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DinarThug
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1 hour ago, DinarThug said:

Law of the National Oil Company .. A new era for the development of the economy


07/3/2018 12:00 am 

 

BAGHDAD (Reuters) -  
The House of Representatives voted Monday on a draft law of the National Oil Company, which will contribute to the development of the Iraqi oil industry, which aims to establish an Iraqi national oil company and enable it to carry out its work in the best way possible. National wealth said the academic economist d. Majid al-Baydani said in an interview with Al-Sabah that "the approval of the law of the National Oil Company will be a new era for the oil industry in the country as it will encourage the adoption of advanced scientific and technological methods to manage the national wealth to support system" rel="">support the development of the economy." "This will be an important shift in the development of extracting, marketing, transportation, storage and sales to the point of delivery and other oil operations," he said. 

The largest company

Al-Baydani said that "the Iraqi National Oil Company will be the second largest oil company in the world after Aramco and the largest of all international oil companies,which calls for the President to have a degree of experience and efficiency appropriate, commensurate with the powers of the company and capital."
Article 2 of the law establishing the company consists of the capital of the company of (400) billion dinars paid by the government with the approval of the Council of Ministers and the company increase its capital on the proposal of its board of directors and approval of the Council of Ministers after the presentation of the feasibility study. 
As stated in Article 5 of it "The Iraqi National Oil Company invests all the oil and gas areas in all the territory of the Republic of Iraq and its territorial waters and continental shelf, and may share with others the approval of the Council of Ministers if it finds it better to achieve its purposes and has the right to borrow from inside or outside Iraq to finance its investments inside Iraq and outside. 

The development

A member of the House of Representatives Hisham Suhail, in a press statement that "this law is very important to push the development of the energy sector in Iraq forward." 
In turn, said the oil expert Hamza Jeweler: "The duty of this new company to manage the operations of extractive industry, and this will allow the Ministry of Oil to devote to the task of drawing strategies and plans to develop the energy sector in Iraq." 
According to analysts, the move, which has been under way for years, revives a company originally established in the 1960s and then merged with the Oil Ministry in 1987. Four funds While the oil and energy parliamentary committee revealed the inclusion of the Iraqi National Oil Company A minimum of 10 percent is placed in four boxes with the first experience in the country, and one of the funds will give each Iraqi citizen residing within the country a share of that  percentage.


On the other hand, oil prices rose in global markets during trading on Tuesday, for the fifth session in a row, supported by strong expectations on the demand and the possibilities of informal communication, which seeks OPEC with oil producers rock. Demand growth The International Energy Agency (IEA) expects oil demand to grow over the next five years, with estimates that the United States will cover 80 percent of global demand, while the Organization of Petroleum Exporting Countries (OPEC) will grow at a slower pace. US oil production hit a new high in November after recording 10.057 million barrels per day (bpd), surpassing the record high of 10.044 million bpd in 1970. OPEC oil ministers met with rock producers in the United States in Houston on Monday on the sidelines of the "Serawick" conference. May delivery

Brent crude for May delivery rose more than 0.2 percent to $ 65.70 a barrel, and US crude futures for April delivery rose 0.3 percent to $ 62.76 a barrel. US crude hit yesterday's biggest daily gain since February 14

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3-7-2018   Newshound Guru G-Lin   Article: 

"Law of the National Oil Company .. A new era for the development of the economy"    

This...art. tells us that  "the Iraqi National Oil Company will be the second largest oil company in the world after Aramco and the largest of all international oil companies. 

Good stuff. 

How can Iraq continue to conduct business with a programed artificial devalued rate and operate as the 2nd largest oil co. in the world?

Doesn't make sense at all to me.  

They also are beefing up their export industry and that is what we need to see.

The tradable international rate will need to be in place IMO.

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28 minutes ago, DinarThug said:

 

3-7-2018   Newshound Guru G-Lin   Article: 

"Law of the National Oil Company .. A new era for the development of the economy"    

This...art. tells us that  "the Iraqi National Oil Company will be the second largest oil company in the world after Aramco and the largest of all international oil companies. 

Good stuff. 

How can Iraq continue to conduct business with a programed artificial devalued rate and operate as the 2nd largest oil co. in the world?

Doesn't make sense at all to me.  

They also are beefing up their export industry and that is what we need to see.

The tradable international rate will need to be in place IMO.

Does the law of national oil = HCL???

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Texas Granny--why won't you let him share it?  Many of us have been waiting....

2 minutes ago, secure1 said:

well I tried to share but Tex granny removed it. I wrote a very lengthy explanation of my venture that took hours written in good faith to help anyone here but she removed it post haste in about thirty seconds and now will not reply to my request as  to why. Bonkers

 

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2 minutes ago, secure1 said:

I guess Tex granny shut your messaging down so I can not connect with you. I just tried. This is soooo wrong

 

Both Members Have To Be VIP In Order To Access The PM System ! ;) 

 

:D  :D  :D 

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3-8-2018  Intel/Newshound Guru  sandyf  

There is a fundamental difference between an "International currency"

and an "Internationally recognised currency"...   

Article 8 would make the IQD an "Internationally recognised currency"

which means that it would normally be exchanged at banks worldwide,

it does not mean it can be normally used to make payment in international trade. 

When the IQD comes under Article 8,

it will move from a non convertible currency to a partially convertible currency 

and international trade is normally conducted in a fully convertible currency,

about 80 percent of which is in USD.

For countries to trade in their own currencies it would normally require a bilateral agreement.

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On 3/7/2018 at 3:09 PM, King Bean said:

 

                     I've given you all (the greenies) I've got, cap'n !! :D

Related image

Ive been picking up some rubies too, from, I guess we have some demoRat subversives on this site! I hope that when we have an RV, They lose all their money!! :cheesehead:

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2 hours ago, Artitech said:

Ive been picking up some rubies too, from, I guess we have some demoRat subversives on this site! I hope that when we have an RV, They lose all their money!! :cheesehead:

 

They will probably give it all away. 

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3-9-2018   Newshound/Intel Guru BGG    “Law of the National Oil Company .. A new era for the development of the economy” 

In some strange way, the Kurds may have forced everyone’s hand on some sort of improvised HCL in the form of this “National Oil Company” Law.  

The Iraqis are famous for vagaries and a fluid sense of description.

It is not uncommon for their terminology and phrasing to be constantly changing. 

Everyone imagined an HCL (agreement) Law would be something of a replacement for the current HCL in a “repeal and replace” sort of move. However, this may well be what they settle on after all.

It seems to do, in principle, everything a new HCL agreement was meant to do. 

There seems to be a lot of internal excitement over it.

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3-9-2018   Newshound/Intel Guru BGG   Further, getting this done could be a huge step towards getting Abadi re-elected.

Think about the mentality of the voter who stands to share in oil revenues in the near future based on this move by Abadi.  

The Kurds thinking they would (or could) “dethrone” Abadi may also well be the best thing that could have happened to him.

Barzani gave everyone the perfect scapegoat – what with him snubbing the WORLD and then getting outed as being all tangled up with Maliki and such. 

All of this just got everyone South of Erbil on the same page (more or less) and voting something like this through…

and it’s happening almost OVERNITE, RIGHT UNDER EVERYONE’S NOSES. 

Imagine that – The Iraqi Parliament passing something like this without needing any Kurdish support.

I say – miracle of all miracles

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