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


Butifldrm
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Oil Minister Jabbar al-Allaibi

  

 energy


Economy News Baghdad:

Oil Minister Jabbar al-Allaibi on Monday congratulated the Iraqi people on the occasion of the parliament's vote on the National Oil Company's proposed law, while stressing that the ministry will take appropriate measures and steps to implement the law .

The ministry said in a press statement received by "Economy News" that "the oil minister Jabbar Ali al-Allaibi congratulations and congratulations to the Iraqi people on the occasion of the members of the House of Representatives on the draft law of the National Oil Company ."

Al-Luaibi described the voting process as "the historical decision that aims at optimizing the investment of national wealth management and protection and developing it in accordance with the programs and advanced mechanisms entrusted by the effort and the national administration ."

He praised al-Luaibi, according to the statement, "the efforts of the President and members of the Council of Ministers and the President and members of the House of Representatives and the Committee of oil and energy parliamentary and all the committees, both working in the Ministry of Oil or other concerned bodies that contributed to the preparation and amendment to finalize the final version of the text of the law," stressing that " Procedures and appropriate steps to implement the law and achieve the desired goals. "


Views 97   Date Added 03/05/2018

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So, if included in the details of the law, 5% of revenue distributed to each Iraq citizen evenly. Although there are 2 other facets to the former HCL to be voted on also, this first part is the jist of the goal when the 2007 version was passed, sharing oil revenues with the citizens. Let's see how fast they get it pushed to the Gazette and start implementing. This should be a huge feather in Abadi's cap towards re-election too.

                                                               :twothumbs:

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13 minutes ago, King Bean said:

So, if included in the details of the law, 5% of revenue distributed to each Iraq citizen evenly. Although there are 2 other facets to the former HCL to be voted on also, this first part is the jist of the goal when the 2007 version was passed, sharing oil revenues with the citizens. Let's see how fast they get it pushed to the Gazette and start implementing. This should be a huge feather in Abadi's cap towards re-election too.

                                                               :twothumbs:

My question is: Is this enough of we hope for HCL wise, that might push the pigskin just that much closer to finally getting over the “ Goal Line ? “

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3 minutes ago, 10 YEARS LATER said:

My question: Is this enough, we hope for HCL wise, that might push the pigskin just that much closer to finally getting over the “ Goal Line ? “

 

My understanding is that the older HCL proposal was broken into 3 parts. One part dealing with oil company licenses, one dealing with ministry that would oversee all aspects of oil production and the one passed today regarding revenue sharing for citizens. Let's see what AM has to say Wednesday. IMO...today's passage was the keystone. Abadi will want to get this into Gazette ASAP and get the ball rolling fast. But just my opinion.

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5 minutes ago, King Bean said:

 

My understanding is that the older HCL proposal was broken into 3 parts. One part dealing with oil company licenses, one dealing with ministry that would oversee all aspects of oil production and the one passed today regarding revenue sharing for citizens. Let's see what AM has to say Wednesday. IMO...today's passage was the keystone. Abadi will want to get this into Gazette ASAP and get the ball rolling fast. But just my opinion.

:crossedfingers: thanks KB — my Chemo Brain Fog this morning is a real pea souper. 

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oil

Iraqi parliament passed the draft law of the National Oil Company

March 5, 2018

31

Iraqi oil minister announced that the Iraqi parliament approved the proposal of the law of the National Oil Company.

Oil Minister Jabbar Ali al-Luaibi described the voting process as a historic decision aimed at optimizing the investment of national wealth management and protection and developing it in accordance with the advanced programs and mechanisms entrusted by the effort and the national administration.

Praising the efforts of the President and members of the Council of Ministers and the President and members of the House of Representatives and the Committee of oil and energy parliamentary and all the committees, both working in the Ministry of Oil or other concerned bodies, which contributed to the preparation and amendment to finalize the final version of the text of the law.

Stressing that the ministry will take appropriate measures and steps

To implement the law and achieve the desired goals.

 

http://economiciraq.com/2018/03/05/البرلمان-العراقي-يمرر-مشروع-قانون-شرك/

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MARCH 5, 2018 / 6:32 AM / UPDATED 9 HOURS AGO

Iraq parliament votes to create national oil company: lawmakers

 

2 MIN READ

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BAGHDAD (Reuters) - Iraq’s parliament voted on Monday to establish a new National Oil Company to manage its energy sector, lawmakers told Reuters.

