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Parliamentary energy is discussing with the ministry the resolution of the oil and gas laws


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Important for ... This is what the citizen will receive annually from the wealth of oil according to the new law

08-03-2018 07:17 PM
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Baghdad News -

 

 

Oil expert Hamza al-Jawahiri revealed on Thursday the shares that the Iraqi citizen will receive from oil revenues according to the law of the National Oil Company, which was voted by the parliament in last Monday's session. 

Al-Jawahiri said in a press statement that "the 10% rate set by the law of the National Oil Company, which will be distributed to four funds, the first will be to support the capital of the company, and the second citizen fund, which includes the transfer of the country's wealth to the people, Producing oil 'noting that' each fund will have a rate of 2.5 percent of oil revenues'.

"The percentage of the citizen is 2.5 percent will hit the annual oil revenues of Iraq, which we assume that these revenues $ 80 billion and thus every citizen will receive $ 50 each of his share of the wealth of oil," adding that 'these four ratios dispersed the money will not be used Including the four funds and the hardest hit is the company because 2.5 percent will not be enough to develop and sustainability.

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Concerns of a government challenge to the paragraph on the allocation of oil imports to citizens

 
 March 10, 2018 - 15:41 | Number of readings: 802   
 
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BAGHDAD - The Committee on oil and energy parliamentary, on Saturday, the eligibility of the Prime Minister to challenge the law of the National Oil Company on the paragraph to allocate 10% of oil imports to citizens, indicating that the appeal will restore the oil differences to the first box .

Zahir al-Abadi, a member of the committee, said in a press statement that "the discussions on the law of the National Oil Company started from the previous session and continued throughout the current session because of the differences on them ."

He added that "the government has the right to appeal the law, especially on the paragraph to allocate 10% of oil imports to citizens," pointing out that "any government attempt to challenge the law will blow a lot of efforts and return the differences to zero ."

He pointed out that "the 10% variable and depends on the volume of oil exports to Iraq every year ."

The House of Representatives, voted last Monday on the law of the National Oil Company by a majority, which provided for the allocation of 10% of oil imports distributed in the form of bonds to citizens .

A member of the Committee on Oil and Energy parliamentary, last Thursday, the allocation of four funds in the law of the National Oil Company passed by Parliament last Monday, indicating that among these funds citizen fund .

Ibrahim Bahr al-Ulum said in a press statement that "the citizen fund guarantees the share of one share for each citizen of the profits of the company distributed equally, stressing that this is the beginning of the relationship of the citizen oil wealth, which was contained in the Iraqi Constitution in Article <111>, which states that oil and gas is Belongs to the Iraqi people in all regions and provinces . "

"The second fund is the generational fund that represents the interest of the country in its coming generations, because the oil is a depleted wealth," he said, adding that the fund saves a share to future generations of profits from financial returns in the form of guarantees .

The law of the National Oil Company will be implemented after six months of approval, according to Maja in one of his paragraphs .

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2 minutes ago, yota691 said:

Concerns of a government challenge to the paragraph on the allocation of oil imports to citizens

 
 March 10, 2018 - 15:41 | Number of readings: 802   
 
27254.jpg 

BAGHDAD - The Committee on oil and energy parliamentary, on Saturday, the eligibility of the Prime Minister to challenge the law of the National Oil Company on the paragraph to allocate 10% of oil imports to citizens, indicating that the appeal will restore the oil differences to the first box .

Zahir al-Abadi, a member of the committee, said in a press statement that "the discussions on the law of the National Oil Company started from the previous session and continued throughout the current session because of the differences on them ."

He added that "the government has the right to appeal the law, especially on the paragraph to allocate 10% of oil imports to citizens," pointing out that "any government attempt to challenge the law will blow a lot of efforts and return the differences to zero ."

He pointed out that "the 10% variable and depends on the volume of oil exports to Iraq every year ."

The House of Representatives, voted last Monday on the law of the National Oil Company by a majority, which provided for the allocation of 10% of oil imports distributed in the form of bonds to citizens .

A member of the Committee on Oil and Energy parliamentary, last Thursday, the allocation of four funds in the law of the National Oil Company passed by Parliament last Monday, indicating that among these funds citizen fund .

Ibrahim Bahr al-Ulum said in a press statement that "the citizen fund guarantees the share of one share for each citizen of the profits of the company distributed equally, stressing that this is the beginning of the relationship of the citizen oil wealth, which was contained in the Iraqi Constitution in Article <111>, which states that oil and gas is Belongs to the Iraqi people in all regions and provinces . "

"The second fund is the generational fund that represents the interest of the country in its coming generations, because the oil is a depleted wealth," he said, adding that the fund saves a share to future generations of profits from financial returns in the form of guarantees .

The law of the National Oil Company will be implemented after six months of approval, according to Maja in one of his paragraphs .

