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Angelquest Post: 19 July 2010 - (Part 2 of Frank26)


ronscarpa
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Hi All, this post is like a Part 2 to Frank26's post of today (19 July). It has much good information that helped shape Angel's & Franks's analyses...Enjoy...RON

ANGELQUEST Post: 19 July 2010 - KTFM

Hi Everyone,

These posts below show much in what Frank has stated in his posts…They are old dates because IRAQ has owed them since then and probably future deals and the bottom 2010 article tells us HOW they will continue to prosper....but on TP....US doesnt take dinars but a marketable valued....currency... See it is the time to Pay the Piper as they say.........no???? JMHO……..

$2.4bn to pay for GE, Siemens contracts- minister

August 9, 2009 - 05:24:25

BAGHDAD / Aswat al-Iraq: The Iraqi minister of finance said that $2.4 billion U.S. dollars has been allocated to pay for electricity contracts with General Electric (GE) and Siemens, an official statement said on Sunday.

Minister Baqir al-Zubeidi has called for coordination with the Central Bank of Iraq (CBI) to send the money orders in an attempt to improve electricity production in the country, the statement noted.

Now in searching no mention of money orders for payment since and then below is a total of the 3Billion contract.... no money....me no thinkey GE will keep doing this if no guarantee.........do you??? Oh so instead of paying them then with TP (worthless) they decided in the next sentence to SIGN A CONTRACT...now GE are not fools I say...you???

On December 15, 2008, the ministry signed a $3 billion contract with GE to import power stations with a capacity of 7,000 megawatts. The ministry had signed another contract with Siemens to build new electricity generating stations with a capacity of 3,300 megawatts.

http://en.aswataliraq.info/?p=117299

Iraq can’t pay for massive GE contract

August 3, 2009 at 10:56 am by Larry Rulison

Reuters is reporting that the government of Iraq can’t pay for a $3 billion contract it has with General Electric Co. to provide the war-torn country with 65 gas turbines, enough to provide the country with 7,000 megawatts of electric generating capacity.

Rut Roh maybe an RI is coming....no???

http://blog.timesunion.com/business/iraq-cant-pay-for-massive-ge-contract/14658/

GE Energy's Steve Bolze

GE Energy, which has its power generating unit headquartered here in Schenectady, made a huge deal of the contract back in December, saying it was the largest in GE history. Steve Bolze, president of water and power for GE Energy, told the Times Union at the time that the equipment would be delivered over the next two years. GE makes its gas turbines in South Carolina and France.

Reuters said that the Iraqi parliament could not agree to issue bonds to raise money for the project.

A GE Energy spokesman, who was provided a copy of the Reuters story, did not immediately have a comment on the development in Iraq.

HMMMMMMMMMMM…..I hear they struck a deal and it was to be paid by JULY 2010….no???

TP for money……………sounds like an RI…………….no?????

Iraq signs $480 mln contract with GE for power plants

9:35am CDT

BAGHDAD | Fri Jun 6, 2008 12:47pm EDT

June 6 (Reuters) - Iraq has signed a contract with General Electric Co (GE.N) worth $480 million to build three power plants and is negotiating with Hyundai to buy diesel generators, the country's electricity minister said on Friday.

Iraq faces chronic electricity shortages, with its fragile grid, battered by years of war, sanctions and neglect, struggling to keep up with increasing demand. The capital Baghdad receives only a few hours of electricity every day.

Electricity Minister Karim Waheed told journalists in Baghdad that Iraq had signed a contract with General Electric last week to build three power stations in southern Baghdad the southern city of Kerbala, and Taji, north of Baghdad.

"According to the plan, the work will be completed between the end of 2009 and the start of 2010," Waheed said.

Iraq has also signed two other contracts, each worth $41 million, for GE to supply spare parts for the stations, he said.

I just wonder what GE asked when they sent parts……received no US payment and were asked to send more……….makes one wonder………….no???

Iraq said last month it had signed a 179 million euro contract with General Eelctric to buy eight natural gas-powered generators, most of which would be installed in Baghdad.

Five years after U.S. forces invaded to topple Saddam Hussein, and with violence at a four-year low, Iraqis are pressing the government to improve service delivery. Many areas lack access to electricity or drinking water.

