Gulf Keystone Petroleum Share Discussion Threads

[kevc67] 04/12/2024 20:27

https://ina.iq/eng/36813-parliamentary-finance-satisfaction-and-optimism-about-the-government-programs-achievement-rate.html

[kevc67] 04/12/2024 20:13

Concludes on 9th!

[scrwal] 04/12/2024 20:12

"Speaking after attending a session of the Iraqi Parliament, al-Sudani highlighted the financial challenges faced by the Kurdistan Region, noting that it requires 950 billion Iraqi dinars ($725.01 million) monthly to cover expenses.

2 hours ago
Iraqi Prime Minister Mohammed Shia al-Sudani. (Photo: INA)Iraqi Prime Minister Mohammed Shia al-Sudani. (Photo: INA)
Kurdistan
Mohammed Shia al-Sudani
Iraqi Parliament
Erbil-Baghdad relations
ERBIL (Kurdistan24) — Iraqi Prime Minister Mohammed Shia al-Sudani on Wednesday acknowledged that longstanding issues related to non-oil revenues, border crossings, and customs between Erbil and Baghdad remain unresolved.

Speaking after attending a session of the Iraqi Parliament, al-Sudani highlighted the financial challenges faced by the Kurdistan Region, noting that it requires 950 billion Iraqi dinars ($725.01 million) monthly to cover expenses. However, only 763 billion Iraqi dinars ($582.30 million) are currently available.

"Salary is not a political issue," al-Sudani emphasized, expressing hope that amendments to the budget law and the resumption of oil exports from the Kurdistan Region would help address the disputes.

The Iraqi Parliament convened on Wednesday to discuss four critical legislative items, including measures aimed at restarting oil exports from the Kurdistan Region. The resumption of these exports is seen as a pivotal step toward resolving financial disagreements between Erbil and Baghdad.

The unresolved issues have been a point of contention for years, affecting economic stability and the relationship between Baghdad and the Kurdistan Regional Government (KRG). Efforts to reach a comprehensive agreement have intensified amid ongoing financial constraints."


So the resumption of oil exports is now pivotal it seems.

[pittcock] 04/12/2024 20:11

How many days until the current parliamentary session concludes?

[bang_gone] 04/12/2024 19:57

https://x.com/kheldardrasnia/status/1864396884720210344?s=61&t=EEAJRmerpfLiAmForyb8Dw

[beernut1] 04/12/2024 19:51

Good Diggin Habshan. Thanks.
So budget re Kurd oil defo been talked about today.STEP FORWARD. No vote but this is Iraq. 😆 in the coming days.
Look out for next parliament meeting.
We are slowly getting closer.
Gla

[bang_gone] 04/12/2024 19:32

Fingers are not required to be crossed.Just the t's in the short form amalgamation agreement that formally concludes the most obvious TAKEOVER in stock market history....

[habshan] 04/12/2024 19:24

So according to Sudani the problem seems to be this.

Baghdad is legally obliged by the "Supreme Court" to send every month enough money to pay the Kurds salaries.

But there isn't enough money in Baghdad's budget because the pipeline is still shut so the Kurds can't send them the 400kbpd that the budget calls for so the money available for Baghdad to send is $150 million a month short.

So the Kurds aren't sending to Baghdad the money from customs and other non-oil revenues that they are supposed to as they need it themselves.

Hence the term "financial disputes".

Sudani understands that the key to this is to get the pipeline open which will give him 400kbpd of Kurdish oil which SOMO will sell at Ceyhan.

That will give him the revenue that he has to send to the Kurds and then the Kurds will be able to send him their customs and non-oil revenue.

Problem solved.

In theory.

Today he explained all that to Parliament.

Fingers crossed.

[redbed] 04/12/2024 19:20

#gkp #gkptakeoverOther than putting a sign up in Fetter Lane saying WE ARE SOLD... @Gulf_Keystone could not have flagged the fact that they are SOLD TBA anymore clearly.????

