Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Imapussi
It's Barzani dear Boy, do keep up.
Idiot.
I'm asking about the contract to take out oil
The PSC not the pipeline.
Not that long ! 17 months will fly by and good bye iraq forever, its the only way for the future of kurdistan.
And the Brazani family making $300m a month of the IOCs.
Who really wants SOMO contacts definitely not the KRG.
Not years its months, believe pipeline contract expires in 15 months or so but have asked our company for more information on this for accuracy.
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