October 22, 2014

News About Iraqi Dinar

Iraqi Dinar Exchange Rate

Currency Exchange News

2 September

Iraq Important Dates

September 10, 2010 End of Ramadan – Eid ul-Fitr Celebration
September 27-28, 2010 Oil & Gas Conference Istanbul, Turkey
October 8-10, 2010 IMF Conference & CBI officials/MoF Washington D.C.
October 15-16, 2010 GET ENERGY for Iraq Conference Basra, Iraq
October 24, 2010 Iraq National Census – Postponed to 2011
November 25-28, 2010 Basra International Oil & Gas Conference Basra, Iraq
November 29-Dec 1, 2010 Iraq Petroleum 2010 London, U.K.
December 31, 2010 DFI Fund Remains in Federal Reserve NY
December 15, 2010 3rd Review Stand-by-Agreement Iraq
March 12, 2011 Kurdistan Regional Elections
March 1, 2011 Arab League Summit – Baghdad, Iraq

**Dates are tentative and could change without notice

If you have been paying attention to the ‘Iraq Important Dates’ you will notice a very important meeting will be taking place on October 8-10 with representatives of the International Monetary Fund and representatives of the World Bank (WB). In attendance will be the Governor of the Central Bank of Iraq (CBI), Dr. Sinan al-Shabibi, and other officials from the CBI and the Ministry of Finance, Bayan Jabr, and his deputies. If American Contractor could attend the meeting the one question I would ask the MOF is why do you refuse to accept checks from Iraqi banks?

The meeting is between the IMF and World Bank Annual that is held every year. I am sure they will talk about the Iraqi currency and that the re-denomination that is still on the table. The CBI is just waiting for the government to be seated.

The situation in Iraq will get much better as soon as the new government is formed as everyday old and new contracts are being canceled. This is the bad thing about not having a government. They are being canceled due to the funding of the contracts is more than the allowed signature authority of the ministries. Without a Parliament and a working functional government the contracts that have been signed in the last six months or so are beginning to just be canceled due to lack of funds.

The North Oil Company which is State owned is back in service after being down for several days due to technical reasons. The pipeline outside of Kirkuk with a daily flow of 450 thousands barrels of oil is back up 100%.

British Petroleum BP, who recently was awarded one of the largest Iraq Oil fields has now been awarded a contract to two additional companies. BP issued a $100 million dollar contract split between the American Company Baker Hughes Centrilift and the Saudi Arabian Company Al-Khorayef to provide critical ESP production equipment and related artificial lift services for the Rumaila oil field. Our inside source has relayed that Al-Khorayef had already supplied the initial trial ESP’s to BP for the Rumaila oil fields.

Violence, corruption, and lack of infrastructure appear to be the top three risks preventing business from being conducted in Iraq. The Economist Intelligence Unit (EIU) sent out a survey and concluded those were the risks.

http://arabnews.com/economy/article78686.ece

In October the U.S. State Department will be hosting a trade mission to Iraq and bringing 15 American business owners and representatives with them. The American companies are listed below that will be headed to Iraq.

1. America Cargo Transport Company – Seattle, Wash.
2. Bell Helicopter Textron, Inc. – Fort Worth, Texas
3. Bond Building Systems, Inc. – Fort Lauderdale, Fla.
4. CSECO – Alameda, Calif.
5. Flatter & Associates – Stafford, Va.
6. General Electric – Schenectady, N.Y.
7. ICON Global Architectural Engineering – Bloomfield Hill, Mich.
8. KT Engineering – Rancho Dominguez, Calif.
9. Newport Global Group, Ltd. – Middletown, R.I.
10. Omnitrans Corporation – New York, N.Y.
11. Sallyport Global Holdings – Bridgeville, Pa.
12. Target Engineering Group, Inc. – Miami, Fla.
13. Ted Jacob Engineering Group – Oakland, Calif.
14. The Boeing Corporation – Chicago, Ill.
15. Wamar International Inc. – Simi Valley, Calif.

www.trade.gov/trade-missions

Is your business interested in how we can help you with specialized market services in Iraq? On a retainer, or contract case by case basis, the IRAQ IQ Group provides essential business specialty services, direct investment, industrial and oil & gas contracting services support, business analysis, and partnership / agency business development. You can find out more at www.IraqIQ.com or email ddavidson@IraqIQ.com.

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American Contractor has been living in the Middle East and Central Asia since 2003.
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Comments

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