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IMO Sudani is siding with the Kurds. The problem is some Shiite members of his coalition are not on the same page and they just happen to be in control of the oil and finance ministries.
On Saturday sudanis spokesman said budget to be approved within two weeks https://ina.iq/eng/32036-council-of-ministers-will-approve-the-budget-schedules-within-two-weeks.html .
Today a spokesman from finance ministry contradicted that says the budget schedules have been put on hold. https://shafaq.com/amp/en/Economy/Lawmaker-attributes-the-delay-in-budget-approval-to-rising-deficit
We now see Sudani firing back with this article tonight where he is calling out members in his own government.
https://www.kurdistan24.net/ar/story/47806-%D9%86%D9%87%D8%B1%D9%88-%D8%B1%D9%88%D8%A7%D9%86%D8%AF%D8%B2%D9%8A:-%D9%88%D9%81%D8%AF-%D9%85%D9%86-%D9%88%D8%B2%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D8%A7%D9%84%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF%D9%8A%D8%A9-%D8%B3%D9%8A%D8%B2%D9%88%D8%B1-%D8%A5%D9%82%D9%84%D9%8A%D9%85-%D9%83%D9%88%D8%B1%D8%AF%D8%B3%D8%AA%D8%A7%D9%86
Its in sorani - google translation:
Erbil (Kurdistan 24) - Deputy Chairman of the Oil and Gas Committee in the Iraqi Parliament, Nehru Rawandzi, confirmed on Sunday that some officials in the government of Muhammad Shia al-Sudani and the Federal Ministry of Oil have a plan to undermine the constitutional entity of the Kurdistan Region.
Nehru Rawandzi said in a statement to Kurdistan 24 that a technical and legal delegation from the Federal Ministry of Oil, under the guidance of Federal Prime Minister Muhammad Shia al-Sudani, will visit the Kurdistan Region.
According to Rawandzi, the delegation of the Federal Ministry of Oil is scheduled to meet during the visit with the Ministry of Natural Resources of the Kurdistan Regional Government, in addition to oil companies operating in the region.
The Deputy Chairman of the Oil and Gas Committee in the Iraqi Parliament explained that the aim of this visit is to resolve the issue of extracting and producing oil from oil wells in the Kurdistan Region, in addition to discussing the resumption of the region’s oil exports.
Regarding the timing of the visit, Rawandzi stressed that the delegation of the Federal Ministry of Oil should visit the Kurdistan Region, before the scheduled visit of the Federal Prime Minister to the United States.
He stressed that "some officials in the government of Muhammad Shia al-Sudani and the Federal Ministry of Oil are seeking to obstruct the resumption of the export of Kurdistan Region's oil, and they have a plan to undermine the constitutional entity of the region."
He pointed out that the issue of resuming oil exports is more political than an economic issue, as the federal government is using this issue as a means of putting pressure on the Kurdistan Region, and therefore international pressure should be exerted on the federal government to address this.
One way or another something has to give i
PM2022 - I don’t blame any of your posts for my investment here. I made the decisin to invest in the back of CLX. Personally I had no confidence in 201 and still don’t. 3 years and still nothing is really telling. Look back at how Suzy described these drugs as legacy products should tell you what she thinks of them.
Let’s move in from 201 as Suzy has.
My annoyance stems from the pivot had done to becoming a lab business. If I had know that she was going down this route i would never have invested.
Atb
Doodle away Somm, I’m liking the numbers :-)
It would be nice if the company could tell us who is/are the interested parties. The bigger the name the higher price appreciation we would see here.
Atb to all holders
The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, announced the start of setting 2024 budget schedules, noting that they include added financial entitlements to the governorates that will be allocated to infrastructure.
Key paragraph:
revenues from exporting crude oil are calculated based on an average price of $70 per barrel, and an export rate of 3 million and 500 thousand barrels, including 400 thousand barrels per day for the quantities of crude oil produced in the Kurdistan Region, based on an exchange rate of 1,300 dinars per dollar.
https://www.rudawarabia.net/arabic/middleeast/iraq/280320246
Hi all, great to see Casp showing a bit of life.
Rns: The Board has in recent months entered into a number of discussions with potential buyers concerning the BNG shallow structures (excluding the BNG deep structures Airshagyl & Yelemes Deep) at indicative prices potentially significantly greater than its current carrying value.
I looked at 2021 and 2022 annual accounts to understand the carrying value. In 2021 accounts it states $104m for proven and unproven oil. The 2022 accounts only show the unproven oil figure of ~$43m.
