April 12th, 2014
Saturday Morning News Summaries
Central Bank distributes Iraqi funds abroad between different banks
The CBI is taking measures to protect its money abroad by distributing its funds into a number of different banks.....this comes as a result of the US ceasing their protective measures for Iraqi funds on May 22, 2014.
CBI plans to buy more gold
The CBI plans to purchase more gold in the coming months....we had kind of heard that already.....what I'm struggling to understand is how the World Gold Council can say that with 65.8 tons of gold that Iraq is third among the forty largest gold holders of the world...."in the formal sector"....whatever that means....behind Denmark and ahead of Pakistan.....that "formal sector" thing must be the kicker.....on a side note, I thought we had seen where they now owned like 90 tons of gold.
CBI approached about doing the BIS to increase investment
Notice....who is approaching who here.....the BIS is coming to the CBI to get them to increase their investment and the CBI is in agreement and will invest another $1 billion dollars within the BIS this year....where their investment is considered safe and able to reap high earnings.
Undersecretary of the Ministry of Finance: Maliki ordered off the salaries of employees of the province for the months of March and April
Well it would appear that Maliki once again is putting the vise-grips to the Kurds.....saying no salary payments for March and April and is slow paying for February.....still the issue of exporting 400,000 barrels of oil is at hand it would seem.
The U.S. Senate advanced a proposal to write off the party Barzani and Talabani of terrorism list
Well thanks to Senators McCain and Menendez, the Senate is working on a proposal to remove Barzani's and Talabani's political parties from the US list of terrorist organizations.
Soon .. open-ended sit in front of the parliament until the adoption of the budget
Here comes the 60's and 70's all over again.....seems that the Maysan province is planning an old fashioned "sit-in" with the governor of the province leading the way in getting permits to do so....in front of Parliament.....go for it guys.....hold them hostage until they pass the budget....on a related subject, the World Bank issued a warning to the GOI that they would put Iraq on their black list if the GOI continues to intervene in the work of the CBI and attempts to make private loans from it.
Basra launches project to produce 500 million cubic feet of gas
Basra Gas Company has launched a new project that will be capable of producing 500 million cubic feet of gas....able to supply 3,500,000 homes with electricity generated from the gas.
OPEC allow for production increases coming from Iraq, Iran, Libya
OPEC is allowing for increases in production for Iraq...Iran...and Libya for 2014....but may put the screws to production for 2015....when it says it will more closely regulate production at that time....wondering how Iraq will take being under the thumb of big brother OPEC for the first time in many years.
SOC completed 8 new reservoirs soon in conjunction with the expected increase in production
The Southern Oil Company of Iraq is working on increasing their production capacity....they are building additional storage capacity for the anticipated increase in production of 8 new reservoirs....they are expecting something like an additional 4 million barrels of oil per day.
Philippine company develops the port of Umm Qasr at a cost of 130 million dollars
A Philippine company will be making improvements to the port of Umm Qasr that will increase container capacity from 500,000 to 900,000 for a cost of $130 million dollars.
Kanna confirms the adoption of the budget in advance of parliamentary elections
The deputy head of the Mesopotamia bloc is stretching his neck out and saying that the budget will be passed before the upcoming elections.....that the Kurds and the State Law coalition have been talking....and we will hopefully see some resolution soon....well we've heard this from a number of different sources over the past months...but still we sit and wait.....time will tell.
Zebari: Iraq faces a terrorist threat in the region has extensions
Foreign Minister Zebari showed the State Department that there still exists terrorist threats that stem from the conflicts in Syria....and that the US has responded by providing logistical support, ammunition, and weapons....he believes that Iraq needs to grow more serious with regard to defeating the terrorist threats then give attention to political issues....thus allowing those displaced to be able to return to their homes.
The Iraqi Ministry of Planning: expects to increase oil revenues to 670 billion dollars by 2017
The Ministry of Planning and Development Cooperation is expecting oil revenues to increase to $670 billion dollars by 2017....this is based on a daily production of 6 million barrels per day....other industry sectors are also expected to be further developed.
Damluji: We made a mistake in participating the government and al-Maliki cover up the corruption files
An MP with Maysoon has been recorded as saying it was a mistake of her coalition to accept the government from the beginning....she is seeing Maliki as not a good leader....that he is supporting ministers that are not doing their jobs...who are corrupt....and whose performance has failed.....strong words being said against Maliki.
There is no truth to the control of terrorist groups at the entrances of Baghdad
The Chairman of the Commission on Security and Defense in the Parliament states that terrorist groups holding bridges leading into Baghdad is not true....any areas in question have been retaken it would seem.
Despite March exports drop, record output for new buoys
The West Qurna 2 field was brought on at a rate of 120,000 barrels of oil per day and is expecting to see 400,000 by the end of this year....this coupled with a new record export in the Basra Gulf, single point moorings of 829,000 barrels of oil per day has helped Iraqi's oil export in the slow month of March.....a new export platform will be operational this month and another is expected to come on line by mid-year.
I think I will stop here for the morning and we will see what develops for the rest of the day Randy