With the onset of summer, when temperatures can reach 50 degrees Celsius (122 Fahrenheit), demand for power will increase as people turn on their air conditioners to keep cool.

Waheed said there was a wide gap between the consumption and supply of electricity in Iraq. Demand is around 10,500 MW, far above the 5,500 MW the grid is able to supply.

The minister said a contract would be signed with South Korean company Hyundai in Istanbul, Turkey, next week, to supply Iraq with diesel generators. He did not give a value for the contract.

He said a contract would also be inked with German engineering group Siemens (SIEGn.DE) in Istanbul at the same time to supply Iraq with three "gas power units". He gave no further details.

(Reporting by Ahmed Rasheed, writing by Ross Colvin)

http://www.gereports.com/ge-signs-record-energy-agreement-in-iraq/

Now below shows you how GE knew they would be paid….

GE Oil & Gas Chief Says Iraq Is Challenging, Boom to Take Time

February 03, 2010, 7:30 PM EST

By Eduard Gismatullin

Feb. 4 (Bloomberg) -- GE Oil & Gas, the General Electric Co. unit that provides equipment to oil companies, said Iraq is a “challenging” market and there’s no prospect of a boom for suppliers for at least a year.

“Iraq is a potentially interesting market for us,” Claudi Santiago, head of GE Oil & Gas, said in an interview in Florence, Italy. “It’s very fragile and over time we know that there are opportunities.” It won’t “be a booming market in the next 12 months” because of political and security concerns.

Iraq faces technical and labor challenges to raise its oil output to its target of at least 11 million barrels a day in the next decade. Santiago said it will take time for explorers to decide what equipment they need in Iraq before they place orders. A “huge” amount of equipment that GE installed in Iraq before war and sanctions stopped investment now needs upgrading, he said.

Exxon Mobil Corp., PetroChina Co., BP Plc and Royal Dutch Shell Plc, the world’s largest oil companies, have agreed to develop fields in Iraq, the holder of the world’s third-biggest crude reserves. The Middle East nation said it needs $200 billion in investment to increase oil production fourfold. Oil companies that have agreed on production contracts with Iraq, promised targets for increased output. BP and China National Petroleum Corp. will invest about $15 billion over 20 years to boost production at Rumaila, Iraq’s largest field, to 2.85 million barrels a day from 1.07 million barrels a day in December.

‘On the Ground’

“Equipment on the ground in Iraq needs to be expanded and improved,” Andy Inglis, who heads BP’s exploration and production unit, said yesterday in an interview in London. “This is going to be a period of build-up, it’s about mobilization of our equipment, creating effective use of it. But it’s not an immediate ramp up.”

The oil service industry slowed after prices plunged from a record $147.27 a barrel in 2008 to a low of $32.40 a barrel, forcing producers to postpone projects.

For GE Oil & Gas “this year could be another year of single digit growth for our business,” Santiago said. “It will take another nine months to confirm that the world is moving to truly healthful economic recovery, though this is going to be bumpy for a while.”

GE Oil & Gas revenue was $2.3 billion in the fourth quarter of last year, 5.6 percent of Fairfield, Connecticut-based General Electric’s total and 9.7 percent higher than in 2008, according to financial statements on Bloomberg.

Drilling and workover expenditure in the Middle East and North Africa region has the potential to increase by almost a third to $27.9 billion by 2014, according to forecasts from Douglas-Westwood Ltd., an energy consultant.

‘Sustained Growth’

“The outlook for sustained growth is largely dependent upon crude prices, but several markets will be key, namely Mexico, Iraq, Russia, and the deepwater,” Scott Gruber, an analyst at Sanford C. Bernstein & Co. in New York, wrote in a Jan. 29 report. Global oil service markets “are mixed but are broadly in the process of bottoming.”

Oilfield service providers and manufacturers doubled fees between 2004 and 2008. After crude prices plunged, oil producers were able to renegotiate contracts. BP Chief Executive Officer Tony Hayward yesterday pledged to push the industry “very hard” to reduce costs further.

“We have gone through a deflation over the last 18 months. Now, we are moving more into a stable kind of period, which will be good,” Santiago said. “Big swings don’t help the industry to stabilize” and plan operations.

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