Book of the Iraqi Central Bank to Elaf Islamic Bank

December 23, 2014 10:07Source: Iraq Stock Exchange

Elaf Islamic Bank ISX – BELF

Related companies
Sommer -10.0%
Tigris and Euphrates Bank 9.52%

Referring to the central bank in the No. 18116/3/9 12/16/2014 got bank approval to enter Elaf Bank of window sale and purchase of foreign currencies after the completion of measures to increase the head (200) billion dinars. More details are provided in the attached file

Source: Iraq Stock Exchange

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Iraq is looking to buy planes from the Czech Republic

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Khandan – A senior official in the Iraqi Ministry of Defense announced that the Czech government is ready to provide Baghdad fixed-wing aircraft, and as pointed out that the Air Force finally received, a new meal of Russian fighter jets, expressed the hope that the first half of 2015 to get the other swarms of countries, including South Korea.

The source said in a statement to the newspaper «life» “The ministry has received several contacts from the Republic of Chikhia exposure sale of fixed-wing fighter aircraft” type (all -159). He added: “They told us that the atmosphere is ripe after US and British objections to the deal.”

And about the nature of these objections, said that “Britain has refused to provide us with radars (Ar- Dblao- R) you need these aircraft to detect radar hostile because of fears of falling into the hands of Daash. A year ago or more, and we have agreed to purchase without these radars. The Almaoukan other two were interrelated between the Czech Republic and America’s mission with those parts of the aircraft manufactured in the United States. No need to get approval. and linking Czechs deal with the consent of their partners, while the Iraqi side asked not to sign without the clearance of the deal from any objection so as not to get into the problem of the commitment or the opening credits financial worthless “.

The source added that the Air Force recently received a number of Russian “Sukhoi” aircraft that entered service will receive 10 or 15 of them in the coming weeks.

And other major armament contracts that will be implemented over the next year, said that “the first half of the new year will see the arrival of the first batch aircraft (T-50) from the Republic of South Korea, a dual-use”.

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Ebadi calls for Turkish companies to contribute strongly in the Iraqi market

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Khandan – said Iraqi Prime Minister Haider al-Abadi, said that Turkish companies have been proactive in working in Iraq, calling on Turkish businessmen to participate strongly in the Iraqi market, noting that in Iraq about fourteen province, which is not a war and its doors are open for investment.

H during a speech yesterday evening in the Iraqi-Turkish Business Council, which was held in Ankara in the presence of the Turkish prime minister and the participation of a large number of businessmen and investors, according to a statement issued by the Information Office of the devotional meeting.

He spoke Abadi for investment opportunities in Iraq and legislative environment available and the law of the evolving and procedures encouraging to work investors investment, calling for banking cooperation between the two countries and the establishment of joint banks, Abadi promised to harass or assault on companies including Turkish companies operating in Iraq as an attack on the Iraqi people.

The conference was opened by Iraq signed a memorandum of understanding in the field of water and signed by the Minister of Water Resources and his Turkish counterpart, also signed by the two foreign ministers Academy Aldblomasbh agreement between the Iraqi and Turkish.

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Prime Minister concludes visit to Turkey and back this morning to Baghdad

Fri, December 26 1 / December 2014 06:58

[Baghdad-where]

Concludes Prime Minister Haider al-Abadi Friday morning visit to Turkey.

The prime minister’s office announced in a brief statement received by all of Iraq [where] a copy of the Abadi will return to Baghdad on Friday morning, concluding his visit to Turkey

The Abadi has arrived in Turkey on Thursday morning, heading a high-level delegation on an official visit at the invitation of his counterpart Ahmet Davutoglu was held yesterday for talks and meetings with the President Recep Tayyip Erdogan, Prime Minister Davutoglu and Turkish Parliament Speaker Cemil Cicek also met with Turkish Business Council of Iraq .

Accompanying the prime minister of the delegation, Foreign Minister Ibrahim al-Jaafari, the defense Khaled al-Obeidi, oil Adel Abdul-Mahdi, and electricity Qassim Fahdawi, water resources Mohsen al-Shammari, and the state Saman happy, MP Abbas al-Bayati, the head of the advisers Thamer angry, and Kazim al-Hassani Prime Minister for Economic Affairs Adviser . It’s over

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Acceptance of the Securities Commission to include a number of money transfer in Iraq Stock Exchange companies

December 23, 2014 9:32Source: Iraq Stock Exchange
Part

I got the approval of the Securities Commission on the Board of Governors decision to request the number of shares of remittance companies included below in the Iraq Stock Exchange, to provide a listing conditions required by the Securities Commission.

