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Sudani announces draft oil and gas law and sets its date Al-Sudani announces a draft of the oil and gas law and sets its date - Shafaq News 2023-02-07 09:33 Shafaq News / Prime Minister Mohammed Shia Al-Sudani revealed on Tuesday evening that there is a draft of the oil and gas law being reviewed between Baghdad and Erbil to mature and then approve it. Al-Sudani said during the weekly press conference, which was attended by Shafaq News Agency, that "the oil and gas law is one of the government's obligations, and there is a draft law being circulated between the Federal Ministry of Oil and the Ministry of Natural Resources in the Kurdistan Region." He pointed out that "after the adoption of the budget law, the draft oil and gas law will be discussed." Al-Sudani announced that "the Council of Ministers approved the signing of a fifth licensing round with a final signature for the investment of natural gas." He pointed out that "the natural gas investment project is one of the important projects stalled for four years, and provides a quarter of the amount of imported gas within 15 days of its implementation, and can rely on Iraqi natural gas during the next two years as an alternative to imported gas and covers all local needs." The oil and gas law is one of the most important causes of disputes between Baghdad and Erbil, and throughout previous governments and parliamentary sessions, political blocs have not agreed on a final version of this law. The Federal Supreme Court (the highest judicial authority in Iraq) had previously issued an order stating that the Kurdistan Region was not entitled to export its oil without referring to the Federal Ministry of Oil, causing tension between Baghdad and Erbil.

