1 more day to wait.
Foreign aid payments should be stopped pending ITP resumption. |
And the rest, the rise took traction at low 130's, expect a retrace to there and then see what happens |
Mmmm ..back to £1.50 tomorrow then!! |
Yes JBG bashing decent oil companies is a sign of the emotional cripple . |
Arcadian is also a secret troll. |
 ERBIL, Kurdistan Region - A delegation from Kurdistan Region's finance ministry arrived in Baghdad on Sunday to discuss amendments to Iraq's previously-approved 2025 budget law and address obstacles to the payment of the salaries of its civil servants.The Kurdistan Regional Government (KRG) has been working to redirect funds from the Region's share of the federal budget to address salary shortfalls that persisted throughout last year."The aim of the visit is to discuss the amendments to the schedules of the Iraqi budget law for 2025 and solve the obstacles facing the salaries of salaried employees and civil servants in the Kurdistan Region," read a statement from the Kurdish finance ministry.The Iraqi lawmakers are expected to vote on a bill on Tuesday that seeks to amend an article from the budget law with the aim of helping the resumption of Kurdistan Region's oil exports, which have been halted since March 2023 after Iraq won a case against Turkey at a Paris-based arbitration court for exporting the Kurdish oil.Changes in the law, which include an increase in the amount producing companies make from producing oil in the Kurdistan Region, could lead to the resumption of Kurdish oil exports.KRG has been almost fully reliant on Baghdad to pay the salaries of its civil servants since the halt, rendering it unable to pay them on time and in full.Baghdad did not pay the KRG public employees for December and the fate of the January payment remains unclear. |
I think we all expected the the Finance Committee would vote their proposal through although we haven`t heard much what the High Committee contributed; it was after all their baby for the PM. It is also understandable that the other provinces wanted equal treatment even though I believe their costs are lower. What emerges is a republic where the center has hogged to much of the spending whether the regions are Sunni or Shia but that adds to the mix
For several reasons Parliament did not vote this through and it is doubtful whether they will change their minds on Tuesday as the reasons for objection remain. We are left with no payments system for oil which in any case is not flowing down that pipe and a growing loss.
I refer you to my earlier post. The straw that the PM must grasp to find an excuse to get the oil flowing and avoid further massive losses is
Now that PSCs are pronounced legal and the Prime Minister unable to get an alternative method of payment through Parliament there seem to be two possible ways of moving forward especially given the enormous cost of a closed pipeline to IRAQ itself.
1. He could mitigate the loss by opening the pipeline on PSC terms until a better alternative payment can be found. This might avoid a bigger problem of 2
2 The Kurds could follow up their last weekend rant and secede as Iraq as a whole seems ungovernable.This would be welcomed by America and Turkey
others might try waiting until September but that would raise a lot of other agreements and issues the PM has to solve the current problem.
such as SOMO and the rest of the budgetary/relationship framework |
Did Queen lemming sarah and her delusional fantasists get it all wrong again? LOL.
So the share price isn't going to go straight to £2.50 tomorrow, well what a surprise, lol.
Still not realised that there are those that are determined that the Kurds are not going to do well out of the impasse? I told you gullible suckers years ago Baghdad meant business this time and want to control all.
Will any possible agreement ever hold before accusations commence of not doing what is ever agreed?
And there's still to come the independent committee (lol) who will opine on production and transport costs!! If only Erbil had provided Baghdad/SOMO with all the details they requested in the name of transparency could this mess have been avoided? |
mmt1 is a secret troll. |
"It is fair to treat other provinces, the same as the Kurds."
The Constitution says yes, and that's why the Federal Government could not afford the dispute with Kurdistan to go to arbitration despite their so called "Supreme Court" ruling the contracts illegal, they knew the Arbitral Court would have to rule on the issue of constitutional rights and they knew they would lose. They had no option but to negotiate with the IOCs to keep it out of the courts.
Habshan 22/3/24 - "Judge Schwebel's analysis meticulously dissects the 2005 Iraqi Constitution, affirming that the distribution of power heavily favours regional governments, like the KRG, over the Federal Government in matters of natural resource management. Central to his argument is the interpretation of Articles 110, 114, 115, and 121, which collectively do not grant the Federal Government exclusive authority over oil and gas resources. Instead, these articles empower regions to manage the production of oil and gas within their territories."
If it went to Arbitration the ICG would be stuffed as ALL regions in IRAQ, including Basra, are constitutionally empowered to manage the oil and gas resources within their borders. |
Fair or not, Kurdistan is autonomous - they are not as far as I am aware....
