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THE MOST PROMINENT ECONOMIC EVENTS IN IRAQ IN 2011
Alsumaria News / Baghdad
Occupied the oil and gas sector provided economic events that gripped Iraq in 2011, which saw many of the important economic events, in particular the establishment of a special company of Basra, Iraq's oil exports rise, and the launch of the fourth licensing round for oil and gas fields.
Also witnessed the 2011 events, other economic relate to the high Iraqi Central Bank reserves of hard currency, advertising and the Iraqi Ministry of Planning for the largest budget in the history of Iraq in 2012, and visit foreign companies, European and Asian countries to Iraq, as well as the success of the Ministry of Agriculture to fill a large part of agricultural crops , and the establishment of the Baghdad International Fair in its 38 th ordinary.
But in 2011 not free from economic problems have affected the economic development in Iraq and the reality of the electricity system, including the ghost contracts concluded by the Ministry of Electricity, in addition to the high inflation gradually with the end of the year 2011, and not to make amendments to the investment law, despite the claims continued to amend it.
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_Oil and gas sector
Saw the oil sector and gaseous important events including the increase in oil production and exports after Iraq had introduced the fields of oil and gas development in the licensing rounds first, second and third, while fourth mobile will work to develop the oil and gas fields, according to specialists to strengthen reserves.
The Director General of the Department contracts and licenses in the Ministry of Oil Abdul Mahdi al-Amidi said in an interview for "Alsumaria News", "Iraq was able to increase its oil production to 500 thousand barrels per day from three oil fields, including Rumaila, Zubair, West Qurna and within the first licensing round."
The Amidi that "oil production for 2011 reached 2.9 million barrels per day compared to two million and 500 thousand barrels in 2010, while exports of Iraqi crude oil is the other to reach about 2.2 million barrels per day compared to two million barrels per day during the year 2010."
As a result of Iraq's oil fields offer and gas development in the licensing rounds went to Iraq, announced in April of the year 201, for a fourth round of licensing for Balacetkchavat oil and gas reserves to boost Iraq's oil and gas.
A spokesman for the Iraqi Oil Ministry, Assem Jihad, said in an interview for "Alsumaria News" "The ministry has announce the licensing round, the fourth of 12 tenth exploration blocks in various parts of Iraq to bolster Iraq's oil reserves and gas," noting that "The trip came on the back of successes achieved by the last three rounds, which influenced positively in raising the level of Iraq's oil reserves as well as increased production. "
Announced a former Iraqi oil minister Hussein al-Shahristani, the fourth of October 2010, that the oil reserves of the country's recoverable up to a total of 143.1 billion barrels after it was 115 billion barrels, adding that Iraq has become so in the world's third largest after Saudi Arabia and Venezuela and by the Iran.
The establishment of Basra Gas Company to invest and deal with associated gas
Showed the urgent need for gas in Iraq in the operation of power stations and petrochemical plants after Iraq was burned gas associated with oil without the benefit of it, prompting the Council of Ministers to approve the establishment of Basra Gas Company.
A spokesman for the Iraqi Oil Ministry, Assem Jihad, said in an interview for "Alsumaria News", "The ministry has signed a final contract with Royal Dutch Shell and Japan's Mitsubishi to set up Basrah Gas Company to invest in gas associated with oil from three oil fields are Rumaila, Zubair, West Qurna Phase first. "
Jihad said that "the establishment of Basrah Gas Company is a national project chief will bring substantial gains to the country in general and Basra in particular, the most important investment of associated gas to extract oil and employ them and converted to useful energy in many areas, including the production of electrical energy and petrochemicals industry, and all activities related to the gas, as well as achieving additional financial and imports to the state treasury, in addition to cleaning the atmosphere of the city of Basra as a result of environmental pollution associated gas. "
The Cabinet approved in October of 2011, the establishment of Basrah Gas Company, which will address the gas associated with oil from the fields of Rumaila, Zubair, West Qurna partnership between the South Gas Company, owned by the Ministry of Oil by 51% and the two Royal Dech Shell by 44% and Mitsubishi of Japan by 5 %, while the ministry signed the contract with the companies once at the end of November.