The Iraq Hydrocarbon Law: How and When? Friday, June 1, 2007 / BY: Christina Parajon PUBLICATION TYPE: US Institute of Peace (a Brief) The much-discussed and often delayed Iraqi hydrocarbon law, approved by the Iraqi cabinet in February, is a bellwether for the future of the Iraqi state. Successful passage and implementation of the law would reflect a strong spirit of compromise and help to calm violence. If, on the other hand, the proposed law fails to pass, it will have negative repercussions for Iraq’s social, economic and political stability. The much-discussed and often delayed Iraqi hydrocarbon law, approved by the Iraqi cabinet in February, is a bellwether for the future of the Iraqi state. Successful passage and implementation of the law would reflect a strong spirit of compromise and help to calm violence. If, on the other hand, the proposed law fails to pass, it will have negative repercussions for Iraq’s social, economic and political stability. To consider outstanding issues concerning the law, the U.S. Institute of Peace held a public event on May 18, 2007 featuring Revenue Watch Middle East Director Yahia Said. Said recently returned from several months in Iraq working on the International Compact with the UN. USIP Vice President for Post-Conflict Peace and Stability Operations Daniel Serwer moderated the event. This USIPeace Briefing summarizes the discussion and does not represent the views of the Institute, which does not take positions on policy issues. The Hydrocarbon Law So Far: More than Oil, but Still Less than Everything Yahia Said underlined the contentious climate surrounding discussion of the hydrocarbon law, which has more to do with the overall political situation than with the law’s specific content. It has become a political battleground between those who want a more unified Iraq and those who want a looser, more decentralized federation. Many Iraqi citizens look to the law for what it can contribute to reconciliation, security, and welfare, but the political leaders see it as a test of who will govern in the future and how. The portion of the hydrocarbon law approved by the cabinet in February concerns managing hydrocarbon investment, in particular how the upstream part of the industry will be developed. It is only one part of what will eventually be a four-part agreement. The three other parts of the agreement will deal with the issues of 1) revenue sharing; 2) restructuring of the ministry of oil; and 3) establishing the Iraqi National Oil Company (INOC). The separation of revenue matters from management of the oil sector is vital, but there has to be agreement on the other matters—the sharing of revenue, the oil ministry (which is relatively non-controversial) and INOC (including the specific fields within its remit)—before the legislation can be submitted to the Council of Representatives (the Iraqi parliament). Power Sharing: The Balance Tilts Toward the Central Government... The controversial issues in the law concern how power will be divided, first between the central government and regions (or governorates), and secondly between the public sector and the private sector. The law starts with an article of the Iraqi constitution which declares that "the Oil and Gas are owned by all the people of Iraq in all the Regions and Governorates." The current draft treats oil as a united national patrimony, with the Council of Ministers as the supreme oversight body, the ministry of oil as the policy-setting body and the Iraq National Oil Company and its regional subsidiaries as the operating entities. The Federal Oil and Gas Council will be responsible for carrying out the Council of Ministers’ duties in overseeing the sector. This suggests a degree of recentralization of control over oil, an important concession by the Kurdistan Regional Government (KRG), which had previously insisted that Kurdistan’s oil belonged to the people of Kurdistan, that "new" oil fields should be managed exclusively by the KRG, and that the private sector—including international oil companies—should play a major role. The ministry of oil argued for a prominent role for the state sector and the government in Baghdad. Compromise on the oil law was made possible by the promise of an ironclad system for revenue sharing, an agreement that has not yet been approved even in the cabinet. The KRG has lingering doubts. Its objective is still to maximize KRG control and to maximize private sector (including foreign) investment. Some of the drafters and negotiators for the federal government are concerned that ambiguities and cumbersome institutional underpinnings of the law may lead to decentralization by stealth and open the way for inefficiency and abuse. When the law goes to Parliament for official approval, it could be amended in ways that Kurdistan MPs would find difficult to block. That could undermine the revenue-sharing and other parts of the agreement as well. ...and Away from the Internationals While the law makes room for foreign investors, it has not done so to the detriment of national interests, as many press reports have asserted. Fear that the law gives free reign to multi-national companies is unfounded, Said argued. Frankly speaking, "the aim of this law from beginning was to promote foreign investment in Iraq’s oil sector. Yet while the law opens the door for foreign companies, there are careful, deliberate mechanisms in place to maintain control in the hands of national government." The drafters, who were all Iraqis but worked in English, paid heed to the balance between the need for investment and expertise from abroad and the requirement for national control over revenue and exploration. The national oil company is given control of over 90 percent of known reserves in the law’s annexes, which allocate fields between INOC, the ministry and the regions. The law mandates that all contracts made with foreign companies contain language that ensures national control, maximizes national economic return, and ensures through various conditions Iraqi sovereign control and interest. Said believes that a more plausible concern is that the restrictions placed on multi-nationals, combined with national and regional insecurity, would discourage foreign investment. There is even a question of whether the wording of law allows companies to book reserves. Said concluded on this point that "in terms of spirit, intent, and language it is a law that is informed by the national interest." Transparency is Important Will the state have the technical capacity to exercise the degree of technical regulation and development required in the new law? Said believes that the Iraqi state’s lack of technical capacity is a real issue, but will not present problems for implementing the law’s strong provisions on transparency. He feels that the law is the "strongest [oil law] on transparency in the region." It requires the publication of all contracts, all commercial data related to the industry, output figures, taxes, royalties, and so on. Optimistic on this front, Said stated that "the beauty of transparency is that it is one thing you can do to shore up accountability without huge associated demands of technical capacity." There is Still a Long Road Ahead... There is still a long road ahead before passage of the Iraq hydrocarbon law. The draft put forth in February cannot go to parliament on its own—it must go as one piece of the four-part package. The other three parts are in various stages of development, with the revenue-sharing component being the most contentious. While parliament has shown willingness to take the oil law’s passage seriously, it is not willing to be pushed around by the international community or those who wish to see quick passage. Members of Parliament understand the necessity and gravity of the issues, but they also understand their constitutional right to examine the document carefully. Some feel that there are other issues more urgent than an oil law. The majority argue that the law can and must be part of the solution to Iraq’s broader instability and is an essential part of the way forward, but only after thorough discussion. The most important element still pending is the revenue-sharing scheme. Fearing mistreatment at the hands of the central government, the KRG insists it should receive its share automatically from a special agency that would parcel out oil revenues according to a pre-agreed formula. Said commented that the solution to some concerns of the Kurdish and other groups might lie outside the hydrocarbon law. The constitution allows for, but does not create, a second chamber of parliament, a Federation Council, which is the more appropriate venue for protecting minority interests. The absence of this Council poisons many debates and creates many legislative ambiguities in Iraq today. The Council is being replicated in miniature in the Federal Oil and Gas Council, the Electoral Commission, and any eventual agency which will oversee revenue distribution. This blurs the boundaries between the legislative and the executive, reduces efficiency, and reduces the accountability of government. ...and Progress is Important Undoubtedly, the February draft law represents a rare moment in which political elites were able to achieve a reasonable compromise. That said, the compromise is fragile and might be destroyed by the “noise” surrounding the process. Moreover, important pieces of the legislative package remain still to be concluded. While it is vital that the oil package move forward, so that Iraqis (and Americans) can see tangible progress toward reconciliation, stabilization, and reconstruction, it is also important that the Iraqis own the process. It would be a serious mistake for Washington to abbreviate the process, just as it would be a serious mistake for Baghdad to allow it to drag on too long. Either unrealistic expectations of early legislative action or unrealistic prolongation of the process could vitiate the political benefits of the legislation. Link: https://www.usip.org/publications/2007/06/iraq-hydrocarbon-law-how-and-when ******************************* Wikipedia Synopsis: Profit sharing The new law authorizes production share agreements (PSAs) which guarantees a profit for foreign oil companies. The central government distributes remaining oil revenues throughout the nation on a per capita basis. The draft law allows Iraq's provinces freedom from the central government in giving exploration and production contracts. Iraq's constitution allows governorates to form a semi-independent regions, fully controlling their own natural resources. ******************************* FROM: A general introduction to oil and gas law in Iraq Vinson & Elkins LLP Legal and regulatory framework i Constitutional framework The basic legal framework for the oil and gas sector in the Republic of Iraq is set forth in the Constitution of Iraq, which was approved by the Iraqi people by referendum on 15 October 2005 and entered into force in 2006. The relevant provisions of the Constitution provide as follows. Article 111 Oil and gas are owned by all the people of Iraq in all the regions and governorates. Article 112 First: the federal government, with the producing governorates and regional governments, shall undertake the management of oil and gas extracted from present fields, provided that it distributes its revenues in a fair manner in proportion to the population distribution in all parts of the country, specifying an allotment for a specified period for the damaged regions that were unjustly deprived of them by the former regime, and the regions that were damaged afterwards in a way that ensures balanced development in different areas of the country, and this shall be regulated by a law. Second: the federal government, with the producing regional and governorate governments, shall together formulate the necessary strategic policies to develop the oil and gas wealth in a way that achieves the highest benefit to the Iraqi people using the most advanced techniques of the market principles and encouraging investment. ii Draft oil and gas law As referenced above, Article 112 of the Constitution of Iraq requires the enactment of a law to regulate the oil and gas sector. To date, however, no such law has been enacted. In February 2007, an initial draft oil and gas law was approved by the Council of Ministers and later revised in April of 2007. Because of differences over the terms of the draft law, the 2007 draft law was never enacted. Link: https://www.lexology.com/library/detail.aspx?g=d15b1226-227a-47fb-9662-1b9a7c9e2af5

