Iraq oil and gas law is UN priority - Special envoy

18/08/2012



AFP reported that passing a much delayed oil and gas law in the Iraqi parliament is a top priority and the UN has put together an internal taskforce to tackle the issue.

Mr Martin Kobler special envoy said that The law, which would regulate Iraq's lucrative oil sector and rules on revenue sharing between the central government and Iraq's provinces have for years languished in parliament. There is an internal United Nations Assistance Mission for Iraq taskforce on this issue. It will take some time to develop expertise.

Mr Kobler said that "We want to start with a discussion on the revenue sharing and then the oil and gas law. The oil and gas law is a good entry point to tackle some major issues the Arab and Kurd issue, the issue of federalism. I would say it is the key. It gives you a foundation. And also, this country needs investment security. The solution to the disputed internal boundaries where some of the major unexploited oilfields are located is a lot easier if everyone knows how the revenue will be shared.

Diplomats and analysts persistently point to a wide ranging row between Iraq's autonomous Kurdish region and the central government over a swathe of disputed territory, the sharing of revenues and the apportioning of powers, as one of the biggest threats to the country's long term stability.

Mr Kobler listed his two other priorities as the selection of a new electoral commission to organize provincial elections planned for next year and the creation of an upper chamber of parliament known as the federation council which is referred to in Iraq's constitution but has not yet been implemented.

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U.S. embassy confirms Washington's support for efforts to ease tensions between Erbil and Baghdad

Saturday, August 18 / August 2012

The spokesman U.S. Embassy in Iraq Frank Vnfr support the U.S. administration's efforts to calm the atmosphere in the Iraqi political tension between the political forces, including the ease tensions between the federal government and the Kurdistan Regional Government.

He said in a statement Vnfr PUKmedia: that the United States is seeking to find solutions between the political parties in order to reach solutions compatible with the Iraqi constitution and democratic means.

The Vnfr: U.S. support for the efforts of the federal government to improve the security situation throughout the country, stressing: that al-Qaeda and other terrorist groups are still active on the ground, and able to carry out its terrorist operations in Iraq.

The day saw first Thursday dozens of dead and wounded, including security agents and officers in the army and police in a series of car bombs and improvised explosive devices and armed attacks in the provinces of Baghdad, Kirkuk, Ninewa, and Wasit, Babil, Diyala, Anbar and Salahuddin.

As Iraq is a political crisis was claims withdraw confidence from the Prime Minister Nuri al-Maliki in the month of April, but this crisis began decompose after he announced the National Alliance for the formation of a committee of reform presented a paper containing 70 material notably resolving the mandate of the three presidencies and security ministries and the balance in the armed forces and bodies Independent and state agencies, and with the near return of President Jalal Talabani of his treatment of Germany.

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DMCC iraqi dinar attracts our attention

 08/18/2012

BAGHDAD / JD / .. He Dubai Multi Commodities that the Iraqi dinar currency to attract his attention, pointing out that the quality of the Chinese currency of currencies that can not be excluded
The CEO of the Dubai Multi Commodities Ahmed bin Sulayem, in a press statement to the newspaper (statement of economic) that Borse Dubai Gold and Commodities looking forward to the inclusion of decades new currencies meet the needs of the market, pointing out that the focus of attention for these products is focused on adding more volumes and values ​​trading , given that brokers and members are looking forward to seeing the large volumes of trading.
He added that if the Russian ruble on the top priorities of the members of the stock exchange, we will be lucky to look in this matter, and that the Iraqi dinar currency to attract our attention, however, pointed to the inclusion of such currency since the first month of the founding stock market is wrong.
In response to a question on the possibility of including currency yuan Chinese, he replied by saying that this currency is not the quality of the currency that can be excluded, they are a strong currency represents the economy a big country, and pointed out that China's entry into the global market has come recently, and that he personally as Chief Executive Officer of DMCC Multiple need to be sure the availability of knowledge among the members and brokers how to deal with this type of currency.
For his part, counting CEO of Borse Dubai Gold and Commodities Gary Anderson, the goal of the development of derivatives trading in the Middle East that reflects the influential role and it is important for the markets of the Middle East in the higher levels and trading volumes, and demonstrated that by pointing out that more than 80% of trading volumes in the stock market comes from the Middle East.
He pointed out that stock market is looking forward to the launch of initiatives and new products designed to attract new members from different sectors and geographical areas around the world, as the number of members of the stock exchange to 264 members by July of this year, and expressed his belief that the new initiatives will lead to more diversity customer base in the stock market.
In the same vein, the values ​​of Iskandar Najjar, General Manager of Bari Middle East Middle direction bourse towards the expansion of the range of investment products that can be traded on the stock exchange that will certainly help in promoting growth, and demonstrated, however, that trading volumes in gold mining stocks rose the equivalent of 172% During the past six months, despite global market conditions remain difficult throughout this period, stressing that he did not see any reason why Borse Dubai Gold and Commodities continue to perform well.
He noted that last year alone, saw the launch of some products and new initiatives for trading, such as futures contracts for copper, and options Indian rupee, and the extension of trading hours, and the launch of the first Academy of derivatives trading in the Middle East. / End / agencies /

