Oil Committee expects resolution of the Committee of Five Draft 2007 Oil and Gas Law

 Friday, October 05

 Twilight News / predicted oil and gas committee in parliament, Friday, the joint resolution of the Committee of Five Draft 2007 between the drafts submitted to the draft law of oil and gas.

He said the Commission's decision Qassim Mohammed Mchkta in an interview with "Twilight News" that "there is a consensus on the draft 2007 by the parliamentary blocs and the provincial government and its counterpart Federal, it is possible to choose the quintet as a bill for oil and gas or a combination of two draft out format final to them."

The Mchkta added that "the Committee of Five decided to continue meetings until an agreement on the draft of the bill."

The Deputy Speaker Qusay al-Suhail headed, first Wednesday, meeting with Oil Minister Abdul Karim and coffee and Minister of wealth and natural resources in the Kurdistan Regional Government Ashti Hawrami and heads blocks the National Alliance and the Iraqi Kurdistan to discuss oil and gas law.

The Iraqi cabinet approved a draft law of oil and gas in 2007 but faced an objection by the Kurdistan Region.

The Territory government says that the draft law focuses powers, however, the federal government in the management of oil wealth at the expense of the region and the provinces, as proposed by the Commission on oil and energy bills instead of the government but it also raised discrepant.

Since the adoption of the Constitution of Iraq, such as oil and gas law highlighted outstanding issues between Baghdad and Erbil, which is no less important for the leaders of the Kurds on Article 140 of the Constitution.

The dispute is between Arbil and Baghdad on 41 oil contracts signed by the Kurdistan Regional Government since 2007 until now and Baghdad describes as "illegal".

The Kurdistan and Baghdad agreed earlier this month to settle a dispute over oil payments after the Kurdistan pledged to continue exports, Baghdad said it would pay dues for foreign companies operating in the region.

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Expert: raise the quota of the dollar exchange rate in the banks means the success of central bank policy and exchange rate stability

 10/05/2012

Baghdad (news) .. Attributed the economic expert Manaf Al Sayegh, the reasons for the recent actions of the Central Bank to raise (Kuta) Prices of Iraqi banks for the currency, to stabilize the exchange rate of the dinar against the dollar.
Said Sayegh (of the Agency news): The Central Bank to establish new procedures raise quota prices for the currency in Iraqi banks and make market currency market free as a result of the stability and balance of the dinar against the U.S. dollar in the local market, noting that the quota prices imposed on currency in banks previously when the price of the dollar against the dinar.

He added: that the central bank to impose restrictions on the sale of the currency in Iraqi banks when increased demand for the dollar and increased its value against the dinar, ماجعلها procedures achieved a successful balance in the currency.

Sayegh stressed: that the policy of the central bank reduced the difference between the price of the two currencies in the money market and the price of the currency at the Central Bank, adding that the exchange rate of the dinar against the dollar has become parallel and the percentage difference between the two estimates (2%).

He continued: to reduce the difference between the market price and the price of the bank to make a strong Iraqi dinar against the dollar, stressing that the coming period will see a level playing field between the dinar and the dollar.

Sayegh said: demand for the currency attack earlier prompting the central bank to restrict the display of foreign currency ceilings pricing and selling virtual currency in the banks to achieve a balance between the dinar and the dollar. / End / 21. D. Q /

 

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National Alliance reveals a meeting between the blocs to resolve the final position of the Code of infrastructure

 10/05/2012

 

 

Twilight News / revealed mass virtue internalized in the National Alliance, Friday, convening a meeting between the parliamentary blocs next week to resolve the positions of the infrastructure bill, emphasizing the inclusion of all the blocks on the reviews mentioned law.

The head of the bloc Virtue parliamentary Ammar Tohme said in an interview for "Twilight News" that "there is a committee was formed to take notes parliamentary blocs on the bill infrastructure and included in it," noting that "the Committee ended its work to include all the notes on that project."

