Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Buybacks achieve nothing for the small investor - a savvy management team would be eager to reinvest any spare cash in growing the business using the expertise they have been hired to exhibit - rather than defaulting to the buybacks no brainer easy option.
He could have confirmed the price we get for local sales. Also he should have emphasised that the new contracts were being sourced from Baghdad, not implied via Kurdistan - or we’re again at the mercy of the usual greedy billionaires..
Seems to make no difference to the lot of the general population in Turdistan whether the pipes are open or no.
They see none of the revenues flowing into the coffers of those in power within the KRG.
Thought BaghdadErbil had been sorted: majority of oil goes via SOMO punktum.
APIKUR needs to tread carefully in their (totally justifiable) united quest for fair play - or if private expectations are not met for the various ruling families - my fear is that greed will prevail, and they could Nationalize the lot of us. Game over.
(suspect there is plenty of oil expertise readily available via Russia and China).
After years of contractual abuse at the hands of the tinpot billionaires running the KRG show - we can surely wait a bit longer for a fair and enforceable contract, and even the payment of what is due to us (but had unfortunately ‘gone astray’).
Nice that we IOCs have put up a united stand …. but we were easily bullied by the Erbil warlords via threats based on their illegal contracts over us, the overdue payments (+interest) from them are long gone and surely trousered and irrecoverable - we could be held to be liable for donating illegal oil under illegal contracts for Turkey to transport illegally.
It’s as crazy as that.
Indigenous Faces have to be saved - so I fear that we may be held liable to pay Turkey’s fine as punishment for the above misdemeanors…… . then the oil can flow and face are saved allround.
BBay… we should not be making any contracts with Erbil (they have no legal premise to make contracts as it was previously agreed that Baghdad via SOMO is who we deal with re Oil or Gas)?
OK this will surely enrage the Bar-z creamers - but wasn’t that the whole idea, to nationalize control of the country’s resources to the benefit of the overall population rather than a handfull of smug, suited billionaires ??
Well they did make monkeys out of us over many years, and we facilitated making several of them seriously rich men.
They hid behind threats based on what turned out to be illegal paper tiger contracts - and exploited us over any excuse to cut or delay payments….. everything from feeding refugees, to paying the peshmerga, to providing C19 injections for the poor to delaying payments out to 3+ months.
An Master Class in deception at an International level in plain sight.
Our BoD shook in their boots for years.
Illegal Kurd based PSCs are hopefully now history - the greed and local pilferring (and abuse/excuses) which Erbil exploited over us for 15yrs has only achieved the creation of some ruling billionaires …. and now he is blaming us for the lack of flow !
Clever.
I fear that we who operate in Kurdistan may be singled out to pay Turkey’s fine by being stuck with $6/bbl while our colleagues in greater Iraq are said to pick up $35bbbl.
Reason - they will collectively claim that we knew the oil we contributed was being illegally exported.
The region is as mad as that - but faces will be saved, and the taps willbe honourably opened.
Seems a neat face-saver then: levvy a penalty on us IOCs working under the usual Erbil warlords to pay-off Turkey’s fine for them (plus a sufficient pilferring factor to satisfy them) and it’s a win-win-win (at no cost to Baghdad, Ankra or Erbil).
What an elegant solution.