“It’s a significant law to push forward the development process of Iraq’s energy sector,” said member of parliament Husham al-Suhail.

The new company will serve as an umbrella organization for Iraqi state oil firms, said Hamza al-Jawahiri, an oil analyst who helped the oil ministry draft the law.

“The job of the new company is to manage Iraq’s upstream operations. This will leave the ministry room to set plans and strategies for the development of the Iraqi energy sector,” said Jawahiri.

The move has been years in the making and revives a company originally established in the 1960s and merged into the Oil Ministry in 1987.

Kurdish lawmakers voted with the majority to establish the new company, despite ongoing acrimony between Baghdad and the Kurdish Regional Government following a September referendum on Kurdish independence.

The central government took charge of half of the oilfields that fell under Iraqi Kurdistan’s control in 2014, including the oil city of Kirkuk, soon after the northern region voted for independence in the referendum which Baghdad opposed.

 

Kirkuk crude sales have been halted since Iraqi forces took back control of the oilfields from the Kurds last October.

Iraq’s oil production is currently averaging more than 4.5 million barrels per day.

Reporting by Ahmed Rasheed; writing by Raya Jalabi; editing by Jason Neely

 
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Iraqi National Oil Company Law

 April 27, 2017 3619 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. (2017) Law Iraqi National Oil Company Article (1) First: A public company called the Iraqi National Oil Company shall be established. It shall enjoy the moral personality represented by its head or whoever is authorized to have its position in Baghdad and may open branches inside and outside Iraq according to the law.
 
Second: The company established under the provisions of this law shall replace the company established by Law No. (123) of 1967 and its provisions shall apply in a manner not inconsistent with the provisions of this law. Article 2 The company's capital shall consist of (400) billion Iraqi Dinars paid by the Government with the approval of the Council of Ministers. The Company shall increase its capital upon the proposal of its Board of Directors and the approval of the Council of Ministers after presenting the economic feasibility study.
 
Article 3 - The Company shall manage a Board of Directors consisting of the following: First: the president of the company as president. Second: The Vice-President is a member. Third: Heads of companies owned by members. Fourthly: A representative from each of the following bodies, provided that the title of a job is not less than one Any of whom are directors general members. a. Ministry of Finance . B. The Ministry of Planning . C. Central Bank of Iraq. Dr. Oil and gas experts nominated by the Minister of Oil.
 
Article 4:
 
First: - The company is headed by a special degree employee who holds an initial university degree in the least of the experienced and competent in the field of his work and has a deputy director general degree holds a university degree in the initial least experienced and competent.
 
Second: The company shall consist of the following formations: 1. Formations related to the status of the company: a. Administrative and Financial Service. B. Planning and Investment Department. C. Technical Department. Dr. Legal Department . 2. Companies to explore, extract and produce oil and gas.
 
Third: The departments provided for in item (1/2) of this Article shall be managed by a general manager who holds at least a preliminary university degree and has at least 15 years of experience in his field of work.
 
Fourth: The Board of Directors of the Company, with the approval of the Council of Ministers, may introduce any other form according to the law, and may attach any formation to the company upon the proposal of the Minister of Oil and the approval of the Council of Ministers.
 
Fifth: The rights, obligations, assets of the companies and the properties of the Iraqi National Oil Company shall be transferred to the Iraqi National Oil Company without any allowance.
 
Article 5: The Iraqi National Oil Company shall invest all the oil and gas areas in all the lands of the Republic of Iraq, its territorial waters and its continental shelf. It may share with others the approval of the Council of Ministers if it finds it better to achieve its purposes and borrow from inside Iraq or abroad Investments inside and outside Iraq.
 
Article (6) 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) and the State Employees Sector Law No. (14) of 1991 (amended) . Second: The incentives of employees in the company shall be determined by a system issued by the Council of Ministers.
 
Article (7) First: The provisions of the Public Companies Law No. (22) for the year 1997 and the relevant laws in force shall be applied in a manner not inconsistent with the provisions of this law. Second: The accounts of the company shall be subject to the supervision and audit of the Federal Audit Bureau.
 