And announced that the Iraqi Oil Ministry said Iraq would reap $ 31 billion in fiscal revenue from the investment of the associated gas in oil fields.
Preliminary estimates indicate that Iraq possessed stockpiles estimated at 112 trillion cubic feet of gas, but that 700 million cubic feet a day of it burning and wasting due to lack of infrastructure.
The second largest budget in the Arab World
The Ministry of Planning said that the Iraqi budget for next year 2012, would be the second largest budget in the Arab world after Saudi Arabia, with a budget ranging between 112 and 120 billion dollars through the adoption rate of the oil price set at $ 85 per barrel and production of 2.0005 million barrels a day, in what was seen a number of economic and financial to the next budget if used correctly will contribute significantly to the re-infrastructure of Iraq.
The financial and economic expert Hilal Miller in an interview for "Alsumaria News" that "Iraq's budget for next year 2012, will achieve a quantum leap in the field of projects and re-infrastructure if they were drawn in the places assigned to them and by the cadres and leaders of the specialized administrative and efficient.
He called Miller the Iraqi government to "the need to eliminate administrative and financial corruption that affected the previous budgets, and far from their right," and expressed his fear that "affect the Iraqi budget coming from the corruption that exists in some circles of the Iraqi government, especially with the presence of large numbers of the budget the next fiscal."
The Minister of Finance announced in the eighth month of December, the current, on the adoption of the Council of Ministers of the budget of Iraq for the next year 2012, of 117 trillion dinars and a deficit of 14 trillion dinars, while the operating budget 80 trillion dinars and 37 trillion dinars as investment budget.
Direct examination of goods in the countries of origin
And the Ministry of Planning began in the first of the month of July 2011, to examine the goods and goods entering Iraq by a company (SGS) and the Swiss company Rio Veritas French contracted earlier in the countries of origin.
The head of the Central Agency for Standardization and Quality Control, Saad Abdul Wahab said in an interview with "Alsumaria News", "goods will not enter Iraq after the first of the month of July without examination in the country of origin by the companies viewfinder and has a certificate of conformity," noting that "companies Examiner obliged to examine the goods in accordance with the specifications of Iraq. "
He said Abdul Wahab that "contracting with these companies will guarantee to prevent the entry of goods and inferior goods to Iraq through the examination of goods in the country of origin and at the border gates by these companies."
Disagreed with a lot of Iraqi traders and importers of the resolution, as it will increase prices of goods and commodities.
The dealer said Alaa Mohammed Tawfiq said in an interview for "Alsumaria News" that "examination of goods in the countries of origin is necessary but we are surprised by the decision rapid and sudden announcement examination and without let us know in advance that," adding that "this has led to the accumulation of a lot of goods at the border that have not get a certificate of origin and thus led to significant losses for traders. "
Tawfiq said that the "examination of goods in the countries of origin will make the prices go up significantly because of the Ministry of Planning rejects the introduction of goods from the second or third class, which will impact on the purchasing power of citizens."
High up the CBI
While the Iraqi Central Bank announced its readiness to replace the Iraqi currency after deletion of three zeroes from the bank confirmed the high reserves of hard currency.
The deputy governor of the Iraqi Central Bank Mazhar Mohammad Saleh in an interview for "Alsumaria News", "The central bank's reserves of foreign currency amounted to $ 58 billion after the $ 50 billion at the end of the year 2010," stressing that "this would strengthen of the value of the Iraqi currency and makes it more stable. "
For his part, the financial expert Majid picture in an interview for "Alsumaria News", that "high reserves of Central Bank of Iraq or the so-called safe side the sovereign, equivalent to more than one and a half of the Iraqi currency will increase confidence in local currency and increase its stability," noting that "the existence of reserves Iraq's approximately $ 60 billion will enable Iraq to cover imports for six months and more in the case of a financial crisis in Iraq. "
European and Asian companies to visit Iraq
The visit of the European and Asian companies to Iraq to see the investment opportunities in which the most prominent event in 2011, after Iraq was heading to the outside to hold special conferences for these companies to persuade them to work in Iraq.
Among the companies that visited the countries of Iraq Giuah companies, Swedish, Austrian and Turkish, in addition to Iranian companies and Korean and Indian.
