It's all about legitimacy.It means Shamaran and GKP can sell up at true value.And that's been worked on for years.... |
All just coincidence? Big meeting last night where they agreed unanimously to pass the budget amendment then appeals court ruling comes out today! |
"The 30 days to appeal must be up!"
I think they've given up on that one.
For 19 years the ICG banged on about PSCs being unconstitutional and therefore illegal and wanted all Iraqi IOCs to have TSCs instead.
BP said no thanks so they've been offered a PSC.
PSCs were illegal until the ICG needed to sign one to get BP to Kirkuk.
Iraqi politicians think they can just make up a new constitution and new laws as they go along. |
So they did appeal and lost! |
 The Kurdistan Region's Ministry of Natural Resources (MNR) has announced that the Iraqi Court of Appeal has ruled in favor of the validity of contracts between the MNR and oil and gas companies, overturning previous decisions that had deemed them unconstitutional.The ruling follows a series of legal challenges and appeals after an initial decision by the Karkh Court, which had aligned with the Iraqi Federal Supreme Court's verdict against the Kurdistan Oil and Gas Law. However, the Karkh Court later reversed its earlier ruling, siding with the MNR.Despite an appeal from the Iraqi Federal Oil Ministry, the Iraqi Court of Appeal upheld the revised decision of the Karkh Court, effectively confirming the legality of the contracts and strengthening the Kurdistan Regional Government's (KRG) authority over its oil and gas agreements.This decision represents a pivotal moment in the long-standing dispute between the Iraqi federal government and the KRG over control of oil and gas resources. It reaffirms the Kurdistan Region's right to enter agreements with international energy companies, a matter that has remained a contentious issue in Iraq's legal and political landscape.The MNR welcomed the ruling, stating that it provides legal clarity and stability for ongoing and future investments in the region's energy sector.The decision could have significant implications for Iraq's oil industry and political dynamics as the federal government and the KRG continue negotiations over resource management and revenue-sharing frameworks. |
The 30 days to appeal must be up! |
https://www.basnews.com/en/babat/873831 The dispute over Kurdistan's oil and gas industry has been a longstanding issue between Erbil and Baghdad since 2014. In February 2022, Iraq's Federal Supreme Court issued a ruling deeming the Kurdistan Region's independent oil exports unconstitutional. The ruling empowered the federal government to assert control over oil revenues and led to increased pressure from Baghdad on international companies operating in the Region.The Iraqi federal government, through its Ministry of Oil, attempted to enforce the court's decision by instructing oil firms in Kurdistan to deal exclusively with Baghdad and threatening legal action against those that continued independent operations with Erbil. The dispute escalated in mid-2023 when Baghdad took further measures to halt Kurdish oil exports via Turkey after Ankara suspended pipeline operations, citing an arbitration ruling in favor of Iraq. In response, the KRG continued its legal fight to maintain its contractual agreements with foreign energy firms, arguing that its oil and gas law, passed by the Kurdistan Parliament in 2007, was still in effect and had provided the legal basis for oil production and exports. The recent decision by the Karkh Court marks a significant legal victory for the KRG. By affirming the validity of contracts signed between the Ministry of Natural Resources and oil companies, the ruling strengthens Erbil's position in ongoing negotiations with Baghdad over the management of the Region's natural resources.While this court decision could provide legal reassurance for foreign companies operating in Kurdistan, it remains uncertain how the Iraqi federal government will respond, given its previous stance on the matter. The legal and political tug-of-war over oil revenues is expected to continue as both sides seek a resolution that balances constitutional interpretations with economic and political realities. This ruling also comes amid broader discussions between Erbil and Baghdad regarding the federal budget, revenue-sharing mechanisms, and Kurdistan's financial entitlements, further complicating the political landscape. |
#gkp #gkptakeoverPeeps getting revved up rgds pipe opening ,OKIn reality real news of a positive vote Sunday is thatKurd oil industry is finally LEGITIMISED. IOC can buy in.@Gulf_Keystoneobviously been sold STC for at least 18mths.After Sunday IOC can close deal. |
Chances are he`s going to screw us but we don`t know how yet. |
I'm in ??? |
I love these weekends.