Article 8: The decision of the Revolution Command Council (dissolved) shall be annulled by the two numbers (267) for 1987 and (79) for the year 1995.
 
Article 9: This Law shall be implemented from the date of its publication in the Official Gazette. Positive reasons For the purpose of establishing the Iraqi National Oil Company and enabling it to carry out its work in the best manner and to ensure its exercise of its activities in the manner of independence and to enforce the provisions of Law No. 123 of 1967. This law was enacted
 
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7 minutes ago, Butifldrm said:
Article 9: This Law shall be implemented from the date of its publication in the Official Gazette. Positive reasons For the purpose of establishing the Iraqi National Oil Company and enabling it to carry out its work in the best manner and to ensure its exercise of its activities in the manner of independence and to enforce the provisions of Law No. 123 of 1967. This law was enacted
 

 

 

WooooooWhooooooooooooo.  Now finish it off Iraq by Sunday would be fine no pressure  :woot:

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On 2/25/2018 at 10:10 AM, siberian_shaddow said:

That is good you must be proud of him, yeah anytime you get a temporary assignment, you either hate so badly, or love it to much then off to the next. Best of luck to your family my friend. 

He turned out to be a great person. My main concern comes when he decides to get serious and starts talking marriage. There are so many crazy people out there. 

Edited by ChuckFinley
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  • yota691 changed the title to Parliamentary Energy: The law of the National Oil Company will give a share to every Iraqi citizen
 
6415.jpg
 

  

 energy


Economy News _ Baghdad

The Iraqi oil and energy committee revealed on Tuesday that the Iraqi National Oil Company (INCOC) will include at least 10 percent of the funds in the first experiment in the country, while one of the funds will give each Iraqi citizen residing within the country a share of that percentage. 
"The legislation of the law of the Iraqi National Oil Company represents a great achievement for the House of Representatives, which re-established the law of forming the company, which was canceled by personal decisions of the former regime in 1987 after there was a law," Ali al-Bahadli, chairman of the committee, told a news conference with members of the committee. No. 123 of 1967, where it was merged and subordinated to the Ministry of Oil, "noting that" after 2004 tried to the Ministry of Oil and former Minister Ibrahim Bahr al-Ulum to reactivate the law of the National Oil Company, but those efforts collided with objections from some. "
Al-Bahadli added that "the law and after the efforts and discussions and workshops lasted for several months has seen the light, where will work to activate investment in refineries and the gas industry and all the goals set for the success of the work of the company can be achieved through several objectives and means in investment and exploration of new structures and activate investment under the mechanisms and scientific foundations And technical, "pointing out that" some understand that the company has powers higher than what some expect, but really draws its work and powers of the Constitution, the arm of the Ministry of Oil, which draws oil policies of the country and the company is working to implement those policies. "
Al-Bahadli stressed that "the company for the first time has achieved a great achievement for the Iraqi people through the formation of four funds, which will be deducted at least 10% of revenue to be distributed to those funds," explaining that "the first fund will be to support the capital of the company and the second is the citizen fund, The country to the Iraqi people, where allocated shares for 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 federal government. 
Al-Bahadli added that "the third fund is a generation fund, which will work the government to develop mechanisms to develop allocations for those generations, while the fourth fund is to support oil-producing provinces," stressing that "these percentages will be distributed in accordance with instructions to be placed within the rules of procedure of the company." 
And voted the House of Representatives during the meeting held on Monday, the proposal of the law of the National Oil Company.


Views 217   Date Added 06/03/2018

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21 minutes ago, yota691 said:
 
6415.jpg
 

  