[redbed] 04/12/2024 19:03

Chevron for Genel likely

[redbed] 04/12/2024 18:58

#gkp is ALREADY SOLD... that has been obvious for 6 months.....

[nestoframpers] 04/12/2024 18:34

Genel 2P 762 Mn Blls producigat 80 k a day . No brainer but GKP is much more attractive.

[habshan] 04/12/2024 18:33

This sounds more positive.

Reading this and Sudani's threat to pull the Kurds funds I think he's totally frustrated at having to send hundreds of millions of dollars every month without getting anything in return, he knows that reopening the pipeline is pivotal to resolving the financial disputes.

He's desperate to get the pipeline opened and this afternoon he explained why to Parliament which is why he went in person, let's hope they see it the same way.

"Salary is not a political issue," al-Sudani emphasized, expressing hope that amendments to the budget law and the resumption of oil exports from the Kurdistan Region would help address the disputes.

The Iraqi Parliament convened on Wednesday to discuss four critical legislative items, including measures aimed at restarting oil exports from the Kurdistan Region. The resumption of these exports is seen as a pivotal step toward resolving financial disagreements between Erbil and Baghdad."



Iraqi PM acknowledges ongoing revenue and customs issues with Kurdistan Region.

Speaking after attending a session of the Iraqi Parliament, al-Sudani highlighted the financial challenges faced by the Kurdistan Region, noting that it requires 950 billion Iraqi dinars ($725.01 million) monthly to cover expenses.

ERBIL (Kurdistan24) — Iraqi Prime Minister Mohammed Shia al-Sudani on Wednesday acknowledged that longstanding issues related to non-oil revenues, border crossings, and customs between Erbil and Baghdad remain unresolved.

Speaking after attending a session of the Iraqi Parliament, al-Sudani highlighted the financial challenges faced by the Kurdistan Region, noting that it requires 950 billion Iraqi dinars ($725.01 million) monthly to cover expenses. However, only 763 billion Iraqi dinars ($582.30 million) are currently available.

"Salary is not a political issue," al-Sudani emphasized, expressing hope that amendments to the budget law and the resumption of oil exports from the Kurdistan Region would help address the disputes.

The Iraqi Parliament convened on Wednesday to discuss four critical legislative items, including measures aimed at restarting oil exports from the Kurdistan Region. The resumption of these exports is seen as a pivotal step toward resolving financial disagreements between Erbil and Baghdad.

The unresolved issues have been a point of contention for years, affecting economic stability and the relationship between Baghdad and the Kurdistan Regional Government (KRG). Efforts to reach a comprehensive agreement have intensified amid ongoing financial constraints.

[justiceforthemany] 04/12/2024 18:18

FWIW agree that Genel is more likely to be taken over first, probably by Bilgin Grup. The lack of a share buy back programme there while sitting on $125 net cash & the absence of any director buys is perplexing and suspicious.

[buyingacastle1] 04/12/2024 18:16

No surprise if we need a bit more time.... we are making great money in the mean time...... I did wonder whether Genel will be bought out before us and set a benchmark for price.... the mcap is only around £200m at the moment with £100m in the bank... bonkers low prices... TBH I wondered whether GKP might have a punt at it.... interesting to wonder if this is why the buyback stopped?

[justiceforthemany] 04/12/2024 18:14

Sudani has today made mention of the daily fine his government is hit with for not using the ITP. Positive.

[buyingacastle1] 04/12/2024 18:14

No surprise if we need a bit more time.... we are making great money in the mean time...... I did wonder whether Genel will be bought out before us and set a benchmark for price.... the mcap is only around £200m at the moment with £100m in the bank... bonkers low prices... TBH I wondered whether GKP might have a punt at it....

[hangthedj] 04/12/2024 17:53

Possibly more meetings/vote required in the next parliament session in the new year, shock of all shocks.

