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The Dismantling Of The OIL AND GAS LAW on 3 projects to facilitate its adoption in Parliament !


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A deputy demands parliament hold a special session to vote on 23 laws
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11:38 - 16/03/2018

 

 MP on the alliance, "Fatah" electoral Amer Fayez, on Friday, the Presidency of the House of Representatives to call the parliament to a special session to vote on the equivalent of 23 laws ready to vote before the end of the life of the Council.

Al-Fayez said in a statement that the House of Representatives completed the first and second readings   of 23 laws, while   the Legal Committee completed all the legal and constitutional procedures for those laws and submitted them to the presidency of the Council to vote   . He called on the Presidency of the House of Representatives to invite the Council to hold a special special session To vote on these laws. "

"The most important of these laws is the oil and gas law, the Olympic Committee law and other laws of public benefit," he said.

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The Energy Agency expects accelerated oil demand growth this year

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16th March, 2018
The International Energy Agency (IEA) has forecast accelerated global oil demand growth this year, but supplies continue to grow at a faster pace, increasing inventory in the first quarter. The Paris-based agency raised its forecast for world oil demand this year to 99.3 million bpd from 97.8 million bpd in 2017.

Commercial oil stocks in the industrialized countries of the Organization for Economic Co-operation and Development (OECD) in January increased for the first time in seven months to 2.871 billion barrels, up 53 million barrels over the five-year average. The agency, which advises Western governments on energy policies, said January's 18-million-barrel increase above the December level was close to half of the increase typically seen at this time of year. But Venezuela, suffering from an economic crisis that has cut its oil production by about 50 percent in two years to low levels in more than a decade, has caused a new drop in inventories.

"Venezuela's supply is clearly facing a potential rapid decline without any change to compensate for other producers. The Latin American country may be the last element to push the market decisively towards shortages," she said.

In an attempt to dispose of the stockpile, the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, are implementing an agreement to cut production by about 1.8 million bpd from January 2017 to the end of 2018. Assuming OPEC production is unchanged for the rest of the year, Economic growth in the first quarter of this year, with subsequent declines.

It expects non-Opec supply to grow by 1.8 million bpd in 2018 to 97.9 million bpd led by the United States, which is expected to increase its crude production by 1.3 million barrels per day this year to more than 11 million barrels by the end of the year. .

OPEC crude production in February fell to 32.1 million bpd led by Venezuela and the United Arab Emirates. The Energy Agency raised its estimate of the demand for OPEC oil to 32.4 million barrels per day this year, compared to 32.3 million barrels per day in the expectations of last month. Trump's decision to impose tariffs on steel and aluminum imports, which have pushed large trading partners into bankruptcy, threatens the outlook for global economic growth. "Any slowdown will have particularly severe consequences for the fuel used in the shipping and trucking sector," she said, noting that global trade growth was strong, accelerating from 2.5 percent in 2016 to 4.7 in 2017, Percent in world demand for gas oil in 2017.

Oil prices fluctuated yesterday as they found support in the strength of global demand, but at the same time a sustained increase in US production undermined OPEC-led efforts to cut supply and support markets. By 07:42 GMT, US WTI crude futures rose 9 cents to $ 61.05 a barrel. Brent crude futures were trading at $ 64.91 a barrel, close to the last settlement price. For most of the Asian trading hours, the crude remained above or below the previous level.

Prices have received some support from strong demand. Opec said oil consumption is expected to grow by 1.62 million bpd this year. But the steady increase in US crude production has overshadowed markets, with production hitting a record high of a week to 10.38 million bpd, up more than 23 percent since mid-2016. Commercial crude stocks also increased 5 million barrels to 430.93 million barrels. In Ankara, Iran's English-language PressTV television quoted Iranian Oil Minister Begin Zangane as saying OPEC was unlikely to change the oil producers' agreement to cut production before the end of the year. "The Russians can withdraw from the agreement because they have not made any commitments to OPEC to stay in the agreement until the end of 2018. OPEC could also change its decision, but I doubt it will do so," he was quoted as saying.

Zengane told the Wall Street Journal that OPEC would agree to begin easing existing restrictions in 2019 when it meets in June. He added that his country wanted OPEC to work to keep oil prices at around $ 60 a barrel to curb US oil production and that Iran could increase production by about 100,000 barrels. The minister did not say when Iran could raise its production.

In Baghdad, the Iraqi Oil Ministry called on companies to invest in a project to build a refinery of 70 thousand barrels per day in the western province of Anbar. It said in a statement that interested investors must submit their proposals no later than June 14, adding that the project will be a system of construction, ownership and operation or construction and ownership, operation and transfer of ownership. The Anbar refinery, near the town of Haditha, comes as part of the government's plan to increase oil processing capacity and reduce its imports of petroleum products. In recent months, Baghdad has announced plans to build four refineries and refurbish oil and gas treatment plants destroyed in fighting with the "Islamic State".

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Dr.. Ali Mirza *: Notes on the law of the National Oil Company issued on 5 March 2018

 

POSTED ON 15/03/2018

In these remarks I will selectively address a range of issues covered by the National Oil Company Law of March 5, 2018. These issues are: the area of the company

 

In these remarks I will selectively address a range of issues covered by the National Oil Company Law of March 5, 2018. These issues are: company activity, company finances, company role in Kurdistan region, distribution of shares to the population, generational fund, and exception Company of some laws. **
First: The company's field of activity

Article 3 of the National Oil Company Law states that: "The company aims at the best exploitation of the oil and gas wealth in the field of oil and gas exploration, rehabilitation and development of fields, production and marketing and all related activities, as well as investment in oil and gas manufacturing industry on the basis of technical and economic to ensure the highest returns and the lowest cost and to achieve the highest Iraqi people benefit. " in paragraph II of Article 2 stated the following :" exercise its [any company] in all the territory of the Republic of Iraq , territorial waters and the continental shelf and outside Iraq on behalf of the Iraqi state " .