 energy


Economy News _ Baghdad

The Iraqi oil and energy committee revealed on Tuesday that the Iraqi National Oil Company (INCOC) will include at least 10 percent of the funds in the first experiment in the country, while one of the funds will give each Iraqi citizen residing within the country a share of that percentage. 
"The legislation of the law of the Iraqi National Oil Company represents a great achievement for the House of Representatives, which re-established the law of forming the company, which was canceled by personal decisions of the former regime in 1987 after there was a law," Ali al-Bahadli, chairman of the committee, told a news conference with members of the committee. No. 123 of 1967, where it was merged and subordinated to the Ministry of Oil, "noting that" after 2004 tried to the Ministry of Oil and former Minister Ibrahim Bahr al-Ulum to reactivate the law of the National Oil Company, but those efforts collided with objections from some. "
Al-Bahadli added that "the law and after the efforts and discussions and workshops lasted for several months has seen the light, where will work to activate investment in refineries and the gas industry and all the goals set for the success of the work of the company can be achieved through several objectives and means in investment and exploration of new structures and activate investment under the mechanisms and scientific foundations And technical, "pointing out that" some understand that the company has powers higher than what some expect, but really draws its work and powers of the Constitution, the arm of the Ministry of Oil, which draws oil policies of the country and the company is working to implement those policies. "
Al-Bahadli stressed that "the company for the first time has achieved a great achievement for the Iraqi people through the formation of four funds, which will be deducted at least 10% of revenue to be distributed to those funds," explaining that "the first fund will be to support system" rel="">support the capital of the company and the second is the citizen fund, The country to the Iraqi people, where allocated shares for 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 federal government. 
Al-Bahadli added that "the third fund is a generation fund, which will work the government to develop mechanisms to develop allocations for those generations, while the fourth fund is to support system" rel="">support oil-producing provinces," stressing that "these percentages will be distributed in accordance with instructions to be placed within the rules of procedure of the company." 
And voted the House of Representatives during the meeting held on Monday, the proposal of the law of the National Oil Company.


Views 217   Date Added 06/03/2018

:bagofmoney:BOOM:bagofmoney:

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Tuesday, March 6
 
 
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BAGHDAD ( Reuters ) - Iraq's
oil and energy committee announced on Tuesday that it would include at least 10 percent of the Iraqi National Oil Company's law in four boxes with the first experiment in the country, while one of the funds would give each Iraqi citizen residing in the country shares Of that ratio. 

"The legislation of the law of the Iraqi National Oil Company represents a great achievement for the House of Representatives, which re-established the law of forming the company, which was canceled by personal decisions of the former regime in 1987 after there was Law No. 123," Ali al-Bahadli, head of the committee, told a joint news conference with members of the committee and attended by Alsumaria News. "After 2004, the Oil Ministry and its former minister, Ibrahim Bahr al-Ulum, tried to reactivate the National Oil Company's law, but those efforts were met with opposition from some."

 

 


Al-Bahadli added that "the law and after the efforts and discussions and workshops lasted for several months has seen the light, where will work to activate investment in refineries and the gas industry and all the goals set for the success of the work of the company can be achieved through several objectives and means in investment and exploration of new structures and activate investment under the mechanisms and scientific foundations And technical, "pointing out that" some understand that the company has powers higher than what some expect, but really draws its work and powers of the Constitution, the arm of the Ministry of Oil, which draws oil policies of the country and the company is working to implement those policies. "

Al-Bahadli stressed that "the company for the first time has achieved a great achievement for the Iraqi people through the formation of four funds, which will be deducted at least 10% of revenue to be distributed to those funds," explaining that "the first fund will be to support the capital of the company and the second is the citizen fund, The country to the Iraqi people, where allocated shares for 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 federal government. 

Al-Bahadli added that "the third fund is a generation fund, which will work the government to develop mechanisms to develop allocations for those generations, while the fourth fund is to support oil-producing provinces," stressing that "these percentages will be distributed in accordance with instructions to be placed within the rules of procedure of the company."

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Parliament re-establishes Iraq National Oil Company

New legislation could restructure the oil sector, creating a new executive body for field management and limiting the Oil Ministry to strategic policy and regulatory functions.
Parliament re-establishes Iraq National Oil Company
Iraqi South Oil Company engineers look toward the associated gas flares in the Zubair oil field on January 21, 2010. (ESSAM AL-SUDANI/AFP/Getty Images)
By STAFF of Iraq Oil Report
Published Monday, March 5th, 2018
 

BAGHDAD - Iraq's Parliament voted Monday to bring back the Iraq National Oil Company (INOC), three decades after it was subsumed by the Oil Ministry in a power move by Saddam Hussein.

If implemented, the law could fundamentally restructure Iraq's oil sector: INOC is slated to take over key operational responsibilities from the Oil Ministry, report directly to the Council of Ministers and, in an apparent rebuke of Kurdistan's oil autonomy, distribute a percentage of profits to provinces that hand over production to the federal government.

