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Jerry
12-26-2005, 01:36 AM
Then and now… In February 2005 Mr. Issam Al-Chalabi (Iraqis former Oil Minister) made a lot of commentary regarding Iraqs oil fields, giving actual dates.

Then…

MEES 48:6 7 February 2005

“As for the energy sector rehabilitation process, the former oil minister said “the only positive signs that I have seen, and sadly they have been a long time coming, are the contracts [awarded to Shell and BP – MEES, 24 January] to carry out technical studies on the Kirkuk and Rumaila oilfields. These two aging reservoirs have been really suffering for many, many years.” But the results of these studies will not be known for at least 11 months, so “that means that the earliest indications of what needs to be done will be in 2006 – so we shouldn’t expect anything in 2005.”…

As for talk in certain circles, in the US and elsewhere, ahead of the invasion of Iraq in 2003, of an oil bonanza after the overthrow of Saddam Husain, Mr Chalabi says that this remains a pipe-dream. “As I said in 2002 and early 2003,” he continued, “we should not expect any significant increase in Iraq’s production capacity until 2010 when contracts for the super-giant fields have been awarded. I think maybe 2010 is too early a date now – that I was being overoptimistic.”…

The factor influencing the speed at which Iraq’s energy sector recovers is security. In the aftermath of the recent elections, Mr Chalabi says the hope is that “a political process can be initiated – with all the factions brought into the room to start a dialogue about what is best for Iraq, what kind of reconciliation can be achieved….
http://www.apec-iraq.com/rep/article.htm

Ahhhh… there’s that magical year again 2010….

Now…

“a political process can be initiated – with all the factions brought into the room to start a dialogue about what is best for Iraq, what kind of reconciliation can be achieved”

Apparaently the Arab League is doing just that. If you recall, Arab League Secretary General Amr Moussa held a meeting with all the factions last month….

26 Dec 2005

Moussa praises US decision to slash number of troops in Iraq

CAIRO, Dec 25 (KUNA) -- Arab League Secretary General Amr Moussa praised on Sunday the US decision to slash number of the American troops serving in Iraq and expressed hope that conditions in Iraq would stabilize….

Speaking at a news conference, shedding light on events of the passing year and his pre-occupations with regard of the coming year, Moussa affirmed that propsects of holding a national conciliation conference in Iraq in the end of Febraury were high, but further consultations and diplomatic efforts were needed to "remove some obstacles." He affirmed abidance of the Arab League by statement of the recent Iraqi reconciliation conference, that was held in Cairo, with regard of the issue of withdrawing the foreign forces from Iraq in phases…

The league affirmed a special delegate to follow up on conditions in Iraq and implement the final statement of the meeting that was held in Cairo and prepare for the next meeting, due to be held in Iraq

http://www.kuna.net.kw/Home/Story.aspx?Language=en&DSNO=800330

It’s defiantly looking better every day…

QQQ
12-26-2005, 03:38 AM
http://www.nzherald.co.nz/section/story.cfm?c_id=2&ObjectID=10361479

Jerry
12-26-2005, 03:51 AM
This has more detail than my original...

Ernst & Young, Iraq's debt reconciliation agent, said the country had also concluded a debt-for-debt exchange offer with the largest claimants against the former regime, worth about US$14 billion....

This represents about 60 per cent of all the commercial claims registered with the firm. Under the offer, Iraq grants anyone with a claim of US$35 million or more the chance to swap for either privately placed notes or an interest in a multi-currency loan....

Claimants swap at a rate of 20 per cent of the value of their original holding. The new notes mature in 2028 and carry a 5.8 per cent fixed coupon

Thanks again QQQ