nathan1606

15 ft wall to fortify Baghdad Iraq Sun Tuesday 18th May, 2010 (ANI) Following a spate of suicide bombings in Baghdad the city's governor has proposed the construction of a massive concrete wall around the city. The huge city, which is home to approximately five million residents, will need a concrete wall of enormous dimensions. It will span 112 kilometres and will be 15 feet high. The entry and exit to the city will be regulated at eight gates, which will be the only access points. This is likely to cause immense discomfort to the denizens as it would take at least an hour to gain entry into the city. "We want to stop the terrorist from sneaking in. With the wall it will be much easier," the Times quoted Shatha al-Obeidi, an aide to Salah Abdul Razzaq, the governor, as saying. The authorities are hoping that the fortification will render the city much safer than it has been thus far. Previous measures include setting up of 1,500 checkposts and several miles of cement blast barriers both of which have failed to curb the violence. These will be dismantled once the wall is completed. "We have become a city filled with concrete. That will change," said Al-Obeidi. (ANI) http://story.iraqsun.com/index.php/ct/9/cid/c31d0aaa23b24a75/id/636431/cs/1/

Chinese-Turkish consortium seals Iraq oil deal Buzz up! Send Email IM .Share Facebook Twitter Delicious Digg Fark Newsvine Reddit StumbleUpon Technorati Yahoo! Bookmarks .Print .. Reuters – Iraqi's Prime Minister Nuri Al-Maliki meets with security ministers and high-ranking officers to … . Slideshow:Iraq . Play Video Iraq Video:First Person: Moms of held hikers go to Iran AP . Related Quotes Symbol Price Change BP 46.57 -0.30 ^GSPC 1,136.94 +1.26 ^IXIC 2,354.23 +7.38 By SINAN SALAHEDDIN, Associated Press Writer Sinan Salaheddin, Associated Press Writer – Mon May 17, 10:27 am ET BAGHDAD – A China-led consortium sealed a deal with Iraq on Monday to develop a prized cluster of three oil fields in the country's south, bringing China closer to becoming the dominant foreign player in Iraq's recovering oil sector. The agreement brings to 11 the number of deals signed with international oil companies since bidding began in June. Four of those deals and one reached in 2008 involve Chinese companies, reflecting Beijing's drive to seek new energy sources for its growing economy. The state-run China National Offshore Oil Corp. and its partner, the state-run Turkish Petroleum Corporation, will develop the Missan oil fields. The consortium plans to increase the output in six years to 450,000 barrels a day from Missan's current daily production of nearly 100,000 barrels. The consortium will get $2.30 for each barrel produced under the 20-year deal. The three-field cluster is located near the city of Amarah in southern Iraq and holds over 2.6 billion barrels in reserves. The Missan fields were among eight oil and gas fields Iraq offered in June during the first bidding round in the three decades since Saddam Hussein nationalized the oil sector. Monday's deal is a step forward in Iraq's efforts to develop its dilapidated oil industry and bring in sorely needed cash for reconstruction after years of war, sanctions and neglect. "Iraqis now have the right to feel proud about the huge achievements in developing the oil industry," Iraqi Oil Minister Hussain al-Shahristani said at the signing ceremony in Baghdad. Iraq sits on the world's third-largest oil reserves — at least 115 billion barrels. Oil revenues make up nearly 95 percent of Iraq's income, and since the U.S.-led invasion in 2003, the government has been trying to reconstruct its battered oil infrastructure, wooing international oil companies to tap into its vast natural resources despite lacking legislation governing the energy sector. Last month, Iraq approved an ambitious five-year-plan aimed at increasing its crude oil production to 4.5 million barrels a day by 2014. The plan foresees oil exports hitting 3.1 million barrels a day in 2014, up from current nearly 2 million barrels a day this year. The president of the Chinese oil firm praised Monday's deal. "This is something we've been looking for a long time," Yang Hua told reporters in Baghdad after Monday's signing ceremony. "We are more than willing to share our experience with the people of Iraq in the process of developing the oil and gas infrastructure." The Chinese ambassador to Iraq, Chang Yi, said Beijing is encouraging Chinese companies to invest in Iraq. "The Chinese economy is growing rapidly and is in dire need to import crude and Iraq is a main producing country," Yi said. The first oil deal in Iraq for a Chinese firm went to the state-run China National Petroleum Corp. The $3 billion deal in 2008 was to develop the 1 billion-barrel-a-day al-Ahdab oil field in central Iraq. In the two bidding rounds last year, the company added two more deals, including one in which it partnered with Britain's BP PLC to develop Iraq's biggest oil field, the 17.8 billion-barrel Rumaila field in Basra. .Chinese-Turkish consortium seals Iraq oil deal Buzz up! Send Email IM .Share Facebook Twitter Delicious Digg Fark Newsvine Reddit StumbleUpon Technorati Yahoo! Bookmarks .Print .. Reuters – Iraqi's Prime Minister Nuri Al-Maliki meets with security ministers and high-ranking officers to … . Slideshow:Iraq . Play Video Iraq Video:First Person: Moms of held hikers go to Iran AP . Related Quotes Symbol Price Change BP 46.57 -0.30 ^GSPC 1,136.94 +1.26 ^IXIC 2,354.23 +7.38 By SINAN SALAHEDDIN, Associated Press Writer Sinan Salaheddin, Associated Press Writer – Mon May 17, 10:27 am ET BAGHDAD – A China-led consortium sealed a deal with Iraq on Monday to develop a prized cluster of three oil fields in the country's south, bringing China closer to becoming the dominant foreign player in Iraq's recovering oil sector. The agreement brings to 11 the number of deals signed with international oil companies since bidding began in June. Four of those deals and one reached in 2008 involve Chinese companies, reflecting Beijing's drive to seek new energy sources for its growing economy. The state-run China National Offshore Oil Corp. and its partner, the state-run Turkish Petroleum Corporation, will develop the Missan oil fields. The consortium plans to increase the output in six years to 450,000 barrels a day from Missan's current daily production of nearly 100,000 barrels. The consortium will get $2.30 for each barrel produced under the 20-year deal. The three-field cluster is located near the city of Amarah in southern Iraq and holds over 2.6 billion barrels in reserves. The Missan fields were among eight oil and gas fields Iraq offered in June during the first bidding round in the three decades since Saddam Hussein nationalized the oil sector. Monday's deal is a step forward in Iraq's efforts to develop its dilapidated oil industry and bring in sorely needed cash for reconstruction after years of war, sanctions and neglect. "Iraqis now have the right to feel proud about the huge achievements in developing the oil industry," Iraqi Oil Minister Hussain al-Shahristani said at the signing ceremony in Baghdad. Iraq sits on the world's third-largest oil reserves — at least 115 billion barrels. Oil revenues make up nearly 95 percent of Iraq's income, and since the U.S.-led invasion in 2003, the government has been trying to reconstruct its battered oil infrastructure, wooing international oil companies to tap into its vast natural resources despite lacking legislation governing the energy sector. Last month, Iraq approved an ambitious five-year-plan aimed at increasing its crude oil production to 4.5 million barrels a day by 2014. The plan foresees oil exports hitting 3.1 million barrels a day in 2014, up from current nearly 2 million barrels a day this year. The president of the Chinese oil firm praised Monday's deal. "This is something we've been looking for a long time," Yang Hua told reporters in Baghdad after Monday's signing ceremony. "We are more than willing to share our experience with the people of Iraq in the process of developing the oil and gas infrastructure." The Chinese ambassador to Iraq, Chang Yi, said Beijing is encouraging Chinese companies to invest in Iraq. "The Chinese economy is growing rapidly and is in dire need to import crude and Iraq is a main producing country," Yi said. The first oil deal in Iraq for a Chinese firm went to the state-run China National Petroleum Corp. The $3 billion deal in 2008 was to develop the 1 billion-barrel-a-day al-Ahdab oil field in central Iraq. In the two bidding rounds last year, the company added two more deals, including one in which it partnered with Britain's BP PLC to develop Iraq's biggest oil field, the 17.8 billion-barrel Rumaila field in Basra. .http://news.yahoo.com/s/ap/20100517/ap_on_bi_ge/ml_iraq_oil_1

