-20 meeting in Beirut with the participation of Iraq. Under the Municipality of Baghdad of Municipal Affairs Engineer Naeem al-Kaabi said while attending the events Arab Economic Forum, at the head of a delegation that included the Director-General of the relations and the media (Hakim Abdul Zahra) and General Manager of Commercial Bank of Iraq Tbi (Hamdiya dry) and Chairman of the Iraqi Business (Ibrahim al-Baghdadi) and the number of men Iraqi business “that all the conditions become ripe and the opportunity for Arab companies to enter Iraq and implement reconstruction projects, construction and investment, especially Maitalq sector, infrastructure and housing projects.”

He said Al Kaabi in the forum that was opened and continued, “Iraq after the year (2003) witnessed the transformation of great economic and implementing hundreds of projects strategic services, including the construction with the participation of leading international brands, which represent the fundamental solutions for all the problems engendered by decades of neglect and stop the movement of construction as a result of the wrong policies of the system former regime, “he underlined that” the Iraq aspires to be the Arab investment companies a bigger role in the implementation of projects that are put up for investment, particularly the housing sector because there is a need to build about three million housing units according to vertical construction.

Kaabi and “The secretariat of Baghdad focused primarily on the basis their investment projects on the housing sector through the granting of investment licenses for the establishment of residential communities in accordance with vertical construction with high quality and quality of the contribution in the provision of additional housing units to solve the housing crisis in the capital, Baghdad.”

He pointed out that “the Secretariat has launched over the past years payments from the investment projects included the establishment of residential complexes and malls, business and recreational areas, car parking, hotels, restaurants and other projects and has succeeded in signing contracts with a large number of companies through the activation of the Investment Law and the support of investors and create a real partnership with private sector.

He said Al-Kaabi, “The Municipality of Baghdad succeeded as well in attracting major international companies and a number of Arab companies to implement their projects strategic sectors of pure water, sanitation and road development and the establishment of recreational facilities, tourism, and their designs and provide advisory services and other companies (French, Swedish, German, Turkish, British, Egyptian and Jordanian) and others.”

And “The Municipality of Baghdad will reap this year and next year the fruit of what has been implemented large projects for pure water and D-carrier lines for the disposal of sewage and treatment as well as projects, sorting and recycling and waste treatment, which is the largest in the Middle East and the implementation of Almgesrat and the development of roads and traffic lines fast and other Many of the projects that are fundamental solutions to the problems of service in the city of Baghdad.

As Mr. municipal agent to answer all questions and queries raised by the participants in the forum about the reality of the Iraqi market and investment opportunities and prospects of cooperation in a number of magazines and issues of common interest.

(Source)

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Most likely the deputy governor of the Central Bank of the appearance of Mohammed Saleh Sergeant financial report on the status of the Warka Bank to the Central Bank during the next few days to know the status of the bank in terms of financial assets and financial liabilities of Foreign Affairs, to take legal action in the light of the report.

Saleh said, according to the Agency (news): The matter is still undecided about the Warka Bank as a major bank and its operations are complex and evaluation of assets of financial need and a long time, and the central bank is now waiting for Sgt. Financial will submit his report within the next few days to temporary administration of the bank “guardian” It is then submitted to the Central Bank to determine if the bank can continue and “life” to help him, or needs to extend his custody until the solution of financial problems.

Saleh added: that the report of Sergeant Financial includes an inventory of financial assets and liabilities of foreign bank and see if there is significant loss of capital, and the light is know the status of the bank, noting that the central bank will be required from the Ministry of Finance granted loans and long futures in the event of a sharp drop in its financial position, or resorting to participation by other banks, according to what was stated by the law of Iraqi banks in Article (66) No. (64) for the year (2004).

It is noteworthy that the Board of Governors in the Iraqi Stock Exchange canceled the listing of the Warka Bank from the market, in accordance with paragraph IX of Article V of the instruction number three amended for the year 2011, which provides for the write-off company from the listing if the stoppage of circulation for six months without taking action suitable for the appeal, pointing out that the Warka Bank is dependent on the eighth trading since February 2010.

