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


yota691
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56 minutes ago, SnowGlobe7 said:

 i am trying to get my wallet set up

 

U Really Should Quit Dragging Around That Tired A$$ Purse ! :o 

 

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And If U Do - LGD And Umbertino Are Already Fighting Over It ...

 

:D  :D  :D 

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First Published: 2017-10-04

 

Kuwait agrees to buy Iraqi gas to settle the compensation crisis

 

Kuwait's oil, electricity and water minister says the start will be 50 million cubic feet and will reach 200 million cubic feet.

 

Middle East Online

 
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Discuss price details

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KUWAIT: Kuwait's oil, electricity and water minister Essam al-Marzouq announced his country's approval of Iraq's offer to export natural gas to Kuwait as part of its compensation.

Al-Marzouq said in a press statement on the sidelines of the celebration of the German Embassy in Germany on the 3rd of October each year that the Kuwaiti and Iraqi sides are discussing the price details.

He explained that the start will be 50 million cubic feet and will reach 200 million cubic feet, without further details.

The remaining financial compensation to Iraq, Kuwait $ 4.6 billion, out of a total of more than $ 170 billion.

The Iraqi government announced last August, negotiating with officials in Kuwait to sell gas instead of paying money as part of the compensation for Baghdad, the invasion of Kuwait in 1990.

On Tuesday, the State of Kuwait asked the United Nations Compensation Commission for the losses of the Iraqi aggression to set a date for determining the options for the remaining 4.6 billion dollars in compensation.

"Kuwait is determined to reach an agreement with the Iraqi government on the payment of the remaining compensation amounts of up to 4.6 billion dollars," said Khaled al-Mudhaf, chairman of the General Authority for the Assessment of Compensation for the Losses of Iraqi Aggression.

In his address to the 83rd session of the United Nations Compensation Commission held in Geneva, al-Mudhaf revealed the Iraqi letter sent to Kuwait last month to provide four alternatives to the future options for payment of compensation.

The first alternative involves Kuwait's purchase of Iraqi gas at the agreed price between the two parties. The second alternative is to negotiate a reduction in the percentage of Iraq's imports of oil and its derivatives, the Kuwait News Agency (KUNA) reported.

The third alternative is to reduce the remaining amount of compensation. The last option is to transfer the remaining amount of compensation to bilateral debt between the two countries.

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Kuwait 's economy agrees to buy Iraqi gas to pay compensation for the invasion

Kuwait agrees to buy Iraqi gas to pay compensation for invasion
 
 Twilight News    
 
 44 minutes ago
 

 

The Minister of Oil, Electricity and Water, Essam al-Marzouq, announced his country's approval of Iraq's offer to export natural gas to Kuwait as part of the compensation due to him for the invasion of Baghdad to Kuwait in the early nineties of the last century.

Al-Marzouq said in a press statement on the sidelines of the German embassy in Germany on October 3 each year that the Kuwaiti and Iraqi sides are discussing the price details.

He explained that the beginning would be 50 million cubic feet and will reach 200 million cubic feet.

The remaining financial compensation to Iraq, Kuwait $ 4.6 billion, out of a total of more than $ 170 billion.

The Iraqi government announced last August, negotiating with officials in Kuwait to sell gas instead of paying money as part of the compensation for

Baghdad, the invasion of Kuwait in 1990. 

 

http://www.shafaaq.com/ar/Ar_NewsReader/b7250a1b-1399-4766-bf91-3f3cbb4906b7

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2 hours ago, Butifldrm said:

the beginning would be 50 million cubic feet and will reach 200 million cubic feet

 

                       WOW. That is a LOT of gas. :facepalm2:

          latest?cb=20061015070351

 

Probably realize a 'boost' in production after the annual Camel Chili Cookoff.

Edited by King Bean
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So at $4.00 ( USD Estimate per 1000 cubic feet natural gas ) that's about $200,000 for 50M up to $800,000 for 200M cubic feet. Iraq still owes $4.6B to Kuwait. Assuming that max production is achieved fairly quick, Kuwait wouldn't achieve the full pay-back benefit for another 6 years. But since they've been getting payments seems like forever, what's another few years. Somebody check my math. Ran out of fingers and toes for counting.

