Iraq recorded lately substantial improvement, especially in the oil sector, and would use these benefits to cover the Iraqi dinar value. The dinar has already become one of the most powerful currencies in the Middle East. Nevertheless, there are still problems between Iraq and Kuwait concerning the common border and the establishment of the Mobarak port. Franco Frattini, the Italian Foreign Minister also expressed his desire to resolve differences between these two countries establishing the balance in the region.
According to the Kuwaiti Qabas newspaper, Kuwait announced its decision to stop building 60 piers in the Port of Mobarak. This decision will calm Iraqi authorities, especially as the marine life will not suffer any changes. Therefore, the goods exchange including the inflation will not be negatively affected by the failure of the fourth stage of the port establishment.
Furthermore, Iraq denied the establishment of a nuclear station on the border with Kuwait. The Undersecretary of the Minister of Foreign Affairs of Iraq, Alabawi stated for the Kurdish news agency that there were only rumors and the two countries did not formally reveal the decision of creating a nuclear power station. He stressed that this action would damage the Iraqi environment.
Following these events, the Committee announced that the Council of Ministers prepared a draft law of oil and gas field instead of establishing a law targeting the dinar revalue.
The head of the Energy Committee, the Deputy Prime Minister, Hussein al-Shahristani stated that they completed the draft law and would send it to the Prime Minister to make the last adjustments.
Iraq represents one of the most vital countries in the gas and oil-production, including the soil and subsoil resources. Therefore, it needs a law to protect the oil and gas processing also its transport and distribution. The oil sector brings many benefits to the country representing the most important support in the Iraqi economy and the increase of the dinar value.
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