Kuwait returns remains of Gulf War Iraqi soldiers Kuwait returned to Iraq the remains of 55 Iraqi soldiers killed in the Gulf War in 1991, a month after they were found in a mass grave. Monday, 17 May 2010 19:41 Kuwait returned to Iraq on Monday the remains of 55 Iraqi soldiers killed in the Gulf War in 1991, a month after they were found in a mass grave. Iraqi troops shouldered the remains in coffins draped with Iraqi flags during a ceremony in the town of Safwan along the border in a sign of cooperation between neighbours that have had a testy relationship since Saddam Hussein's army invaded Kuwait nearly two decades ago. Mahdi al-Temimi, an official in Iraq's Human Rights Ministry, said the remains were found together in a grave in the Mutlaa area in northern Kuwait and 12 of the 55 had been identified. "The rest are still unknown and we hope that we will identify them by using DNA tests and tissue analysis," Temimi said. "This is the fifth time we have received remains of Iraqi soldiers from Kuwait and we have received more than 100 so far." A Kuwaiti embassy official said Iraq had handed over the remains of 280 Kuwaitis killed during the Gulf War. More than 360 Kuwaitis and others who lived in Kuwait when Iraq invaded are still unaccounted for. Reuters http://www.worldbulletin.net/news_detail.php?id=58647

thank u lucy .. that is great info for later ....