Thank you yota. $50 dollars per citizen sounds rather generous, they get this a month a year or what?? Don’t spend it all in one place 😀

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54 minutes ago, blueskyline said:

I'm a bit confused . How much is this amount worth after the reinstatement of their currency ?

 

50 usd in 6 months in the form of a bond from the citizen fund best i can decipher ...

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 11 MARCH, 2018

Understanding petroleum regimes in MENA

The legal framework surrounding the development of petroleum projects differ between

Residents are seen doing their evening walk near the petroleum pipelines, as fuel storage tanks of State-run Bahrain Petroleum Co (Bapco) refinery are seen at the back, in Ma'ameer village, south of Manama, Bahrain, August 22, 2017. Image used for illustrative purpose.

Residents are seen doing their evening walk near the petroleum pipelines, as fuel storage tanks of State-run Bahrain Petroleum Co (Bapco) refinery are seen at the back, in Ma'ameer village, south of Manama, Bahrain, August 22, 2017. Image used for illustrative purpose.

REUTERS/Hamad I Mohammed
By Adam Powell, Al Tamimi & Company

MENA and Petroleum contracts

The Middle East and North Africa (MENA) region has vast petroleum resources with Iran, Kuwait, Saudi Arabia and the United Arab Emirates within the top ten oil producing countries in the World.

National Oil Companies (“NOCs”) in conjunction with International Oil Companies (“IOCs”) typically develop these petroleum resources and the legal regime governing the relationship between a NOC and an IOC varies depending upon the project, the resource and the host country.    Historically, host counties were dependent upon the IOC’s know-how, technology and finance but this dependence has reduced as projects were developed and know-how and technology transferred to the NOCs.

 

 
Projects are, in the most cases, awarded to IOCs following success bids on tenders and, at the end of 2017, Oman, Egypt and Iraq announced tenders over certain oil and gas blocks in the region.

 

The legal framework surrounding the development of petroleum projects differ between countries although there are two defined regimes, Concessions and Contracts.     It is important to identify and evaluate a country’s petroleum regime in order to understand the rights and obligations of, and the relationship between, the IOC and NOC in the event of a successful tender process. The legal regime may also affect the availability of third party funding, if required.

 

 
This article will review the basic and general differences between concessions and pure contract-based arrangements in the oil and gas sector.

 

Concessions

Concession arrangements can be identified as traditional or modern and, under concessions, title to petroleum is generally transferred and owned by the IOC upon extraction at the wellhead.    An example of an early concession is the concession agreement between Petroleum Concession Limited (a British based company) and the Sultan of Muscat and Oman which was entered into on 24th June 1937 for a period of 75 years.

Under a traditional concession, the IOC is typically granted long term, uninterrupted and exclusive mining rights over a large defined area of the host country to undertake, at the IOC’s sole risk, exploration and production of hydrocarbons.    The IOC is allowed control over petroleum operations and, in return, fiscal payments (taxes, bonuses and royalties), based upon the value of production, are made.

The main benefit to the host country under this type of arrangement is that it assumes little or no risk; the IOC funds all operations and takes the risk of discovery.  However, the host country invariably has little control over the operations, and together with its long-term nature, the traditional concession is unpopular.    This has resulted in the development of the modern concession arrangement.

A modern concession tends to work in phases, the first phase for exploration (generally being between 5 -10 years, and which may include a defined work programme), and a second longer phase, subject to discovery, for production.   The owner of the mineral interest (usually the host country) grants a lease or licence to the IOC, in return for payment of a rent and, upon production, a royalty.

Moreover, national courts and legislation create the regulatory environment within the host country by supplementing concession terms with conditions, including matters of taxation.

Contracts

Under a pure contractual petroleum regime, the entire arrangement between the NOC and IOC is set out in an agreement, which has been negotiated between the parties.

There has been a trend towards more contractual-based arrangements and the MENA region typifies this trend; for example in Egypt where Tax and Royalty Concessions were replaced in the mid 1970’s with Production Sharing Agreements and in Kuwait a variety of contracts have been utilised since the late 1990’s, including Operating Service Contracts, Enhanced Technical Service Contracts and Oilfield Service Contracts.

The types of contracts vary, but the forms widely used are Production Sharing Agreements, Participation Agreements and Service Contracts.

The Production Sharing Agreement is a commercial and regulatory instrument and allows the host country to regulate operations without the need for adopting specific regulations within its national legislation.    Under a Production Sharing Agreement, in most instances, title to the extracted petroleum remains with the host country and the contract grants rights to the IOC to recover its costs from production (cost oil) before dividing the remaining production between the host country and the IOC (profit oil).    The precise calculations of cost oil and profit oil are negotiated within the contract and may include adjustments to allow, for instance, for changes in economic conditions and the type of petroleum recovered (oil or natural gas).     The contract shall also include any taxes and royalties which are to be paid.