Economic parliamentary proposes the establishment of an investment bank with a capital (3) million dollars to boost investment in the country

  08/18/2012

Baghdad (news) .. According to a member of the Committee on the economy and investment MP / Iraqi bloc white / Aziz Mayahi, that his committee in connection with the enactment of the special investment bank to set up by the federal government with a capital (3) million dollars financing his investment companies and citizens in the form of interest-free loans.
He Mayahi (of the Agency news): There is an idea on the table for the purpose of study and discussion with the Economic Commission representative states create a bank shareholder specialist for investment by government capital exceeds (3) million job done granting citizens loans without interest to establish whether small businesses or build housing for them .

He added: It also funded investment companies with loans without interest to advance investment in the country, stressing that his committee are going to provide the proposed law to the Presidency of the Council of Representatives for discussion and voting on it within the next projects.

He pointed out: that the work of the national investment bodies provinces is encouraging investment and do not have programs to attract businesses and provide facilities for them and no achievements remember of them on the ground, but little compared to the funds allocated to them, saying all acted to Ivadat and travel outside Iraq.

He stressed: the need to develop an important study for the development of the reality of investment in Iraq by the government and the House of Representatives through the restructuring of the National Investment Commission and bodies other provinces which works projects and important laws and support for the establishment of investment banks to boost investment in the country.

This and in spite of the Investment Law No. 13 of 2006 had excluded the investment in the banking sector of its provisions except that the investment in the banking sector takes its legal framework on the basis of legal central bank No. 56 of 2004, banks No. 94 of 2004, and the minimum to establish a bank in Iraq 100 billion Iraqi dinars (ie, up to 85 million dollars (. / end / 8. N.. y 

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Prime industrial assembly: the advancement of the industrial sector requires activation of a legal tariff and consumer protection

 08/18/2012

Baghdad (news) .. Counting head assembly Iraqi industrial apologize if Shammari, the process of granting loans and advances for industrialists as a catalyst for the advancement of the industrial sector, and not a major factor for its activation, indicating that the process of advancement requires activation of a legal tariff and consumer protection as well as the funds granted by the state.
Al-Shammari said (of the Agency news) on Saturday: The activation of the private industrial sector and promotion needs to be a package of legislation supporting him, especially the legal tariff and consumer protection, to limit the import of random goods that caused flooding the local market with goods poor, and gives high quality of the product Local.

He pointed out: that advances and loans from the government to the industrial sector is a catalyst for the advancement of the industry of Iraq, because of the possibility of restructuring and infrastructure without the presence of capital is high, because the process of rehabilitation and development come through the use of modern technology, and this requires a lot of money. / End / 8. d. Q /

 

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MP Yasiri: diversity reserves of hard currency necessary to avoid the impact of the depreciation of the dollar on the national currency

 08/18/2012

Baghdad (news) .. The member of the Finance Committee MP / National Alliance / Hussain Yasiri, the need to diversity reserves of hard currency by the Central Bank in international currencies such as the euro and the pound sterling to avoid the effect of increasing the dollar exchange rate on the economy and the national currency.
Yasiri said (of the Agency news) on Saturday: Although the dollar coin has been generally accepted in all countries of the world, but reliable in all dealings is not true, because of increased demand and higher value will affect the local currency, so you should encourage banks to deal in international currencies such as the euro and other sterling pound, in addition to the dollar.

He added that the acceptance of the currency in international transactions depends on the general orientation to it, the evidence is that there are countries economy is strong, but its currency is not international, such as Japan and other countries have backed up a large cash and also its currency is not international, while there are countries put trade well and its currency is accepted in the world such as China , pointing to the existence of a general trend by countries of the world to deal dollar became an international currency is treated even in the villages and countryside. / end / 8. d. Q /

 

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Vice Posted: Iraqi awaiting a response to al-Maliki's candidates for the defense to submit the names of new

  08/18/2012

Baghdad (news) .. Confirmed leadership in Accord Movement MP / coalition in Iraq / meeting Mehdi pink, that list awaiting a response of Prime Minister Nuri al-Maliki on the names of candidates and the Ministry of Defense, to provide new names to the ministry.
The pink in a statement (of the Agency news) on Saturday: The Iraqi List, sent in earlier group of names of candidates for the defense to name someone to the ministry, but the prime minister unanswered until now, stressing that the Iraqi is ready to submit the names of new to the ministry when given Maliki previous.

She added: that the names that have been submitted are persons of Kvaae domain security and have experience, pointing to the possibility of objection to them because they were working device former state, and this is the big problem.

Reports indicate the intention of the political blocs to resolve file security ministries, after the emergence of the names and ample fortune to take over the ministries of interior and defense, including Adnan al-Asadi of the interior, and Mustafa al-Hiti, Salah al-Jubouri and Saadoun Aldelme of defense. / End / 7. D. Q /

 

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