that was my bad after i posted it in rumors , i seen that i should have put in chat and i did'nt know how to move it ... again sorry .....

your very welcome ....... i enjoyed the read myself

Activating Egypt-Jordan-Iraq axis to enhance inter-trade - Mohammed Almasri Saturday, 15 May 2010 22:29 During his visit to Jordan , Egypt Trade and Industry Minister Rasheed Mohamed Rasheed told MENA News he had extended talks with Jordanian officials on how to activate the Egypt-Jordan-Iraq axis and future steps to enhance inter-trade according to specific procedures among the three states. " Egypt and Jordan have actually started discussions on the issue and Iraq has fully accepted the idea," he said. He referred to Iraqi President Jalal Talbani's recent visit to Egypt during which he discussed the issue with Egyptian Prime Minister Ahmed Nazif. Rasheed said Egypt and Jordan were waiting for the formation of the new Iraqi government to put the proposed axis into effect. Egyptian and Jordanian trade ministers Rasheed Mohamed Rasheed and Amer al-Hadidi respectively stressed the importance of removing any obstacles that could hinder the development of joint cooperation in the coming phase. During a meeting at the Jordan Chamber of Industry on with a delegation of the Egyptian and Jordanian private sectors, the two ministers said the Egyptian and Jordanian governments are willing to work together to remove any obstacles that might harm the volume of trade exchange and joint investments. Addressing the meeting, Rasheed said Egypt and Jordan have been committed in the past years to economic reform policies and are working to set up an effective partnership with the private sector. Rasheed arrived in Amman on Wednesday a two-day visit leading a high-level business delegation for talks with his counterpart Amer Al-Hadidi and Prime Minister Samir Rifai on ways of increasing trade exchange and joint investments. Global Arab Network http://www.english.globalarabnetwork.com/201005155890/Economics/activating-egypt-jordan-iraq-axis-to-enhance-inter-trade.html

The Next Frontier Could Be in Iraq It's not too much of a stretch to suggest that Iraq could be the next Saudi Arabia, the biggest oil producer in the world. By Barton Biggs | NEWSWEEK Published May 14, 2010 From the magazine issue dated May 31, 2010 Share: Facebook Digg Tweet LinkedIn Buzz up! Tools: 0 Post Your Comment Print Email SPONSORED BY Email To A Friend Please fill in the following information and we'll email this link. Your Email Address Recipient's Email Address Separate multiple addresses with commas SPONSORED BY Emerging markets are where the money is now, but the wild "frontier" markets are where the really big money will be next. Think of the blue-chip emerging markets, like Brazil and China, 20 years ago, when they were seen as too unstable for a sane investor to even consider. Now they're foundations of every institutional portfolio. It's usually a good sign that a frontier market is physically dangerous. It keeps away the casual investment riffraff. If a market is already widely discussed as a future frontier, as Bangladesh or Nigeria are today, it's already too late, because they've been discovered. SUBSCRIBE Click Here to subscribe to NEWSWEEK and save up to 88% >> A fresh candidate is Iraq. It's certainly dangerous. A friend of mine recently went there with some other maniac frontier investors. Protected by eight moonlighting Iraqi soldiers in full battle gear, the trembling investors traveled in a massive armored vehicle, escorted by pickup trucks mounted with 50-caliber machine guns, their itinerary subject to change due to car-bomb alerts. Nevertheless my friend returned enthusiastic, if frightened. The Iraq story is simple. It is a big country by Middle East standards, with 32 million people located in the heart of the historic Fertile Crescent watered by the Tigris and Euphrates rivers. Baghdad was the intellectual and political capital of the Muslim world from the ninth to the 13th centuries. Before the Gulf wars it was perhaps the most cosmopolitan city in the Middle East, with a vibrant street life, fine museums, hospitals, hotels, and restaurants. The Iraqis have always been highly educated, capitalistic, and entrepreneurial. In 1985 the literacy rate was 100 percent (though it is probably lower now). Women are relatively liberated and broadly employed. One in five workers is in agriculture, producing wheat, barley, vegetables, and dates. Soon Iraq will become an important food exporter again. Though all economic data out of Iraq are considered suspect, a legacy of the dodgy Saddam regime, the unemployment rate is reported to be 15 percent, and GDP last year was $112 billion, up 4.3 percent from 2008. GDP per capita is very low at $3,600, which ranks 159th in the world, but that only demonstrates the growth potential. Inflation is reported at 6.8 percent, and the central bank has successfully stabilized the price of the dinar. Demand is reviving as Iraq rebuilds. Current cement-production capacity is 4 million tons a year, and the market needs 6 million to 10 million, but peak domestic production in 1980 was 28 million. The growth story lies in oil reserves. Officially proven reserves are at 115 billion barrels of oil and 3.17 trillion cubic meters of natural gas, but there has been virtually no exploration for a decade. Despite the 5,000 Americans who died during Operation Iraqi Freedom, it appears China has the inside track on oil exploration and development. But in 10 years Iraq is likely to be one of the top three oil and gas exporters, and almost certainly the low-cost oil producer, because tapping its fields costs as little as $3 a barrel, compared with, say, $70 in the Gulf of Mexico. International oil companies have already won bids to develop 10 million barrels a day of additional capacity, which the Oil Ministry hopes to have in place in six years. This would make Iraq the biggest producer in the world. The time frame is probably unrealistic because of the infrastructure that has yet to be built, but the basic goal is not. It's not too much of a stretch to suggest that Iraq could be the next Saudi Arabia. An oil boom will skyrocket the Baghdad stock exchange, for now a sleepy place with a market capitalization of just $3 billion, where groups of somewhat seedy old men sit around in rickety folding chairs. My friend suspects they are there for the wheezy air conditioning. And my source for trading intel is a weekly letter from Rabee Securities, which is long on gossip and short on real data. As best as I can tell, in a typical week, trading volume runs at about $2 million to $4 million, and foreigners execute only a few dozen trades. Admittedly, it's not clear Iraq will get past its internal divides to make it as a functioning country. But in the past it has always been a beneficial thing to lose a war to America. Witness Germany and Japan. And many developing countries have figured out that creating a stock market and attracting foreign capital is a fast track to national wealth. Iraq could be next. Biggs is managing partner of Traxis Partners hedge fund in New York. © 2010 http://www.newsweek.com/id/238001?from=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+newsweek%2FWorldNews+%28UPDATED+-+Newsweek-++World+News%29