In a Participation Agreement (either by way of equity or contractual joint venture), the host country will participate with a working, carried and/or free interest.   With a working interest, the NOC shall be deemed a private party, sharing risks with the IOC, and contributing to a share of costs, typically after a discovery is made.   With a carried interest, the cost of participation by the NOC is funded (that is, “carried”) by the IOC with costs recovered from production.  With regards to a free interest, the NOC receives a share without obligation for any contribution.

Generally, the potential rewards are considered to be greater for a host country under these types of arrangements than under concession arrangements, although the element of risk is greater too.   Control of operations under these arrangements depend on the agreed terms although the IOC will typically take the role of operator under a Production Sharing Agreement and under a Participation Agreement a committee, with members appointed from the IOC and NOC, usually govern operations.

Under Service Contracts, the oil or gas produced remains the property of the host country and the IOC is paid a fee for providing services.     Concerns surrounding sovereignty are addressed under Service Contracts, since as the hydrocarbon owner, the host country has management and operation control and the contracting IOC will work under command of the NOC.     However, the host country but may not reap the same rewards that a Production Sharing Agreement or Participation Agreement bring.

Depending on the type of Service Contract, the fee may be paid from proceeds of production and the contractor may have a right to acquire petroleum at a discounted price.

Conclusion

Concessions and Contracts are the two defined regimes for the exploration and production of petroleum setting out the roles and responsibilities of the IOC and NOC. Each differ in respect of claims to ownership of petroleum, control over and operation of the project and the sharing of hydrocarbon products.

In the Middle East and North Africa, the trend is towards more contract-based regimes but the regime selected by the host country is generally determined by the type and status of proposed projects, the involvement of any National Oil Company and the requirement to attract foreign investment and know-how.

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1 hour ago, nannab said:

These projects regarding oil,gas and byproducts is massive and make's my brain hurt. :blink:

 

This is gonna give ya real Brain Ache - link to Quantum Mechanics/Erwin Schrodinger and " Schrodinger's Cat " https://en.wikipedia.org/wiki/Schrödinger's_cat 

 

Going round and round with FOOLS has become tiresome, so I'm entertaining myself these days studying Quantum Mechanics - :D 

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2 hours ago, 10 YEARS LATER said:

 

This is gonna give ya real Brain Ache - link to Quantum Mechanics/Erwin Schrodinger and " Schrodinger's Cat " https://en.wikipedia.org/wiki/Schrödinger's_cat 

 

Going round and round with FOOLS has become tiresome, so I'm entertaining myself these days studying Quantum Mechanics - :D 

 

 

 

Ah yup that would do it !!! :lol:

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2 hours ago, 10 YEARS LATER said:

 

This is gonna give ya real Brain Ache - link to Quantum Mechanics/Erwin Schrodinger and " Schrodinger's Cat " https://en.wikipedia.org/wiki/Schrödinger's_cat 

 

Going round and round with FOOLS has become tiresome, so I'm entertaining myself these days studying Quantum Mechanics - :D 

 

Are you really studying quantum? If so--I'd like to hear what you've come up with. I've been casually reading it myself for a few years and find it fascinating 

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14 hours ago, yota691 said:

"The approval of the two laws before the end of the current parliamentary session will pave the way towards the passage of the law of oil and gas, which lasted 11 years and was not approved because these laws will go half way towards the adoption of the law the President is oil and gas."

 

Once NOC is up and running, all future explorations, development, productions, marketing and transportation will be managed by NOC.

Not only will this resolves the most important part of HCL, but I can see article 140 (disputed areas) will be a thing of the past as well, now that the issues of oil for these disputed areas will no longer be much of an issue anymore.

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2 hours ago, zul said:

 

Once NOC is up and running, all future explorations, development, productions, marketing and transportation will be managed by NOC.

Not only will this resolves the most important part of HCL, but I can see article 140 (disputed areas) will be a thing of the past as well, now that the issues of oil for these disputed areas will no longer be much of an issue anymore.

Suuuuure hopin you are right!!!!!!! :)

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11:57
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The time now is 12:05 AM
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BAGHDAD / The 
head of the Committee on oil and energy parliamentary Ali Maaraj, on Monday, that the law of the National Oil Company allocated a percentage of the profits achieved for the company will go to the citizens, considering the law as one of the most important of the Council of Representatives.
"Among the most important laws voted by the House of Representatives is the law of the National Oil Company, which was in the inclusion of the Council for more than ten years because of political differences," Maaraj said in a statement to Al-Ghad Press. 
He added that "the law for the first time gives part of the wealth to the Iraqi people through a percentage of profits that are not less than 10% of the profits of the company," noting that "this ratio will be deposited in the Central Bank and received under a mechanism established by the Board of Directors of the company." 
He explained that "the percentage of profits to be given to the citizen will be deposited in four funds, namely: the citizen, generations, oil provinces, and the capital fund of the company." 
He attributed the delayed passage of the law over the past period to "differences between the political parties," noting that "the Committee on oil and gas representative over the past nine months succeeded in addressing most of the differences and we were able to pass."
He continued by saying that "the allocations of the provinces have been placed in the law, and there is a special paragraph for the social services of oil-producing provinces." 
He pointed out that "the National Oil Company is specialized in the production and marketing sector, an executive arm of the Ministry of Oil, because the ministry is the state policy of oil." 
"We have put in place a mechanism to close the doors to the political blocs that nominate incompetent, incompetent figures and so on," he said.
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  • yota691 changed the title to Law of the National Oil Company .. Sea of ​​Science: Oil and gas law can not be activated at the moment
Doc_P_124363_636441783224887727_36781171
Knozmedia 
 
