Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. 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.
In other words how many years do baghdad have to wait before the contract expires anyway
How many years are left to the license
This article emphasizes non-oil revenues, but as non-oil/oil revenues inevitably exhibit some overlap when it comes to civil servant salaries, this was interesting:
"A technical delegation of the Ministry of Finance and Economy of the Kurdistan Regional Government (KRG) led by Mohammed Abdulqadir, Director General of Accounting of the Ministry, arrived in Baghdad this morning [i.e. Sunday]"
Source: https:// www.kurdistan24.net/ckb/story/256957-
'For crude oil sales into the ITP from 1 January 2023 to 25 March 2023, capacity building payments were deducted from the monthly crude oil sales invoice amount payable to Gulf Keystone and no direct payment was made to the KRG. For local sales from 19 July 2023 to 31 December 2023, the KRG received capacity building volumes in kind, which they then sold to local buyers.'
This we knew ages ago.
"The value of licence, rental and security fees has been accrued and is not expected to be paid, but rather offset against historic revenue due from the KRG, which have not yet been recognised in the financial statements."
It will take a very long time to whittle down $152 million in this manner. Make no mistake, we need a return to exports to recover the arrears in a timely manner.
For FY2022 the equivalent figure was $25.009M – so the 2023 figure of $7.522M is a reduction, reflecting the company's ability to pay in the good year ‘22 and the inability (unwillingness?) to do so in the bad year of '23 (and at least reflects the willingness of the KRG to put the payment to one side for the moment).
As stated, the “owing” of this $7.522M sum has yet to be reflected in the financial statements, but it will be offset against the outstanding sums due to be paid by the KRG.
So, at this moment, $152M - $7.522 (give or take), indicates Co is still owed ca $144M (end-Dec-23). Depending on when things return to normal and revenues increase as hoped, this sum could increase and continue to be carried forward or it could be whittled down to zero inside a year.
As I see it.
Https:// www.rudaw.net/english/middleeast/iraq/280420242
ERBIL, Kurdistan Region - Kurdistan Region President Nechirvan Barzani and Iraqi President Abdul Latif Rashid met in Baghdad on Sunday to discuss numerous topics including the need to strengthen ties between the Iraqi and Kurdish governments.
“Both leaders emphasized the need to promote economic development and enhance services, while also expressing support for the federal government in implementing its agenda. The dialogue between Erbil and Baghdad, aimed at resolving their issues in accordance with the Constitution, was also a key topic of discussion,” said a statement from the Kurdistan Region Presidency.
President Barzani arrived in Baghdad on Saturday for meetings with Iraqi Prime Minister Mohammed Shia’ al-Sudani and the ruling State Administration Coalition. It is his second trip to the Iraqi capital in a month and comes against the backdrop of Sudani’s trip to Washington and a deadly drone strike on key oil and gas infrastructure in the Kurdistan Region.
During the meeting with Rashid, Barzani “reiterated the Kurdistan Region’s willingness to engage in dialogue and find mutually agreeable solutions with Baghdad,” and emphasized the importance of visits from both Erbil and Baghdad to continue.
As part of his Baghdad visit, Barzani also separately met with several senior Iraqi political leaders, including Leader of the State of Law Coalition Nouri al-Maliki, Leader of Iraq’s National Wisdom Movement Ammar al-Hakim, President of Iraq’s Supreme Judicial Council Faiq Zidan, former prime minister Adil Abdul-Mahdi, and former speaker of parliament Mohammed al-Halbousi. The meetings are expected to continue.
Yes I agree! It seems quite positive. One more thing I would add to your observations: it gives the impression that KRG and IOCs (or at least GKP) are carrying on with the PSC 'business as usual' (at least as much as we can call it 'usual' given the circumstances/this part of the world).
Sends a signal to Baghdad (?): "we're carrying on with the PSCs, which remain valid"
In the context of gggg21's post of KRG MNR's strong public announcement (Https ://gov .krd/mnr-en/activities/news-and-press-releases/2024/april/statement-by-the-ministry-of-natural-resources-of-krg/), this suggests KRG and IOCs/GKP have adopted a common position vis-a-vis Baghdad.
Moreover, KRG elections recently postponed (a result of KDP standing firm with their boycott?) and Nechirvan Barzani in Baghdad this weekend meeting with Al-Sudani and the interim parliamentary speaker also seem to signal ongoing backdoor discussions regarding a final resolution (source: hxxps :// www. kurdistan24. net/en/story/34720-Kurdistan-Region-President,-Iraqi-premier-highlight-latest-political-developments-in-Iraq)
Regarding the GKP, any dear accountants/quants who can forecast how the value of licence, rental and security fees could make a dent in the $151m owed, and over what timelines?
Makes sense Mendoza,
Also signals a very important points which are very significant indeed.
That is firstly the KRG recognise a financial obligation to the IOC's. (not theft), secondly its demonstrating a willingness to repay, even though they are being financially squeezed currently.
it also helps us out by reducing ongoing costs.