Turkey eyes free trade agreement with Iraq The Turkish finance minister said that Turkey and Iraq should sign a free trade agreement. Saturday, 15 May 2010 12:43 The Turkish finance minister said on Saturday that Turkey and Iraq should sign a free trade agreement. Turkey's Finance Minister Mehmet Simsek said what Turkey and Iraq should do from now on was to sign a free trade agreement. "Thus, we will have the opportunity to implement previous agreements in a better way," Simsek said during the Iraq-Turkey International Energy and Trade Arena in Istanbul. Simsek said Iraq needn't be afraid of a free trade agreement as two countries had industries complementary to each other. "It will not be a surprise to foresee that Turkey will have a significant contribution to Iraq's reconstruction in coming years," he said. Simsek said Turkey was willing to contribute to Iraq's development, and have a cooperation also in transfer of technology. A stronger Iraq would strengthen Turkey, he also said. Simsek said Turkey was one of the countries that would have the greatest advantages from regional stability. "We look into our relations with Iraq within the framework of win-win principle, and our government is determined to boost our relations with Iraq," he said. Simsek said Iraq could still have security problems, but it was strong enough to overcome them and create a safe investment medium. The Turkish minister also said Turkey was ready to share its experiences,particularly in investments, with Iraq. AA http://www.worldbulletin.net/news_detail.php?id=58549

IT IS IN RUMORS ......... HINT RUMOR ....

part 2 ....... [viper51] also I was told alot of currency exchange in Iraq dollars for dinars [viper51] at banks [gwright] they are saying if you reverse denoms it stays the same [viper51] in Iraq [gwright] viper51 we did hear that rumor also [viper51] Im a little excited will get email with more info around in about 8 mhours oor 8am in Iraq [viper51] It was said iraqis were in line at banks last few days [vi [viper51] did not ask that but will per51] did not pay any attention to that until this info I was told ONLY in country Iraqi accounts and or people [viper51] Only being done in Iraq right now

[viper51] Arab man is guarded by us soldiers there in Iraq [viper51] Soldier is friend thats in Iraq [gwright] need to copy your news viper51 [viper51] Help to guard Arab Big Wig of some type [viper51] He asked the Arab about RV [viper51] Arab said already being done in Iraq [viper51] Only Iraq at this time [viper51] 1 IQD equal 1USD there only [viper51] Arab said ck at Global Arab Network currency converter [viper51] Irqa to USD will be 1 for 1 [viper51] USD to IQD will be $90 [viper51] Ck that [viper51] USD [viper51] is still at .0009 [viper51] per dinar [viper51] not RV'd on our end yet [nathan1606] so you think beging of week ? [gwright] viper51 global arab network currency converter is showing 1 iqd equals 1 usd correct? [viper51] no Arab dinetary said poss 30 to 60 days before announced outside of Iraq [viper51] said politcal children playing games for power is the big problem

ok it is a LIVE STREAMING FEED of there prayers and of there holly shrines . if you check it every so offten the camara will change and go to a nother shrine .......... so yes its a live feed ....

thank you for your info .....

