Translated from Al-Hayat by Abdel Wahed Tohmeh, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

Iraqi Kurdistan Region Natural Resources Minister Ashti Hawrami (pictured) said that the shares of oil companies operating in the region have exceeded $3.5 billion. He stressed the importance of the oil and gas law’s enactment, and estimated that oil reserves in the three Kurdish governorates are at more than 45 billion barrels.

In an interview with Al-Hayat, Hawrami said that the negotiations with Baghdad will be in accordance with the law, which determines the Kurdistan region’s financial share of federal revenues. “The provincial government informed Baghdad at the beginning of this year that the investing companies requested more than $3.5 billion [in shares], and they are constitutionally entitled to this,” he said.

He denied Baghdad’s accusations that the region is exporting crude oil without coordinating with Baghdad, adding, “This is taking place under an agreement with Baghdad to export our production, on the condition that 50% of proceeds is deducted to pay companies’ dues, while the other 50% is kept by the state treasury. However, all the proceeds were seized.”

He denied rumors of smuggling, saying, “There is no oil smuggling, we do not accept such cheap accusations. What was claimed is a legal entitlement and it came because we forbid them from grabbing it.” He criticized the current management of the country’s imports, which “still follows the methods of the former regime and include laws that are imposed on us by force from the federal government.”

Hawrami demanded that the central government provide the region with the 55 million barrels of fuel “that we did not receive from 2004 to 2012, and that are needed for domestic consumption.”

By John Lee.

Hurriyet Daily News reports that Doğuş Otomotiv, the automotive arm of Turkey’s Doğuş Holding, has said it has reached an agreement with Volkswagen and Audi to establish a company in Iraq.

Doğuş Otomotiv will own 100 percent of the company that will deal with distribution and after-sale services for Volkswagen and Audi cars in the country. The new company’s initial capital will be 150 million Iraqi dinars ($128,000).

The number of Turkish companies operating in Iraqi Kurdistan has more than tripled, to around 1500, since 2009.

(Source: Hurriyet Daily News)

On 13th July the Iraq Britain Business Council (IBBC) held its annual conference at Cumberland Lodge near London.

The conference was attended by many British businessmen, heads of British companies and some Iraqi businessmen specialized in the fields of energy, infrastructure, health services. The Council, which was founded about four years ago, is managed by Baroness Emma Nicholson.

The Foreign Minister Hoshyar Zebari gave a detailed speech on political, security and economic developments, as well as investment opportunities available to encourage British companies to work and invest in Iraq.

He also explained the facilities provided by the government for businessmen and investors by facilitating access to visas, the development of laws, regulations and to reduce bureaucracy, fight corruption and create a favorable environment for the work of foreign companies.

The Minister responded to questions and inquiries from the attendance and stressed the keenness of the government to deal with the Council as a reliable partner. The meeting was attended by Iraq’s ambassadors to the United Kingdom and France.

(Source: MoFA)

By John Lee.

Iran’s outgoing president, Mahmoud Ahmadinejad, is set to make a two-day visit this week to Iraq, Prime Minister Nouri al-Maliki’s spokesman said on Sunday.

He is expected to arrive in Baghdad on Thursday to meet with the Prime Minister.

According to a report from NCR-Iran, Ahmadinejad’s visit to Iraq in 2008 prompted widespread protests.

(Source: NCR-Iran)

PM Kitco Metals Roundup: Gold Ends Modestly Up Amid Lower US Dollar …

ForbesJul 16, 2013

(Kitco News) – Gold prices ended the U.S. day session modestly higher in quieter trading Tuesday. The precious metals were supported by a lower U.S. dollar index Tuesday. More short covering and bargain hunting were featured. August gold was last up …
Posted in Uncategorized.
PM Kitco Metals Roundup: Gold Ends Modestly Up Amid Lower US Dollar …

Forbes6 hours ago

(Kitco News) – Gold prices ended the U.S. day session modestly higher in quieter trading Tuesday. The precious metals were supported by a lower U.S. dollar index Tuesday. More short covering and bargain hunting were featured. August gold was last up …

Gold & Silver; Watch US DollarSharps Pixley Ltd

Posted in Uncategorized.

7-15-2013 BulldogFord65:    Iraqia TV has been saying GOI Finance committee is pressing CBI to lift the 3 zeros, think they are very close, much closer than ever before. No one knows the date or the rate!!! Hopefully by next week the currency will have been revalued, it could happen any day, any minute, and the rate will shock a lot of people in a good way.

Translated from Al-Hayat by Abdel Wahed Tohmeh, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.
Iraqi Kurdistan Region Natural Resources Minister Ashti Hawrami (pictured) said that the shares of oil companies operating in the region have exceeded $3.5 billion. He stressed the importance of the oil and gas law’s enactment, and estimated that oil reserves in the three Kurdish governorates are at more than 45 billion barrels.
In an interview with Al-Hayat, Hawrami said that the negotiations with Baghdad will be in accordance with the law, which determines the Kurdistan region’s financial share of federal revenues. “The provincial government informed Baghdad at the beginning of this year that the investing companies requested more than $3.5 billion [in shares], and they are constitutionally entitled to this,” he said.
He denied Baghdad’s accusations that the region is exporting crude oil without coordinating with Baghdad, adding, “This is taking place under an agreement with Baghdad to export our production, on the condition that 50% of proceeds is deducted to pay companies’ dues, while the other 50% is kept by the state treasury. However, all the proceeds were seized.”
He denied rumors of smuggling, saying, “There is no oil smuggling, we do not accept such cheap accusations. What was claimed is a legal entitlement and it came because we forbid them from grabbing it.” He criticized the current management of the country’s imports, which “still follows the methods of the former regime and include laws that are imposed on us by force from the federal government.”
Hawrami demanded that the central government provide the region with the 55 million barrels of fuel “that we did not receive from 2004 to 2012, and that are needed for domestic consumption.”

Source: Iraq-BusinessNews.com.

Post your commentary below.

On 13th July the*Iraq Britain Business Council (IBBC) held its annual conference at Cumberland Lodge near London.
The conference was attended by many British businessmen, heads of British companies and some Iraqi businessmen specialized in the fields of energy, infrastructure, health services. The Council, which was founded about four years ago, is managed by Baroness Emma Nicholson.
The Foreign Minister Hoshyar Zebari gave a detailed speech on political, security and economic*developments, as well as investment opportunities available to encourage British companies to work and invest in Iraq.
He also explained the facilities provided by the government for businessmen and investors by facilitating access to visas, the development of laws, regulations and to reduce bureaucracy, fight corruption and create a favorable environment for the work of foreign companies.
The Minister responded to questions and inquiries from the attendance and stressed the keenness of the government to deal with the Council as a reliable partner. The meeting was attended by Iraq’s ambassadors to the United Kingdom and France.
(Source: MoFA)

Source: Iraq-BusinessNews.com.

Post your commentary below.