 https://peregraf.com/en/news/8374 Iraq's Oil Minister Hayan Abdul Ghani, announced that the process of transferring oil from the Kurdistan Region to the Iraqi Oil Marketing Company (SOMO) has officially begun. This step is expected to facilitate the long-awaited resumption of oil exports through Turkey's Ceyhan port.The minister confirmed that discussions are also underway regarding financial debts owed to the Kurdistan Regional Government (KRG). "The debts owed to the Kurdistan Region will be agreed upon," he stated, without providing further details on the timeline or terms of the agreement.The development marks a significant step in resolving the ongoing dispute between Baghdad and Erbil over oil revenues and exports. Oil exports from the Kurdistan Region have been halted since March 2023, when Turkey stopped the flow through the Ceyhan pipeline following an international arbitration ruling in favor of Iraq.While no official date for the resumption of exports has been announced, the initiation of oil transfers to SOMO signals progress in negotiations between the federal and regional governments.On February 2, 2025, the Iraqi parliament approved an amendment aimed at facilitating the restart of oil exports from the Kurdistan Region. Kurdish MP Dilan Ghafoor told Peregraf that the amendment, submitted by the Iraqi government, sets the cost of production and transportation of Kurdistan's oil at $16 per barrel, which will be covered by the Iraqi Ministry of Finance.The KRG and oil companies have welcomed the allocation, seeing it as a key step toward resuming exports. However, the $16 per barrel rate is a temporary measure. Within 60 days, an independent assessment will be conducted by a specialist company appointed by mutual agreement between the KRG and the Iraqi federal government to determine the actual production and transportation costs of Kurdistan's oil fields.Observers believe resolving financial and logistical challenges swiftly is crucial, as both Baghdad and Erbil rely heavily on oil revenues. The Kurdistan Region has been facing a severe financial crisis due to the halt in oil sales, affecting its ability to pay salaries and sustain public services.The international market is closely watching developments, as Iraq-one of OPEC's largest producers-seeks to restore its full export capacity amid fluctuating global oil prices. |
Is that the Kylie Rocket? |
GKP said back along they'd be fine even if POO was $40 /bll. |
$36 costs and the business model is totally sound for all parties. |
Habshan. That's all music to my eyes 👀 |
https://x.com/RudawEnglish/status/1886491564295520477 #BREAKING: Iraqi oil minister tells state media that procedures to hand over Kurdistan Region's oil to the state-owned SOMO company have begun. |
Our CEO needs another 75,000 shares somehow.....from somewhere I wonder if we are about to get a huge and lucrative surprise.. |
This is what we deserve. Good days like this.
Thanks for all posts today.
Shortsqueezer no problem Mate I hope Barclays sorted your buy out.
Gla |
https://x.com/thenewregion/status/1886491341862887800 Iraqi Oil Minister Hayyan Abdul Ghani on Monday said that they have forwarded an official letter to the KRG to hand over oil to the State Organization for Marketing of Oil (SOMO), a day after the parliament passed a bill paving the way for resuming Kurdish oil exports"There are procedures with the Turkish government to prepare the Iraqi-Turkish pipeline to export oil through the port of Ceyhan," the minister told state media |
Please listen Habshan. There will be no room in the pipes for sludge.how many times. Lol. Missing the dogmeister so thought I'd spur it on. |
The Federal Government had painted themselves into a corner and there was never any option open to them other than to back down, they were becoming increasingly desperate, and here we are.
Sarah and wee jamie banged on for years about Baghdad being in total control, the contracts were illegal, the IOCs would have to accept TSCs and $6 a barrel and they would have to suck up whatever Baghdad told them they could have or head to the airport bla bla bla.
Baghdad have completely capitulated, no wonder the KRG and the IOCs were happy to support the amendment, and no wonder the Shia in the southern oil producing provinces were up in arms about it.
a) - The KRG retain complete control.
b) - The cost of production is expected to be up to $36 per barrel.
c) - The KRG transfer an agreed 250-300k bpd to SOMO for which they receive the agreed cost and whatever they produce over that is theirs to sell themselves.
d) - It mentions Deloitte, whether they are the Independent Consultant isn't clear.
DrawMedia - "The cost of Kurdistan oil could rise to $36."