Remember, no one really knows what will happen, or when. They're simply stating their opinions based on what they perceive to be happening in Iraq... So, take everything with a grain of salt... Especially if it's Mark... RON Sandy Ingram Article: "Opec+ decision did not reduce Iraq's exports" OPEC+ produces 43 million barrels of oil per day. Iraq produces 11% of this total...supply and demand is still king... next years prices per barrel...will be between $85 and $95 maybe less...OPEC controls and hold approximately 80% of the world's oil so for now Iraq's revenue is okay and for that we are grateful. Pimpy I got people out there talking [that] this next budget we're going to see a huge increase in the Iraqi dinar exchange rate. No you're not...Let me tell you why. For the same reason I stressed the first time you might not see the exchange rate happen, they were still missing a ton of money...you might indirectly end up financing a terrorist group who stole the money. Remember ISIS stole a big chunk of the Iraqi dinar so if they couldn't account for it then they weren't going to change the exchange rate in fear of accidentally financing a terrorist group. The same could be said for this right here..[Post 1 of 2] Pimpy Article: "Al-Sudani announces the recovery of large sums from the theft of the century" ...over 2.5 trillion dinar has been stolen. They recovered 182 billion of it. In your wildest dream you think these people are going to turn around and increase the exchange rate knowing that a huge amount of money out there...in the hands of criminals? And make these people even richer than they are? No it's not going to happen..[Post 2 of 2] Mark Article: “KRG delegation in Baghdad to resolve outstanding issues” ...This is the Kurdistan regional government. Why is article 140 important? ...We were told years ago that when we saw 140 pass it would be very close to seeing the revaluation of the Iraqi dinar. Article 140 addresses sharing money with individual Iraqi citizens…of course this is oil and gas revenues for the Kurdish region as well. This was an enormous missing piece that got filled last night. I was reminded of this by folks last night that are way up the chain on this…They are very excited..[post 1 of 2] Mark The passing of article 140 is huge…and a big part of the excitement today. ...Iraqi chatter...from overnight…is they are going to announce to the world that they changed their rate on the 3rd of Dec...theoretically they need to RV a few days ahead of that… This would mean things need to happen very soon…seems the 140 implementation has shaken things loose over there and was a massive step forward for Iraq. I think it could be tomorrow…or it could be the 3rd…I think we are in the short end of it. No one knows the exact timing until it happens…we just know what they are expecting..[post 2 of 2] Frank26 Ladies and gentlemen drum roll..! We have Article 140...We have HCL...Now that equals Article VIII. Article VIII is what every contract...country...investor have been waiting for. Article VIII tells the people to bring their money into this country of Iraq. They are now secure. All the banking systems are international, modern, up-to-date. We're even about to add value to it with a new exchange rate. They know what's going on... Samson Article: Jordan: Baghdad supplied Amman with 3.4 million barrels of oil at a "preferential price" Quote: "The official Jordanian News Agency (Petra) reported that about 3.4 million barrels of Iraqi oil had arrived in the Kingdom as of Tuesday, according to a Jordanian-Iraqi agreement to buy oil "at a preferential price less than the price of a barrel of Brent by $16"

