Iraq pays 270 million dollars for compensation for the invasion of Kuwait

[DinarThug]

Government efforts to increase trade between Iraq and Kuwait

2 hours ago

The border crossing authority announced the holding of a joint meeting of the Iraqi-Kuwaiti border crossings at the port of Abdali to follow up the implementation of the minutes of the meeting of the sixth session of the Joint Ministerial Committee.

A statement issued by the ports said that "the meeting discussed several topics aimed at increasing the trade exchange and procedures that facilitate the flow of travelers entering between the two countries, the most important of which is to facilitate the procedures of Iraqi citizens who have foreign passports wishing to visit Iraq through Kuwait.

The Iraqi oil minister, Jabbar al-Allaibi, said earlier, "Iraq approached the export of crude gas to Kuwait within the agreement between the two sides.

LINK

[yota691]

Iraqi oil minister reveals Iraq's rejection of the price offered by Kuwait

Kuwaiti - Iraqi differences on the price of gas

2017/10/13    10:45 PM

Iraqi Oil Minister Jabbar al - Allaibi   Jabbar al-Allaibi: We have provided our prices so far the Kuwaiti side has not taken the decision to accept the Iraqi price   The price offered by Kuwait has not been accepted and talks are still underway to reach a mutually acceptable price

The Iraqi oil minister Jabbar al-Allaibi, reaching the final stages of negotiations with Kuwait to export Iraqi gas instead of compensation, and noted the existence of price disparities in this subject, revealed the refusal of the Iraqi side for a price provided by the Kuwaiti side, according to the site "Alsumaria News "Iraqi.  Al-Allaibi said that "this project extends to the nineties of the last century when an agreement between Iraq and Kuwait to export Iraqi gas to Kuwait at the rate of 200 million cubic feet per day, and resumed talks with Kuwait to reactivate the agreement and now we have reached the final stages of negotiations." He added Allaibi, "There are some disparities in prices, we offered our prices and so far the Kuwaiti side has not taken the decision to accept the Iraqi price, while the Kuwaiti side offered a price not accepted by the Iraqi side," pointing out that "the talks are still ongoing in this regard."  On September 21, 2017, Oil Minister Jabbar Ali Hussein Al-Laibi announced the imminent export of crude gas from the Rumaila field to Kuwait, while the Joint Commission completed all related procedures.  "We have discussed with the Turkish ambassador four days ago the development of the relationship and its empowerment in the fields of energy and infrastructure," Al-Luaibi said, adding that "the Ministry of Oil has many projects and long and complex relations with the Turkish companies.

[yota691]

Kuwaiti delegation to discuss the port of Abdali mechanism of cooperation and trade with Iraq

 

 Since 2017-10-13 at 13:24 (Baghdad time)

Baghdad Mawazine News

The border crossing agency discussed with a Kuwaiti delegation at Al-Abdali border crossing a number of issues of common interest.

"The two sides discussed the mechanism of facilitating trade exchange between the two countries and working to overcome the obstacles and problems with regard to the entry and exit of passengers, as well as all kinds of goods," according to a statement issued by the Mawazine News Agency.

The statement added that "the participants came out with several recommendations in order to facilitate and simplify procedures between the two countries to serve the interests of the two brotherly neighbors."

[yota691]

Kuwait: There is no dispute with Baghdad on the pricing of Iraqi gas

 

Economy News _ Baghdad Kuwait's oil minister said on Sunday that there is no dispute between Baghdad and Kuwait on the issue of pricing Iraqi gas, pointing out that there are negotiations will end soon for the benefit of the two countries. The newspaper "Al-Rai" Kuwaiti Al-Marzouq said, "The import of Kuwait's Iraqi gas is in the interest of the parties, if the gas is the benefit of power stations, while the gas plants benefit if it is normal." He added that "in return, Iraq benefits from the export of gas, instead of burning it currently in the absence of plants, (or if it is under construction), and at the same time payment of compensation. "The price is the last stage in the process, and is subject to a number of considerations, including market prices, the cost of imports and the facilities required for this process in both countries," Al-Marzouq said.     Views 15   Date Added 15/10/2017

[blueskyline]

Thank You Thug , Yota 

[yota691]

Kuwaiti Oil Minister: Good news will be announced on the export of Iraqi gas to Kuwait

 

 Since 2017-11-19 at 13:36 (Baghdad time)

Follow up of Mawazine News

KUWAIT CITY - The oil production agreement between oil producing countries has contributed to reducing the stock to 150 million barrels over the past five years, Oil Minister and Electricity Minister Essam al-Marzouq said.