It can be concluded from these two articles that this limitation in the law could cover all oil and gas operations in Iraq. This may contribute to the consolidation of a balanced perspective for the oil industry and achieve satisfactory results if it provides a clear strategic perspective, on the one hand, and appropriate legislation, especially the law of oil and gas (yet illegal), on the other hand. However, some of the articles contained in the Act, on the one hand, and questions relating to constitutional limitations and international circumstances, on the other, raise controversial points that require amending the law and not continuing with some of its current articles. The following issues may cover some of these points.

Second: the company's finances

(2-1) The National Oil Company was effectively treated as a contracting company (in addition to the payment of its capital) for its expenses plus "percentage of profit ... ". The first paragraph of Article 12 states: "The Company shall deduct an amount covering all investment costs And at least the average cost in all fields invested, for each barrel of crude oil and gas produced plus a certain percentage of profit, and this is determined

(*) Researcher and economic writer.

(**) The copy of the "Law of the National Oil Company" was downloaded from the website of the House of Representatives on 8 March 2018, which appeared in the section "Laws issued", the first reading.

To continue reading please download the BDF file for easy reading and printing on the following link:

Merza_Notes_INOC_March_2018

 

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Notes on the law of the National Oil Company 5 issued in 2018
 
Dr.. Ali Mirza
  A range of issues that are selectively covered in these remarks will address the oil company law. These issues are: Company's area of activity, company finances, the company's role in 2018, Distribution of shares to the population, the Kurdistan Region and the exception of the company from some laws, the Generations Fund, the company's area of activity: The first article 3 The article of the law of the National Oil Company states: "The company aims to better exploit the oil and gas wealth in the exploration of oil and gas As well as investment in the oil and gas manufacturing industry on technical and economic bases to ensure the highest returns and the lowest costs, in order to achieve the highest benefit for the people of the East. " Of Article 2 and in the second paragraph: "its business shall be exercised in all parts of the Republic of Iraq and territorial waters and its continental and off-sea shelf on behalf of the State of Iraq." From these two articles, it can be concluded that this limitation in the law can cover all oil and gas operations in the incinerator. Thus, it may contribute to the consolidation of a balanced perspective for the oil industry and achieve satisfactory results and appropriate legislation, on the one hand, if it provides a clear strategic perspective, especially on oil and gas (non-oil) legislation. From us, the other live 2013 but some of the articles that are contained in the law, on the one hand, are related issues

As required by the National Oil Company Law
 
 All raise constitutional limitations and international circumstances, on the other hand, points of disagreement that require amending the law and not being studied by some of its current articles. Perhaps the following issues from this chapter cover some. Second, the National Oil Company (NOC), as a contractor company (in addition to the payment of its capital)
 "The percentage of profit ..." as stated in paragraph no: the following 12 or from the article "the company deducts an amount covering all investment and operational costs and not less than the average cost in all fields invested, for each barrel of crude oil and gas The product is supplemented by a specified percentage of the net amount, which is determined by the company, finance, oil and planning departments. It is approved by the Council of Ministers and is reviewed for three years and directly deducted from the central bank's account of the oil reserves. And the company's treatment, as a conduit that recovers the cost it has spent (it will depend on its production car); (g) an undefined profit rate by determining the cost and profit rate of the agency; and the administrative investment of the state (finance, oil, etc.) From Berrocarty and political maneuvers. As a result, it is unlikely to be able to form an investment vessel
 Sufficient for its future operations and expansion. (2) (2), its independence is limited to 2) mainly by "association" with the Council of Ministers (Article 1). At the same time, it is necessary to compete with the oil companies on their continent The other is management, capable / independent, financially secure and has clear strategy, production, investment and marketing policies, and this can only be done by adopting clear, agreed criteria for costing, established by a professional professional, on the one hand, Of course independence does not mean that there is no trace and follow-up, and that the company must be subject to institutionalization It is possible to say that the "profit rate" can be determined in such a way as to allow for (a) a minimum of funding (2 to 3)
 
 The company is able to carry out its operations satisfactorily. But that will depend on political and administrative bargaining. It has been shown

In the past decade and a half, the institutional, legislative, and administrative institutions in general have been unable to determine a share of profit, to arrive at effective or satisfactory solutions in a timely manner. In this context, as stated in paragraph 90, the company's federal concessionaire, in order to meet the need for concessions, may be justified if the problem of financing the company is satisfactorily resolved and its share of profit is not left to political and administrative bargaining. Instead of tackling the matter by clearly defining its share of the remaining 10 percent, the issue was left floating. This is done at a time when the company is dealing with unrelated issues, such as the Generations Fund, the resident shareholders' shares, and the Company's oil production areas. Therefore, to ensure a minimum level of financial independence / empowerment of the Company, it is appropriate that the law, as follows: (a) Report the State Treasury's share of the Company's profits, Secure an adequate / sustainable financial resource for the financial bond, on the one hand, and cash flow
 K for the National Oil Company
 To achieve independence and financial adequacy, on the one hand. , Other than the Company's reserve, other issues as required by law of the Company
 (Generations Fund, Al Araqeen shares, oil producing areas of the company) should return to the concession and be governed by its laws, not to have problems with the company and the duplication of tasks and objectives. (B) d
 D) A minimum amount for the Company's remaining net annual revenues, as required
 Some of their payments to the State Treasury (and the financial balance) are not allowed so that their net returns do not fall below this limit. (C) The proposed share of the Treasury's share of the Company's profits may be adjusted at exceptional times. For example, when oil export prices rise or fall sharply. (D) Here is a remark that should be mentioned now. While oil prices were more than $ 100 (despite the repeated calls for the creation of a pipeline for generations, despite the repeated calls, including the writer of this line.) On the other hand, in spite of the financial abundance, To meet the call for the distribution of oil revenues to the population