Tohme said that "next week will see a meeting of the parliamentary blocs to resolve the position of the bill law infrastructure", pointing to the existence of indicators of positive reaction from the blocks to approve the draft law. "

The House of Representatives may raise its meeting held at the beginning of the ninth month to him as a result of the withdrawal of the Iraqi List and the Kurdistan Alliance of the meeting because of their refusal to approve infrastructure law.

The House of Representatives has hosted, in 15 of the last month, Prime Minister Nuri al-Maliki, at the request of the latter to discuss infrastructure law, where the al-Maliki reviewed in front of the House of Representatives what can be achieved by private law and paragraph payment on credit in improving the fact the service in the country.

The House of Representatives decided, on 16 September last, to postpone the approval of the draft law infrastructure to further notice, at the request of the heads of the relevant committees to make a thorough study, as well as what can be achieved by economic feasibility.

The House of Representatives rejected the former Iraqi infrastructure bill tabled by the government at the time, and the law requires that grant investment companies large infrastructure projects worth $ 70 billion postpaid way when many industrial countries of the world, including a major financial crisis in.

But the bill new infrastructure requires the implementation of foreign companies, especially Korean infrastructure projects, such as schools, hospitals, water projects, in a way that payment on credit by $ 35 billion.

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MP Nrmo: failure to resolve the crisis will push the blocks to form a majority government

 10/05/2012

Baghdad (news) .. MP / coalition of Kurdish blocs / Hassan Hussein Nrmo, that accommodation to form a majority government to get rid of the crisis, noting that the Kurdistan Alliance will remain exercised the role of mediator to resolve differences.
And said Nrmo in a statement (of the Agency news) Friday: President Jalal Talabani will call the leaders of the political blocs to a national meeting to bring the views among themselves and agree on solving problems.

He added: There are signals from all the political blocs as not to reach agreement on differences will be resorting to form a majority government, demanding political blocs Pfsh way for the formation of this government because they form a majority government is at the top of democracy.

The MP said the coalition of Kurdish blocs: that the coalition will remain exercised the role of mediator in a while to reach agreement on differences that can not will have another position taken by the Kurdish leadership in a timely manner.

The leader of the solution Bloc MP / coalition in Iraq / Ziad worldwide abolition, he saw that there was no way or option to resolve the current political crisis, go to form a majority government with the presence of opposition in the House of Representatives.

The worldwide abolition in an earlier statement (the news): The differences between the political blocs will continue until the end of the current parliamentary session, and there is no way to solve it only form a majority government political and parliamentary opposition to push the political process forward. / End / 2. N. P /

 

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zain iraq plans to enter the iraqi stock exchange early next year

 03/10/2012

BAGHDAD / JD / .. Zain Iraq announced its intention to enter the Iraqi Stock Exchange by early 2013.
According to Reuters, has told Hisham's largest executive vice president and chief operating officer of Zain Iraq journalists on the sidelines of a conference in Dubai that the company's Zain needs to turn into a joint stock company in preparation for launch.
The largest "We hope (in an initial public offering) during the fourth quarter of this year, but the transition to the company (contribution) delay."
Must Zain Iraq and rivals Asiacell of the Qatar Telecom (Qtel) and Korek subsidiary of France Telecom to sell a quarter of its shares to investors through an initial public offering, according to a regulatory requirement within its license to provide mobile phone services in Iraq. But the three companies did not comply with a deadline in August 2011 for subtraction and the imposition of fines Iraq because of it.
Iraq was not a market for mobile phone services in the Saddam era and flourished sector since his overthrow in 2003. The sector has become the fastest growing sectors of the Iraqi economy after oil.
And the requirement of the shares of mobile phone companies in the Iraqi Stock Exchange is part of efforts to diversify the economy and reduce dependence on state-owned enterprises.
But preparation for the inserts saw chaos and it was not clear that the shares to be sold are available for foreign investors and Dual-listed if available to companies.
The Iraqi Stock Exchange a total capital of $ 3.4 billion and is witnessing shares worth three million dollars a day is a relatively small market compared to the size of the phone companies.
In 2011 Nomura estimated the value of Zain Iraq at $ 4.9 billion and Asiacell at $ 4.4 billion.
Iraq and impose a fine on the Zain $ 12 thousand and 864 dollars for each day since the first of September 2011 for failing to comply deadline for an initial public offering. And more are expected to be considered in an appeal by the company on the fine end of the year.
"The total (fine) in the worst case scenario if we have included shares in the first quarter (of 2013) will be four million dollars."
Asked whether Zain Iraq shares will be included in the market and the only one in Iraq, he said "Yes, often," he said, adding that Zain is also considering listing in Jordan and London.
"It was more possibilities (for the implementation of the inclusion of dual or secondary) nine months ago."
He added that the acquisition of Zain Kuwait in the Iraqi company will fall to 51 percent from 76 percent in the case of the initial public offering was fully.
It is expected to be Asiacell the first three companies publicly traded in the market. In August, the company received regulatory approval in Iraq and Iraqi advertisements in newspapers published on incorporation. / End / / 22