On the current price increases and their continuation during the remainder of this year, the Minister pointed out that raising prices comes as a result of balance of markets and the pursuit of higher prices and correcting their course.

Al-Marzouq said in response to the developments in the agreement and whether there was agreement on another extension at the end of March, the level of the increase in global stocks by 150 million barrels comes with another 4 months remaining extension of the current production reduction.

However, Marzouq said that there is almost agreement between all parties to the agreement to extend the period after the end of the end of March, but the duration of the extension has not been determined so far.

On the developments of the agreement to export Iraqi gas to Kuwait, Minister Marzouq replied briefly: the news is good and will be announced soon.

Iraq and Kuwait have agreed to export gas from the Rumaila field in the province of Basra by 50 million cubic feet per day within the first phase to reach (200) million cubic feet standard per day within the second phase.

[yota691]

Iraq: We will give the Kuwaiti investor priority in the implementation of projects

 

President Fuad Masoum

Economy News Baghdad:   The President of the Republic, Fuad Masum, that Iraq will give the Kuwaiti investor priority in the implementation of projects.   In a press interview with Kuwait News Agency (KUNA), Masoum said, "We appreciate the interest of the State of Kuwait in the reconstruction of the liberated areas of Iraq, which is called the organization of a preacher." He thanked Kuwait for hosting the donors' Contract early next year. "   "We attach great importance to this conference and thank the State of Kuwait for sponsoring it," he said, stressing that the conference "is very important to help Iraq."   He pointed out that "we can not predict today the size of what will happen to Iraq, but we are optimistic about the surrounding environment that paves the way for the conference and because it will be in the State of Kuwait."   He called on Kuwaiti companies to play a greater role in many of the investment fields available in Iraq, including large projects in the reconstruction of damaged infrastructure in the country.   He stressed that his country will grant the Kuwaiti investor priority, advising that it be dealing directly with the relevant ministries and the concerned parties, especially after Iraq has completed its daily field war with the organization of calling the terrorist and improving the security situation in the country.   Views 57   Date Added 19/11/2017

[yota691]

Iraq to resume payment of compensation to Kuwait

Published: 21.11.2017 | 18:03 GMT |Arab World News

Reuters Alaa Al-Marjani

An oil field in Kirkuk, Iraq

 

 

The United Nations said it had accepted a proposal from Iraq to pay 0.5 percent of its oil revenues in 2018 to Kuwait to compensate $ 4.6 billion for the destruction of its oil facilities in the Gulf War.

The United Nations Compensation Commission said in a statement issued Tuesday that the rate of payments from the Iraqi fund for compensation to Kuwait will increase annually until 2021.

"Based on forecasts of oil prices and the volume of their exports (from Iraq), this will lead to full payment of due compensation," the committee said, referring to KPC's claim, the largest amount approved by the Geneva-based Compensation Commission.

Payments from the fund were suspended in October 2014 due to security challenges and budgetary difficulties faced by Iraq.

It should be noted that this development comes in conjunction with the visit of Iraqi President Fuad Masum to Kuwait, where he met with the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

Source: Reuters + Agencies

Rifat Suleiman

[yota691]

United Nations: Iraq to resume payment of Kuwaiti compensation in 2018

Editorial Date: 2017/11/21 21:08 • 327 times read

[Oan- follow - up] The 
United Nations announced on Tuesday that it had accepted a proposal from Iraq to allocate 0.5 percent of its oil revenues next year in order to pay $ 4.6 billion compensation to Kuwait for the destruction of oil facilities during the invasion of the former regime of Kuwait in 1990 and 1991.

The UN Compensation Commission said in a statement that "the payments, which have been suspended since October 2014, due to security challenges and budgetary problems faced by Iraq, will increase annually until the end of 2021," adding that "Kuwait accepted the proposal." 
"Based on oil prices and export expectations, this will result in the payment of the remaining compensation," she said, referring to KPC's claim, the largest amount approved by the Geneva-based Compensation Commission.