The economist said Bassem Jamil Antoine in an interview for "Alsumaria News" that "Iraq is one of the best attractive areas for investment at the present time, especially with the financial downturn the world is experiencing," noting that "the rates of profits obtained by companies is good."
Antoine added that "the international companies will enter strongly and effectively if it had been provided with a good investment climate of political stability and security," and describing the investment law to "good."
Antoine explained that "the law is not enough with the administrative bureaucracy and with the lack of understanding of the importance of investment."
Agriculture and banning the import of fruit and vegetables
The Ministry of Agriculture during the month of November, all attended the import of agricultural crops and heavily regulate the rest of the crops are not grown in Iraq.
The Undersecretary of the Ministry of Agriculture Mehdi ligature Qaisi in an interview for "Alsumaria News", "the ministry was able thanks to the local production through establishing greenhouses based on agricultural initiative to cover more than 50% of the domestic requirement throughout the year," noting that "the ministry prevented the import of vegetable crops for more than seven months and even now, after the arrival of Iraq produced vegetables and fruits to 75% of the actual requirement of the country. "
The Council of Ministers issued the first of the month of November, a decree banning the importation of all crops and agricultural products and allowing the legalization of foreign import some crops that are not produced in Iraq and the strictest limits.
The Iraqi government launched in August 2008, a comprehensive initiative for the advancement of agricultural reality in the country, and set a time limit duration of ten years to reach the stage of Iraq's self-sufficiency in strategic crops.
Session 38 of the Baghdad International Fair
In the 30 month of November 2011, the Ministry of Commerce within the Baghdad International Fair of the 38 regular session with the participation of more than 700 local and international companies and 20 countries have officially.
The General Manager of the opposition Iraqi Sadiq Hussain Sultan in an interview for "Alsumaria News", that "the company shows Iraqi evaluated shows a patrol in each year attracts in which all the international companies, including local, too," noting that "the participation of States and international companies in the Baghdad International Fair aims to have access to economic opportunities in Iraq.
Contracts and the mock power stations
Despite the economic events in Iraq during 2011, but this year did not devoid of economic problems have affected the economic development in Iraq and the reality of the electricity system, including the fictitious contracts concluded by the Ministry of Electricity.
After the Council of Ministers granted approval to the Ministry of Electricity to contract with a number of companies form payment on credit, to build 50 power station quick monument, the capacity of each station, one hundred megawatts, and a total capacity of five thousand MW, contracted by the Ministry of Electricity with Cobb Gent Canada, Inc. (or my age) German, for the establishment of power stations in Iraq at a value of $ 700 million, which it turns out, later that the two companies are two of the front companies, which led to the dismissal of Electricity Minister Raad waterfall from office.
The Prime Minister Nuri al-Maliki, the seventh of August 2011, a decision to dismiss the Minister of Electricity Raad waterfall on the back of the signing of contracts and the mock worth about one billion and $ 700 million, after a few hours to detect a member of parliament for a coalition of state law, Hanan al the signing of a waterfall commercial contracts with and two imaginary.
High rate of inflation in Iraq
Inflation has been in Iraq with the beginning of the year 2011, a decline but it soon began to rise with the latter half of this year, up nearly 7% during the month of November.
The governor of the Iraqi Central Bank Mazhar Mohammad Saleh in an interview for "Alsumaria News", "There are two directions of inflation in Iraq, imported inflation and domestic," adding that "rising prices in the world and especially in the dollar has reflected on the imports of Iraqi goods, which reached to more than 40% in July of 2011 compared Btamoz of the year 2010. "
Saleh added that "the source of domestic inflation lies in the housing sector and the services attached to it," noting that "the problems of housing and high rents consistently reflected significantly impact on inflation in Iraq."
Saleh indicated that "the central bank has the ability to curb inflation in the country has a trade surplus estimated at between three to 5%, and has large reserves," asserting that "the bank will curb inflation when it arrived in two places decimal places.
And has the Iraqi Central Bank, with headquarters in Baghdad, four branches in Basra and Sulaymaniyah, Erbil and Mosul, founded the bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March 2004, and is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of reserves and the issuance of foreign currency management, as well as to regulate the banking sector.