Topics: Diversity, Middle East and North Africa Keywords: Iraqi Cultural Center, Maher Dalli Al-Hadeeth, Jeffrey Feltman, Strategic Framework Agreement 12 May 2010 Iraqi Culture Center Seeks to Deepen American Understanding Center established in Washington to teach Iraqi arts and history Iraqi Minister of Culture Mahar Dilli al-Hadithi, center, discusses returned Iraqi artifacts.By M. Scott Bortot Staff Writer Washington — Americans are about to get a history lesson on Iraq by visiting Washington. Mahar Dilli al-Hadithi, Iraqi minister of culture, inaugurated the Iraqi Cultural Center in Washington — the first Iraqi government-sponsored cultural center outside of Iraq — on May 10. “It is because America hosts many cultures that we chose the U.S. to open our first cultural center,” al-Hadithi said. He said the aim of the center is to strengthen cultural and communication ties between the two countries. “We have striven to have Iraqi culture [represented] among these cultures, to highlight its history and innovation,” he said. “By establishing this cultural center, we have achieved this dream.” The inauguration ceremony included the return of Iraqi artifacts from American citizens to the Iraqi people. Television news anchor Don Shelby of Minneapolis inherited two cuneiform tablets from his father, an amateur archaeologist. After Shelby reported from Iraq, he knew where the artifacts belonged. “Maybe he [shelby’s father] knew that one day I would go back to Iraq, and that it would be my responsibility on his behalf to give them back to the people of Iraq,” Shelby said. “I don’t have any illusions that they are of great value. It doesn’t matter. What matters is that they belong to Iraq.” Two years in the making, the Iraqi Cultural Center houses replicas of ancient artifacts and is free of charge to the public. Sumerian statues stand alongside modern Iraqi art in the center. The center will host musical and other cultural events. Samir Sumaida'ie, Iraqi ambassador to the United States, said the center will help change American perceptions of Iraq from a country that is mired in violence to one that is steeped in civilization. “Iraq is and has been the center of innovation in the Middle East. Indeed at one time it was the center of innovation in the world,” Sumaida'ie said, pointing to a replica of a 12th-century map that shows Baghdad at the center of the world. “We want the people to know about it, and this is a good place to start, in the heart of the nation’s capital in the United States of America.” Sumaida'ie said the center exemplifies the spirit of cooperation between Iraq and the United States that was formalized in the 2008 Strategic Framework Agreement. One of the agreement’s features focuses on strengthening cultural ties between the two countries. Jeffrey Feltman, U.S. assistant secretary of state for Near Eastern affairs, explained the agreement. “It is a commitment to a long-term partnership between the United States and Iraq, between the people of the United States and the people of Iraq: a long-term partnership that, of course, has political aspects but also has a focus on culture, on education, on science and technology, on working together in the interest of both of our peoples.” Feltman said the cultural center will strengthen Americans’ understanding of Iraq. “This cultural center is providing an important link now that will provide background and education to Americans who wish to learn about Iraq, who will someday, God willing, be able to follow up on what they have learned here with trips to those incredible cultural and historical and heritage sites in Iraq,” he said. For Shelby, Iraq’s contribution to American life is already well-established. “The cultural center of Iraq already exists on every street corner in America,” Shelby said. “Because of the formation of law, because of the formation of writing, because of the striving for intelligence for the seeking of the future, it already exists thanks to you.” (This is a product of the Bureau of International Information Programs, U.S. Department of State. Web site: http://www.america.gov) http://www.america.gov/st/peopleplace-english/2010/May/20100511170521smtotrob0.9797632.html?CP.rss=true

UN, Iraq launch five-year roadmap to boost development 11 May 2010 – The United Nations and Iraq have embarked on a programme to enhance the country’s governance, social services and economic growth over the next five years. “Today is a historic day for the UN and Iraq,” said Christine McNab, UN Resident Coordinator in the country. The UN country team and the Iraqi Government, along with civil society and others, worked in concert to develop the 2011-2014 UN Development Assistance Framework (UNDAF). The signing of the agreement marks “the start of a strengthened partnership for achieving a better future for Iraq and its people,” Ms. McNab stressed, voicing hope that it will “make significant contributions to improving the lives of all people in Iraq.” The plan will target five key areas: ensuring inclusive economic growth; environmental management; promoting good governance and protecting human rights; boosting access to basic services for all; and stepping up investment in women, youth and children. “We will continue to reach out to the most vulnerable groups,” including the disenfranchised, the internally displaced, and refugees,” the Resident Coordinator emphasized. The issues covered in the new roadmap were selected to support Iraq’s five-year National Development Plan, which foresees over $200 billion in investment in services, economic stimulus and environmental protection from 2010 to 2014. This is the first-ever UNDAF for Iraq, but others have been implemented in countries such as Timor-Leste and Sudan. http://www.un.org/apps/news/story.asp?NewsID=34657&Cr=Iraq&Cr1=