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Electricity demand finincial firing their funds frozen in DFI

10/02/2012

BAGHDAD / JD / .. demanded that the Ministry of Electricity counterpart financial sprayed their funds frozen in U.S. banks and the Development Fund for Iraq (DFI).
He said ministry spokesman Musab teacher told / JD / ministry demanded that the Ministry of Finance launched its funds frozen in the Development Fund for Iraq, which holds large amounts intermediate of the Ministry's budget.
He continued teacher said the money mentioned include funds projects stalled and projects that were not completed as well as project funds of the companies Almtherbh and lagging work in Iraq, which was truncated from the Ministry's budget in previous years did not returned it, and the UN Security Council, had announced in 2011 officially ended tasks "Supervisory Board International and advice ", which was responsible for supervising the" Development Fund for Iraq, to ​​move those tasks to the Iraqi government.
The United Nations said in a statement: "The Member States of the UN Security Council welcomed the efforts of the Iraqi government to finalize the arrangements for the transfer of responsibility for overseeing the Development Fund for Iraq as of July 2011."
The statement quoted the members of the Security Council that the Iraqi Committee of Financial Experts, which would take over supervision of the proceeds of the Development Fund for Iraq, instead of body control and international advice, shall exercise authority in accordance with its terms of reference approved by the Iraqi government earlier this year.
He stressed the Security Council, according to the statement, the need for the Iraqi government "to ensure that the proceeds from the sale of oil will be used for the benefit of the Iraqi people, as well as ensure that the arrangements the transition process consistent with the Constitution and with international practices better, out of respect for the principles of transparency, accountability and integrity."
The Security Council has issued a decision to establish a Development Fund for Iraq in May 2003, a month after the U.S. invasion, so the deposit proceeds from the sale of oil in this fund, instead of the "oil for food", which was allowed to the former regime using some of the proceeds for humanitarian purposes . / end / 20 /

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JD gets breaches of the central bank on the sale of dollar