[habshan] 04/12/2024 17:33

Hmm, wonder what he hopes to achieve with this, will be interesting to see the KRG response. The "Supreme Court" ordered that the salaries and the oil issue had to be separated and he couldn't use the salaries to blackmail the Kurds, so he can't just stop the salaries, he's legally obliged to send them.

Zoom - "Prime Minister Mohammed Shia al-Sudani told Iraqi lawmakers that the Kurdistan Regional Government (KRG) has failed to comply with any articles of the federal budget law, warning that no funds will be sent to the Region unless it delivers its oil to the State Organization for Marketing of Oil (SOMO)."



Sounds to me like a negotiating stance or something. He gave the issue to the Finance Committee to get it resolved and they've come up with a proposal that's acceptable to APIKUR, he's been talking a lot lately about how important it is to get the pipeline opened and we seem to be in sight of the finishing line, with the amendment being discussed and about to be voted on in Parliament and the Independent Consultant lined up.

So the way for SOMO to get the oil (at Ceyhan) is to get the pipeline opened and for that to happen he just needs to let the process that he himself has started take it's course. Then in a month or two the oil will be flowing to Ceyhan where SOMO will take delivery.

So what's he on about.

Maybe he was just trying to impress the hardliners in Parliament.

It's also possible of course that the Kurds don't want it resolved and have already cut a deal with Erdogan so are happy to sit tight until next September.

Who knows so let's see what the Kurds say.

[habshan] 04/12/2024 17:18

This was posted earlier on BasNews, it looks like the Finance Committee and Parliament had the 2nd reading of the Budget Law but it makes no mention of a parliamentary vote.

"The committee reviewed the draft second amendment to the budget law and discussed members’ comments in detail, focusing on the calculation of production costs, transportation expenses, allocations, and contracts."



04/12/2024 - 16:46

Iraqi Parliament Discusses Amendment to Kurdistan Oil Production Costs.

ERBIL — The Iraqi Parliament’s Finance Committee, chaired by Atwan Atwani, held a meeting attended by several committee members to discuss the draft report for the second amendment to the federal budget law for year 2023,24 and 25.

According to a statement issued by the Iraqi Parliament, Atwani opened the meeting by emphasizing the committee’s efforts to amend budget items related to the cost of oil production and export in the Kurdistan Region.

He also highlighted the importance of establishing enforceable provisions and ensuring that stakeholders comply with them.

Atwani noted the need for clarification from the Ministry of Finance regarding the mechanism for financing the allocated amounts and financial appropriations.

The committee reviewed the draft second amendment to the budget law and discussed members’ comments in detail, focusing on the calculation of production costs, transportation expenses, allocations, and contracts.

As part of the process, the Finance Committee decided to summon representatives from the Ministry of Finance to complete the necessary procedures for amending the law.

Additionally, the meeting addressed the committee’s report on its prior discussions with the Ministry of Oil and the outcomes of that engagement.

One of the key issues obstructing the resumption of oil exports from the Kurdistan Region to Turkey is the cost of oil production in the Region.

International oil companies have urged the Iraqi federal government to cover these costs, but Baghdad has so far refused.

Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline have been halted since March 2023, following a ruling by a Paris-based arbitration court in favor of Baghdad against Ankara.

The court found that Ankara had breached a 1973 pipeline agreement by allowing Erbil to independently export oil starting in 2014.

Last month, the Kurdistan Region’s Minister of Natural Resources stated that the halt in oil exports had cost both Iraq and the Region nearly $21 billion.

[habshan] 04/12/2024 16:15

Not sure what this means for the media coverage of the budget discussion:-

PM Al-Sudani discusses Syria, security, and budget in secret parliament session.

Shafaq News/ "On Wednesday, Iraqi Prime Minister Mohammed Shia Al-Sudani, along with three of his ministers, attended a secret parliamentary session to discuss critical issues, including the events in Syria and the federal budget law.

Sudani explained the reasons for amending the federal budget law.”

At the beginning of the session, the Parliament voted to make the session "secret" concerning security matters.

[ozzmosiz] 04/12/2024 15:57

A55H OLE???