The Oil and Energy Committee in the House of Representatives, on Monday, "The law of oil and gas, which has been prepared since 2006 can not be activated at the moment."
Committee member Ibrahim Bahr al-Ulum said in a press statement that "the law of oil and gas has been prepared since 2006 can not be activated at the moment but call for dismantling."
He added: The issue of regulating the oil relationship between the center and the region and the provinces produced under the framework of the law of oil and gas, which draws the policies on the one hand and sets limits to implement policies, "noting that" the law of the National Oil Company, which was approved during the past week to implement those policies and the executive arm of the State Oil "He said.
Bahr al-Ulum revealed that "his committee submitted a proposal eight months ago, which I sent to the central government, and we received no answer from them."
He pointed out at the end of his speech that "the Energy Committee for this parliamentary session completed the proposal of a law launched from parliament to the government and opposed the draft law came from the government to parliament and completed the second while still the first to the government."
The House of Representatives voted, Monday of last week, on the proposal of the law of the National Oil Company.
In turn, Oil Minister Jabbar Ali al-Allaibi said on the same day that the ministry will take the necessary steps and steps to implement the law.
Al-Allaibi described the voting process as "the historical decision that aims at optimizing the investment of national wealth management, protection and development according to the advanced programs and mechanisms entrusted by the effort and the national administration."
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How much will Iraq's oil revenues per year?
  
 
 
Updated 12/03/2018 1:26 PM
 
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Baghdad / Dennan / .. The House of Representatives approved in its meeting on March 5, 2018 on the law of the National Oil Company, after the law remained hanging on the shelves of the House of Representatives over the past years because of political differences, because the law makes all oil companies operate under the umbrella of the national company of the federal government With the aim of developing the oil sector.

The law includes the deduction of at least 10% of the annual oil revenues and is placed in four funds, and shares are given to the citizen.

According to experts in the economic affairs, the first fund will be to support the capital of the company and the second is the citizen's fund, which includes the transfer of the country's wealth to the Iraqi people, where allocated shares to every Iraqi citizen resident inside Iraq and put a mechanism to hand over those amounts in addition to mechanisms to prevent the provinces that do not deliver oil quotas to the government Federal ".

The third fund is the generation fund, which will work on the government to develop mechanisms to develop allocations for those generations, while the fourth fund is to support the oil-producing provinces, to be distributed in accordance with instructions to be placed within the rules of procedure of the company.

"The 10 percent set by the National Oil Company Law, which will be distributed to four funds, the first will be to support the company's capital, and the second is the citizen's fund, which includes transferring the country's wealth to the people," said oil expert Hamzah al-Jawahiri. A fund to support oil-producing provinces, "noting that" each fund will have a rate of 2.5 percent of oil revenues. "

He added that "the percentage of citizens is 2.5 percent will hit the annual oil revenues of Iraq, which we assume that these revenues $ 80 billion and thus every citizen will receive $ 50 per share of the wealth of oil," adding that "these four dispersed funds and will not benefit funds The four most affected are the company because 2.5 percent will not be enough for its development and sustainability. "

Oil Minister Jabbar al-Luaibi said the adoption of the law represents a significant shift in the development of the oil industry and sound management of programs to develop the sectors of extracting, marketing, transport, storage, marketing and sales to the point of delivery. The national wealth of the country in order to support and develop the national economy.

For his part, MP Ibrahim Bahr al-Ulum, a member of the parliamentary energy committee, said that the approval of the law of the National Oil Company is an achievement for the parliament in its current parliamentary session as it will pave the way towards approving the oil and gas law.

Bahr al-Ulum told Agence France-Presse that the adoption of the law is necessary at the present time to regulate the extractive industry in the country, and it includes great privileges for the Iraqi citizen.

He added that his approval is a product of the efforts of the parliamentary oil and energy committee, which exerted great efforts to pass the law.