Iraq's State Oil Marketing Organisation has said it has issued a tender for the purchase of around 675,000 tonnes of gasoline and around 38,250 tonnes of gas oil, Reuters has reported. SOMO said it is seeking delivery of 112,500 tonnes of 92-octane gasoline monthly and 12,750 tonnes of 0.1% sulphur gas oil. The period of the contract for the gasoline purchase is from July 1 until December 31, while the contract for gas oil is until September 30. http://www.ameinfo.com/231945.html

Sends Draft of Shell Gas Deal to Cabinet for Approvalby Hassan Hafidh|Dow Jones Newswires|Thursday, May 06, 2010 Digg It Stumble it! Newsvine Del.icio.us Technorati Reddit Facebook (Dow Jones Newswires), May 6, 2010 The Iraqi Oil Ministry has sent the final draft of a gas deal with Royal Dutch Shell to the cabinet for approval, Iraq's Oil Minister Hussain al-Shahristani said Thursday. The proposed $10 billion-$20 billion joint venture between Shell, Iraq's South Gas Co. and Mitsubishi Corp. (8058.TO) aims to capture a huge amount of gas from oil fields in Basra that is currently being wasted. Shahristani told reporters in Baghdad that the outgoing cabinet of Prime Minister Nouri al-Maliki could sign the deal. Iraq held parliamentary elections March 7 and a new cabinet is expected to be installed within the next few weeks. "We made a draft, we sent it to the prime minister to present it to the energy committee of the cabinet for consultation with experts," he said, adding, "Whenever it is approved by the cabinet, it will be signed." In March, the two sides failed to finalize the deal and agreed to a six-month extension. Last month, a senior Iraqi oil official said that the Shell gas-development project was in trouble. He said one of the major obstacles hindering the signing of the deal was Iraq's inability to finance the project. A Shell official, however, said at the time that a solution had been found, although he didn't elaborate. The second problem was that many senior officials in the Iraqi government opposed the deal, arguing that Shell and its partner didn't have to compete with other international companies. The Oil Ministry insisted other international firms were invited to compete. According to the preliminary agreement signed in September 2008, Iraq's South Gas Co. will control 51% of the project, while Shell will hold 44%, and the remaining 5% will be owned by Mitsubishi. http://www.rigzone.com/news/article.asp?a_id=92882&rss=true

French cement maker Lafarge opens Iraq plant renovation France's Lafarge launched a $200-million renovation of an Iraqi manufacturing plant to boost production. Thursday, 06 May 2010 21:32 France's Lafarge the world's largest cement maker, launched a $200-million renovation of an Iraqi manufacturing plant on Thursday to boost production and grab a bigger share of the local cement market. On a tour of the plant, one of Iraq's biggest non-oil industrial projects in recent years, Lafarge chief executive in Iraq Marcel Cobuz said he expected that revamping the 27-year-old factory would help increase its output tenfold to 2 million tonnes annually within two and half years. "Definitely a lot of revamping is needed here," he said, referring to the factory's dilapidated machines. "They are old, but they are working. They need to be rehabilitated and replaced by more modern ones." "Our ambition is to have one tonne out of 4 tonnes sold in Iraq," Cobuz said. Iraq imports about 10 million tonnes of cement each year and consumes around 15 million tonnes, he said. The factory, located in the southern province of Kerbala, has been producing 200,000 tonnes of cement annually. Iraq is trying to shake off the legacy of years of violence, sanctions and economic decline by opening up its financial and industrial sectors and luring foreign investment and expertise to help it rebuild. Iraq wants to form joint ventures with foreign investors to overhaul some 240 idle factories around the country over the next five years, Deputy Minister of Industry and Minerals Adel Karim said in March. Many of the factories are either outdated, were looted in the aftermath of the 2003 invasion or are located in areas still controlled by Islamist insurgents. The country has multibillion-dollar oil deals in the pipeline. Cobuz toured the factory on Thursday with Boris Boillon, the French ambassador to Iraq, who said the delay in forming a new government in Iraq after a March 7 election produced no outright winner is not an obstacle for French companies interested in investing in Iraq. http://www.worldbulletin.net/news_detail.php?id=58148