                                                                                                                                        :peace:

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3 hours ago, King Bean said:

So at $4.00 ( USD Estimate per 1000 cubic feet natural gas ) that's about $200,000 for 50M up to $800,000 for 200M cubic feet. Iraq still owes $4.6B to Kuwait. Assuming that max production is achieved fairly quick, Kuwait wouldn't achieve the full pay-back benefit for another 6 years. But since they've been getting payments seems like forever, what's another few years. Somebody check my math. Ran out of fingers and toes for counting.

                                                                                                                                        :peace:

 

Looks like next year is the deadline.

 

Kuwait asks UN to give Iraq time to pay Gulf War compensation

 
October 4, 2017 at 9:28 am | Published in: Iraq, Kuwait, Middle East, News, UN
1280px-Two_damaged_Iraqi_T-55_tanks_duri
Damaged Iraqi battle tanks can be seen near the Kuwaiti border during the Gulf War [SSgt. Reeve, US Army/Wikipedia]
 
October 4, 2017 at 9:28 am
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Kuwait yesterday asked the United Nations Compensation Commission to grant Iraq a grace period to review options proposed by Baghdad to pay the remaining $4.6 billion in Gulf War compensation.

“Kuwait is determined to reach an agreement with the Iraqi Government on the payment of the remaining compensation amounts of $4.6 billion,” Khaled Al-Mudhaf, commission chairman and Kuwait representative, said during the organisation’s 83rd session.

The parties agreed in 2016 to extend the payment deadline until 2018.

Al-Mudhaf said that Iraq proposed in August four options to pay the remaining amount including the sale of Iraqi natural gas at an agreed price, negotiating the reduction of Iraq’s oil and its derivatives imports, reducing the remaining amount in accordance with the rules of the Paris Understanding or to transfer the remaining amount to bilateral debts.

 

He noted that the United Nations encourages Kuwait and Iraq to discuss future options to paying the remaining amounts, including holding bilateral meetings and forming specialised technical committees to discuss proposals submitted by the parties.

“Kuwait makes sure that the commission is well informed of all discussions in accordance with the principle of transparency,” Al-Mudhaf said.

 

https://www.middleeastmonitor.com/20171004-kuwait-asks-un-to-give-iraq-time-to-pay-gulf-war-compensation/

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  • yota691 changed the title to Kuwait reveals an Iraqi letter proposing alternatives to pay compensation
2017/10/05 (00:01 PM)   - The   number of readings: 314   -  Number (4033)
 