I can see these demands (Art 14) as problematic going forward.... |
I think it's clear that there is a will to get this amendment over the line. This week by the looks of it. Couple that with an operational update at the end of this week. Which I expect to show a further increase in The cash balance with sustained production. any drop in the share price is likely to be short lived and bought. Good luck to those trying to make a quick buck on the potential drop tomorrow. You may be disappointed |
Good to see fines if they don't vote. |
Fair enough. It is right that Shia MPs demand for the same benefits. |
It is fair to treat other provinces, the same as the Kurds. |
Rmc100 - "What is the reason that some MP’s don’t want to vote on the budget?"
"Several lawmakers have called for the inclusion of a provision in the budget that would allocate financial resources to other provinces."
Those lawmakers are representatives of oil producing provinces and under the Constitution all regions and provinces have the right to manage their own resources.
So what they're asking is, "Why is the Federal Government asking us to vote for the rights of the Kurds while they're denying us OUR rights."
"Some Shiite factions have refused to amend only Article 12 of the budget law," Sabri stated. "They have insisted that both Article 12 and Article 14, which address the rights of oil-producing provinces, should be amended."
Article 14 specifically concerns the financial entitlements of provinces that produce oil, and Sabri emphasized that the ongoing discussions are tied to the implementation of these entitlements by the Iraqi Ministry of Finance, rather than the specifics of oil exports from the Kurdistan Region." |
Maybe posted
Parliamentary Finance: budget amendment covers Kurdistan Region's oil extraction
Iraq
Iraq
Oil
Kurdistan Region
Parliamentary Finance: budget amendment covers Kurdistan Region's oil extraction
2025-01-19 18:00
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Shafaq News/ The Parliamentary Finance Committee in Iraq revealed the details of a proposed amendment to Article 12 of the Federal Budget Law.
Committee member Mahasen Hamdoun told Shafaq News “the amendment includes a $16 per barrel cost for extracting oil from the Kurdistan Region, which will be deducted from the region's oil sales”.
She explained that the remaining amount from the oil sales will go to the Iraqi treasury, and the government will then allocate funds to pay salaries for the region's employees.
Several lawmakers have objected to this and called for the inclusion of a provision in the budget that would allocate financial resources to other provinces.
It was noted that the financial allocation for regional development in the 2024 budget is 1 trillion dinars, but only 200 billion dinars have been disbursed so far, leading to confusion in provinces due to the lack of sufficient funding.
Earlier today, the Finance Committee announced it had voted on the proposal to amend Article 12 concerning the export of oil from the Kurdistan Region and production and transportation costs in the Federal Budget Law.
On Sunday, a senior Kurdish delegation, led by Finance Minister Awat Sheikh Janab, arrived in Baghdad to negotiate solutions to the ongoing salaries crisis in the Kurdistan region.
The delegation is set to meet with Iraq's Federal Finance Minister Taif Sami to discuss mechanisms for resolving delays in salary payments, a source in the Kurdish Ministry of Finance and Economy confirmed. |
Thanks guys great finds and posts.
Gla |
What is the reason that some MP's don't want to vote on the budget? |
Shafaq News/ The Parliamentary Finance Committee in Iraq revealed the details of a proposed amendment to Article 12 of the Federal Budget Law.Committee member Mahasen Hamdoun told Shafaq News "the amendment includes a $16 per barrel cost for extracting oil from the Kurdistan Region, which will be deducted from the region's oil sales".She explained that the remaining amount from the oil sales will go to the Iraqi treasury, and the government will then allocate funds to pay salaries for the region's employees.Several lawmakers have objected to this and called for the inclusion of a provision in the budget that would allocate financial resources to other provinces.It was noted that the financial allocation for regional development in the 2024 budget is 1 trillion dinars, but only 200 billion dinars have been disbursed so far, leading to confusion in provinces due to the lack of sufficient funding.Earlier today, the Finance Committee announced it had voted on the proposal to amend Article 12 concerning the export of oil from the Kurdistan Region and production and transportation costs in the Federal Budget Law.On Sunday, a senior Kurdish delegation, led by Finance Minister Awat Sheikh Janab, arrived in Baghdad to negotiate solutions to the ongoing salaries crisis in the Kurdistan region.The delegation is set to meet with Iraq's Federal Finance Minister Taif Sami to discuss mechanisms for resolving delays in salary payments, a source in the Kurdish Ministry of Finance and Economy confirmed. |
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