Now that oil prices have deteriorated and the financial need for construction and reconstruction has increased and the deficit in the concession has increased, the country is not at its best financial risk
 Distribution?
Third: (a) The Company's management of oil contracts in Al-Arak was limited by law to federal service-technical contracts without contracts for participation in production. There are two types of contracts involved in production in the quarry. The first type is outside the Kurdistan region, and is limited to Basra Gas Company. It is clear that it is excluded from the management of the National Oil Company by virtue of not linking the law to the South Gas Company (which is the 5% participant in the gas company 1 contracts for the participation of oil production in%) in the National Oil Company. Type II 49 with Shell / Mitsubishi, Basrah Kurdistan Region. , As R 2 (b) in general, although the article
 As indicated above, indicate that the work of the National Oil Company is in all regions of the irrigated, it is unclear how the company affects the work and the balance of natural resources in the Kurdistan region and in its oil contracts and the future of oil production. There is no representative of the company in the region at the time the law requires in the article to be the agent of the natural resource balance in the region, a member of the board of directors of the company. Distribution of shares: The distribution of oil revenues to the population (in shares) is somewhat ambiguous in the law. : No, that is, or what do stocks mean? It is clear that they are not cash payments, on the one hand, in an investment company and not shares, on the one hand
   "They can be guessed" certificates, others. So then
 So that they are entitled to income in the form of a percentage of the value of the share similar to the rate of interest or rate of return on the value of the stock periodically. However, this is only a guess, because the law did not specify the nature of the shares and their relationship with the fund.
 Second, the Law did not address the institutional, functions and mode of operation, the citizenship fund, its management, and the investment and financial policies necessary to sustain its annual payments. Thirdly, in the light of the expectation of increasing its assets as a result of receiving annual deposits, the time dimension will extend from oil revenues

To the citizen's fund to the future so that some of its functions are not similar to the functions of the Agia Fund. This creates duplication of functions. : Because of the absence of what addresses these issues, etc., we can conclude that this matter, the law
 Do not hurry without making a suitable cut. . The basic idea for the direct distribution of oil revenues is to increase the population's capacity, on the other hand, but the payment of a dividend rate, in terms of distribution and in light of the prevailing oil export prices, will not significantly alter the real capacity of the persons or households distributed to them. In fact, even if it is assumed that the entire value of the share will be paid in the year in question (which is clearly excluded from the law) disposable families
 (Income and wealth), ie, less income in the infancy, and its small impact on the average power of the average household, but the distribution of returns to the population, whether small or large, does not contribute to the perpetuation of the trap, without the rent. In Iraq
 In this paper, oil revenues, in fact, are distributed to 2 other populations (salaries, wages, social welfare, public services, etc.).
 Which is ineffective by its impact on the standard of living
 But it is not
 
 Poke for historical values
 
 And dependence. Do people in the neighborhood need to rely more on their work? Rather than oil revenues
 
 Residents are entitled to receive income without pay, which has particularly dire consequences in the absence of employment opportunities. In fact, the law is over-distribution, as follows: "The percentage of profits (of the nationality fund) distributed to shares of equal value to all resident citizens, in infraction". Which is worth the citizen and 3 n residents, these shares, of all ages. This is at other times that the distribution is limited to taxpayers or adults, etc.
 For this reason, I believe that the distribution of shares distribution in this law and the Turkish in the Federal Miyazniyya, instead of targeting the subsidy of those needy groups and other groups below the poverty line, No
                                                            "Persistence of the rent trap in Al-Arik: observations and proposals", Journal 2018 (see: Ali Maraz, 2 Issues of Strategy for Publishing, in February-March.

To the entire population. The value of the shares mentioned above has a significant effect on the average standard of living of the needy families, especially in view of the fact that their average income is lower than the national average. Fifthly, a so called fund, states differ in how to add to the generational funds (or what has also become media and sovereign funds). , Some of which deduct a certain percentage of the oil revenues while adding, prior to the allocation of the general balance, to the other fund the surplus of the balance, when achieved, and a state such as Norway, to the Fund all the proceeds in the Fund, As for the company's law, it is clear that it followed a method that can only be sustained for the first method, with no percentage determined. As for the allocation of the "future fund" proposed by the draft financial resources law, which has not yet been legislated, In general, one of the first two methods is confused. In view of the fact that a surplus in the Miyazaniya is not expected in the coming ten years, in light of the current and investment needs of the country, including the reconstruction of liberated areas in the governorates and the upper middle, on the one hand, the level of oil prices expected, on the other hand, it is not expected to be In addition, this box is large. However, with little additions, a box is better than none. Non-binding and that the addition should be a feature of the National Oil Company. : VI. EXCEPTIONS 1 It is not clear why Article 7 of the Law excluded the National Oil Company from the following applicable laws: the Law of Administration, Finance, the Public Companies Law, the Customs Law, the Residence of Aliens Act, Sale and rent of state funds and instructions to facilitate their implementation. The exception for the purpose of facilitating work and performance often may be justified or to avoid conflict / duplication and lack of scrutiny of the possibility, in commitments and consequences. However, the large number of exceptions indicates a modest consistency in the enactment of laws, their conflict / duplication, on the one hand, or their consequences, economic and administrative circumstances and their impact on the investment climate
 another side

 (1) Annex Distribution of the remaining ten percent of the profits of the National Oil Company
 The National Oil Company's profits of the State Treasury 90% after the payment of the third paragraph 1, mentioned the poverty of Article 3
 10 of the law to the distribution of the remaining (% of profits) as follows: Paragraph: 3 (1)
  Of the profits of the Company.
 (2)
 The percentage of profits to be distributed to equal shares of all citizens living in the land. According to the priority of the society, the shares may not be sold or the shares will be sold and will fall upon death. (Iii) a percentage of the profits of the Generations Fund in order to invest for generations. (4%) of the profits allocated to the Fund for the purpose of implementing strategic projects in the governorates in which the Company operates oil activities. Paragraph Four: The beneficiaries shall be deducted from the account of the company in the Central Bank of Iraq and on the basis of the estimates approved by the Council in the annual budget. The accounts shall be settled at the end of the financial year at the date of the Financial Control Bureau The Union. In light of the exception of the inheritance and the transfer of ownership, this includes not paying the value of the shares in full annually, but to show the ineffectiveness of the distribution of shares in the increase of the power of the cinema we will assume that they will be distributed in full annually from the distribution of the remaining ten percent of the profits of the company (90%), on the other hand, that half of the ten were on the four recipients. But we will assume a 100 percent shareholding. As an illustrative example and comparing it to the average disposable income of the pastor by the end of 2017 and 2018 (2018). 2018 Data available for national accounts, which represent only 2.1% of the average income of households, Ie income less 2016 income and wealth) in and will not have a significant relative impact on, and this is a relatively small addition, the standard of living.