Source: Iraq Stock Exchange

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Iraq can potentially become 2nd largest producer of OPEC, says Kurdistan oil minister

Submitted by Big Dinarhawk-

24 Dec 2014

Few oilmen attract as much interest when they visit the UK as Ashti Hawrami. As minister of natural resources for the Kurdistan Regional Government (KRG) he is in charge of opening up one of the world’s last great onshore frontiers for major exploration.
Kurdistan – the semi-autonomous enclave of northern Iraq – excites international oil companies such as Chevron and Tony Hayward’s Genel Energy, because of its vast untapped resources and the attractive contractual terms the authorities are willing to offer to bring in vital foreign investment.
Mr. Hawrami told, “We actually have a contractual model similar to most of the world, it’s just different from the one used in Iraq.” He also added, “Iraq has a type of oil contract that you only find in Iran and Venezuela, whereas our model is similar to that for the North Sea, for example, based on a shared risk and reward structure. For the newer projects involving exploration and for fields not yet in production, I have no doubt in my mind that the model we have is far better suited to attracting investment.”
Mr. Hawrami met the UK energy minister Matthew Hancock briefly last week and sees Britain as a key partner for Kurdistan’s burgeoning oil industry. However, his close links with the UK, where he worked as an oil engineer in the North Sea in the 1970s, have also come with some controversy. In 2013 he was cited in evidence used in an insider trading case brought against the high profile City banker Ian Hannam in relation to shares Mr. Hawrami bought in Heritage Oil – a client of Mr. Hannam at the time. However, Mr. Hawrami denied wrongdoing and the then Financial Services Authority found he had broken no rules.
In a decade, Kurdistan has gone from being a very high-risk bet to a potential powerhouse with reserves estimated at 45bn barrels and an industry close to producing 1m barrels per day (bpd) of crude in a few years.
Such is the success of Kurdistan’s efforts to lock in foreign investment that Mr. Hawrami expects the federal government in Baghdad to soon follow its example and reform its own oil contract terms.
Mr. Hawrami believes that Iraq’s oil ministry, unlike the KRG, doesn’t currently provide terms that allow international oil companies to significantly benefit from increasing production and efficiency and instead ties operators to fixed fee structures.
“The contracts they (Baghdad) have signed need some amendments in a positive way between the contractors and the government,” says Mr. Hawrami.
Recently, KRG ended a long-running dispute with Baghdad over the sale of crude from its fields and the distribution of federal budget revenues. The legal battle had forced KRG to borrow billions of dollars to cover the shortfall in its domestic budget and delay payments to international oil operators.
But a new deal reached earlier this month will see the KRG send 250,000 bpd to Baghdad to sell, and export a further 300,000 bpd from its northern pipeline, in return for a share of the federal budget. The KRG will also be allowed to sell any additional barrels it pumps via its main export route to Ceyhan in Turkey. According to Mr. Hawrami, the agreement will enable Kurdistan to reach 1m bpd of production by 2016 and raise Iraq’s overall export levels to the second highest in the Organization of the Petroleum Exporting Countries (Opec), behind Saudi Arabia.
“We hope that with the right policies and the right coordination throughout the country we will get Iraq to that number two position in the shortest period of time,” says Mr. Hawrami. “In the medium term, we expect to reach 1m bpd. A small amount of that we will consume but the rest will be available for export from 2015. In the longer term we do have more difficult oil, which is heavier and requires better technology, such as horizontal drilling and different pipeline structures. We’re looking at 2019 when production can be enhanced substantially above the level of 1m barrels.”
Up to this point, most of the investment in Kurdistan has gone into the search for oil, but this is soon expected to change. The agreement with the federal government will also enable Erbil to begin repaying the $7bn (£4.48bn) that it was forced to borrow to cover its own budget shortfalls during its dispute with Baghdad and catch up with payments owed to international oil companies.
“So far we have been just in the exploration phase, so the money going into finding the oil and gas is approaching $20bn now.
“Exploration is just a small part of the expense, when you find oil you have got to develop the wells, facilities and pipelines, so the expenditure increases substantially. We are now at that phase when we need infrastructure and facilities to handle the oil. More money will be needed to realize our full export potential,” says Mr. Hawrami.
Of course, the big uncertainties hanging over the oil industry’s further development in Kurdistan at present are the falling price of crude on world markets and the threat posed by militants from the Islamic State of Iraq and the Levant (Isil, also known as Islamic State and Isis) on the region’s borders. However, Mr. Hawrami believes that the current situation with oil trading at around $60 per barrel is ultimately unsustainable and more about “politics” than the fundamental principles of supply and demand.
“Separating oil from politics is always difficult,” he says. “The oil price is not sustainable because the world has too many expensive projects and once you take them off the design stage it is difficult to come back to those schemes quickly. It will cause permanent damage to delay certain projects, in which case the oil price goes back up. It is not in anybody’s interest to play this game, but part of it is also supply and demand. But it does have some politics attached to it.”
Much of the political intrigue Mr. Hawrami hints at is being played out between Saudi Arabia and its rivals, led by Iran, with Opec the cartel that controls about a third of global oil supply.
“Iraq is very concerned. We all agree that we want to see higher prices. Iraq still needs to rebuild security and its own infrastructure. For the last 20 years, or maybe longer, Iraq has never realized its full potential to sell oil on to international markets because wars, whether internal or external, have always held it back and it’s unfortunate that we might have to cut oil along with other producers who have possibly benefited through these times,” says Mr. Hawrami.
Although, he argues that the oil industry generally needs to be depoliticized, he also suggests that energy can provide positive outcomes, which bring former rivals closer together.
“Politics is always associated with big economic decisions involving natural resources, which is a problem,” he says. “But it also has some positives. For example, if you look at Kurdistan’s relationship with Turkey, five years ago it was a completely different thing. We had hostility – almost threats, both ways. But when our oil was found we ended up talking and the politics was put aside and the economy took over.
“Our biggest partner in Kurdistan is now Turkey, with $10bn of trade, which is not insignificant. Now they are also helping us to fight terrorism as well as exporting our oil. If someone had said this five years ago we would not have believed it. The economic benefits for both countries overcame the prejudices.”
Earlier this year, authorities in Erbil were shaken by the dramatic rise of Isil, which captured Mosul and at one stage looked to be preparing to push deeper into Kurdistan. They have since been checked by Kurdish fighters known as Peshmerga, supported by British and US air strikes.
“We highly appreciate the role of the UK and other allies who came in with logistical support and later with training and military support,” says Mr. Hawrami. “I think we need more, but it has helped us to get organized to deal with the threat of Isis [Isil]. They have been pushed back, but we still have unfinished business with respect to the threat to the rest of Iraq and the region overall. It is in everyone’s interest to beat them, otherwise they are a disease that will affect not just stability in the region but also the free world.”
Mr. Hawrami also warns terrorists fighting under the banner of Isil returning to the UK and Europe.
“They are completely brainwashed and they carry with them danger, whether they come back home to Britain, or stay in the region. They need to be beaten and there needs to be security coordination and cooperation to do this,” he concluded.