 
Kuwait reveals an Iraqi letter proposing alternatives to pay compensation



 Baghdad / Zahraa al-Jassim 
 

Iraq and Kuwait to reach an agreement on the payment of the remaining compensation for the losses of the invasion of Kuwait, as Kuwait reveals an Iraqi letter containing four alternatives to the future options to pay the remaining amount of compensation, including the purchase of Iraqi gas at the agreed price between the parties and negotiate a reduction in the percentage of Iraq's imports Of oil and its derivatives, stresses an expert on the need to manage the file of compensation in isolation from the trade and investment relations between the two countries, and in the opinion that Kuwait to waive compensation, similar to what other countries have done, it calls the Parliament to raise the debt file of Kuwait and Saudi Arabia To Iraq and the demand of the two countries to adopt the criteria of the Paris Club to reduce 80% of those debts and deal with the rest of them through scheduling and without interest.
Iraq's foreign debts owed to Saudi Arabia are estimated at $ 26 billion, while its debts to Kuwait are estimated at $ 15 billion, which is the value of oil produced by Kuwait and Saudi Arabia for Iraq during the Iran-Iraq war. The compensation amounts to the invasion of Kuwait were estimated at $ 107 billion, Most of which are estimated at $ 4.6 billion.
Chairman of the Board of Directors of the General Authority for the Assessment of Compensation for the Loss of the Iraqi Invasion of Kuwait Khalid Al-Mudhaf, who revealed in a speech before the 83rd session of the United Nations Compensation Commission held in Geneva, an Iraqi letter addressed to Kuwait in August last included four alternatives for future options to pay the remaining amount of compensation, "The proposals of alternatives provided by Baghdad, including the purchase of Iraqi gas at the agreed price between the parties and negotiate the reduction of the percentage of Iraq's imports of oil and its derivatives and continued, while" The third alternative to reduce the remaining amount of compensation according to the rules of the They are Paris, and the fourth alternative is to transfer the remaining amount of compensation to bilateral debts between the two countries.
He pointed out that his country is determined to reach an agreement with the Iraqi government on the payment of the remaining compensation amounts of up to 6.4 billion dollars, and that "the decision of the Board of Directors of the General Authority for Appraisal 274 of 2016 extended the postponement of payment of the compensation of Iraq until the year 2018, drew the United Nations encouragement to Kuwait and Iraq to cooperate in order to discuss the future options for the payment of the remaining amounts, including the holding of bilateral meetings and the formation of specialized technical committees to discuss the proposals submitted by the parties.
Economist Ahmed Breihi said in an interview for "(extent), that Iraq paid the largest part of the compensation, which was $ 52 billion and the rest of which are small amounts, so Kuwait can give it as an initiative to open a new page with Iraq, continuing: Because Iraq has paid large sums to Kuwait and is also affected by the old policies, so Kuwait can give up, but the United Arab Emirates, for example, was a creditor of Iraq with "$ 7 billion, and the United States also gave up its debts to Iraq as well as other countries, Therefore, these are war reparations and if we look at them as The rest of the debts that Kuwait had to offer could be waived by Kuwait, which we propose.
In the case of deducting the amounts of compensation to Kuwait from the purchase of gas, we do not support that, because Iraq is the one who sells gas to Kuwait, and should remain the issue of compensation administered in isolation from commercial and investment relations between Iraq and Kuwait, as confirms Berihi: calling at the same time Kuwait to address comprehensively For the indebtedness and the amount of compensation because it is still demanding Iraq's debts lent to the former regime during the Iran-Iraq war, as well as the amounts of compensation imposed by the UN resolutions on Iraq after the crisis in Kuwait, so it is better to address the file of debt on Iraq and the compensation file how Helping to open a new page with Iraq.
He continued: With regard to the issue of Kuwait's debt to Iraq, it must accept the criteria of the Paris Club and deduct the debt as opposed to other countries, and must waive the compensation, and if not waived, they must address these compensation in isolation from commercial and investment relations between them and Iraq, The first in the Iraqi Nub Council to re-raise the file of the debts of Kuwait and Saudi Arabia on Iraq and calls on these two countries to adopt the criteria of the Paris Club to reduce 80% of this debt and the treatment of the rest by scheduling and without interest, the file of compensation because Iraq paid large amounts of those compensation and At minor amounts was the first by surrendering them.
Iraq deposits 5 per cent of its proceeds from sales of oil, petroleum products and natural gas in the Compensation Fund pursuant to Security Council resolution 687 (1991) by establishing a fund to pay compensation to Governments, companies or individuals who suffered direct losses as a result of the 1990 Iraqi invasion of Kuwait and the establishment of a fund management committee.

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Iraq, October 7, 2017 

Kuwait’s Oil Minister, Essam Al-Marzouq, has said his government has agreed to receive natural gas from Iraq in part payment of it Gulf War reparations.

According to a report from BasNews, Iraq will initially send 50 million cubic meters of natural gas (per day?), later increasing to 200 million cubic meters; KUNA puts the figures at 50 million cubic feet (per day?), later increasing to 200 million cubic feet.

The Minister said the two sides are currently discussing the price details.