(the following is in a chart that does not paste so well from the pdf ) :

Quantity of export Export price of oil Oil export revenue Costs million barrels / million barrels million dollars 7,282 59,560 49.3 1,208
The State Treasury
50.0%
They are the most valuable people in the world
Million dollars
50.0%
I have not received
5,228 47,050
USD / person / year USD / family / year JD / family / year 525 444 67 Family size 2017 Population 2017 Auction / window exchange rate JD per USD 1,000,000 6.6 38,887 1,184
Average share value of family shares from oil revenues to average family income
 , Generation Fund, Iraqi Resident Shares, Note: The remainder is distributed to the four recipients: the company's reserves of oil-producing operations of the National Oil Company.
 Oil Purification Company
Earnings (
) Cost in millions of dollars 52,278
I have developed a plan to increase my budget
 6.03 The average cost of a barrel is roughly equal to a dollar / barrel. It covers operational and capital costs and charges the National Oil Company as a contractor.
) Of the remainder
 (50%)
 
The value of shares is $ 2,614 million
Shares of resident persons and families
Background data

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IRAQ ESTABLISHES NATIONAL OIL COMPANY
Iraq, March 18, 2018
The Iraqi parliament voted March 5 on the National Oil Company draft law, which regulates oil production and exports and fairly distributes its revenues to the different regions of Iraq.

The clauses of the law stipulate that a percentage of oil imports be divided to Iraqis residing in the country as well as the Kurds in Iraq's Kurdistan Region if authorities in the region agree on delivering the oil production from their fields to the Oil Marketing Company (SOMO).

Historically, the law forming the Iraq National Oil Company was first issued in 1964 in order to develop oil production from exploration and drilling for oil and natural hydrocarbons to the manufacturing of products. Oil was nationalized in 1972, and foreign company investing was excluded. In April 1987, Iraq decided to merge the company with the Ministry of Oil. SOMO has continued to run the oil transfer and sales operations since its founding in 1998.

On March 5, Iraqi Minister of Oil Jabbar al-Luaibi described the vote on the draft law as “a historic decision.” In fact, according to oil expert and general director of the Iraqi Oil Ministry Hamza al-Jawahiri, who participated in drafting the law, “It will allow Iraq to develop fields, refineries and production plants through the efforts of local companies owned by the state. This would guarantee full sovereignty over the wealth of resources and give Iraq independence from relying on the services of foreign companies.”

On the administrative and organizational levels, Jawahiri said, “The decision will reduce the burdens imposed on the Ministry of Oil, especially in terms of extraction projects that have previously drained the ministry’s efforts. This is why it was necessary to boost the work of the ministry by bringing back the National Oil Company, which was suspended under the administration of late President Saddam Hussein.”

Jawahiri pointed out another major benefit of the project. “The ministry and SOMO will not coincide with the oil company, which will independently exercise its work. So when the company faces obstacles in times of crises and conflicts like freezing its movable and immovable assets through international judicial provisions, the ministry and SOMO would not be affected. This is important since SOMO’s marketing is vital for Iraq’s economy and must be kept far from the issues of the national company,' he said.

When it comes to the expected benefits from passing the draft law for the company, member of the parliamentarian oil and energy committee Zaher al-Abadi told Al-Monitor, “The draft law will place the oil production from extraction to exports and manufacturing in Iraqi hands, provided that the company is run from a professional and modern perspective.” Abadi added, “The Iraqi staff is capable of achieving that after having been marginalized since 2003 when foreign companies received all the opportunities.”

Abadi confirmed that the project 'will be an achievement in terms of improving income per capita. The Iraqi people will have a 10% share of the oil revenue.” He said that citizens' shares will be placed in a bank account. But Jawahiri does not believe this will benefit Iraqi citizens; he thinks that “the decision to guarantee the citizen’s share is nothing but a political and electoral campaign. By doing so, the parliament is being reckless with funds because it is making the company responsible for public funds, which is actually one of the sovereign tasks of the ministries.”

Jawahiri justifies his point of view by asking, “In what ways would granting citizens a share with a value that at best would barely reach $50 per year help, knowing that this would lead to reducing the capital needed for the company to invest in developing its techniques and work?”

He also criticized the company’s suggestion when it comes to the partnership with Iraqi Kurdistan. He said, “It’s strange that the project has completely ignored the issue of oil in the region or the way the company would be handling former and current oil contracts signed by the region. It is as if the region is not part of Iraq, which conflicts with the constitution.” He pointed out that “the details regarding the oil contracts of the region and the exploration and drilling operations should be clearly stated in the law.” According to Jawahiri, this probably explains the “reason why the Kurdish components voted for the establishment of the company.”

Jawahiri said that any possible amendment to the law that would put Iraqi Kurdistan outside the scope of the company’s work would 'beat the point of the project to control all of Iraq’s oil.”

Ministry of Oil spokesman Assem Jihad told Al-Monitor that the national company is 'independent and has a separate administrative board; therefore, it is not involved in the administrative routine and political disputes. The ministry’s task is planning and follow-up.”

Jihad added, “The project allows [the people to benefit] from the Iraqi experience and [provides] jobs for the unemployed.” He remarked upon the project's 'importance in the oil market to improve and [rise] up to the level of international refineries, and to attract techniques and advanced excavation and production methods.'