The Warka Bank for Investment and Finance, which was established in 1999, (130) 130 branches and (350) ATMs in all parts of Iraq. Has developed the Central Bank of three-phase plan to raise banks’ capital to 213 million by June 2013 to stimulate lending in the time who is recovering from the Iraq sanctions and the U.S. invasion in 2003.

(Source)

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Iraq, seeking to more than double oil output by 2015, is poised to overtake Iran as OPEC’s second- largest producer by the end of the year as sanctions hobble crude production in its Persian Gulf neighbor.

Iraq is pumping at the highest rate since Saddam Hussein seized power in 1979, supported by foreign investors such as Exxon Mobil Corp. and BP Plc (BP/) that are developing new fields and reworking older deposits. The country produced 3.03 million barrels a day in April, 7.7 percent more than in March, while Iranian production declined to 3.2 million barrels a day, according to an OPEC monthly report yesterday. Iraq’s output last exceeded Iran’s in 1988, when the countries ended their eight-year war, statistics compiled by BP show.

With rising oil supply from Libya and Saudi Arabia, the recovery of Iraq’s biggest foreign currency earner is helping alleviate concern that a European Union embargo on Iranian crude starting July 1 will squeeze global supply. Tensions over Iran’s nuclear program and the prospect of curbs on its oil sales pushed Brent crude to a 3 1/2-year high of $128.40 a barrel on March 1. Oil fell as low as $111.40 today.

“Iraq appears to be a steady and growing producer,” Victor Shum, managing director at consultant Purvin and Gertz Inc. in Singapore, said in a telephone interview yesterday. “That’s certainly a positive for world supply as there have been lingering concerns on output and spare capacity.”

Exploration License Round

The Organization of Petroleum Exporting Countries plans to meet next month in Vienna to assess output after absorbing Iraq into its quota system when the group’s ceiling was raised to 30 million barrels a day at a meeting in December. Oil prices of $100 to $120 a barrel are “acceptable” and won’t damage the world economy, Iraqi Oil Minister Abdul Kareem al-Luaibi said in an interview yesterday in Baghdad.

Iraq holds the world’s fifth-largest crude reserves, according to data from BP that include Canadian oil sands. Production has revived since the U.S.-led invasion of 2003 ended more than two decades of stagnation caused by wars, sanctions and underinvestment. Since Hussein’s ouster, the government has awarded 15 oil and gas licenses to foreign companies, and 47 potential bidders have signed up for its next auction of exploration rights scheduled for May 30.

Iraq ‘Upswing’

“Iraq is on the upswing,” Harry Tchilinguirian, head of commodity-markets strategy at BNP Paribas SA in London, said in a telephone interview yesterday. “With all the investment coming in, with people developing new areas or trying to expand output at existing fields, it was a foregone conclusion that production would rise. There was a question mark over stability and security, but that’s been mostly OK.”

The country is targeting production of 3.4 million a day this year and more than 4 million barrels in 2013, according to Asim Jihad, a spokesman for the Oil Ministry in Baghdad. Exports will increase to 2.9 million barrels in 2013 from a current level of 2.5 million barrels, al-Luaibi said yesterday.

Export shipments from Iraq surpassed those of Iran during the first quarter of the year, David Fyfe, head of the International Energy Agency’s market and industry division, said on May 7 in Bahrain. Iranian sales dropped by 400,000 barrels a day to 2.1 million barrels a day for the period, Fyfe said, while ministry data show Iraq shipped a daily average of 2.145 million barrels in the quarter and 2.5 million in April.

Crude exports from Iran averaged 1.8 million barrels a day in April, the agency said today, citing traders it didn’t identify. As much as 35 million barrels may be held in floating storage, compared with 8 million in March, it said.