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%D8%A7%D9%84%D8%B5%D8%A7%D8%AF%D8%B1%D8%

Iraqi National Oil Company Law

 March 5, 2018 141 Views

Supervisory Committee: Committee on Oil and Energy

 

Iraqi National Oil Company Law

On behalf of the people Presidency of the Republic On the basis of what was approved by the House of Representatives and based on the provisions of item (I) of Article (61) and Article (III) of Article (73) of the Constitution. The President of the Republic has decided to issue the following law: No. (2018) Iraqi National Oil Company Law Definitions Article (1) The following terms and phrases for the purposes of this Law shall have the following meanings:
 
First: Company: Iraqi National Oil Company INOC (Iraq National Oil Company)
 
Second: The Board: The Board of Directors of the Company
 
Third: The President: Chairman and Chairman of the Board.
 
Fourth: Owned company: Each company wholly owned by the company.
 
Fifth: People of experience and specialization: Those with experience and practice in the oil, economic, legal, administrative or technical affairs who qualify them with their scientific background and experience to work in the company or the companies owned.
 
Sixth: Rules of Procedure: The internal regulations issued by the Board of Directors of the Iraqi National Oil Company to regulate the affairs of the company or any company owned in a manner not inconsistent with the provisions of the law. Incorporation
 
Article 2 - First: - A public company called the Iraqi National Oil Company shall be established under this law. It shall have the moral personality and financial and administrative independence. It shall be represented by its president or its authorized representative. It shall be linked to the Council of Ministers. Inside Iraq at the request of its Chairman and the approval of the Board of Directors, and outside of Iraq after the approval of the Council of Ministers. Second: Its activities shall be exercised in all the territory of the Republic of Iraq, its territorial waters, its continental shelf and outside Iraq on behalf of the Iraqi State. Objectives
 
Article (3) 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 in addition to investing in the oil and gas manufacturing industry on the basis of technical and economic to ensure the highest returns and the lowest costs in order to achieve the highest benefit for the Iraqi people.
 
Article (4) - The company adopts the following means to achieve its objectives: Management, development and operation of producing fields and fields discovered and undeveloped. The conclusion of contracts for exploration, production and export according to the policy of the State, in a manner that does not contradict with the provisions of the Constitution. Development of exploration, production, transportation, storage, marketing and related petroleum operations. Management of service contracts concluded in licensing rounds for exploration, development and production.
 
Fifth: Developing the national effort in the extraction, marketing and oil and gas industry, and investing in the joint fields with the neighboring countries. Management and operation of the main oil pipeline network and the export terminal. 7. Establish and finance companies owned and financed by the Council of Ministers to carry out their work on the basis of economic, financial and societal feasibility.
 
The company's capital Article (5) First: The company's capital consists of: The value of the fixed assets of the owned companies, whose value is determined by a consultative office chosen by the Council and approved by the Council of Ministers. 2. (400) billion Iraqi Dinars as operating capital paid by the Ministry of Finance.
 
Article (2) The company may increase its capital in the first item as required, provided that the increase is made by a proposal of its Board of Directors and the approval of the Council of Ministers after the submission of the Feasibility Study.
 
Article (2) The company may open an independent account or more with the Central Bank of Iraq in local currency and foreign currencies. It may deal with all banks and banks inside Iraq and may open accounts in foreign banks outside Iraq through the Central Bank of Iraq.
 
Article (2) - The company shall borrow from any entity inside and outside Iraq to finance its investments with the approval of the Council of Ministers. The Company Board of Directors Company Structure
 
Article (6) Board of Directors: The Board shall consist of the following: First: the president of the company as president. Second: First Vice President and CEO Third: The second vice president is vice president Fourth: Undersecretary of the Ministry of Oil for the extraction of a member Fifth: Undersecretary of the Ministry of Natural Resources with a member Sixth: The heads of the boards of directors of the companies owned by 3 members Seventh: Three specialized experts members
 
Article 7: First: The company shall be headed by a staff member with a degree of at least a senior university with experience and specialization in the field of his work and has a deputy director general degree with a minimum university degree in the least experienced and competent.
 
Article (7) 1. The company is headed by an employee with the rank of Minister with at least a preliminary university degree and with expertise in the field of energy and has a service of not less than 25 years in the specialties that qualify him to run the company. The company manages and represents the company in front of others and implement the decisions of the council and supervise the design and implementation of the company's policy and operations. It is directly responsible for overseeing the national oil marketing company and is appointed in accordance with the constitution for 5 years.
 
2. The first vice president is the executive director of the company and shall be under the rank of deputy minister with at least a university degree and an experience in the field of extractive industry with experience of not less than 20 years and oversee the technical, contractual and economic affairs of the company. The Second Vice-President is a specially employed officer who holds at least a preliminary university degree and has at least 20 years of experience in the field of specialization and supervises the administrative, financial and legal affairs of the company.
 
3. The first and second deputies shall be nominated by the President of the Company and approved by the Council of Ministers in accordance with the legal contexts.
 