Are you either in or out.
Take your chances. |
You're an idiot! Only idiots make money. Proper people lose all their money and spend the next 10 years typing sh1te on a bullitin board. |
*yappy. Thanks a lot autocorrect. |
Where's the little happy dog? I'm nearly 100% up but I want her to tell me I'm an idiot. |
Habs Good post even if it revealed your underlying skepticism along with the hope of course. |
Having said that $16 x 48kbpd x 30 days = $23m per month (gross) as opposed to the current $14m per month (nett) but somehow doubt that's the deal. |
Good post Habshan, you've summed up nicely all the nagging questions I have in my little brainbox. |
"Oil extraction and transportation costs. Initially set at $16 per barrel, this figure is now under review by an international consultancy firm, which has been given 60 days to finalize its assessment."
Other than that statement nothing about this has been released into the public domain, there's clearly an awful lot we don't know but it seems that the KRG and APIKUR have agreed to it so what do they know that we don't.
a) - We have never been told anything other than that $16 is to cover production and transportation costs.
Oil companies and people like Todd Kozel don't go into business so that they can recover their production and transport costs, they do it for profit, so where is the profit element and who decides it, presumably it's on top of the $16.
b) - This amendment is supposed to enable the Federal Government to pass the budget. Yet it won't tell them how much it's going to cost so what use is it. If the Independent Consultant decides that the IOC's need $26 which is what it costs in areas of southern Iraq then that will increase the cost by 62.5%, so when this goes before parliament on Sunday there's no way they'll know what they're voting for.
c) - If it passes on Sunday will APIKUR agree to restart exports and put their faith in the process where the Independent Consultant takes up to 60 days to decide on a fair amount. The fact is that the IOCs are under no obligation whatever to agree to terms that pay them less than those in the existing PSCs as those contracts have been ruled by the Baghdad court to be legal binding enforceable and immune from outside interference.
d) - Or will the IOCs say, sorry but no exports until we know exactly how much we're going to be paid, and are happy with arrangements for surety of payments and payment of the $1 billion arrears. And the Independent Consultant has 60 days so that would mean no exports before April and that's assuming that the IOCs are happy with the offer, if they aren't then it would drag on.
e) - And have the IOCs REALLY agreed to this - "In the event of a dispute the ICG will be the final arbiter".
As Caggins said "the $16 proposal is a good first step".
Yes, lots of questions, but there's no doubt that a yes vote on Sunday will be a hugely important milestone and will crack open a door that's been firmly shut for the last two years.
Interesting times. |
Pinks up 15 percent. On only 1040 traded though. |
Great work Kev, et al, you know who you are. Monday could be explosive! |
https://shafaq.com/en/Iraq/Iraqi-Parliament-to-pass-Budget-Law-amendments-Sunday Shafaq News/ The Iraqi Parliament has scheduled a session for Sunday to vote on the first amendment to the Federal Budget Law, following an agreement between political blocs to approve the changes submitted by the government.Sunday's session will include a vote on the proposed amendment along with other legislative items, according to the parliamentary agenda published by the Media Department of the Council of Representatives.The budget amendment vote had been repeatedly delayed due to political disagreements, and, at times, a lack of quorum. However, a political source confirmed to Shafaq News that "Prime Minister Mohammed Shia al-Sudani and political bloc leaders have reached an agreement to pass the amendment in Sunday's session."Key changes in the amendment include an increase in compensation for the Kurdistan government (KRG) regarding oil production and transportation costs, raising the compensation rate from $6 to $16 per barrel, reflecting the actual expenses incurred by the KRG, in addition to a mandate that the KRG immediately transfers its oil output to the state-run Oil Marketing Company (SOMO) to consolidate oil revenues under federal control. Iraqi Parliament to pass Budget Law amendments Sunday |