The company’s project must be kept far from political, sectarian and national disputes, and it must enjoy complete independence that would allow it to occupy an advanced position among big international companies.Apart from the company’s economic importance, the project also has a moral value. Iraq, which is fifth in global oil reserves, is in dire need of a national company that has high technical and administrative capacities and can stay abreast of developments and techniques, away from the government’s routine — just like Saudi Aramco, for instance.

al-monitor

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Investment conferences are an important step in building and rebuilding Iraq


18th March, 2018

After the defeat of terrorism militarily 

Baghdad / Shaima Rashid

Iraq is an attractive environment for investment because it possesses many natural resources and diverse and efficient labor and investment opportunities in all sectors, including the construction of railways, ports, housing, infrastructure, power plants, refineries and hotels, as well as oil and gas, which was held to invest in them, The Energy and Infrastructure Conference and the Exhibition for Training Companies in Berlin, which is one of the major events related to Iraqi oil and gas.

During the conference, which witnessed an important presence of major international companies, the government presented its investment plans and opportunities for cooperation in this The sector has held workshops, conferences and events aimed at introducing the Iraqi oil industry, cooperating with international companies and attracting investments to develop the oil and gas industry in the country, which has just emerged from a fierce war against terrorism on behalf of from the world. 


The member of the Economic Committee of Parliament, Noura al-Bajari, that the coming years will witness economic projects of investment is very large, indicating that Iraq can return to its economic status and the task of building and reconstruction as the program of the next government will be specialized in construction and reconstruction. ":" The investment conferences held today economic trade wanted by Iraq to restore economic activity and reconstruction, "indicating that" Iraq needs development projects and productivity, reducing the unemployment rampant and reduce the number of employees in government jobs. "He added that" Efforts by the Ministry of Industry to re-energize the industrial sector but simple efforts and need international support through these economic conferences. " 

Al-Bijari pointed out that " Iraq is a country that has the wealth of minerals, oil, agricultural land, manpower, competencies and expertise, and only needs proper planning to exploit all these energies. "Al-Bijari noted that" Iraq needs projects related to the infrastructure of water, electricity, sewage, bridges and other projects. " The next government to "take great care in the reconstruction of all provinces and without exception." For his part, the member of the Services Committee Tawfiq al-Kaabi, the importance of conferences held today abroad to help Iraq to rebuild what was destroyed by the war on a dashing. :

The holding of economic conferences Iraq is very important provided that there is planning and follow-up is not only for implementation, but also to achieve, "noting that investment is important in building any country, especially that most of the countries today we see built through investment. Al-Bajari pointed out that "Iraq needs projects related to the infrastructure of water, electricity, sewage, bridges and other large projects," calling on the next government to "take great care of the reconstruction of all provinces and without exception." For his part, The conferences held today abroad to help Iraq to rebuild what was destroyed by the war on a duel. Al-Kaabi said for "morning": The holding of economic conferences on Iraq is very important provided that there is planning and follow-up not only for implementation but also to achieve, Investment is important in building any country, especially most countries Today we see it built through investment. Al-Bajari pointed out that "Iraq needs projects related to the infrastructure of water, electricity, sewage, bridges and other large projects," calling on the next government to "take great care of the reconstruction of all governorates and without exception." For his part, The conferences held today abroad to help Iraq to rebuild what was destroyed by the war on a duel. Al-Kaabi said for "morning": The holding of economic conferences on Iraq is very important provided that there is planning and follow-up not only for implementation but also to achieve, Investment is important in building any country, especially most countries Today we see it built through investment. 

He added that there is another project called joint operation partnership with the state, noting that Iraq needs to invest in the service sector on the grounds that the infrastructure and services need to build. The Iraqi ambassador to Germany, Diaa Dabbas, said that the Iraq Petroleum Conference held in Berlin at the end of February offered investment plans and opportunities for cooperation with companies in the oil sector. Dabbas said in an interview with Al-Sabah that " The conference was organized by the group "cwc" British competent in the field of oil and the presence of experts from Iraq and the world to discuss oil policy and obstacles to investment or oil production in this vital sector. "

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Al-Allaibi: Law of the National Oil Company a step to maximize Iraq's revenues

%D8%A7%D9%86%D8%AC%D8%A7%D8%B2%D8%A7%D8%AA-%D8%A7%D9%84%D9%84%D8%B9%D9%8A%D8%A8%D9%8A.jpg 

18th March, 2018
The Iraqi Ministry of Oil has achieved a series of successes by its Minister Jabbar al-Luaibi and his direct supervision of the implementation of the development plans to promote the economic reality and stability. The minister praises the efforts of oil sector workers who continue to work day and night for the optimal investment of national wealth , And maximize their revenues. 

During his meeting with a delegation from the province of Basrah, Al-Luaibi said the importance of the Iraqi parliament's vote on the restructuring of the national oil company, which ranks fourth among the world's oil companies.  He says that the company, which dates back to the early sixties of the last century, has achieved remarkable achievements at levels of production and investment of gas and raise the rates of oil reserves and the development of oil fields.

He added that the restructuring of the National Oil Company is a step forward to open new horizons for the development of the oil and gas industry in the country, and will build Iraq after years of fruit development of the oil and gas sectors and infrastructure, and improve the performance of workers in the oil sector, and develop the work of the private sector in the country, which will be Has a major role in the development of the national economy.

Al-Luaibi stressed the amendment of the laws and legislations by experts and jurists and the approval of the concerned parties, in accordance with the requirements of the general interest of the country's economic and industrial, because the laws are not without some notes. 

In a related context to the achievements and successes achieved by the ministry, and within the directions of Allaibi to maximize financial revenues and the federal treasury and the development of real investment of the country, Al-Allaibi focuses on reducing the import of oil derivatives by (25%), which provides financial revenues, The proper planning of the provision of petroleum products to citizens, ministries, government establishments, companies and factories of the private sector and others, indicating that the rehabilitation of a number of refineries that were destroyed by terrorist gangs and the resumption of production, contributed to the increase in production In addition to a number of production units to the refineries of the south and center. "

Al-Luaibi pointed out that achieving the Ministry's objectives of self-sufficiency in the production of liquid gas has the great effect of reducing the proportion of imports by covering a large part of the consumption in some facilities and compensating them with liquid gas, and operating the production units in modern refineries, Chinese and Qayara and Kirkuk, Increase the production of oil derivatives. 