A way for KRG to pay down the $151m owed to GKP??
"The value of licence, rental and security fees has been accrued and is not expected to be paid, but rather offset against historic revenue due from the KRG, which have not yet been recognised in the financial statements."
In my view, this seems like a positive to GKP's cash position.
However, I'm not an accountant - any on here?
From ADVFN, haven't checked the wording of it.
"What do people make of this at the end of the Thursday RNS:
'For crude oil sales into the ITP from 1 January 2023 to 25 March 2023, capacity building payments were deducted from the monthly crude oil sales invoice amount payable to Gulf Keystone and no direct payment was made to the KRG. For local sales from 19 July 2023 to 31 December 2023, the KRG received capacity building volumes in kind, which they then sold to local buyers.The value of licence, rental and security fees has been accrued and is not expected to be paid, but rather offset against historic revenue due from the KRG, which have not yet been recognised in the financial statements.'"
Dana gas also owed 151M in back payment. Not just those producing crude oil.
The site has been attacked twice before with rockets, once causing no issue and the second time causing a small fire, however having 4 men killed this time is dreadful and does reflect increasing effectiveness of longer range Iranian terror weapons.
Without wanting too, it will probably cause increased demand for heavy oil as many in Kurdistan used to the frequent powercuts often have old diesel type generators as backup. This will keep the local teapots full for sure, churning out rough cut crude, via flash distillation.
https://www.thenationalnews.com/business/energy/2024/02/08/dana-gas-profit-fell-in-2023-on-lower-oil-and-gas-prices/
True bdgm,
I alluded that Iran was more likely responsible and it wants Iraq to become dependant on it and control it. That was without any definitive proof. However just now released actual filmed footage of the attack using an Iranian drone.
https://www.kurdistan24.net/en/story/34708-Exclusive:-Surveillance-footage-reveals-dramatic-drone-attack-on-Khor-Mor-gas-field
Definitely not a one off Belgrano, Khor Mor gas field has been attacked a number of times over the last few years.
No group has yet owned up to the attack on the gas field. Clearly the objective was to hit the electricity generation capabilities.
Which groups are most likely to be able to source attack drones and objective behind it.
Iraq has been importing a lot of electricity from Iran, however Uncle Sam is trying to wean them off importing electricity from Iran, especially when they have an abundance of raw gas to enable them to generate their own power.
Clearly groups operating within Iraq but supplied by Iranian drones and doing their bidding seems to be favourite, however the facts will be revealed in time. Whether this is a one off, or the start of something more significant only time will tell.
From Telegram:
The Kormor gas field in Chamchamal was targeted, and according to preliminary information, the field was attacked with drones.
The attack was carried out on the Kormor gas field in Qadir Karami district of Chamchamal district, Sulaymaniyah province, where Dana Gas Company operates.
__
Channel 8 has now confirmed that 2 people have been killed and 6 have been wounded.
Gas field is being evacuated; announcement urges employees to remain where they are (until security forces arrive)
Electricity production of 2500 MW is out - heavily affecting the public electricity grid.
__
Channel 8: peshmerga Commando forces have been dispatched to the Kormor gas field to respond to any potential further attacks.
__
Iraqi Prime Minister Mohammed Shia Sudani has directed the Iraqi Joint Forces Command to collaborate with the 70th Peshmerga Force to investigate the attack on the Kormor gas field.
@KurdishFrontNews
Source: hxxps :// t. me /KurdishFrontNews/7293
Yes, it would have been better if Israel had killed the two Iranian generals elsewhere, but if Iran is financing and supplying weapons to its proxies, who are attacking Israel and disrupting trade through the Suez canal, I see no problem killing two Iranian generals, who were probably up to no good – they were not exactly in Syria for a military ceremony, were they?
Your resort to ad hominem does your arguments no favours. Bolton probably stands for freedom, dignity, capitalism and democracy, including for the Iranian people, and that is probably no bad thing. He is probably smart enough to understand we cannot do regime change anymore – the Iranians have to do it themselves. Meanwhile we keep broadcasting information about the West that the mullahs do not want their people to hear.
Standing up to aggressors portraying themselves as victims is a good thing. JMV.
Andy1022,
John Bolton is Yale educated and simply responds forcefully (something you seem to object to strongly) to Iran's non-rules based behaviour (you might wish to recall some of Iran's extra judicial killings of Iranian exiles abroad e.g. the TV talk-show host and singer, Fereydoun Farrokhzad, murdered in Germany; the brutal murder of former prime minister, Shapour Bakhtiar, in his own home in Paris; and then there has been the regime's harassment of Iranian journalists working for the BBC Persian service, also the recent attack on an Iranian journalist in Wimbledon, and if you wander down Kensington High Street you might notice the Italian restaurant (Cobella?) in a new-build opposite the Royal Garden Hotel where a Persian video cassette store once stood, at least before the entire building was blown up and destroyed, killing the pro-monarchist Iranian owner (or his son?). And you might recall the seizure of the American embassy and its diplomats in Teheran, an event that happened a few months after I left Iran. None of these things were rules-based.
