Iraqi oil Minister says no need for the national oil company

By Ahmed Rasheed

BAGHDAD. Sun, July 3, 2011 1 pm EDT

Baghdad (Reuters) - the creation of an Iraqi national oil company new to run the energy of the OPEC member is not essential and could be confused with the work of the Ministry of oil, Iraqi oil Minister said Sunday.

The Iraq cabinet has approved a draft law establishing a new national oil company in 2009, but the legislation has languished in the political turmoil and a change of Government in the war-battered nation.

"If this Act was passed, and then I ask"What would it add to the oil sector of the Iraq?"" I say nothing, "Minister of oil-Kareem Abdul Luaibi, said dans a speech to Parliament's oil and Energy Commission. "Our companies are the same job." "Not necessary for the establishment of this company".

Creating long-awaited oil of the Iraqi National (INOC) company, which could revive a State Enterprise established in the 1960s and merged with the Department of the Iraqi oil in 1987, had been a central element of the plan of the Iraq to turn around its oil sector who have difficulties to take advantage of its vast mineral wealth.

A set of laws, including a modern law of hydrocarbons, a division of revenue Act, and legislation to restructure the oil Ministry sparked fierce debate and disagreement between the political parties for years.

The semi-autonomous region of Kurds in the North was moving aggressively to develop the oil and gas reserves on its territory, clashes with the central Government on who has the authority to sign oil contracts.

Amendments to the oil bill are considered by the Committee of the energy of the front office it refers to the Act to the Parliament.

Luaibi criticized INOC described in the Bill, functions that include join in the exploration, drilling, development and production contracts, contracts of carriage and maritime oil and gas.

"If we have two organizations with the use of petroleum marketing, then this will definitely create problems,", he said.

Thamir Ghadbhan, Adviser to Prime Minister Nouri al-Maliki, defended high energy bill and said that reviving INOC is vital for the development of the energy sector.

"The creation of an independent National oil company is essential to develop the energy sector the Iraq, with the Ministry of oil... to make the oil policy,"Said Ghadbhan.""

(Reports by Ahmed Rasheed;) (Editing by Jim Loney and Will Waterman)

China GDP rose by approximately 10 per cent in 2010 - Deputy Prime Minister (Reuters)

BEIJING/SHANGHAI (Reuters) - China's economy has increased by nearly 10% in 2010, with retail sales up 18.5%, proving that it is now relying more on domestic consumption, Vice Premier Li Keqiang said in remarks published on Saturday.

"The driving force of domestic consumption is growing, and its increase has helped more than 90% economic growth (2010)," Li told business leaders in Berlin, according to a transcript of his speech published in popular official daily.

"We have confidence, conditions, and the ability to maintain a stable and economic growth fast long term", he said.

Central Bank Governor Zhou Xiaochuan said this week that gross domestic product increased 10% in 2010.

Li said China to expand domestic consumption and enable its residents to enjoy a greater share of rapid growth during the five coming years.

It also doubled confidence Europe could overcome the crisis of sovereign debt, saying Beijing has been attention to it and offers support.

China has publicly promised to buy debt of the Government of the Greece and the Spain, but it has refrained from providing specific values for its investments.

(Reporting by Chiang and Jason Subler Langi.) (Editing by Sanjeev Miglani)

The German Finance Minister defends euro (the Arizona Republic)

"BERLIN (AP) - the German Finance Minister is quoted with an emphasis on the fact that the European common currency will not miss warning than betting against the euro" would succeed. "Wolfgang Schäuble published Sunday in Bild am Sonntag comments come every week ahead of a Summit of the Union European this week is to concentrate on the establishment of a mechanism for permanent Nations in the euro crisis from 2013.Schaeuble stressed 16 members of the euro area has accepted the common currency is beneficial to their finances and" for this reason we will successfully defend it. " "The euro came under pressure because the Ireland tapped into a relief fund billion euro750 following Greece.