In November 2015, Kuwait postponed the final instalment of reparations — worth $4.6 billion — until 2017, following a requested by Iraq, to help alleviate the cash crisis in Baghdad caused by lower oil prices and war with the Islamic State group (IS, ISIS, ISIL, Daesh).

businessnews

 

http://iraqdailyjournal.com/story-z16001284

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I do not think so either. They key is getting Kuwait to let Iraq out of the $4.6B so Iraq can move into the international market. This allows their currency to be traded. This will allow for the forming of the National Oil company and the HCL.  This is a big deal and a big step forward. 

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1 hour ago, ChuckFinley said:

I do not think so either. They key is getting Kuwait to let Iraq out of the $4.6B so Iraq can move into the international market. This allows their currency to be traded. This will allow for the forming of the National Oil company and the HCL.  This is a big deal and a big step forward. 

Totally agree with this, Chuck!

 

Hope you’re having a great weekend! We’re traveling through your lovely state of VA today on our road to Martha’s Vineyard for the week with the dogs 🐾 🚘

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8 minutes ago, Half Crazy Runner said:

Totally agree with this, Chuck!

 

Hope you’re having a great weekend! We’re traveling through your lovely state of VA today on our road to Martha’s Vineyard for the week with the dogs 🐾 🚘

Enjoy your trip. As you can se I am in Williamsburg. Your would probably be traveling 95 North.  Enjoy Martha's Vineyard.  

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Here is a link to Kuwait's energy statistics. For natural gas related information, scroll about half way down.

 

https://www.eia.gov/beta/international/analysis.cfm?iso=KWT

 

For the graph that ended in 2015, Kuwait consumed about 1.9 billion cubic feet per day and produced about 1.45 billion cubic feet per day of natural gas. This is a deficit of about 450 million cubic feet per day in 2015. The chart seems to indicate a growing deficit as time goes on but the cratering crude oil prices in the end of 2015 and through 2016-2017 may have a significant effect on the deficit. I suspect the article is referencing 50 million cubic feet per day and 200 million cubic feet per day. There are 35.3134 cubic feet per cubic meter (well, OK, it is the Engineering I still retain for this conversion) so I do not think the units are in cubic meters since there would then be a significant surplus of natural gas in Kuwait.

 

Kuwait Energy

www.kuwaitenergy.co/
  1.  
  2.  
Our Social Responsibility. Oil and Gas Prices ... Natural Gas. $2.89, ▽-0.73% ... LATEST PRICE. DUBAI (DFM). 1.310. LATEST PRICE. source: oil-price.net ...
Careers · ‎Executive Team · ‎About Kuwait Energy · ‎Iraq

 

Here is a blurb showing the price of Kuwaiti natural gas to be $2.89 for I am assuming a million BTU basis but could be wrong here. Natural Gas has approximately 1,000 BTU/cubic foot so the price would be $2.89 per thousand cubic feet or $2,890 per million cubic feet.

 

If these assumptions hold true then 50 million cubic feet per day x $2,890 per million cubic feet = $144,500 per day or 52.7 million USD/year. For 200 million cubic feet per day, it would be $578,000 per day or 211 million USD/year.

 

So, 4.6 billion USD / 52.7 million USD per year = 87 years for 50 million cubic feet per day and 21.8 years for 200 million cubic feet per day.

 

Kinda small change for 4.6 billion USD Iraq owes Kuwait for the 1990 invasion that makes me think there is a greater ploy going on here for Kuwait and the UN to consider this part of the sanctions to be removed.

 

Please feel free to check my math and assumptions here.

 

Go Moola Nova!

:pirateship:

 

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KUWAIT: Our agreement with Iraq on gas does not affect our agreements with other countries

 

 From 2017-10-10 at 12:21 (Baghdad time)

1=-04.jpg

Baghdad Mawazine News

Kuwaiti Oil Minister Essam al-Marzouq said on Tuesday that Kuwait's approval of Iraq's offer to export gas for a portion of the compensation would not affect its agreements with other countries.

"Kuwait's approval of Iraq's offer to export gas for a portion of the compensation will not affect Kuwait's agreements to import gas from other countries," Al-Marzouq said.

"The quantity exported by Iraq is small for Kuwait's consumption of gas, especially in light of the general trend to rely heavily on gas in production processes."