Parliament being the first reading of the budget law in a positive atmosphere

Baghdad-Iraq-Presse -25 December: The Council of Representatives, the day on Thursday afternoon, its own budget in 2015, headed by Speaker Salim al-Jubouri, and the presence of 208 deputies exceptional, and proceeded to the first reading of the draft budget

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He said a parliamentary source, “The House of Representatives held at noon today, its own general budget of the State, headed by President of the Council, Salim al and the presence of 208 deputies special session, after being postponed for more than half an hour until the preparation of required copies of the budget sent from the presidency of the Iraqi government’s proposal to parliament.”

 

The source added, “The Council proceeded to the first reading of the law of the state budget in a positive atmosphere,” he said, adding compatible parliamentary blocs in the importance of expediting the approval as soon as possible. “

 

And signed by Prime Minister Haider al-Abadi on the draft federal financial budget bill and sent it to the House of Representatives, urged his call to move forward with passage of the budget. Ended (1)

Urgent … Abadi: Turkey to arm ISF against ISIL

Urgent … Abadi: Turkey to arm ISF against ISIL
Thursday, 25 December 2014 21:43
Baghdad (AIN) –The Iraqi prime Minister, Haider al-Abadi, assured that “Turkey expressed its readiness to assist Iraq on military field, especially in arming the Iraqi Security Forces to confront the ISIL gangs.” /End/

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Iraq raises prices of cars and mobile and Internet cards

THURSDAY, 25 DECEMBER 2014 13: 27M P

Twilight News/National Alliance said that there are proposals to increase the budget revenues from taxes on mobile phone mobile Web and import cars.

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He said in a statement that ARAMIS of the perceptions of the General features of the draft federal budget prepared by the Government of Iraq and a perception of reality substantially if not identical in its estimates, the total value of federal budget ranged between 123-125 trillion Iraqi dinars.

There are proposals in the budget to reduce the shortfall, the taxation of allocations allocated above the nominal salary of roughly 500,000 dinars to 1 million dinar by 10%, and MTD to three million dinars will be 20 percent, and from three millionto five million by 30% if the allocations of more than five million will be taxed at 40%.

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