The truth is, there are some people you cannot reason with (ISIS, Hamas, the WWII Nazi regime, Putin, extremist Jewish settlers hell-bent on expanding Israel's footprint into formerly Palestinian-occupied areas, presumably to take back land occupied by the Jews 2,000 years ago); and in these limited circumstances, the Christian concept of a 'just war' seems appropriate.
It is a moot point whether the mullahs in Iran can be reasoned with (they like to portray themselves as victims of colonial overreach, while at the same time expanding Iran's influence throughout the Middle East. Jack Straw, as Foreign Secretary, even agreed with the regime's misreading of history, particularly on whether Britain ripped off the Iranians, paying $4 a barrel for oil, indulging their false sense of victimhood.
Netanyahu's failure to stop illegal Jewish settlements in Palestinian areas, and the annexing of East Jerusalem, have probably been a contributory factor to Hamas' terrorist activity, so some of Hamas' terrorist behaviour is, to a small extent, Netanyahu's fault, I wonder?
In the context of all of the above (especially Iran's disrespect for rules-based order), Israel's disregard for diplomatic convention does not seem anything like as bad as you make out.
Sure, the West is no saint when it comes to rules-based order (Abu Ghraib, the East India Company, the slave trade, the Bay of Pigs) but some push back on Iran's malign behaviour is probably a good thing. If you haven't lived in Iran, it is maybe difficult to understand how normalised lying is even when they want to be nice to you.
Continued...
Come on Andy , is that your best ? Finishing your response with idiot really says it all. Embassies being used to cloak darker goings on become legitimate targets apparently.
Relax a bit you sound quite angry.
John Bolton is a Bush warhawk psychopath...and if you condone a military strike on sovereign Embassy territory then I hope you're nowhere near anybody else's Embassy anywhere else in the world.
I presume you're happy with 'rules based order' rather than international law?
Idiot.
In the morning , made a very decent profit on AAL today the profits are coming in here tomorrow with the rest going back into my other holdings
Happy Days
I would sign if the price was right (would you like the code to my Swizz account ?).
Re expiry of existing pipeline agreement.
Does anyone really believe that Baghdad would stand idly by and let the KRG sign a pipeline agreement with Turkey - one which utilizes the existing Faysh-Khabur - Ceyhan pipeline, an agreement which would give the KRG enormous leverage over the only pipeline available to export Iraq's oil to the Med?
I do not believe it for one minute.
This time next year when no resolution has been agreed this board will be looking forward to September.
Time does fly and iraq will be longer for kurdistan independence
"got an inside line into those high level iranian conversations have we dumgrano?"
Andy1022, I do not think Belgrano needs to have inside knowledge of the Iranian regime - you can get that from reading the informed comments of expert commentators on Iran - former British ambassadors/charge d'affaires, specialists at our universities that have decent Persian Studies departments (Oxford, St Andrews, Exeter, Durham, SOAS, etc.) and from Iranian specialists working at think-tanks that advise Western governments: Carnegie Endowment, RUSI, etc.
The best theories about the behaviour of the Iranian regime are the ones that join up the most dots. Common sense tells you the regime is brutal, is concerned about its legitimacy being undermined, is dependent on exploiting difference with the West to unite its people and is hellbent on projecting power throughout the region in preference to lifting the living standards of its citizens. It also invokes religion to bolster the power of the government. The regime is stable until it collapses, and it is probably foolish to try to predict when that will be.
Suffice it to say, the regime is intent on eradicating Western influence on its citizens (does not want to compete with seemingly more attractive value systems) so it will spend its vast natural resource wealth, on among other things, buying Iraqi politicians to try to get rid of us out of the Middle East altogether. Belgrano's posts are spot on.
Pepe Escobar sounds like a conspiracy theorist claiming Israel launched a plane carrying an atomic bomb that was shot out the sky by the Russians before it reached Iran (Aliens built the pyramids and conveniently left no trace and all that stuff). Israel's interest in retaliation on the Isfahan region was probably designed to give the Iranian regime a reality check about Israel's capabilities without escalating the conflict, a small enough retaliation not to rile Israel's allies who had urged restraint.
Although I cannot stand Netanyahu (Sarkozy called him a liar, which sounds right), I have no problem with them attacking Iran's consulate in Damascus to kill one of the people orchestrating trouble throughout the Middle East. John Bolton seems to me to be one of the few Americans who gets Iran right, and I have lived and worked in Iran. I think Belgrano's posts are excellent. Also Investrat's posts demonstrate more realism about the region than anyone else's. JMV.
@nobull,
don't take it personally, it's only business.
The central government is interested only in re-establishing their rights in KRI as sovereign authority, with SOMO in charge of all external sales and marketing of crude oil & derivatives.
IMO it's going to get even messier, with the KRG trying to wriggle out of their payment obligations.