A parliamentary committee calls for the enactment of a law that “obliges” Kurdistan to return oil revenues to Baghdad https://economy-news.net/content.php?id=29983 energy Economy News - Baghdad The Oil, Gas and Natural Resources Committee in the House of Representatives confirmed that the regional government did not provide the Ministry of Finance with oil revenues. Member of the Parliamentary Committee, Alaa Al-Haidari, said that "there are a number of problems between the central and regional governments with regard to oil and its revenues that spanned for years and still exist," noting that "the regional government did not provide the Ministry of Finance in the current government with the region's oil revenues, at a time when The latter has a share of the general budget. Al-Haidari added in an interview with the official newspaper, that "it has become necessary to legislate a law obligating the region to return the sums of selling their oil to the federal government," noting that "approximately 18-20 percent of the region's oil is smuggled through international companies, and therefore it must be controlled." Iraqi oil in general and protecting it from smuggling and theft. Al-Haidari continued, "Although the region's authorities are subject to the Iraqi constitution and courts, the region rejected the decisions of the Federal Court, regretting that the federal government did not take its correct and constitutional role toward the regional government's rebellion in this regard, which led to the suspension and exacerbation of problems." He touched on "the necessity of dealing in accordance with the law with all provinces without exception," noting that "Basra governorate exports daily 3 million and 800 thousand barrels of oil per day through the southern outlets, and therefore the region's share cannot be taken from Basra oil revenues, and often the share of the province is lower than the rest of the provinces. 74 . views Added 10/01/2022 - 6:43 PM Update 02/10/2022 - 3:23 PM

Luigi found this article of Dinarian interests. A UN deal with Kurdistan is in the making Treat as a rumor. Not verified. Your opine. TNT via Tishwash: Article: Attention is turning towards a Kurdistan meeting in Erbil under the auspicious of the UN to announce a comprehensive agreement (HCL) Parliament member Al Babkai, announce the upcoming meeting of the Kurdistan Parties tomorrow for all Kurdistan Parties to reach an agreement on Kurdistan, Parliamentary elections & the dates of their establishment.

Luigi found this article of Dinarian interests... It looks like the HCL in principle is done. The Kurds will be paid their allocation retroactive beginning of 2020. Treat as a rumor. Not varafied. Your opine. KTFA: Guru Samson: Baghdad announces an agreement with Kurdistan on the 2020 Budget. The Finance Minister announced on Saturday the agreement has been reached indicating that the current delegation is discussing it's allocation for the year 2020. HCL deal reached.

Happy Friday all! I'm just going to give everyone a brief... briefing. You know anytime the Gurus start harping on the "800" numbers, the news is slow. This time is no different... we've heard nada about anything HCL related in about a week. Bad news - we haven't heard anything HCL related. Good news - once we DO hear something about HCL, I think it's going to be an avalanche. That's it for the briefing! Told you it was going to be brief Good vibes over in the "Go Iraq" thread - I'd suggest hanging out with that crowd rather than the rest of the dinar rumors section, but that's just me. Cryptocurrency is a topic of major interest to many of the members here... we have a dedicated section in the VIP area for it, but let's open this weekly update thread up for anything you want to say regarding crypto. BTC is currently at 10,400 ish, which is the current high for the day. Some pretty interesting news for crypto is on Baakt: Link: https://www.coindesk.com/bakkt-says-its-cleared-to-launch-bitcoin-futures-next-month Thoughts?

ERBIL — Kurdistan Region Prime Minister Nechirvan Barzani met on Thursday with his Iraqi counterpart Adil Abdul-Mahdi in Baghdad. The two premiers reportedly discussed bilateral ties and ways to resolve the remaining disputes between Erbil and Baghdad. This is the first visit to Baghdad by PM Barzani since the approval of Iraq’s 2019 budget bill which secured the salaries for Peshmerga and public servants of Kurdistan Region. No officials statements have yet been made. Link: http://www.basnews.com/index.php/en/news/kurdistan/499761 "First visit... since the approval of (the budget)"... It's only been a week! This is moving, and fast.