4. Three of the heads of the boards of directors of the owned companies mentioned in Article 4-II / 1 shall be chosen in the Board of Directors. The Chairman of the Basra Oil Company and the National Oil Marketing Company shall be among them. The third member shall be selected from the extractive companies owned according to the size of the production And for a period of one year and with the nomination of the President. The Chairman of the Company and with the approval of the Board of Directors may increase representation of the companies owned by the Board of Directors to a maximum of five members.
 
5. Three experts with special grades from specialists in the petroleum industry and related disciplines for membership of the Board of Directors nominated by the President and approved by the Council of Ministers in accordance with legal contexts.
 
Article (8) First: 1- The company shall consist of the formations associated with the status of the company and shall be determined by the internal regulations
2. Companies exploring, extracting and producing oil and gas.
Second: 2: The company is associated with the following owned companies: Oil Exploration Company B - Iraqi Drilling Company (C) Basra Oil Company The North Oil Company C - Missan Oil Company (H) Central Oil Company Q- Dhi Qar Oil Company D- Oil Marketing Company (SOMO) - Iraqi Tanker Company
 
Third: The companies stipulated in item (II / 2) of this article shall be managed by a general manager who holds at least a preliminary university degree and has experience in the field of specialization for a period not less than (15) years.
 
Fourth: The Board of Directors of the Company, with the approval of the Council of Ministers, may introduce any other form in accordance with the law, and may attach any formation to the Company upon the proposal of the Council and with the approval of the Minister of Oil and the Council of Ministers.
 
Fifth: 1. The companies stipulated in paragraph II / 2 of this Article shall be dissolved and shall be owned by the Company without any allowance and shall transfer to the Company all the rights and obligations of the Ministry relating to companies.
 
2. All rights and obligations relating to licensing tours in exploration, development and production shall be transferred to the Company. Functions of the Board of Directors of the Company Article
 
(9) First: The Council shall assume the following functions:
1. Approve the final accounts of the company and submit them to the Federal Audit Bureau for scrutiny and submit them to the Council of Ministers for approval.
2. Approving the annual budget and submitting it to the Council of Ministers for approval.
3. Approving annual and future extraction and development plans and following up on their implementation plans.
4. Drawing and setting up the administrative, financial, organizational and technical plans necessary for the conduct of the company's activity, with attention to its social, health, environmental, research and personnel affairs, in order to achieve the company's objectives.
5. Proposing strategies and policies for exploration, development, production, export, manufacturing and investment programs to develop and develop the petroleum industry and alternative energy policies and programs to the Ministry of Oil and the Council of Ministers.
6. Develop policies and programs to develop the necessary infrastructure to sustain production, use technology and modern work systems, and adopt methods to ensure continuous improvement and development of management.
7. Develop policies for the rehabilitation, training and development of Iraqi cadres.
8. Adopting the policy of transparency, combating corruption and good governance in the oil and gas industry.
9. Set environmental protection controls and work to stop pollution by developing the alternative energy sources sector.
10. Develop plans to encourage the Iraqi private sector and programs for rehabilitation and development for the purpose of participating in the construction of oil industry and development of various energy sectors.
11. Setting the controls to take advantage of the possibilities and expertise of non-Iraqi energy companies according to the competitive bases and economic feasibility in order to achieve the maximum benefit to Iraq as guaranteed by the Constitution.
12. Set up controls on the use of consultants, experts and specialized consulting firms inside and outside Iraq to develop technical, technical, accounting and administrative systems and all related to their ongoing and future work and determine their remuneration.
13. Exercise all the powers and rights conferred upon the Company by legislation and in accordance with the oil policy of the State.
 
14. The Council may delegate some of its functions provided for in item (1) of this Article to the President. -Second:
1. The Council shall meet at least once a month at the invitation of its Chairman
2. An extraordinary meeting of the Board may be convened at the invitation of its Chairman or upon a reasoned request submitted by three of its members.
3. The meeting of the Council shall be attended by two-thirds of its members, including the President. The vice president replaces the president when he is absent and the second when he or she is absent.
4. The Council shall make its decisions regarding policies, contracts and investment by an absolute majority of the members of the Council.
5. The Chairman of the Company shall invite the members of the Energy and Oil Committee of Parliament and the members of the Energy Committee, the Parliament of the Region, the Chairmen of the Energy Committees of the Council of Producing Governorates, the elected elected members of the Boards of Directors of the owned companies and inviting the experts to provide consultations to attend the meetings of the Council. Meeting. Functions of the President of the Company
 
