Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
“ 400k bopd exports from #Kurdistan included in 2024 budget. Baghdad needs those exports to pay for salaries.”
See my post earlier today, they have replaced the 400k bopd from Kurdistan with 300k bopd of their own.
Whilst it’s 100k bopd less than the budget requires, they are getting a far higher price per barrel than the $70 per barrel needed to balance the budget. Judging by the price they got in December they are pulling in the same as Brent FOB.
They do not need the Kurdish oil to pay the salaries, they are currently running a surplus budget without it.
Didn’t they already sign an agreement to receiving a % of the Iraqi National budget to pay these mysterious local salaries as part of the SOMO oil marketting agreement ?
They also receive free oil from we mugs - when they see necessary, if that is not enough.
Guess it’s best to have their hooves on the oil sails cash, and then decide who gets what out of the oil sales loot, secretly within Erbil.
….. and so it goes on, and on, and on.
Very significant breakthrough in the wider context of negotiations...
https://twitter.com/john78846295/status/1775531062325903662?s=19
R u condoning genocide?
Pay no mind to Armas, it’s time for his nappy change.
Omg is this where we are, hamas butchers are ignored just so we can attack the defenders of its people that get bombed daily. I bet your the type of idiot that think the lgtbq community would be thrown a party on arrival in gaza.
Why are the arab nations refusing to take the blood thirsty Palestinians in as refugees?
Anyway, my orginal point remains. If the war in the middle east expands into neighbouring countries then Turkey will almost certainly get involved and the Us will likely use the pipeline as a chess piece.
The only people losing out here are the collective West and Israel on everybody knows it. Israel committing genocide and the fact that Erdoğan is the Sunni patriarch means we are in a very diabolical situation
More of a short inconvenience on land.
An underwater gas pipe is a different matter.
The Us gov may do what they did with the Russian pipeline if the Turks step out of line in the battle in the middle east. It is looking kore likely ramp up and Turkey do not support Isreal. The Us could blow up the pipeline as tactical move. Has anyone thought of this?
There has been a lot of focus on this “lost” revenue e.g. in APIKUR press releases but how is the Iraqi budget doing under present conditions?
Towards the end of their last financial year, they were running a monthly surplus, which significantly reduced the deficit built up in the early months when the pipeline was closed.
They have even allocated an INCREASED amount for the current budget and they are running a SURPLUS at the moment, compared to what’s required to fund that boosted figure.
What have they done to bring this turnaround about?
The budget sets out 3.1 million bopd from Iraq and 0.4 million bopd from Kurdistan, to give a total of 3.5 million bopd being exported at $70 a barrel.
They have sneakily INCREASED their own exported production to 3.4 million bopd to take advantage of the increase in the PoO in general. The price rise more than compensates for the drop in volume.
They are doing very nicely thank you, and there are no signs that is going to change, unless there are consequences when someone points out they have also promised to REDUCE production to meet OPEC+ quotas 🙄
Clarification by the Central Bank of Iraq - so I assume its a planed moved rather than a threat as posted on Kurdistan 24?:
https://shafaq.com/en/Economy/The-legal-basis-for-depositing-oil-revenues-in-the-US-Federal-Reserve-CBI-clarified
Shafaq News/ The Central Bank of Iraq (CBI) clarified on Monday the legal rationale behind depositing oil revenues in the US Federal Reserve.
Documents released by the bank and seen by Shafaq News agency state that "the legal basis for depositing oil revenues in the Federal Reserve Bank in New York under the IRAQ2 account instead of the Development Fund for Iraq (DFI) is linked to the expiration of Executive Order 13303 issued by the US President in March 2003. This order granted immunity to Iraqi funds deposited in the DFI account at that time. Furthermore, the protection of Iraqi funds provided by UN Security Council Resolution 1483 of 2003 ended with the issuance of UN Resolution 1956 at the close of 2010."