Al-Allaibi said that the ministry is continuing to launch plans and projects for the establishment of refineries outside the country for the benefit of Iraq, and large investment projects inside the country in the liquidation sector, including Kirkuk refinery and refinery Maysan, Nasiriyah, Faw, Anbar and Nineveh and others, which contributes to raising the productive capacity of oil derivatives in the country.

In the same context, the Ministry is keen to enhance production capacity. Al-Allaibi inaugurated the wet oil processing unit in the West Qurna field with a capacity of 50 thousand barrels, which is working to increase the production rates in the oil fields through the projects carried out in cooperation with international companies operating or through National effort.  Al-Luaibi described the project as "the pride", explaining that the completion of the project, which was accomplished in record time during the projects implemented by the ministry in cooperation with the international companies operating ExxonMobil Zoon Ruiner and the national effort, which will increase the total capacity of the station to 160 thousand barrels per day, And improve the quality of production, as it will restart the 15 wells were closed because of the impact of water, which will boost production rates by 20 thousand barrels.

"The completion of this unit will increase production rates in the field, which will boost the production capacity of Iraq," Exxon Mobil's representative, Zoon Roehner, said. "One million hours of non-stop work has been completed in two years through SEBEC." "The project was completed at a cost of less than the planned budget of 10 percent, and is one of four projects to raise production capacity to high levels," the representative of Sipec said. 

The Chairman of the Joint Committee for the management of West Qurna 1 / Hassan Mohammed, that "the project, which was carried out according to high specifications was completed in record time, and three months ahead of schedule, which reflected positively in raising the rate of production field during the year.  Hassan Mohammed said that during the completion of the project, the rehabilitation of national staff and training them on site to acquire modern expertise, pointing out that the ministry is determined to open the seventh wet oil processing unit soon after.

The oil minister, Jabbar al-Allaibi, revealed important negotiations with investment companies to develop the fields of Ben Omar and Artawi in the province of Basra, explaining that "the negotiations between the Ministry of Oil and the coalition of companies is still about the current production of the two fields," noting that "the ministry aspires to develop a capacity of 550 Thousand barrels of light oil, and production of 1000 million cubic feet of gas. " 

He explained that "this is done in exchange for the coalition of companies to establish a project to inject water with a capacity of 5 million barrels per day, and build a warehouse in Nahr Umar and Nabubin Bahrin and Nabubin Bryan," pointing out that "this project is very important and will develop the area north of Basra and will provide jobs and put Iraq in place Advanced market for light oil. "

The minister also stressed the importance of building positive, cooperative and participatory relations with civil society institutions and scientific centers for research and universities. He said that the ministry supports all the trends that develop science, Continuing this trend with the University of Basra.

During his visit to the university, the minister stressed the support of science and scientists to develop the scientific march, improve the mechanisms of teaching and lab work, and solve the problems experienced by the students in terms of teaching or appointment, and instructed the Basra Petroleum Company to meet their demands in accordance with the controls and contexts and instructions in force. 

And stresses the absorption of Iraqi manpower in the projects and fields in which foreign companies operate within the fields of licensing rounds and according to the ratios previously determined in the form of contracts concluded.  Al-Luaibi discussed with the Dean and heads of departments at the Faculty of Agriculture at the University of Basra the developments in the national campaign to plant a million palm trees. He confirmed the developments in the project of the National Campaign for planting a million palm trees, which was initiated by the Ministry of Oil in coordination with the Faculty of Agriculture and concerned authorities in the governorate.

And stresses the development of service infrastructure, and coordination between the Ministry of Agriculture and the Ministry of Agriculture for the cultivation of ornamental trees in some of the central carrots from the streets of the province of Basra, earlier implementation of several service projects in the province, including the establishment of a tourist resort in Muftiya and the development and rehabilitation of the river, Bridges and support the Cancer Hospital in the province, and other projects.

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International Energy: The stability of Iraq is one of the most important factors affecting the growth of OPEC production


16:30 - 18/03/2018  
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The International Energy Organization (IEA) confirmed that the analysis and forecasts of growth in the world oil market from 2018 to 2023 indicate that the continuation of the crisis in Venezuela affects the growth of production in the Organization of the Petroleum Exporting Countries, and an important factor for growth is stability in Iraq, Libya and Nigeria.

"The continuation of the Venezuelan crisis will determine the growth of production by 750 thousand barrels per day, where it is assumed that the reserve production will grow by 500 thousand barrels per day in addition to the stability factor in Iraq, Libya and Nigeria," the agency's website said in the report. 

"The 2018 oil report confirmed that the strong global economy is expected to support strong increases in demand for oil, as the IMF sees global economic growth at 3.9 percent and all regions are expected to perform well, while strong economies will use more Oil and increase demand at an annual rate of 1.2 million barrels per day by 2023, while demand for oil will reach 104.7 million barrels per day.

"China and India will jointly contribute about 50 percent of world oil demand as China's economy becomes more consumed, while demand for oil will rise slightly in India. "  

The report stressed that "despite the Venezuelan oil crisis, but the factor of stability is very important in Iraq, Libya and Nigeria for the growth of oil production within OPEC to meet the global demand."

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2 hours ago, DinarThug said:
IRAQ ESTABLISHES NATIONAL OIL COMPANY
Iraq, March 18, 2018
The Iraqi parliament voted March 5 on the National Oil Company draft law, which regulates oil production and exports and fairly distributes its revenues to the different regions of Iraq.

The clauses of the law stipulate that a percentage of oil imports be divided to Iraqis residing in the country as well as the Kurds in Iraq's Kurdistan Region if authorities in the region agree on delivering the oil production from their fields to the Oil Marketing Company (SOMO).