Iraqi Prime Minister Nouri al-Maliki. Photo by Mohammed Sawaf/AFP/Getty Images Since March 7 elections handed the ruling government a narrow defeat, Prime Minister Nouri al-Maliki has announced a new Shiite coalition that gives it more seats than the secular coalition led by former premier Iyad Allawi but still four seats shy of an outright majority in parliament. The coalition is composed of the two main Shiite parties -- al-Maliki's State of Law bloc and the Iraqi National Alliance, which includes the Islamic Supreme Council in Iraq and the followers of Shiite cleric Muqtada al-Sadr. Although no one has yet been named prime minister, the main Kurdish bloc, the Kurdish Alliance, has said it will back whoever is chosen. "We will not veto anyone chosen by the alliances to take up the post of prime minister," Roz Nawri Chawis, the autonomous Kurdish region's deputy prime minister, said Thursday, according to Agence France-Presse. But support will likely hinge on certain conditions, including greater sovereignty and oil control, the New York Times reported. Allawi's Iraqiya bloc won the most seats in parliament -- 91 -- following elections in March. Al-Maliki's State of Law alliance secured 89 seats, and the other major Shiite group, Iraqi National Alliance won 70 seats in the 325-member Council of Representatives. The new Shiite coalition is still four seats short of the 163 needed for a majority. The joining of forces between the Shiite-led blocs raised concerns that it would further alienate the Sunni minority. According to an agreement signed earlier in the week, disputes would be mediated by a small group of clerics, known as the marjaiyah, led by Grand Ayatollah Ali al-Sistani. The Shiite coalition-building was a logical outgrowth of elections that yielded nearly identical results from four years ago, said Joost Hiltermann, deputy program director for the Middle East and North Africa at the International Crisis Group, "the only difference being that the Shiite alliance had broken into two, so they had to concede victory to Allawi's bloc. Now they've come back together and they once again constitute a larger bloc and they will forge ahead." But it's still early in the process of forming a government, with results of the recount in Baghdad still forthcoming, and election results still awaiting certification, Hiltermann said. After results are certified, the largest coalition will negotiate and dole out their picks for prime minister, president, speaker, some deputies, and the ministries of oil, finance, defense, interior and foreign affairs, and come up with a governing program, he said. "I don't expect a government to emerge before September." sorry forgot the like ......... http://www.pbs.org/newshour/rundown/2010/05/iraq-coalition.html

Iraq in talks to buy BAE Hawk jets By Sylvia Pfeifer, Defence Industries Correspondent Published: April 29 2010 10:11 | Last updated: April 29 2010 10:11 The Iraqi government is in talks to buy Hawk trainer jets from the UK in a deal that could be worth up to £1bn and would be a boost for BAE Systems, the defence contractor that manufactures the aircraft. It would be Iraq’s biggest arms purchase from Britain for more than two decades. It is understood that officials from the Iraqi Air Force will be visiting the UK next month to test the Hawk, which is used to train fast-jet pilots. EDITOR’S CHOICE BAE aims to expand US ship repair operations - Apr-27.BAE in talks to supply Hawk jets to India - Apr-19.BAE wins Malaysian troop carrier contract - Apr-20.Election panel orders Baghdad recount - Apr-19..Iraq is also considering aircraft from Korea and Italy as it begins to rebuild its armed forces after the recent conflict and the Gulf War. It is believed that an order would be for 24 jets, worth initially £500m but potentially worth up to £1bn once support and maintenance is included. Any agreement would be a government-to-government contract. A deal for the UK would be a boost for BAE Systems’ Hawk. The company already has an order from India and is in talks with officials about a follow-on order potentially worth £500m. That deal could be announced within weeks. Alan Garwood, BAE group business development director, told the Financial Times earlier this month: “India is a market in which we see several substantial future business opportunities spanning the air, land, naval and security sectors. This includes the potential sale of a further batch of up to 60 additional Hawk training aircraft.” BAE on Thursday declined to comment on the potential Iraq order. The main rivals to Hawk are Korea’s T50, a supersonic aircraft, and Italy’s M-346. The Hawk was introduced in 1976 but the Royal Air Force is flying the T2 version, which had been introduced last year and is an almost entirely new aircraft. BAE’s predecessor British Aerospace was in talks with the Iraqis in 1989 to sell 50 Hawks. This deal was blocked by the UK government amid concerns the aircraft could be converted for combat missions. .Copyright The Financial Times Limited 2010. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web. http://www.ft.com/cms/s/0/9a469906-5369-11df-bfdf-00144feab49a.html

Archive | Banking & Finance RSS feed for this section Iraq to coordinate with USA to reform the economic system Posted on 30 April 2010. Tags: Al-Allaq The Iraqi government seeks to revive the production in the country through reforming the economic and trading system to turn the Iraqi economy from a socialist to a liberal one that follows the global market,” according to the spokesman of the Iraqi government Ali al-Dabbagh. “The economic system in the country is feeble and needs many reforms, particularly with regard to economic law, which regulates the circulation of funds between companies, banks, and citizens,” he said. The former parliament failed to find a clear mechanism to organize the Iraqi economy and make money trading in a flexible manner in the markets, in his opinion. “Iraq needs the financial expertise of the United States to reform its economic system that suffers a lot of insecurity, and one of the main reasons for the delayed evolution of the economic system is the legislation and the old laws which do not fit with the evolution of the financial situation in the country.” The General Secretariat of the Cabinet presidency Ali Al-Allaq underlined on Sunday the necessity of restructuring the Iraqi economy in accordance to the requirements of the transition from a general central economy to the private market to ensure the expansion of the productive base of the Iraqi economy, by adopting the free market mechanism and organize the price system, foreign and interior trade. The country’s reserves of foreign currency reached at the end of 2009 US$ 42 billion, compared to 27 billion dollars in 2008, after the worldwide rise of oil prices