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0
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Shares for every Iraqi citizen .. This is revealed by the Committee of oil and energy parliamentary

The oil and energy parliamentary committee revealed the inclusion of the law of the Iraqi National Oil Company deduction of not less than 10% put in four boxes experiment is the first in the country, while he pointed out that one of the funds will give each Iraqi citizen resident within the country shares of that ratio.

"The legislation of the law of the Iraqi National Oil Company represents a great achievement for the House of Representatives, which re-established the law of forming the company, which was canceled by personal decisions of the former regime in 1987 after there was law No. 123 of 1967, where it was merged," Ali al-Bahadli, chairman of the committee, told a news conference on Tuesday. And its subordination to the Ministry of Oil. "   
He added: "The law and after the efforts and discussions and workshops lasted for several months has seen the light, where will work to activate investment in refineries and the gas industry and all the objectives set for the success of the work of the company can be achieved through several objectives and means in investment and exploration of new structures and the activation of investment under the mechanisms and scientific foundations And technical ".  
Al-Bahadli stressed that the company for the first time has achieved a great achievement for the Iraqi people through the formation of four funds where will be deducted at least 10% of the revenues to be distributed to those funds, "explaining that the first fund will be to support the capital of the company and the second is the Citizen Fund, The Iraqi people where allocated shares for every Iraqi citizen resident within 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 federal government. "     
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Good morning Yota  and DV, 

Looks like  we are almost at the finish line and the HCL has been finally completed (not getting hopes up till published in gazette)  :unsure:

But, we are definitely heading down the right path. Now, with that being said, in order for Iraqi’s to receive their share of the oil profits, they must have a bank account, which I’m assuming the ones whom have returned home do have, and the displaced returning to home will soon have as well. Once the word gets out that the HCL has been completed and oil profits ready for distribution, their will be lines at all banks stretching for blocks :eyebrows:

 

This has long been awaited and this quote from Yota’s article says to me they are ready “The Iraqi people where allocated shares for every Iraqi citizen resident within Iraq,” this is not news that is hidden, buried or put on the back burner, it is now public knowledge. 

Once again, I could be wrong, but, this could guarantee Abadi his second term and accomplish his mandate of ;

land for all Iraqis 

oil profits for all Iraqis 

peace and prosperity for all of Iraq

I am very very excited about what’s taking place and feel we have never been this close to a possible RV, so, hang on and make sure you are ready for Adam’s text, cause who knows. ..........Ok maybe I’m getting a little to far ahead of the excitement stage but, in Iraq, a sense of urgency is in the air to wrap this thing up :woot:

 

A great day to you all DV :twothumbs:

Edited by Wiljor
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53 minutes ago, Wiljor said:

Good morning Yota  and DV, 

Looks like  we are almost at the finish line and the HCL has been finally completed (not getting hopes up till published in gazette)  :unsure:

But, we are definitely heading down the right path. Now, with that being said, in order for Iraqi’s to receive their share of the oil profits, they must have a bank account, which I’m assuming the ones whom have returned home do have, and the displaced returning to home will soon have as well. Once the word gets out that the HCL has been completed and oil profits ready for distribution, their will be lines at all banks stretching for blocks :eyebrows:

 

This has long been awaited and this quote from Yota’s article says to me they are ready “The Iraqi people where allocated shares for every Iraqi citizen resident within Iraq,” this is not news that is hidden, buried or put on the back burner, it is now public knowledge. 

Once again, I could be wrong, but, this could guarantee Abadi his second term and accomplish his mandate of ;

land for all Iraqis 

oil profits for all Iraqis 

peace and prosperity for all of Iraq

I am very very excited about what’s taking place and feel we have never been this close to a possible RV, so, hang on and make sure you are ready for Adam’s text, cause who knows. ..........Ok maybe I’m getting a little to far ahead of the excitement stage but, in Iraq, a sense of urgency is in the air to wrap this thing up :woot:

 

A great day to you all DV :twothumbs:

Thank you Wiljor, it’s always good to hear your positive input. Hopefully the boss will throw us a couple of bones tomorrow in his chat 😀

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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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