Article 10 The President shall undertake the following functions:
1. Prepare and present the planning budget and submit it to the Board three months before the beginning of the specific fiscal year.
2. Disbursement of expenses and operating the accounts of the company within the limits determined by the Council.
3. Supervising and supervising the employees of the company and the conduct of their work and discipline.
4. Reporting to the Board at periodic intervals (monthly, quarterly and annually) on the progress of work in the Company and its associated companies and regularly publishing them on the Company's websites and associated companies.
5. Examining the decisions of the boards of directors of the owned companies and what is presented by the authorized directors and the lawyers and making decisions thereon, and the president may present what he deems appropriate to the council of those decisions.
6. Preparing the balance sheet, profit and loss accounts and the annual report on the results of its operations during the last financial year and presenting them to the Board.
7. Exercising the other powers granted by the Council to the President to achieve the purposes of the company and conduct its business.
8. Commitment to transparency and be accountable to the decisions of the company to ensure good governance.
9. Prepare annual and future extraction and development plans and submit them to the Board for approval. Rights and obligations of the Company Article (11) I. The company is committed to oil policy of the state Secondly, in the case of the Minister of Oil's conviction that there is a deviation in the decision of the Board of Directors, the Minister has the right to submit a proposal to the Council of Ministers to make certain changes to the decision and the decision of the Council of Ministers is binding on the Board of Directors.
 
Article (12) The company shall deduct an amount covering all the investment and operational costs and not less than the average cost in all the fields invested for each barrel of crude oil and gas produced plus a certain percentage of profit. This shall be determined by agreement between the company and the ministries of finance, oil and planning. , Is reviewed every three years, and is deducted directly from the account of the Ministry of Finance with the Central Bank on oil and gas revenues.
Second: The accounts between the Company and the Ministry of Finance shall be settled after the end of the financial year of the Company and after the completion of the final accounts and the approval of the Financial Control Bureau.
 
Article (13) I. The Company's financial revenues consist of revenues from the sale of crude oil, gas and other products, plus any revenue that the Company may receive.
Second: The company's profits shall consist of the total revenues less expenses as stated in the previous article.
 
Third: Distribution of the profits of the company as follows:
1- State Treasury: A percentage of 90% of the profits of the Company shall not exceed 90% of the profits of the Company to the State Treasury and shall be determined in the Federal Budget Law.
2- The rest of the profits of the company after deducting the percentage allocated in (1) of this item shall be distributed as follows:
a. A percentage of the profits to the capital reserve of the company, and the Board of Directors determine the mechanisms and areas of disposal of the reserve to achieve the interests and objectives of the company.
B. The percentage of the profits to (Citizen Fund), which is distributed on shares of equal value to all citizens residing in Iraq, according to the priority of the segments of society, and may not sell and buy or inherit shares and fall at the death.
C. Shares of Iraqis residing in regions and governorates not organized in a region that refrains from delivering oil and gas revenues produced to the company are deprived of profits and their entitlement is added to the rest of the shareholders.
D. A percentage of the profits to (the Generations Fund), and to invest for the benefit of generations.
e. A percentage of the profits are allocated to the Reconstruction Fund for the purpose of implementing strategic projects in the provinces in which the oil activity of the company. And. The Board shall issue instructions according to paragraph (ii) of this Article under the rules of procedure.
 
Fourthly, the deduction shall be made to the beneficiaries under paragraph (III) of the Company's account 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 fiscal year under the supervision of the Federal Financial Control Bureau. General and final provisions
 
Article (14) First: The employees of the company shall be subject to the provisions of the State Employees and Public Sector Employees Law No. (22) of 2008 (Amended), the State Employees Sector Law No. 14 of 1991 (amended) and the Unified Retirement Law No. 9 of 2014 .
Second: Excluding the incentives of the employees of the company from the provisions of the law of salaries of state employees and the public sector No. 22 of 2008 and this is determined by a system issued by the Council of Ministers.
Third: Iraqi and foreign experts may be employed by private contracts entered into directly by the company.
Fourth: The service in the company and the owned companies shall be regarded as a pension service as of the date of entry into force of the law.
 
Article (15) First: The companies stipulated in paragraph 2/2 of Article 4 of this law shall operate in accordance with their income regulations and in a manner not inconsistent with the provisions of this law.
Second: The company's fiscal year begins on the first of January and ends on the 31st of December of the same year.
1. The first financial year of the Company shall commence from the date of entry into force of the Law until the 31st of December of the following year. 2. The Company shall consolidate its annual closing accounts and the accounts of its companies with a unified annual closing account.
3. The accounts of the company shall be subject to scrutiny and control by competent legal accountants and to adopt the best accounting standards in the world for counterpart activities.
4. The company's accounts shall be subject to the supervision and audit of the Federal Audit Bureau.
5. The results of the audit shall be submitted to the Council of Ministers for approval.
 
Article (16) First: The Law establishing the National Oil Company No. 123 of 1967 and its amendments shall be repealed. Second: The decision of the Revolution Command Council (dissolved) shall be annulled by the two figures (267) for the year 1987 and (97) for the year 1995.
 