As per the rns it says significantly higher than current indicative value. I guess it all depends on the meaning of significant. You would like to think it’s at least 50% more.
So by my calculations if it’s only for proven oil then a minimum of $75m.
If for proven and unproven then it’s a minimum of at least $150m.
Much bigger numbers if significant means more than 50%.
Happy to be corrected.
It would be crazy to sell BNG unless they have either been successful at B8 or the deeps. Some interesting months coming up methinks.
Atb
Excess cash generation facilitated the reduction in accounts payable, including trade payables and accrued expenditures, to $26.0 million at 31 December 2023 (31 December 2022: $44.1 million)
Current production c 43k bopd up from February announcement of 38k
Currently earning : 43k * 25 * 30 * 36% = $11.6 m per month with costs $6m per month.
What’s not to like?
@rog, Im in England, just up early for Ramadan.
From Advfn - KRG we’re represented at the meeting.
https://twitter.com/john78846295/status/1768312605070733501
As I said yesterday the PKK have been served up as the sacrificial lamb to celebrate the new Turkey and Iraqi partnership. KRGs silence on the matter speaks volume. I wonder what they are getting in this deal.
The silence from Iran and US is also telling.
https://www.al-monitor.com/originals/2024/03/iraq-bans-pkk-security-ties-turkey-gain-momentum
Mind boggles with the statement from all sides.
According to this article the pipeline had been damaged by Isis and they have just now fixed it.
If that’s the case why didn’t they say this before.
Either this is codswallop or this is Iraq governments insane lame excuse of why the pipeline has not been opened.
Tomorrow’s meeting between Turkey and Iraqi officials could be the turning point. Fingers crossed they come to some agreement and open the pipeline
Atb to all holders
Https://www.reuters.com/world/middle-east/turkey-iraq-hold-high-level-talks-security-energy-baghdad-ankara-says-2024-03-13/
One way or another I think this is coming to a head in next few weeks. I feel the PKK are the sacrificial lambs in this regard
The Supreme Court was asking for accounts to be opened before they paid the money. Now apparently they are happy for it to be paid in cash. Pressure beginning to tell.
Iraq’s Federal Supreme Court on Tuesday called for the acceleration of the “localization” process aimed at paying the salaries of the Kurdistan Region’s civil servants, adding that salaries must be paid in cash for employees yet to complete the process.
https://www.rudaw.net/english/kurdistan/120320243-amp
Now the Kurdish federal judge has resigned calling out ‘hostile rulings’ against Erbil.
https://www.argusmedia.com/en/news-and-insights/latest-market-news/2546991-erbil-baghdad-relations-complicate-further
The Iraqi government has some hardline idiots aligned to Iran (similar to itsaponzi on this board) and they are making life difficult for Kurds as well as Sunnis and Shiites aligned to the west.
You can see from article below that Sudani does not agree with the conditions his own government is putting on the Kurds to receive the monthly salaries.
Really the only way forward is for the yanks to start sanctioning individuals in the Iraqi government. Nothing like personal loss to bring a person to his/her senses.
https://www.kurdistan24.net/ckb/story/253800-%D8%B3%D9%88%D9%88%D8%AF%D8%A7%D9%86%DB%8C:-%D9%84%DB%95-%D8%AF%DB%95%D8%B3%D8%AA%D9%88%D9%88%D8%B1-%D9%88-%DB%8C%D8%A7%D8%B3%D8%A7%DB%8C-%D8%A8%D9%88%D8%AF%D8%AC%DB%95%D8%AF%D8%A7-%D8%B4%D8%AA%DB%8E%DA%A9-%D9%86%DB%8C%DB%8C%DB%95-%D8%A8%DB%95%D9%86%D8%A7%D9%88%DB%8C-%D8%A8%DA%95%DB%8C%D9%86%DB%8C-%D9%85%D9%88%D9%88%DA%86%DB%95
Iraqi Prime Minister Mohammed Shia Sudani said in an interview with an Arab media: According to the constitution and the budget law, there is no such thing as cutting salaries or sending salaries, but we must send 12.67% of the Kurdistan Region.
Sudani said there is a misunderstanding in Baghdad on the position of the Kurdistan Region, while the Iraqi Finance Minister is sending the February salaries in stages and conditional on the sending of salaries for subsequent months.