[Officiallytook]

"Iraq has an opportunity to take its regional and international role"

 

this alone speaks volumes ...

 

[gregp]

Say good bye to chapter-7.

[gregp]

9 minutes ago, gregp said:

Say good bye to chapter-7.

 

Dang auto spell! That I didn’t use...😁😁

[NEPatriotsFan1]

Wouldn't it make sense if they are going to be such big trade partners to have a similar rate? Especially with Iraq being ten times richer in natural resources? 

 

Hers to hoping anyway

[DinarThug]

To allocate 0.5% of Iraq's oil revenues to compensate Kuwait for the losses of the "Gulf War"

 

Compensation is estimated at $ 4.6 billion

 

 21 November 2017 09:38 PM

The United Nations accepted an Iraqi proposal to allocate 0.5% of its oil revenues next year to pay $ 4.6 billion in compensation to Kuwait for the destruction of its oil facilities during the Gulf War between 1990 and 1991 .

The payments were suspended since October 2014 due to the security challenges and problems related to the Iraqi budget, the UN committee said Tuesday. The payments should increase annually until the end of 2021.

The United Nations Committee noted in its statement that Kuwait also accepted the Iraqi proposal.

The Committee said that, given oil prices and expectations for Iraq's oil exports, the remaining compensation is expected to be met.

The Iraqi government, announced last September , negotiated with officials in Kuwait to sell the accompanying crude gas instead of paying money as part of the financial compensation imposed on Iraq .

The part of the gas will be given in exchange for part of the financial compensation owed to the State of Kuwait instead of paying money from the treasury of the country .

Iraq pays a total of US $ 177.6 billion in financial compensation for its 1990 invasion of Kuwait. The United Nations approved $ 37.2 billion, of which 9.3 billion was received by Kuwait .

Kuwait's debts to Iraq are estimated at US $ 13.2 billion without interest .

link

[yota691]

Iraq pays Kuwait 0.5 percent of its oil revenues

 

Economy News _ Baghdad The United Nations said it had accepted a proposal from Iraq to pay 0.5 percent of its oil revenues in 2018 to Kuwait to compensate $ 4.6 billion for the destruction of its oil facilities in the Gulf War.  "The rate of payments from the Iraqi fund for compensation to Kuwait will increase annually until 2021," the UN Compensation Commission said in a statement to the Economist News.  The Commission explained , "based on the forecasts of oil and the volume of export prices (from Iraq), it will lead to the full payment of compensation due," in reference to what claimed by the Kuwait Petroleum Corporation, the largest amount approved by the Compensation Committee based in Geneva - based. "  Mentions That disbursements from the Fund were suspended in October 2014 due to the security challenges and budgetary difficulties faced by Iraq. It should be noted that this development comes in conjunction with the visit of Iraqi President Fuad Masum to Kuwait, where he met with the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.   Views 445   Date Added 22/11/2017

[Butifldrm]

Iraq 's economy pays Kuwait 0.5 percent of its oil revenues

 

 Twilight News    

 

 2 hours ago

 

 

The United Nations said it had accepted a proposal from Iraq to pay 0.5 percent of its oil revenues in 2018 to Kuwait to compensate $ 4.6 billion for the destruction of its oil facilities in the Gulf War. 
The United Nations Compensation Commission said in a statement issued on Tuesday that the rate of payments from the Iraqi Fund for compensation to Kuwait will increase annually until the year 2021. 
"Based on forecasts of oil prices and the volume of exports (from Iraq), this will pay full compensation due "In reference to what KPC is demanding, the largest amount approved by the Geneva-based Compensation Commission. 
Payments from the fund were suspended in October 2014 due to security challenges and budgetary difficulties faced by Iraq.
It should be noted that this development comes in conjunction with the visit of Iraqi President Fuad Masum to Kuwait, where he met with the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.