Topics: Democracy, Middle East and North Africa Keywords: Joe Biden, Ad Melkert, Baghdad, Iraq, United Nations, electoral process, election 29 April 2010 Summary of Biden’s Meeting with U.N. Representative for Iraq Vice president and Melkert discuss U.N. role in Iraq electoral process THE WHITE HOUSE Office of the Vice President April 28, 2010 READOUT OF THE VICE PRESIDENT’S MEETING WITH THE U.N. SECRETARY GENERAL’S SPECIAL REPRESENTATIVE FOR IRAQ AD MELKERT The Vice President met today with the Special Representative of the United Nations Secretary-General for Iraq, Ad Melkert. They discussed the important role of the United Nations in Iraq and agreed on the need for fairness and transparency in the electoral process. In particular, they called for due process and respect for the votes cast by the Iraqi electorate. They supported the effort of Iraq's Independent High Electoral Commission (IHEC) to conduct an orderly, transparent recount in Baghdad with requisite speed in keeping with the expectations of the people of Iraq. They agreed on the importance of observers in that process. They reiterated that it is for Iraqis to lead the electoral process without any outside interference. They also discussed moving toward the certification and acceptance of election results and timely government formation. (Distributed by the Bureau of International Information Programs, U.S. Department of State. Web site: http://www.america.gov) Read more: http://www.america.gov/st/texttrans-english/2010/April/20100429150128eaifas0.4565655.html?CP.rss=true#ixzz0mXDs6T6Z

ADIB heads to Iraq as trail-blazer for Emirates Hadeel al Sayegh Last Updated: April 29. 2010 9:27PM UAE / April 29. 2010 5:27PM GMT Abu Dhabi Islamic Bank (ADIB) will become the first Emirati bank with a presence in Iraq when it opens a branch in Baghdad next month. The company plans to open other branches across Iraq. “We’ll have a branch in every major business city,” said Hussain Qaragholi, a senior vice president at ADIB and the company’s head of Iraq business. Construction of the first Baghdad branch is under way, and the Central Bank of Iraq has given ADIB a preliminary licence. “The next branches we’re looking for is Basra, Erbil, Najaf, Karbala, and eventually Mosul,” Mr Qaragholi said yesterday at an Iraqi Business Council conference in Abu Dhabi. Iraq’s banking sector continues to be dominated by public entities such as Rafidain Bank and Rashid Bank, as they control 85 per cent of the transactions in the country, while private banks account for 15 per cent. There are 36 local banks in the country, according to the Central Bank website. Several foreign banks – including Capital Bank of Jordan, HSBC, National Bank of Kuwait and Ahli United Bank of Bahrain – have already set up in Iraq, but they have entered through partnerships with local banks. In the past, foreign banks shied away from opening branches under their own names because of security concerns. ADIB is only the second foreign bank to enter the market by starting a branch from scratch rather than through a partnership. The first foreign bank to open a branch in Iraq was Byblos Bank of Lebanon, said Wassim Jazrawy, the head of Al Karmal Stock Exchange, a brokerage company in Baghdad. ADIB’s entry into the market was “a good and timely decision”, Mr Jazrawy said. The financial sector accounts for 80 per cent of shares traded on the Iraq Stock Exchange. Iraq’s banking sector suffered from years of isolation during the rule of Saddam Hussein and still lacks strong links with the outside world. Mr Qaragholi, an Iraqi-American, said bankers in Baghdad thought they could run the sector alone after the US invasion in 2003, but now realised the benefits of opening to foreign participation. ADIB planned to invest in power generation and oil services, he said. The property and manufacturing sectors are potentially attractive to investors, but accurate and detailed feasibility studies would be required, Mr Qaragholi added. Foreign banks are hoping to capitalise on economic growth driven by rising oil production in Iraq. ADIB shares rose 3.2 per cent to Dh2.84 yesterday on the Abu Dhabi Securities Exchange. “The financial sector in Iraq is one that has remained in the shadows against the global financial crisis,” Mr Qaragholi said. http://www.thenational.ae/apps/pbcs.dll/article?AID=/20100429/BUSINESS/704299889/1005/rss

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