Tougher Sanctions

Iranian output may suffer further as tougher international restrictions take effect, falling an additional 600,000 to 700,000 barrels a day once the new sanctions are in place, the IEA’s Fyfe said in a telephone interview today.

Bottlenecks for shipments from southern Iraq, where energy companies are making most of their investments, have eased with the construction of two offshore mooring facilities for supertankers. Another two units will be built in coming months. The country will generate $100 billion from oil sales this year, according to al-Luaibi.

“Asian markets, chiefly China and India, have become very important for Iraq’s crude exports over the last few years, making up 60 percent of Iraq’s total crude exports,” Jihad said. “Crude exports to Asia are still on the rise.”

As the sanctions made it more difficult for importers to buy Iranian petroleum, Iraq overtook Iran to become the second- largest supplier of crude to India after Saudi Arabia in the 12 months through March, according to data from the Associated Chambers of Commerce and Industry of India.

Security Hurdles

Iraq still faces hurdles to its re-emergence as a reliable global supplier. As the U.S. withdrew the last of its troops from the country in December, Prime Minister Nouri al-Maliki’s government reinforced security at energy installations, including the use of army helicopters. Bombings, assassinations and attacks on pipelines and refineries have persisted, though their frequency and intensity has decreased.

The government has failed to bridge sectarian and political divisions, adopt an energy law, find investors to upgrade its ageing refineries or solve electricity blackouts. Crude exports this month won’t increase from April’s level because Iraq needs to divert fuel to new power plants, al-Luaibi said May 9.

Although the new mooring facilities helped boost output from Basra by 200,000 barrels a day last month, they are operating well below capacity given infrastructure constraints, the IEA said. Exports will be capped at 300,000 barrels, compared with planned capacity of 1.8 million.

Kurdish Dispute

Politicians are also at loggerheads over sharing oil revenue with the country’s semi-autonomous Kurdish region, a dispute that threatens projects of Exxon Mobil and other foreign investors. The oil ministry is in talks with “a number of companies” that may result in cuts to targets for crude production, al-Luaibi said. The government wants to pump 12 million barrels a day by 2017, he said.

Even with the Kurds halting shipments of crude on April 1 through a pipeline controlled by the central government, the country’s progress in rebuilding its energy infrastructure through investment and foreign expertise has allowed Iraq to raise crude production by 45 percent since the end of 2003, according to data compiled by Bloomberg.

“The investment environment does look more robust in Iraq than in Iran at the moment,” the IEA’s Fyfe said.

(Source)

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Baghdad, (Rn) – The Iraqi Central Bank Governor Friday high reserve bank cash of $50 billion to 60 billion dollars, indicating that the process of deleting the zeroes will begin early next year. said Central Bank Governor Sinan Shabibi told the Kurdish news agency (Rn ) that “the reserves of Iraq cash rose to $ 60 billion after it was last year’s $ 50 billion.”

He explained that “the central bank seeks through cash reserves to shore up confidence in local currency and increases the stability and regulates financial dealings in Iraq.” Regarding the project to delete the zeros said Shabibi that “the project to delete the zeros will be launched in January (January) next, which would address the problems of inflation and the budget and commodity exchange on the grounds that Iraq is moving towards a free economy.”

And declared the Iraq Stock Exchange earlier that the deletion of three zeros from the local currency will not affect the level of equity investment of external and internal. The Finance Committee representative had warned earlier in the Secretariat of the Council of Ministers of trying to dominate the monetary policy of the Central Bank of Iraq and curbing the powers of the province, noting that this was a violation of the constitution with the consequences of dangerous for the Iraqi economy.

Are summarized functions of the Iraqi Central Bank to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

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Baghdad, New House Speaker Osama al call for the need for the independence of the Central Bank, as stipulated in the provisions of the Constitution and the law of the Central Bank, stressing at the same time, the Council rejected any kind of interference in the work of this institution.

And the transfer of a press release for the Presidency of the Council of Representatives received from Najafi as saying during a meeting of the Central Bank Governor Sinan Mohammed Rida Shabibi called to the need for continuous coordination between the Central Bank and the parliamentary committees relevant in order to find solutions to the problems that plagued Iraq in the areas of monetary policy and banking.