 

Keywords: 

http://www.shafaaq.com/ar/Ar_NewsReader/ba1c1cdf-b0b2-417b-82d1-4d9a7284def0

[blueskyline]

Thank You Buti, Yota . GM DV’s 

[Butifldrm]

Iraq to resume war reparations to Kuwait for infrastructure damages during Gulf War

Iraqi troops torched Kuwait oil fields during their ignominious retreat [AFP]

Date of publication: 22 November, 2017

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Iraqi will contribute point five percent of its oil income to a reparations fund to Kuwait for damages to the country's oil infrastructure during the Gulf War.

Iraq will resume war reparations to Kuwait, following an agreement between the two countries to end a debt for damaged infrastructure during the 1990-1 Gulf War.

Baghdad will contribute 0.5 percent of its 2018 oil proceeds to a fund that will eventually pay off a $4.6 billion debt to Kuwait.

It relates to damages to the Kuwait's oil infrastructure committed by Iraqi forces during the one year occupation of their southern neighbour.

Reparations were halted when the Islamic State group captured much of the oil-rich north of Iraq, leading to the near-collapse in the country's security.

The UN Compensation Commission announced on Tuesday that the two sides had agreed a proposal to pay off the remaining balance for the "unlawful invasion and occupation" of Kuwait.

"The (UNCC's) governing council welcomed receipt of a proposal for deposits to resume into the compensation fund in 2018 put forward by the government of Iraq and accepted by the government of Kuwait," the commission said in a statement.

It projects the debt to be paid off by 2021, if the percentage of oil proceeds is increased year-on-year.

Iraq, under Saddam Hussein, invaded Kuwait in 1990, declaring it the country's 19th province. Iraqi forces set fire to Kuwait's oil fields during their retreat creating thick clouds of smoke over the country.

The announcement follows a visit to Kuwait by Iraq's President Fuad Masum on Monday. 

Kuwait's KUNA state news agency said officials from the two countries had discussed the issue of reparations before the Iraqi president's arrival.

https://www.alaraby.co.uk/english/news/2017/11/22/iraq-to-resume-gulf-war-reparations-to-kuwait

[blueskyline]

Looks like there about to serve up a portion of HCL in the Dining Car Of this Train .......?

[The Englishman]

https://uk.reuters.com/article/us-iraq-kuwait-gas-exclusive/exclusive-iraq-looks-to-kuwait-gas-pipeline-to-pay-off-reparations-idUKKBN1DM1LU.

 

#BUSINESS NEWS

NOVEMBER 22, 2017 / 1:24 PM / UPDATED 2 HOURS AGO

Exclusive: Iraq looks to Kuwait gas pipeline to pay off reparations

 

Rania El Gamal, Osamu Tsukimori, Dmitry Zhdannikov

6 MIN READ

•  
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DUBAI/TOKYO/LONDON (Reuters) - Iraq has hired Japan’s Toyo Engineering (6330.T) to help build a gas pipeline to Kuwait and a related petrochemical plant as Baghdad looks to reduce flaring and finish paying reparations owed for its 1990 invasion of its neighbour.

The project, details of which have not been reported before, would allow Kuwait to diversify its gas imports in the wake a political crisis between Gulf states and major supplier Qatar.

It would also deal a blow to Royal Dutch Shell (RDSa.L), which aimed to be the dominant gas player in Iraq before relations with Baghdad soured following Shell’s exit from large oil projects.

“Iraq needs to urgently reduce gas flaring as it trails behind all targets it has promised the World Bank,” said a senior industry source working on the project but not allowed to discuss it publicly.

 

“The Kuwaiti gas project is a quick fix and an easy way to monetize gas resources.”

The World Bank, which has repeatedly made reducing gas flaring a condition of lending to Baghdad, did not respond to a request for immediate comment.

Toyo is proposing to construct a gas pipeline and start deliveries after 2019, industry sources said.

Toyo’s chief financial officer, Kensuke Waki, told Reuters that talks about a pipeline and a petrochemical plant were ongoing but a final investment decision had not yet been made.

Kuwait is very keen on the project and has offered a sovereign guarantee for up to 80 percent of the costs, industry sources said. No total cost has been announced.

Kuwait’s oil ministry did not respond to a request for immediate comment. Oil minister Issam Al-Marzouq said last month that talks between Kuwait and Iraq were focused on a proposal to use gas to help pay Baghdad’s final $4.6 billion in war compensation payments.