"According to an oil expert in Iraq, the amendment to the budget law on the cost of oil production and transportation in Kurdistan will keep the management of oil fields in the hands of the Kurdistan Regional Government.
The cost of producing oil in Kurdistan is expected to rise to about $36 per barrel, but Iraq does not pay the cost of other oil that the region produces and sells itself. This means that after the resumption of oil exports by pipeline, the process of selling oil by tanker by the KRG may continue.
Nabil Marsumi - Economist.
First, the final cost of production of each barrel of crude oil depends on the research provided by the consulting company contracted, and due to the nature of the geological structure of the fields and their classification within small fields, the cost is expected to rise to about $36 per barrel.
Second, this cost is only limited to the oil delivered to SOMO, which is between 250,000 to 300,000 barrels, which means that the other amount of oil produced by the region, SOMO does not pay, because the region itself sells the oil.
Third, the management of the fields remains in the hands of the region, which is subject to partnership agreements with foreign companies, subject to complex calculations of wages, oil costs, oil profits and taxes, which is subject to audit by Deloitte.
Fourth, it is difficult to hand over some of the oil production to SOMO for export, due to the existence of only one export line, may resort to refining, which means that the region sends oil and then calculate the total sales on the handover, this is after deducting costs and discounts from the Kurdistan Region's share of in the budget.
Fifth, the amendment of this article will not add any new financial resources, because the resumption of oil exports through the Turkish World Pipeline means reducing the same amount of oil production in the south and central, which are less expensive.
Sixth, the amendment could increase Iraq's oil revenues, while Iraq gets rid of the compulsory and voluntary restrictions of OPEC Plus, which will increase 650,000 barrels per day to Iraq's current production, allowing Iraq to export to (3.3) to about (3.7 million) barrels per day." |
It's held up very well ! |
Think there's life left in the share price rise yet, but also for sure when the RNS hits 🚀 |
I can't wait for the point in my life when I never again hear the phrase 'paves the way' |
https://www.kurdistan24.net/en/story/822954 ERBIL (Kurdistan24) In a major breakthrough, Deputy Speaker of the Iraqi Parliament Shakhawan Abdullah announced on Monday that there are no longer any legal obstacles to oil exports from the Kurdistan Region. This paves the way for the long-awaited resumption of exports, a move expected to boost both regional and national economies.This announcement comes on the heels of the Iraqi Parliament's approval of a key amendment to the federal budget law on Sunday, a crucial decision that officially clears the path for Kurdish oil exports to restart.Beyond economic developments, Abdullah also delivered important news regarding the restoration of land and property rights for Kurdish residents in Kirkuk. He confirmed that the process to return confiscated lands and properties to their rightful Kurdish owners has officially begun. Abdullah stated that he had signed the necessary documents, which will now proceed to the presidency before reaching the Iraqi Ministry of Justice for finalization.These significant steps signal renewed cooperation between Baghdad and Erbil, fostering hope for economic progress and stability in the region. |
In the past it's been possible to buy in for the dividend having been given notice of the ex divi date. I have always thought it a shame that these things don't get triggered retrospectively so that the existing holders benefit more. But that's never been the case. |
shortsqueezer3 Feb '25 - 08:46 - 718256 of 718312
Go to ADVFN menu. Bottom left on my phone. Then choose toplist.
Thanks mate.
Anyone know when your moneys got to be in for March Dividends?
Bought Pretty heavy today. |
Me too.Nice finish. |
I thought we would finish about mid 180's so quite happy with the finish. |
Will be another leg up when we get a GKP rns out detailing their understanding of the situation, then another at resumption of flowing oil, outstanding receivables, and another big dividend. Lots of good news coming up. |
Looks like we are finishing at about 190. Not bad but expected better. Should be an interesting week. At least we have held steady at this level all afternoon. |
Planned I think |
OT but thanks to beernut for that direct numbers to Barclays Stockbrokers. Apparently they are still clearing up some issues and my missing transfer is amongst them. It's being dealt with and my payment has been highlighted. Thanks again. |
I doubt that the consequential losses will be paid but certainly the money owed for oil already delivered should be. IIRC that's $150m for GKP, is it not? |
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