"There is no such thing as cutting salaries according to the constitution and the budget law, the Kurdistan Region's share is 12.67 percent," Iraqi Prime Minister Mohammed Shia Sudani told a Saudi television channel.
Sudani stressed that according to the budget law, there is no such thing as salaries, but we must send the budget to the Kurdistan Region to spend part of the salaries and part of the projects because the Kurdistan Region has its own government and parliament.
"I clearly feel that there is a misunderstanding of the position of the Kurdistan Region at the level of the media and at the level of the political elite in Iraq, so if we deal with the Kurdistan Region in this way There will be no such thing as the political and constitutional structure of the Kurdistan Region.
Sudani's comments come as the Iraqi Finance Ministry said it would pay salaries in several stages for February and has other conditions for next month.
“The COPL Group will continue its day-to-day operations as usual and intends to continue paying its critical suppliers in the ordinary course during the CCAA proceedings. The forbearance agreement with the Company's senior lenders has now expired.
The Company believes there is little prospect for a return to shareholders or bond holders.”
So it’s going to carry on as usual and pay its critical suppliers and oh by the way nothing for the shareholders and bondholders. “
Looks like the real scam artists are the SL and the BoD.
Really feel for those who have lost a lot here. Hope you guys make some of it back elsewhere.
This is the article I think everyone is talking about https://www.kurdistan24.net/ckb/story/253495-وەزیری-سامانە-سرووشتییەکان:-سەدا-80ـی-بڕیارەکانی-دادگای-پاریس-لە-بەرژەوەندیی-هەرێمی-کوردستانن
The main crux of the bit translated is as follows:
The Minister of Natural Resources of the Kurdistan Region also noted that "the cost of extracting the Kurdistan Region's oil has reached an agreement with the Iraqi government. Previously، the federal government had decided to give about 8،900 dinars to companies in the Kurdistan Region to extract each barrel of oil، but after the formation of two committees، it was decided to increase the amount to 20.61 thousand dinars."
It looks like the Iraqis are prepared to change cost of oil production from $6.83 to $15.81. Sounds like a good compromise to me but wtf do I know.
This article also explains why the Kurds don't seem to be too bothered about Iraqi government selling the oil.
As Kamal Mohammed Salih put it، "80 percent of the Decisions of the Paris Court were in the interest of the Kurdistan Region. We have no problem with somo selling Kurdistan Region oil and its revenues go to the Youth of the Iraqi Government، but the financial rights of the Kurdistan Region must be provided."
I've used an online website to do the translation so can't really guarantee the translation. :-)
ATB to all shareholders
The short positions on GKP are really fascinating. As far as I can gather only walleye from when they took their position are in profit. I think their average is around £1.28. Yet, they are not reducing their short. Over the last few days they’ve seen their profit reduce by over £200k.
I don’t think these hedge funds are stupid and in my opinion they are keeping this price down to accumulate shares as possible.
I have accumulated as well let’s see what happens over the next couple of months.
Atb to all shareholders
He’s got experience of secondary fundraising. Feck me how much dilution does Dilly want to do?
This is ridiculous two more mouths to feed. If this is admitting that current bunch don’t know how to make money surely it makes sense to get rid and bring these two in. As it stands more money going in salaries.
Please Dilly kindly feck off.
@theoryman - the short tracker link I provided is correct as you can compare with fca short tracker. Millennium did take their holding to 0%. However, that’s only for the day reported , subsequently they can open their short but don’t have to report it until they cross the 0.5% threshold which is why figures in second table can’t be guaranteed. This goes for all short positions below 0.5%. As hedge funds don’t need to report they could be as extreme as 0% or 0.49% irrespective of what it says in the table
Itsaponzi: “Probably expect a 6 /7 % down today after that news !! ”
So you think a company that is making $4m a month profit and has said it is is expecting to increase this is overvalued at a market cap of £223? Give your head a shake.
Points to note:
Millennium quickly closed their short position last week. Why do you think they did that?
Apikur have suddenly become more vociferous and calling out lies.
Why is the Iraqi government keep dangling the promise of opening the oil pipeline soon if they are in control? Why not just say the contracts are illegal and close these companies down?
Why has Sudani openly criticised USA bombings and asked for US forces to leave but has not written a formal letter to UN or the US about either of these matters.
There are a couple of Iraqi media channels on X linked to these Shiite factions. If you think Sudani is against KRG then you need to listen to these guys. They think he is a US stooge.
Nothing can be taken for granted but things are not as bad as you think.