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Reference ID	Created	Released	Classification	Origin
09BAGHDAD1043	2009-04-17 10:18	2011-08-24 16:30	UNCLASSIFIED	Embassy Baghdad

VZCZCXRO2417
PP RUEHBC RUEHDA RUEHDE RUEHIHL RUEHKUK
DE RUEHGB #1043 1071018
ZNR UUUUU ZZH
P 171018Z APR 09 ZFF4
FM AMEMBASSY BAGHDAD
TO RUEHC/SECSTATE WASHDC PRIORITY 2716
INFO RUCNRAQ/IRAQ COLLECTIVE PRIORITY

UNCLAS BAGHDAD 001043 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: EINV IZ
SUBJECT: IRAQ TO OFFER (ANOTHER) ROUND OF JOINT VENTURE 
INVESTMENT OPPORTUNITIES 
 
REF: A. 09 BAGHDAD 222 
     ¶B. 09 BAGHDAD 816 
 
¶1. (SBU) Summary: Iraqi Minister of Industry and Minerals 
Fawzi Hariri recently announced a third round of Joint 
Venture (JV) opportunities in Iraq's state owned enterprises 
(SOE) (Reftel A). The current bid round will include 15 SOEs, 
representing the construction, engineering, 
chemical-petroleum, food-drug and textile sectors. 
Measureable progress on the SOE JV program has been slow over 
the past year, and some JVs have recently experienced 
investors withdrawing from the process (Reftel B), leaving 
only one JV currently in operation. While Hariri has put 
together a diverse basket of companies for the current round, 
the viability of the JV concept as it is currently structured 
remains in doubt. If the GOI is to improve the performance of 
the SOE JV program, the Ministry of Industry and Minerals 
(MOIM) will need to offer stronger financial incentives via 
more attractive contractual terms in order to attract greater 
interest and participation from viable international 
investment groups.  End Summary. 
 
14 Companies in Current Round 
----------------------------- 
¶2. (U) Iraqi Minister of Industry and Minerals Fawzi Hariri 
recently announced a third round of SOE JV opportunities. 
According to Hariri, the JV offers will be structured the 
same as the previous rounds,(Reftel A) with MOIM maintaining 
ownership and the investor taking over day to day management, 
payroll expenses, marketing and production costs; both sides 
will continue to split a negotiated percentage of the 
production output, typically 60% or more for the investor. 
The current bid round will include a diverse group of 15 
SOE's in 5 sectors: 
--Construction- State Company for Northern Cement (Badoosh 
Cement and Hammam Al Alil Cement Factories), State Company 
for Construction Industries (Plastic Pipe factories in 
Baghdad and Misan). 
--Engineering- Ur State Company for Engineering Industries 
(Aluminum Factory and Cable Factory), State Company for 
Electrical Industry, Al Zawraa Company 
--Chemical and Petroleum Products- Al Furat State Company for 
Chemical Industries (Starch and Dextrin Factory) Al Sawry 
State Company for Chemical Industries (Rock Wool and Fiber 
Glass Factory) Abug Al Khaseeb Fertilizer Factory, State 
Company for Petrochemical Factories. 
--Food and Drug- State Company for Tobacco and Cigarettes 
(Baghdad and Al Nasir Factories), State Company for Drugs and 
Medical Supplies, State Company for Dairy Products (Abu 
Gharib Dairy), State company for Vegetable Oils (Baghdad and 
Al Mua'atasem) 
--Textile Sector- State Company for Woolen Industries, State 
Company for Leather Industries 
 
Watching What is Done, Not What is Said 
--------------------------------------- 
¶3. (SBU) While Hariri continues to publicly champion the SOE 
JV process, he privately acknowledges the limitations of the 
offers and laments the lack of GOI political will to offer 
meaningful incentives to international investors.  Hariri's 
former deputy, Dr. Sami al Araji, currently Chairman 
designate of the National Investment Commission, has made 
similar comments about the SOE JV's as well, asking one USG 
official in a private meeting, "How can I sell these?" (Note: 
All SOE JV agreements must be ratified by the Council of 
Ministers; it is possible that Hariri does not want to be 
perceived as giving too much contractual ground to foreign 
entities.  End Note) It is worth mentioning that despite 
concerted efforts by MOIM, only one JV is currently in 
operation while six others remain in various states of 
negotiation, approval, or lack of investor commitment. 
Anecdotally, some potential investors have disengaged from 
QAnecdotally, some potential investors have disengaged from 
their SOE JV commitments due the stress of the current global 
financial situation. 
BUTENIS

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Viewing cable 09BAGHDAD1043, IRAQ TO OFFER (ANOTHER) ROUND OF JOINT VENTURE