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17 Nov 2012

Iraq Business News: Vast Exploration Hands Back Qara Dagh Block

Iraq Business News
All the latest business news from Iraq
Vast Exploration Hands Back Qara Dagh Block
Nov 16th 2012, 18:26

By John Lee.

Vast Exploration has announced that along with its consortium partners, Niko Resources and Groundstar Resources, it has entered into a relinquishment and termination agreement with the Kurdistan Regional Government to surrender their collective interests in the Qara Dagh Block (pictured).

Vast acquired a working interest in the block under a production sharing agreement signed in 2009. During the first exploration period, the operator, Niko Resources, conducted a seismic program and drilled one exploration well, which was not commercially successful. Subsequently, an extensive process was undertaken by the operator to find a suitable farm-in partner, which was ultimately unsuccessful.

Pursuant to the Relinquishment Agreement, and after settlement of outstanding expenses, Vast expects to recover a net amount of USD $3.25 Million within the next 12 months.

Mr. Sig Slotboom, President & CEO stated that:

Although we are disappointed with the results of our joint venture in Kurdistan, we are pleased to be released from any further obligations on a mutually acceptable basis. In the near term the company will be seeking to reorganize and evaluate new E&P investment opportunities.

In connection with entering into the Relinquishment Agreement, the company also announces the resignation of General Jay Garner (Ret) from its board of directors and appoints Mr. Robin Birchall as a new director.

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Iraq Business News: Maysan Province Seeks to Control Local Oil Fields

Iraq Business News
All the latest business news from Iraq
Maysan Province Seeks to Control Local Oil Fields
Nov 16th 2012, 18:26

By John Lee.

A member of the Energy Committee in Maysan Provincial Council has called on the Ministry of Oil to grant the province the right to take part in running the oil sector in the province, according to a report from AIN.

Ammar Nasrallah told the news agency:

We call to apply the constitutional article No 112 which grants the oil producing provinces the right to participate in administrating the oil sector and form strategic policies … [The] Ministry of Oil violated this article through concluding contracts with oil companies without informing the provinces.

“We have reservations concerning thse contracts being unconstitutional, among them a 20-year contract concluded with PetroChina.

Half of Missan's production is from the Halfaya oilfield, in which PetroChina, a subsidiary of China National Petroleum Corp (CNPC), China's largest energy producer, holds a 37.5 percent stake; Total and Petronas each hold a 18.75 percent stake, with Iraq's state partner holding the remaining 25 percent.

(Source: AIN)

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Iraq Business News: “Mom-and-Pop Investors” Pin Hopes on Iraqi Dinar

Iraq Business News
All the latest business news from Iraq
"Mom-and-Pop Investors" Pin Hopes on Iraqi Dinar
Nov 16th 2012, 18:25

By John Lee.

Reuters reports that “thousands” of people are still speculating on a huge upward revaluation of the Iraqi dinar, which it describes as “one of the chanciest investments in the world“.

It quotes a Las Vegas-based speculator, who previously lost most of his retirement fund on the stock market, as saying:

It’s not a question of if, but when Iraq revalues its currency … The dinar will eventually have substantial value, possibly the highest in the world … If the dinar rises to just even a penny, you would have realized a profit of 900 percent.

The article goes on to say that some speculators are even betting that the dinar could rise to a value of $1 to $3, which would represent gains of between 116,500 percent and 349,700 percent.

One dinar dealer, which reportedly charges a spread of 30 percent on transactions, told Reuters he sold about $577 million in dinars to U.S. customers in 2011. “His customers are U.S. mom-and-pop investors – teachers, police officers, and construction workers”, says the report.

(Source: Reuters)

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Iraq Business News: Iraq Calls on Arabs to “Use Oil as Weapon”

Iraq Business News
All the latest business news from Iraq
Iraq Calls on Arabs to "Use Oil as Weapon"
Nov 16th 2012, 18:26

By John Lee.

Reuters reports that Iraq’s representative to the Arab League said that Arab states should use oil as a weapon to put pressure on the United States and Israel over the attacks on Gaza.

Qais al-Azzawy told reporters in Cairo on Friday:

Iraq will invite (Arab) ministers to use the weapon of oil, with the aim of asserting real pressure on the United States and whoever stands with Israel.

“The economic weapon is the strongest one to be put into effect now, to assure of standing by the Palestinian people, in light of there being no military power that can stand in the face of Israel at the present time.

(Source: Reuters)

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Iraq Business News: Foreign Firms Win $290m Hospital Deals

Iraq Business News
All the latest business news from Iraq
Foreign Firms Win $290m Hospital Deals
Nov 16th 2012, 18:26

By John Lee.

Iraq’s Ministry of Health has announced that it will build two 400-beds hospitals in the provinces of Kirkuk and Muthanna.

Azzaman reports that the Ministry has signed contracts totalling $290 million with foreign companies to build the hospitals, which are part of a plan to construct 11 such facilities.

A Turkish firm is to build the hospital in Kirkuk at a cost of $145 million, while a German firm will build the Muthanna hospital at a cost of $145 million.

(Source: Azzaman)

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The Currency Newshound: Legal expert calls for banks that earned billions of central bank auction identify beneficiaries

The Currency Newshound
Providing news which shapes the Iraqi economy and the future of the Iraqi Dinar
Legal expert calls for banks that earned billions of central bank auction identify beneficiaries
Nov 16th 2012, 16:42

called legal expert Tareq Harb, private banks "that there are no more than a handful" T received billions of auction central bank identify the beneficiaries, noting that achieved hee banks of the profits outweigh the profits of U.S. and European banks.

Media files:
currencynewshound
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