Article (17) First: The company and its companies are excluded from the following laws:
1- Financial Management Law.
2- The Public Companies Law
3- The Customs Law
4. Law on the residence of foreigners
5- The law of government contracts and instructions to facilitate their implementation
6 - Sale and lease of state funds and instructions to facilitate their implementation
Second: The company shall issue a system to replace the exempted laws provided for in paragraph 1 of this article separately to guarantee the rights of the public treasury and shall be approved by the Council of Ministers.
 
Article (18) The company and its owned companies have the right to own the state-owned properties without any allowance to carry out their purposes.
 
Article (19) First: The company may establish residential complexes with all its social facilities to accommodate the employees according to the requirements of the work.
Second: - The company owns land or real estate for its own purposes and distributed to employees in accordance with instructions issued by the Council.
Third: The Company shall contribute to the development of community life and human and economic development and the establishment of sports clubs in the areas where it operates. This shall be taken into account in preparing the Company's business programs and annual budgets.
Fourth: - The company is committed to the policy of non-discrimination of sex, sectarian, ethnic and national in employment and employment and supports the rights of legitimate workers.
Fifth: The company is committed to be all taboo from the land at its disposal produced either for its purposes related to the sector or to be allocated to agricultural projects or a simple conversion industry does not hinder the work of the sector, or service of tourism or entertainment.
Sixth: The company may contribute to the development of the agricultural, industrial and service sectors, including its activities throughout Iraq to serve all Iraqis.
 
Article (20) The Ministry shall take the necessary measures within six months from the publication of the law to enable the company to start organizing its position to carry out its activities, including fixing the assets of its owned companies, transferring financial assets, providing the buildings and buildings, data and technical and administrative support.
 
Article (21) Do not dissolve or liquidate the company except by law
 
Article 22 - This law shall be implemented from the date of its publication in the Official Gazette. Positive reasons For the purpose of ensuring the exploration, development, production and marketing of oil resources in the fields and land allocated to them under the law on behalf of the Iraqi state and to increase production and development of oil and gas industry and related facilities and facilities and methods of work on the basis of efficiency, flexibility and competitiveness to maximize revenues for the benefit of the Iraqi people and in accordance with recognized international standards, Iraqi National Oil Company as a public company wholly owned by the state and reflect the concept of ownership of the people of oil and gas and the development of specialized formations within the organizational structure commensurate with its role in the management and development of oil fields and Gas produced and discovered the paper oil and gas industry and the development of various other energy sectors in Iraq.
 
This law was enacted
 
 
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2 hours ago, tjokie said:

UHHHHHHH....HCL:o

Apparently the HCL has been divided into three parts to promote progress on it! This part that has already been voted on and approved is the part declaring all Iraqis get 10% of the  profits from the newly created National Oil Co... so yes, it is part of it!!! 🍻

Then after they did that the IQD currency rate began appearing on on Google currency exchange, and a few others as like .08 to the dollar. We aren’t sure it was a glitch....  but it did go away the next day.... :twothumbs: Got our blood pumping for sure!!!

Edited by jcfrag
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14 hours ago, 10 YEARS LATER said:

I'm entertaining myself these days studying Quantum Mechanics 

 

                                                         I totally thought that was YOU.  :twothumbs:

Related image

 

                                         So, here's a new photo for your profile instead of your tank !! :lol:

      Image result for einstein images

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11 hours ago, yota691 said:
11:57
Last updated
The time now is 12:05 AM
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BAGHDAD / The 
head of the Committee on oil and energy parliamentary Ali Maaraj, on Monday, that the law of the National Oil Company allocated a percentage of the profits achieved for the company will go to the citizens, considering the law as one of the most important of the Council of Representatives.
"Among the most important laws voted by the House of Representatives is the law of the National Oil Company, which was in the inclusion of the Council for more than ten years because of political differences," Maaraj said in a statement to Al-Ghad Press. 
He added that "the law for the first time gives part of the wealth to the Iraqi people through a percentage of profits that are not less than 10% of the profits of the company," noting that "this ratio will be deposited in the Central Bank and received under a mechanism established by the Board of Directors of the company." 
He explained that "the percentage of profits to be given to the citizen will be deposited in four funds, namely: the citizen, generations, oil provinces, and the capital fund of the company." 
He attributed the delayed passage of the law over the past period to "differences between the political parties," noting that "the Committee on oil and gas representative over the past nine months succeeded in addressing most of the differences and we were able to pass."
He continued by saying that "the allocations of the provinces have been placed in the law, and there is a special paragraph for the social services of oil-producing provinces." 
He pointed out that "the National Oil Company is specialized in the production and marketing sector, an executive arm of the Ministry of Oil, because the ministry is the state policy of oil." 
"We have put in place a mechanism to close the doors to the political blocs that nominate incompetent, incompetent figures and so on," he said.

 

The citizens cannot benefit much from the profits when their currency is only worth about 3 pieces of Charmin.

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  • yota691 changed the title to Parliamentary energy is discussing with the ministry the resolution of the oil and gas laws
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