"We are still in the process of discussing gas prices with the Iraqi side," he said. "The amount of gas will initially be around 50 million cubic feet, which is relatively small for Kuwait's consumption and will increase to 200 million cubic feet."

He pointed out that "these quantities will have no effect on the quantities that will be imported from other countries, especially that the ministry is moving towards the use of gas in most of its stations in the future instead of relying on crude oil."

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  • yota691 changed the title to Kuwait: Iraq will issue a small amount of gas against a portion of the compensation
 
Editor Mustafa Saad - Tuesday 10 October 2017 11:35
 
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Alsumaria News / Baghdad
confirmed the Kuwaiti Oil Minister Issam Al - Marzouk, Tuesday, that the approval of Kuwait to offer Iraq to export gas in exchange for part of the compensation would not affect his country 's agreements with other countries, noting that the amount to be issued by Iraq would be negligible for the consumption of Kuwait. 

"Kuwait's approval of Iraq's offer to export gas for a portion of the compensation will not affect Kuwait's agreements to import gas from other countries," Al-Marzouq was quoted as saying.

 

 


He added that "the quantity exported by Iraq is small for Kuwait's consumption of gas, especially in light of the general trend of dependence on gas significantly in the production processes." 

"We are still in the process of discussing gas prices with the Iraqi side," Marzouq said. "The amount of gas will initially be about 50 million cubic feet, which is relatively small for Kuwait's consumption and will increase to 200 million cubic feet." 

He stressed that "these quantities will have no effect on the quantities that will be imported from other countries, especially that the ministry is moving towards the use of gas in most of its stations in the future instead of relying on crude oil."

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  • yota691 changed the title to The Minister of Oil: We have reached the final stages of negotiations with Kuwait on the export of gas
 
Edited By Ravid Sbar - Thursday 12 October
 
 
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Alsumaria News / Baghdad
, Oil Minister Jabbar Allaibi, Thursday, from reaching the final stages of negotiations with the State of Kuwait to export Iraqi gas to it , rather than compensation, while noting a disparity of prices in this subject, revealed the rejection of the Iraqi side of the price by the Kuwaiti side. 

"We discussed with the Turkish ambassador four days ago the development of the relationship and its empowerment in the fields of oil, Energy and infrastructure ".

 

 


On the agreement between the Iraqi government and the Government of Kuwait to export Iraqi gas to Kuwait instead of Kuwaiti compensation, Al-Allaibi said that "this project extends to the nineties of the last century when the 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- Luaibi announced the imminent export of crude gas from the Rumaila field to Kuwait.The Joint Committee has completed all relevant procedures.

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On October 4, 2017 at 9:14 AM, King Bean said:

 

                       WOW. That is a LOT of gas. :facepalm2:

          latest?cb=20061015070351

 

Probably realize a 'boost' in production after the annual Camel Chili Cookoff.

 

THIS happens to me every time I eat a Vindaloo Curry . . . man, that's a Hot Meal to be sure. Leaves my Azz in tatters. :o

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LINK

Al-Allaibi: We have reached the final stages of negotiations with Kuwait on the export of gas


99954.jpg?width=750&&height=375&crop=auto 

12th October, 2017    19:10pm

Oil Minister Jabbar al-Allaibi announced on Thursday, October 12, 2017, reaching the final stages of negotiations with the State of Kuwait for the export of Iraqi gas instead of compensation. He pointed out that there is a difference in prices on this subject revealed the rejection of the Iraqi side to a price provided by the Kuwaiti side .

"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 and we will discuss with the upcoming visit of Turkish Prime Minister Ben Ali Yildirm."

On the agreement between the Iraqi government and the Government of Kuwait to export Iraqi gas to Kuwait instead of Kuwaiti compensation, Al-Allaibi said that "this project extends to the nineties of the last century when the 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-Luaibi announced the imminent export of crude gas from the Rumaila field to Kuwait, while the Joint Committee completed all related procedures.

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  • yota691 changed the title to Iraq pays 270 million dollars for compensation for the invasion of Kuwait
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