 10/02/2012

Baghdad / Nazik Mohammed / .. revealed the parliamentary Finance Committee of the highlights of the evaluation report Parliamentary for buying and selling of the dollar by the central bank.
A member of the Committee deputy state law Haitham al-Jubouri's / JD /: "The Ad Hoc Committee to assess the central bank completed its work and wrote her a final," adding that "the report confirmed the existence of breaches scandalous to score very high in the bank."
The Jubouri "that the Commission took a sample of (91) purchase invoice was submitted to the authorities (Department of the Inspector General in the Ministry of Finance, Tax Authority, and the Department of Customs) was to find that the bill is only one of these bills real introduced materials, and (90) bill did not intervention materials. "
He also added, "has been taking a sample of the total purchase invoices almost Bmiliran and (289) million and found only (22) thousand dollars worth of purchases the truth, I mean I received 98 (10) thousand, or nearly one thousand."
Jubouri explained that "these violations are administrative, and there are bills disbursed and is signed by the auction committee."
Jubouri accused senior-level figures within the central bank involvement in these violations and purchase invoices.
He suggested that the report will reveal in a single day will not include the names of any political figures or was responsible at the central bank.
Jubouri noted that the Commission is working on writing recommendations will be completed within one Yumen and submitted to the House of Representatives.
He pointed out that the Commission will send a copy of the report to the Integrity Commission and the other to the Central Bank for the purpose of the work of an administrative investigation within the central bank.
And continued a member of the Finance Committee deputy state law Regarding the names that we have heard of involvement with money laundering did not find documents and evidence and archives fact that prove their involvement, noting but just talk only raised around them during the investigation but not conclusive evidence, not to mention any names unless we have the evidence .
The Committee stressed the financial earlier intention to host the Minister of Finance, Planning and Trade, Health and the central bank governor to control the entry of goods randomized to Iraq, revealing the existence of mafias control of the currency auction earns everyone of them about $ 5 million.
Said a member of the Finance Committee and MP for the Liberal bloc Magda Tamimi in a written statement received / JD / copy of its host, Director General Anti-Money Laundering Office in the Central Bank and General Manager of the auction currency Hazem al-Ani and Qais inside ".
It confirmed that the Finance Committee discuss several key themes and the most important subject of the mafia controlling the currency auction everyone who earns them about $ 5 million a day were also discussed measures taken to curb money laundering. "
She noted that banks share the daily currency auction mechanism used in determining these quotas are very weak. "
And demanded "hosted by the Minister of Trade and planning, finance, health and the central bank governor to discuss the coordination mechanism between the entities referred to to control the entry of goods into Iraq as showing that there is an imbalance of a very large import random that have a significant impact on the Iraqi state."
The House of Representatives has revealed about his conception of the documents and recordings of well-known politicians likely involved money laundering and deposited in the banks of some of Iraq's neighboring countries.
The Finance Committee held in the Iraqi parliament held a press conference some time ago, made the involvement of (5-6) political figures with money laundering.
A member of the Finance Committee parliamentary deputy state law Haitham al-Jubouri / JD /: The committee concluded documents and recordings of a number of politicians accused of money laundering and deposited in banks neighboring Albuldna ".
Jubouri said that "politicians involved money laundering operations have deposited large sums of money in the banks of the UAE, Jordan and Lebanon."
He believed not familiar with the central bank governor these breaches and mafia money laundering completed in collaboration with networks within the bank.
Jubouri revealed "for the formation of a committee of parliament soon, based on Article 103 II of the Iraqi Constitution, to uncover the truth of the names involved money laundering, Mtdarka: But there are still some doubts, you should make sure the archives and detailed information.
He suggested a member of the Finance Committee to parking big heads behind these mafias.
The parliamentary economic committee had warned a few months ago to exploit currency auction carried out by the central bank for bad purposes.
Committee Chairman Ahmed al-Alwani's / JD / "economic committee to follow up and monitor the work of the Central Bank and will intervene in the timeline and solve problems."
The student-Alwani "the central bank new procedures regarding the identification of bodies that deal in dollars and reduce speculative market," calling for "a mechanism and conditions make deals with the dollar are views sober and recognized by the state as if they are well-known companies are not names and fake exploit the current situation of things are not in the interest of the country. "
He pointed out that "monetary and fiscal policy in Iraq need to re-implement the regulation especially as a country in transition."
It is noteworthy that Iraqi law required financial institutions in the country, including banks, to implement what determined the central bank and what is the decision of the legal rules, and to inform the financial activities suspicious, including money laundering, and Orteuraleghanon severe punishments for these financial institutions punishment withdraw permission (to cancel the license) financial institutions and penal sanctions and financial penalties, and this is clear from three legislation related to this subject is Law No. 56 of 2004 the Central Bank Law, Law No. 93 of 2004 the law against money laundering, and Law No. 94 of 2004 Banking Act.
The central bank is an independent body, founded in 1947 by a Royal Decree and was formerly called the National Bank of Iraq, currently headed by Sinan Shabibi. / End / 11 N /

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