Historically, the law forming the Iraq National Oil Company was first issued in 1964 in order to develop oil production from exploration and drilling for oil and natural hydrocarbons to the manufacturing of products. Oil was nationalized in 1972, and foreign company investing was excluded. In April 1987, Iraq decided to merge the company with the Ministry of Oil. SOMO has continued to run the oil transfer and sales operations since its founding in 1998.

On March 5, Iraqi Minister of Oil Jabbar al-Luaibi described the vote on the draft law as “a historic decision.” In fact, according to oil expert and general director of the Iraqi Oil Ministry Hamza al-Jawahiri, who participated in drafting the law, “It will allow Iraq to develop fields, refineries and production plants through the efforts of local companies owned by the state. This would guarantee full sovereignty over the wealth of resources and give Iraq independence from relying on the services of foreign companies.”

On the administrative and organizational levels, Jawahiri said, “The decision will reduce the burdens imposed on the Ministry of Oil, especially in terms of extraction projects that have previously drained the ministry’s efforts. This is why it was necessary to boost the work of the ministry by bringing back the National Oil Company, which was suspended under the administration of late President Saddam Hussein.”

Jawahiri pointed out another major benefit of the project. “The ministry and SOMO will not coincide with the oil company, which will independently exercise its work. So when the company faces obstacles in times of crises and conflicts like freezing its movable and immovable assets through international judicial provisions, the ministry and SOMO would not be affected. This is important since SOMO’s marketing is vital for Iraq’s economy and must be kept far from the issues of the national company,' he said.

When it comes to the expected benefits from passing the draft law for the company, member of the parliamentarian oil and energy committee Zaher al-Abadi told Al-Monitor, “The draft law will place the oil production from extraction to exports and manufacturing in Iraqi hands, provided that the company is run from a professional and modern perspective.” Abadi added, “The Iraqi staff is capable of achieving that after having been marginalized since 2003 when foreign companies received all the opportunities.”

Abadi confirmed that the project 'will be an achievement in terms of improving income per capita. The Iraqi people will have a 10% share of the oil revenue.” He said that citizens' shares will be placed in a bank account. But Jawahiri does not believe this will benefit Iraqi citizens; he thinks that “the decision to guarantee the citizen’s share is nothing but a political and electoral campaign. By doing so, the parliament is being reckless with funds because it is making the company responsible for public funds, which is actually one of the sovereign tasks of the ministries.”

Jawahiri justifies his point of view by asking, “In what ways would granting citizens a share with a value that at best would barely reach $50 per year help, knowing that this would lead to reducing the capital needed for the company to invest in developing its techniques and work?”

He also criticized the company’s suggestion when it comes to the partnership with Iraqi Kurdistan. He said, “It’s strange that the project has completely ignored the issue of oil in the region or the way the company would be handling former and current oil contracts signed by the region. It is as if the region is not part of Iraq, which conflicts with the constitution.” He pointed out that “the details regarding the oil contracts of the region and the exploration and drilling operations should be clearly stated in the law.” According to Jawahiri, this probably explains the “reason why the Kurdish components voted for the establishment of the company.”

Jawahiri said that any possible amendment to the law that would put Iraqi Kurdistan outside the scope of the company’s work would 'beat the point of the project to control all of Iraq’s oil.”

Ministry of Oil spokesman Assem Jihad told Al-Monitor that the national company is 'independent and has a separate administrative board; therefore, it is not involved in the administrative routine and political disputes. The ministry’s task is planning and follow-up.”

Jihad added, “The project allows [the people to benefit] from the Iraqi experience and [provides] jobs for the unemployed.” He remarked upon the project's 'importance in the oil market to improve and [rise] up to the level of international refineries, and to attract techniques and advanced excavation and production methods.'

The company’s project must be kept far from political, sectarian and national disputes, and it must enjoy complete independence that would allow it to occupy an advanced position among big international companies.Apart from the company’s economic importance, the project also has a moral value. Iraq, which is fifth in global oil reserves, is in dire need of a national company that has high technical and administrative capacities and can stay abreast of developments and techniques, away from the government’s routine — just like Saudi Aramco, for instance.

al-monitor

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Afternoon everyone, it’s good to see the hcl and the rest of the positive news  as of late, we continue to march forward. Hopefully we can close one chapter and open many new ones before to long, only time will tell, until then we wait. Least my view isn’t to bad while I’m waiting 😀

3759DBB6-F541-4796-BF51-5F60BD1011FC.jpeg

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43 minutes ago, "Fred" said:

Afternoon everyone, it’s good to see the hcl and the rest of the positive news  as of late, we continue to march forward. Hopefully we can close one chapter and open many new ones before to long, only time will tell, until then we wait. Least my view isn’t to bad while I’m waiting 😀

3759DBB6-F541-4796-BF51-5F60BD1011FC.jpeg

 

Peaceful & Serene . . . . :twothumbs:

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A new achievement for the government of Abadi: National Oil Company with Iraqi expertise and management


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21st March, 2018

Oil company spokesman Assem Jihad said Wednesday that the establishment of a national oil company would play a major role in the management of the oil sector, stressing that it would enjoy independence, efficiency and expertise.

Jihad said in an interview for the "obelisk" that "the importance of the law lies in the establishment of a national oil company will have a major role in the management of the Iraqi oil sector."

On 5 March 2018, the Iraqi Council of Representatives voted on the National Oil Company's proposed law.

"The role of the ministry is due to supervision, follow-up and planning," Jihad said. "The company will be independent and managed by a board of directors."

Jihad said that "a number of current companies such as the Basra Oil Company and the Central and Maysan and the North will be included under the name of the national oil company," pointing out that "the responsibility of the company is the full development exploratory and extractive and marketing as well as the management and development of competencies," praising the " Contracting and it will be one of the largest companies because of its expertise and efficiency and the balance of oil fields. "

He continued Jihad, "The vote of the Council of the law of the National Oil Company allowed it to work outside the border and the conclusion of contracts, which guarantees high revenues and low cost."

The establishment of the National Oil Company dates back to 1961, when it achieved great success then, but was canceled by the previous regime 1987, where it was merged and subordinated to the Ministry of Oil.