 

Iraqi oil ministry spokesman Asim Jihad said talks were focusing on price and confirmed that supplies could be used to help pay off reparations.

DIFFERENCES OVER PRICE, PLANT

Industry sources told Reuters the talks have faltered over price, however.

They said Kuwait is pushing for a price of less than $3 per mbtu (million British thermal unit), in line with U.S. Henry Hub prices. But that is less than half what Iraq pays in the north when importing gas from neighboring Iran.

“The price of gas remains the key sticking point for now,” one of the sources said.

He also said both Iraq and Kuwait were pushing to have the petrochemical plant built on their territory to further capitalize on gas deliveries.

Discussions with Iraq are ongoing, a senior Kuwaiti oil industry source with knowledge of the project said, adding that it was not yet clear if gas would come from West Qurna 2 operated by Russia’s Lukoil (LKOH.MM) or from Rumaila, operated by BP (BP.L).

Iraq used to supply Kuwait with gas from Rumaila. Volumes reached as much as 400 mcf per day but stopped shortly after the 1990 invasion.

More than a million claimants in Kuwait have been paid as part of Baghdad’s $52.4 billion reparations bill for the invasion. But Iraq, hurt by the 2014 fall in oil prices and its war with Islamic State militants, requested a delay on the last and largest tranche, which is due this year.

CHALLENGE TO SHELL

Kuwait, although one of OPEC’s leading oil producers, has struggled to meet growing domestic gas demand. The shortfall has been estimated at 500 million cubic feet per day and is being covered mainly by LNG imports, including from Qatar.

A decade ago Kuwait tried to build a pipeline from Qatar, but the move was blocked by Saudi Arabia. With relations between Riyadh and Doha worsening this year, Kuwait is looking to diversify its gas imports.

Last year, Kuwait said it would be ready to buy up to 200 mcf/day of gas from Baghdad.

Iraqi oil ministry spokesman Jihad said volumes could start at 50 mcf/d rising gradually to 200 mcf/d.

Iraq’s gas reserves of 3.7 trillion cubic meters rank as 12th largest in the world but represent only a tenth of those of Iran, the world’s largest.

It extracts large quantities of gas together with oil, however, and that gas is currently being flared.

 

Iraq’s gas development plans have long focused on the Basra gas company, a $17 billion, 25-year project in which Iraq has 51 percent, Shell owns 44 percent and Japan’s Mitsubishi Corp (8058.T) 5 percent.

The project was designed to aggregate gas from fields in the south including West Qurna 1 operated by Exxon Mobil Corp (XOM.N), Zubair operated by Italy’s ENI (ENI.MI) and BP’s Rumaila.

“Shell’s main aim was always to develop an LNG terminal and ultimately a petchem complex in Iraq,” said a Shell insider who worked on the gas project.

With Iraq refusing to agree on a gas price with Shell, the project has hit a major impasse, industry sources said. Talks have also been complicated by Shell pulling out of the Majnoon oil fields earlier this year.

“Iraq is furious at Shell and prospects don’t look that great for the Basra gas company,” one Iraqi industry source said.

Asked about the negotiations, both Shell and the Iraqi oil ministry said discussions were ongoing and both sides remained committed to the project.

[WheresmyRV?]

They should go after Malaki and take his money that he stole to pay off Kuwait.

[new york kevin]

I thought that the GOI, and appropriate GOI departments, settled the amount of money still owed to Kuwait by making a natural gas for debt deal ? I read that somewhere.

[pokerplayer]

27 minutes ago, new york kevin said:

I thought that the GOI, and appropriate GOI departments, settled the amount of money still owed to Kuwait by making a natural gas for debt deal ? I read that somewhere.

 

You did read that NYK, as I did as well. Not sure what's going on here either ????

 

   pp

[Laid Back]

15 hours ago, gregp said:

Say good bye to chapter-7.

You got that right, my friend.!

 

iraq is moving fast in the right direction.

 

Go end of UN chapter 7 sanctions 

Go Iraq international 

Go RV

[new york kevin]

2 hours ago, Laid Back said:

You got that right, my friend.!

 

iraq is moving fast in the right direction.

 

Go end of UN chapter 7 sanctions 

Go Iraq international 

Go RV

I like that. I like it alot.