The documents elaborate, "Hence, the IRAQ2 account was established to receive proceeds from Iraqi crude oil exports, subsequently transferred to the Central Bank of Iraq's account at the Federal Reserve Bank within 24 hours to safeguard them from creditors' claims. These funds are categorized as belonging to the Iraqi government, derived from crude oil exports. This arrangement was formalized through a Memorandum of Understanding signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 2/6/2014, which serves as the legal framework for the IRAQ2 account as an alternative to the Development Fund for Iraq account."
The documents clarify, "Immunity granted by these documents is applicable solely to sovereign funds and does not extend to funds utilized for commercial purposes."
Addressing the third paragraph, the documents detail that "foreign reserves may be deposited with various external entities, central banks, and financial institutions, not limited to the Federal Reserve Bank. Interest rates vary based on investment category, duration, and the institution. Additionally, Orient, the contracted shipping company, transports dollar shipments from the Federal Reserve Bank to Baghdad International Airport, with insurance at $414,000 per shipment and transportation fees of $216,310 provided by the Legislative Affairs Department, Parliamentary Oversight Division."
Furthermore, they state, "Domestic transfer of oil sales revenues is impractical due to operational constraints, risking Iraq's financial operations if funds remain within the country. Closing the Federal Reserve Bank account could expose Iraq to international claims and hinder settlements in US dollars without an account at the Federal Reserve Bank or another American commercial bank."
So why is it so hard to buy shares today when the price is dropping. Had to split my purchase to 2 x 5K to get a deal through, why is this ?
Q1:when the pipeline contract runs out ….. how will the IOCs struggling in Kurdistan export ?
Q2: when does GKP’s fragile contract with Erbil run out ??
Nothing will happen!!
Local sales for 18 months and wait for Iraq's pipeline contract to run out .
It's a no brainer for kurdistan and turkey t detach themselves away from these idiots once and for all.
If not its a painful way forward for many decades.
The opportunity is to free themselves now.
Https://www-nrttv-com.translate.goog/detail/35707?_x_tr_sl=ckb&_x_tr_tl=en&_x_tr_hl=sv&_x_tr_pto=wapp
"The two Iraqi Oil Ministries and the Kurdistan Regional Government (KRG) are in talks on their agreements on oil exports and the understandings are expected to have positive results in the near future. "The priority of the Iraqi government is to resolve the oil issue through legal and constitutional means and for this purpose they have met with Turkey to determine the transportation fee for a barrel of oil,"
Iv been hoping that for the last 18 years
Robin, good to see such a statement. Turkey and Iraq need the money.
Rgds Sft
Iraq has estimated to lose around $14 Billion in lost revenue this year according to my Calcs,
they have announced $36 Billion, if they had settled the dispute with KRG this cold have been much closer to $50 Billion,
the Ordinary Iraqi, will lose out due to this lost revenue which could have built so much infrastructure .
A Year Lost,!!!!! cant buy back time
Also, although having recognised the turn against the AKP, Erdogan has reiterated his commitment to regaining fiscal improvement in his statement but included in his main foreign policy statement is to deny the Kurds in gaining an independence foot hold in Syria. So it still demonstrates a dependence on the Iraqi Kurds supporting such and that is a clear indicator on what will be the conditions layer down in the pipeline negotiations. The Iraqi Kurds reaming between a rock and a hard place.
How much influence the US have (or want to have) in the region and their support for the Iraq Kurds remain to be seen.
As before, are Turkey and the Iraq goverment feeling free to squeeze freely and how do the kurds keep unity against such.
I am not so sure on how they could go it alone once the "contract" expires. Difficult senario for them.
All imo limited opinion.
Rgds Sft
To the sound of Eminem "Without Me"
Uncertainty in Turkey, none the less Erdogan is around for a while yet (2028) and the country needs income revenue that an OPEN and flowing pipeline desperately add to.
https://foreignpolicy.com/2024/03/13/turkey-erdogan-elections-istanbul-ankara-local-akp/
Rgds Sft
Trades like a neurotic donkey, up this morning down now and probably close higher...
One of these weekends, I'm hoping not to be in.
Energy stocks back in play, oil price very bullish ,
GKP financially sound , just a matter of time for a deal to be done ,
GLA LTH hope you have all been buying recently,
Easily double money from here over next few months