https://www.basnews.com/en/babat/873810 ERBIL - Iraq's parliament has officially scheduled its next session for February 2, with lawmakers set to vote on critical bills, including a key amendment to the federal budget law that could impact the Kurdistan Region's oil exports. According to the parliamentary agenda, the session will include a final vote on the first amendment to the federal budget for 2023, 2024, and 2025, addressing financial stability and resource allocation. On January 19, the Finance Committee approved Article 12 of the budget amendment, which pertains to increasing deductions on oil extraction and transportation costs. Initially set at $16 per barrel, this figure is now under review by an international consultancy firm, which has been given 60 days to finalize its assessment. On Thursday, Kurdish lawmaker Shwan Kalari stated that a high-level meeting was held at the residence of Fuad Hussein, Iraq's deputy prime minister and finance minister, where Iraqi Prime Minister Mohammed Shia' al-Sudani urged parliamentary factions to approve the budget amendment. Kalari emphasized that if the amendment passes, oil exports from the Kurdistan Region will resume, removing a significant obstacle between Erbil and Baghdad. The agreement between the Kurdistan Regional Government (KRG) and the Iraqi federal government outlines the conditions for revising the budget law, particularly concerning the revenue generated from the Region's oil exports. Under the proposed changes, oil production and export costs from Kurdistan would be increased by $16 per barrel. However, final approval depends on the review by an international auditing firm, which has been given two months to determine the exact cost. Kurdish MP Khalil Doski previously confirmed that the parliament would vote on the oil-related budget clause, which, if passed, would enable the resumption of the Region's oil exports. Since March 25, 2023, Kurdistan has been unable to export oil following a legal dispute between Baghdad and Ankara, which halted pipeline operations. Beyond the budget law, Iraq's parliament will also vote on amendments to the law on the equalization of qualifications and scientific degrees, aimed at improving academic and professional recognition. Additionally, lawmakers will decide on the Ministry of Education's initiative to reinstate the effort system, which could impact students nationwide. The session also includes a second reading of a bill aimed at improving regulations for non-governmental universities, reinforcing Iraq's commitment to higher education reform. The upcoming parliamentary vote carries significant political and economic implications, particularly for the Kurdistan Region, as its ability to export oil remains tied to Baghdad's approval of the budget amendment. |
https://www.rudaw.net/english/middleeast/iraq/300120251 ERBIL, Kurdistan Region - The Iraqi parliament is set to convene on Sunday to vote on an amendment to the budget law proposed by the federal government which could lead to the resumption of Kurdistan Region's oil exports.The meeting agenda of the next session of the Iraqi parliament indicates that an amendment proposed by the Iraqi government in November to one of the sections of Article 12 of the three-year budget law will be put into a vote after passing other stages.The bill increases the amount that international oil companies (IOCs) operating in the Kurdistan Region make from producing oil which could pave the way for the resumption of Kurdish oil exports through Turkey's Ceyhan port.On Wednesday, Iraqi Prime Minister Mohammed Shia' al-Sudani called on the parliament to pass the amendments "without modifications".If passed, the law will authorize compensation to IOCs in the Kurdistan Region for oil production and transportation costs, setting the rate at $16 per barrel, a substantial increase from the $6.90 set in the federal budget that was passed in June 2023.The move was welcomed by the Kurdistan Regional Government (KRG) and the IOCs.Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline have been suspended since March 2023 after a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying the latter had violated a 1973 pipeline agreement by allowing Erbil to begin independent oil exports in 2014.Last week, the KRG criticized the federal government for recently withdrawing the proposed changes to Article 12."We were surprised by a proposal sent to the parliament by the federal government's representative in the legislature unilaterally and without consulting the [Kurdistan] Regional Government or being voted on by the federal Council of Ministers," KRG spokesperson Peshawa Hawramani said in a statement.He added that the introduction of a new proposal contradicts with a previous decision by the federal government.Hours later, the Iraqi government denied it had retracted the proposal. |
It has been first before but got put down to fourth and wasn't voted on because of the fracas and people walking out regarding the earlier voting. |
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