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Erbil is “willing to resume the export in line with the shared understanding towards fulfilling the technical and financial needs and honoring the constitution, contracts, constitutional rights,” the premier told the attendees.
https://www.kurdistan24.net/en/story/33125-PM-Barzani-calls-for-swift-resumption-of-Kurdistan-Region-oil-export#hathalyoum
"The federal government estimates that it costs $12 per barrel to produce oil and $7 per barrel to transport it. The Kurdistan Regional Government estimates that it costs $24 per barrel to produce oil and $8 per barrel to transport it.
"These figures are realistic and are in line with what is paid to foreign companies that sign a contract with the Federal Ministry of Oil," Sherwani said.
Https://www.google.com/amp/s/shafaq.com/amp/en/Economy/Experts-expects-a-breakthrough-as-Baghdad-Erbil-oil-talks-progress
Experts expects a breakthrough as Baghdad-Erbil oil talks progress
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Iraq has a revenue-sharing agreement in place between the central government and regional governments, particularly in the context of oil revenues. However, specific details may evolve over time due to legislative changes or new agreements.
The revenue-sharing framework typically involves distributing oil-related revenues among the federal government and regional authorities, such as the Kurdistan Regional Government (KRG). The details of revenue-sharing arrangements may be outlined in laws, agreements, or constitutional provisions. These agreements aim to balance the distribution of wealth derived from oil resources across different regions of Iraq.
For the latest and most specific information on revenue-sharing agreements regarding oil companies in Iraq, it's advisable to refer to the latest legal documents, official statements, or reputable news sources. Keep in mind that developments may have occurred since my last update in January 2022.
The Iraqi constitution outlines that oil and gas are considered the property of all Iraqi people. It grants the central government authority over the development of these resources. The document doesn't explicitly mention oil companies, but it generally establishes a framework for their involvement, subject to the overall principles of national ownership and management. Specific laws and regulations would provide more detailed guidelines for the participation of oil companies in Iraq's petroleum sector.
Https://www.kurdistan24.net/en/story/33125-PM-Barzani-calls-for-swift-resumption-of-Kurdistan-Region-oil-export
PM Barzani calls for swift resumption of Kurdistan Region oil export
Barzani called for the payment of operation and transport fees, as stipulated in the Iraqi budget law.
ERBIL (Kurdistan 24) – The Kurdistan Region’s halted oil export, which has resulted in billions of dollars in loss, has to be resumed as soon as possible, Prime Minister Barzani said on Sunday.
The premier received Iraqi Minister of Oil and Deputy Prime Minister Hayyan Abdul Ghani and his accompanying delegation, consisting of director generals and managers at the state oil marketing company known as SOMO, in Erbil on Sunday.
Having been halted since late March, the stoppage of oil export from the Kurdistan Region through Tureky’s Ceyhan port has resulted in “billions of dollars” loss in the public treasury, Barzani told the delegation, stressing the need for a swift resumption, per a statement released by the Kurdish leader’s office.
Erbil is “willing to resume the export in line with the shared understanding towards fulfilling the technical and financial needs and honoring the constitution, contracts, constitutional rights,” the premier told the attendees.
Barzani also called for the payment of operation and transport fees, as stipulated in the Iraqi budget law.
Minister Abdul Ghani expressed the Iraqi federal government’s stance on the resumption of oil exports by paving the way to remove impediments.
The delegations, according to the statement, agreed to continue the discussions on the “technical, financial and legal details” in order to create a joint understanding to resume the export as soon as possible, per the statement.
However, Iraq has officially requested Turkey to allow the resumption of oil and Ankara has concluded what it dubbed as maintenance work on the pipeline, the oil flow has not yet resumed since March 25 this year.
The difference in oil extraction cost per barrel in the Iraqi and Kurdistan Regional Government (KRG) contracts with international oil companies is one of the outstanding issues between Erbil and Baghdad.
Per the budget law, the extraction cost per barrel is set at $6 while the regional governments pay a much higher price.
“The price set in the budget does not fit with the nature of our contracts,” Minister Kamal Mohammed told reporters early Sunday, hoping the delegation to reach an agreement in the coming days.
Per a deal signed in April between Erbil and Baghdad, the two governments would jointly manage the energy dossier, which has been a source of tension for over a decade.
Following the halt of its export via the Turkish Ceyhan port, Erbil has been transferring more than 90,000 barrels of oil to the Iraqi government which uses the crude to meet domestic needs.
Prior to the stoppage, the Kurdistan Region was exporting over 400,000 barrels of oil pe
Itsaponzi,
I guess I was correct then? That unexpected visit had some weight to the negotiations and eventual tap opening.
Devil666, I second that sir.
Itsaponzi, the article highlights a positive development as Iraq's Prime Minister, Mohammed Shia' al-Sudani, makes an unannounced visit to Erbil, engaging in discussions with top Kurdish officials.
The meetings cover national issues, government program progress, and key security and political developments. Emphasis is placed on coordinating efforts to support economic development and improve living standards in Iraq.
The upcoming parliamentary elections in the Kurdistan Region are also addressed, stressing the importance of fair and transparent elections.
But what it mostly concerns us is that it additionally mentions discussions about the fate of Kurdistan Region's share in the federal budget, an ongoing issue between Erbil and Baghdad.
I believe, as you mentioned it, the potential 10 billion lost in revenues will play a substantial part in these reflections, don't you agree? The more expedient these talks are the faster these issues can be resolved.
I believe we are not too far from a resolution here.
Regarding this unannounced visit, I think it's not been discussed here as much as it should, perhaps. Bagdad seems to start changing it's posture towards Kurdistan and, if not in actions, at least in public relations.
I think it's significant and maybe we shall see significant signs of a resolution very soon.
I would have liked to see Erdogan doing the same in the coming days, wouldn't you agree? It's unfortunate turkey cancelled postponed the visit but that too could come unexpectedly.
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Theoryman, thanks for the time to write and your understanding of the matter.
Have a good weekend.
ST
Contrary to that are your pearls of wisdom, i guess?
Sells? You have no way of knowing it as the spread was extremely narrow to pin it to a sell. The price also spiked at early trade, which encourage a few sells to help with the books. The way this was trading a few days ago, a sell that size would have sent the sp down to 115p. Nope, these are buys.
Just a note that there's been big buys coming in and they're trying to keep the lid on. Not long from now.
Good luck all holders.
ST
...now I will brew some coffee and get my coconut/tapioca biscuits ready. Patience, patience Baldrick.
Https://www.newarab.com/news/iraqi-groups-threaten-intervene-israels-war-gaza
Https://www.jordannews.jo/Section-109/News/Iraqi-oil-tankers-return-amid-safety-concerns-31818
Not directly linked to GKP, but how long does it take to move closer to home?
US treasury bonds going down, for the moment at least. Despite some sell off in stocks, it will help to give the stock market some relief.
Bitcoin dropping, gold and VIX still in acceptable range, and good US GDP numbers is good news.
Fingers crossed for tomorrow and some good news soon for GKP.
Sorry, JAB. I wish good luck with your investments, truly.
Mabel says hi.