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Oil continues to gain due to political developments in the Middle East


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21st March, 2018

Oil prices in the past few hours jumped more than 2 percent to a three-week high as tensions in the Middle East and the possibility of further declines in Venezuela's output helped reduce the impact of growing crude production in the United States.

On Wednesday morning, world benchmark Brent crude was $ 67.56 a barrel, up 14 cents, or 0.21 percent, while US benchmark WTI futures rose to $ 63.67 a barrel, up 13 cents, or 0.20 percent.

The benchmark indexes posted the biggest gains yesterday and Wednesday morning in terms of the percentage since March 9.

Geopolitical risks dominated the minds of investors. On the eve of a meeting between Saudi Crown Prince Mohammed bin Salman and US President Donald Trump, Saudi Arabia on Monday described the nuclear deal signed between Iran and the West as "a flawed agreement."

Oil markets have also been supported by a drop in crude output in Venezuela, which has halved since 2005 to less than 2 million bpd due to an economic crisis in the OPEC member country.

But increased production in the United States, Canada and Brazil is constraining oil price gains. US oil production has jumped more than 20 percent since mid-2016 to 10.38 million bpd.

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Parliament calls the blocks to hold a meeting on March 29 and attendance is necessary and reason

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21st March, 2018
The decision of the House of Representatives Imad Juhna, on Wednesday, that the Presidency invited the parliamentary blocs to hold a meeting on 29 of this month to vote on the pending laws, stressing the need to agree with the heads of the blocks to mobilize to attend this meeting. 

He said in a press statement that 'the Presidency invited the parliamentary blocs to a meeting on 29 to vote on the pending important laws,' noting that 'the laws ready to vote from 30 to 20 laws, including oil and gas laws and the Federal Court and cyber crimes and other laws and decisions ready to vote If the quorum is completed. '

He added that the 'vote on the laws is a major achievement of the House of Representatives and the lack of legislation is a take on the parliament and therefore the deputies who want to address their audiences to pass the laws,' noting that 'not to vote on those laws because of political stubbornness between the blocks to the will of some of them, The people know who these parties are. '

"The law of the Federal Court in the inclusion of the Council for more than five years because some blocs want to veto, and some of them want to put a court in the court."

He added that the 'between the laws of oil and gas, which is the cause of the dispute between the center and the region because there is no law regulating the interaction between the parties', noting that' the law of information crimes, which is important laws based on the detection of crime and aggressors on people and control of terrorist cells in addition to that there Other laws are very important, including social security and the laws of ministries because some ministries operate without a law and there are decisions concerning students and important segments of the Iraqi people.

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Brent exceeds $ 68 ahead of US inventory data

Brent exceeds $ 68 ahead of US inventory data
 
 March 21, 2018 4:27 PM
Mubasher: Oil prices rose on Wednesday, with Brent crude climbing above $ 68, ahead of US inventory data and support for Middle East tensions.

The US Energy Information Administration announced later in the day the data of crude stocks in the United States, amid expectations of falling stocks.

Speculation about the possibility of Washington imposing sanctions on Iran is rising in the coming period, especially with tensions between Riyadh and Tehran and the visit of the Saudi crown prince to the United States.

Despite fears and stockpiles, the rise in US oil production continues to cast a shadow over the crude market, amid OPEC's expectations of a market balance this year.

By 1:07 pm GMT, the price of Brent crude for May delivery rose 1% to $ 68.07 a barrel.

Nymex crude futures for May delivery rose 0.8% to $ 64.03 a barrel.

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On 3/16/2018 at 11:19 AM, DinarThug said:

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A deputy demands parliament hold a special session to vote on 23 laws
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11:38 - 16/03/2018

 

 MP on the alliance, "Fatah" electoral Amer Fayez, on Friday, the Presidency of the House of Representatives to call the parliament to a special session to vote on the equivalent of 23 laws ready to vote before the end of the life of the Council.

Al-Fayez said in a statement that the House of Representatives completed the first and second readings   of 23 laws, while   the Legal Committee completed all the legal and constitutional procedures for those laws and submitted them to the presidency of the Council to vote   . He called on the Presidency of the House of Representatives to invite the Council to hold a special special session To vote on these laws. "

"The most important of these laws is the oil and gas law, the Olympic Committee law and other laws of public benefit," he said.

Excellent Thug. The most important Law is the OIL and GAS LAW and everyone here knows it.

 

 

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1 hour ago, DinarThug said:

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Parliament calls the blocks to hold a meeting on March 29 and attendance is necessary and reason

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21st March, 2018
The decision of the House of Representatives Imad Juhna, on Wednesday, that the Presidency invited the parliamentary blocs to hold a meeting on 29 of this month to vote on the pending laws, stressing the need to agree with the heads of the blocks to mobilize to attend this meeting. 

He said in a press statement that 'the Presidency invited the parliamentary blocs to a meeting on 29 to vote on the pending important laws,' noting that 'the laws ready to vote from 30 to 20 laws, including oil and gas laws and the Federal Court and cyber crimes and other laws and decisions ready to vote If the quorum is completed. '

He added that the 'vote on the laws is a major achievement of the House of Representatives and the lack of legislation is a take on the parliament and therefore the deputies who want to address their audiences to pass the laws,' noting that 'not to vote on those laws because of political stubbornness between the blocks to the will of some of them, The people know who these parties are. '

"The law of the Federal Court in the inclusion of the Council for more than five years because some blocs want to veto, and some of them want to put a court in the court."

He added that the 'between the laws of oil and gas, which is the cause of the dispute between the center and the region because there is no law regulating the interaction between the parties', noting that' the law of information crimes, which is important laws based on the detection of crime and aggressors on people and control of terrorist cells in addition to that there Other laws are very important, including social security and the laws of ministries because some ministries operate without a law and there are decisions concerning students and important segments of the Iraqi people.

OK, Oil and Gas law is still in the mix. If we can just get this across the finish line. I will be watching this one closely. 

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