He said the two sides consider the exchange rates of currencies and how to stabilize the national currency in order to revive the economic situation of the country.”

(Source)

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Approved the Central Bank of Iraq Friday the existence of an imbalance in the Iraqi dinar exchange rate, confirming his quest to unify the exchange rate between him and the local markets, denying at the same time, any deterioration of the value of Iraqi dinar.

The central bank was accused last week of four states to “conspiracy” to strike financial economy of Iraq to empty its market of its financial strength, indicating that the corridors of free trade in Iraq is becoming the means adopted to hit the economy.

Saw the price of the dollar relative to local currency increased during the last few days, which he attributed Officials companies banking local to the central bank from making further action in the auction sale of foreign currency .

And picked up local media reports about the widening phenomenon of smuggling hard currency from Iraq to Syria and Iran on the border crossing points which unless confirmed by the Central Bank of Iraq. And subject Iran because of its nuclear program and Syria as a result of public protest to international sanctions harsh and exposed markets of both countries to collapse economically because of poor liquidity Finance of hard currency.

Deputy Governor of the Bank the appearance of Mohammed, told the Kurdish news agency (Rn) “does not exist in the current phase of any deterioration of the value of Iraqi dinar and this is important,” but he came back and acknowledged “the existence of an imbalance in the exchange rate of the dinar.” said Mohammed that “the Bank Central seeks to unify the exchange rate of the dollar against the dinar between the central bank and domestic markets (corporate banking) and uniformity depends on the volume of sales of the bank.”

And pointed out that “the size of central bank sales of the dollar is approaching 200 million dollars a day which is close to last year’s sales.” The main task of the Bank CBI to maintain price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign currency reserves and the organization of the banking sector.

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Zebari, the Iraqi delegation headed by the Ministerial Conference of the Non-Aligned Movement

Welcomed the draft document to be issued by the meeting of foreign ministers of the Non-Aligned Movement, on Thursday, the positive development and the progress reached by the governments of Iraq and Kuwait on the closure of the outstanding issues between them, while encouraging both countries to increase cooperation in the future to all areas of the strategy.

He appealed to the draft document, the Iraqi government to accelerate the fulfillment of the commitments made under UN Security Council resolutions on the two countries for the continuation of joint cooperation between them.

Such as Iraq and in the coordination meeting of the Non-Aligned Foreign Minister Hoshyar Zebari, with high-level delegation from the Ministry of Foreign Affairs.

Zebari held a closed meeting with his Kuwaiti counterpart to discuss some of the things that have been reached recently after a meeting of the Iraqi – Kuwaiti Joint in Baghdad last month and the continued cooperation between the two countries in all fields.

The Supreme Committee of Ministers Iraqi – Kuwaiti Joint was held last week the second round of meetings in Baghdad, where he headed the Iraqi Foreign Minister Hoshyar Zebari, while the side was headed by Sheikh Sabah Al-Khalid Al-Sabah, Deputy Prime Minister and Foreign Minister and Minister of Cabinet Affairs, and discussed the Committee all the issues between the two countries, namely: Iraq’s obligations towards the international resolutions and the land border between the two countries and the freedom of navigation in the Khawr Abd Allah and the missing Iraqis and Kuwaitis and Kuwaiti debt on Iraq and the compensation and the port of Mubarak, Kuwait and the establishment of a fishing Gulf and open a consulate Kuwait in both Basra and Erbil.

Began in the city of Sharm el-Sheikh, Egypt on Wednesday of the meeting of the Coordinating Minister of Foreign Affairs of Non-Aligned Movement, where ministers discussed the formation of the new office and political committees, economic and social development.

Includes Non-Aligned Movement member movement 120 countries, as well as 20 countries, as observers, including China, which participates in the work of the Conference, in addition to 10 international and regional organizations as observers.

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