Link: https://www.rudaw.net/english/analysis/090720191 Oil and gas laws: a crux of Erbil-Baghdad tension By Omar Moradi yesterday at 11:14 Iraqi forces drive past an oil production plant as they head towards the city of Kirkuk on October 16, 2017. Photo: Ahmad al-Rubaye | AFP The lack of oil and gas federal legislation has been the root cause of problems between Erbil and Baghdad since the Iraqi constitution was approved in 2005. Now there is a government in Baghdad that has shown its desire to resolve these problems through dialogue, and the success of the new Kurdistan Regional Government (KRG) cabinet depends on whether the oil and gas issue is resolved with Baghdad. According to the constitution, it is the joint responsibility of both the federal and regional government to develop oil and gas resources through a particular oil and gas legislation. But as of yet, no such legislation has been passed, causing disagreements between the two governments. Iraq's parliament unsuccessfully tried to pass a law on oil and gas in 2007. Following that, Kurdish parliament passed its own oil and gas law that same year, allowing the KRG to handle and develop the region’s natural resources. The Kurdistan Region parliament’s oil and gas law gave it complete power over the region’s natural resources, much like an independent and sovereign country. The conditions of the oil market along with the law helped foreign companies invest substantially in the oil and gas sectors in the Kurdistan Region. Investments in Kurdistan Region’s oil and gas sectors reached its peak when oil prices were high pre-2014, surpassing $20 billion. But after oil prices fell in mid-2014, the Kurdistan Region and the rest of the world's oil investors faced a deficit. This shock was especially big in the Kurdistan Region. The federal government in Baghdad cut Kurdistan Region’s share of the federal budget in 2014, after which a big financial crisis rocked the Kurdistan Region. The impact of the crisis is still seen in the Region's economy. The Kurdistan Regional Government (KRG) still owes money it borrowed during this time. The KRG and federal government should resolve oil and budget problems in order for stability and certainty to return to the economy of the Kurdistan Region - otherwise a big opportunity will be missed. The Iraqi constitution can help in this matter. According to Article 112 of the Iraqi constitution, the running of oilfields in Iraq is the responsibility of both federal and regional governments, or the provinces the oil lies in. According to the oil and gas law of the Kurdistan Region, the KRG and its Ministry of Natural Resources are free to sign contracts with foreign companies that serve the interests of the Kurdistan Region. That is why the KRG signed nearly 50 contracts with oil companies after 2007 which are producing substantial amounts of oil and natural gas. The KRG planned to produce a million barrels of oil per day, but couldn’t do so because of the Islamic State (ISIS) onslaught and falling oil prices after 2014. But because of its robust oil and gas legislation, it still has the ability to produce vast quantities of oil and gas in the coming years. The Kurdistan Region’s oil and gas law shouldn’t be abandoned in negotiations between the KRG and federal government on the issue of oil sales and production. The oil and gas law of the Kurdistan Region allows for the setting up of a box for oil revenues. The law also considers the formation of some national companies for the exploration, production, and marketing of oil in the Kurdistan Region. The establishment of these national companies can reinvigorate the oil sector in the Kurdistan Region. With regards to the sale of oil, the Kurdistan Region can give all or some of the oil it produces to the federal government via national companies and ask for its fair share in return. This will not reduce the Kurdistan Region’s control over its oil sector, as the KRG has its own oil and gas law, is running these sectors in its own way, and has established its own mechanism and infrastructure for the last 10 years.

Kurdistan Oil and gas disputes with Baghdad to be addressed once new KRG cabinet formed Sangar Ali | 8 hours ago Share share An oil field in Nasiriya, in southern Iraq. (Photo: Reuters/Atef Hassan) Kurdistan Iraq Erbil Baghdad Oil Gas A+AA- ERBIL (Kurdistan 24) – A delegatiom from the Kurdistan Regional Government (KRG) will visit Baghdad to discuss disputes over Iraqi oil once the new Kurdish government is formed, a member of parliament in the Iraqi capital said on Wednesday. Oil and gas shares and distribution have been the subject of a long-standing dispute between the KRG and the federal government of Iraq since 2003. Following the formation of the new Iraqi federal government in Oct. 2018, both Erbil and Baghdad agreed on the 2019 national budget bill, which requires the Iraqi government to deliver the salaries of KRG employees along with some financial compensation as the KRG hands over the export of 250,000 oil barrels per day (bpd) to the Iraqi oil marketing company – SOMO. Since the beginning of this year, the Iraqi federal government headed by Prime Minister Adil Abdul-Mahdi has delivered the salaries of the KRG employees on a monthly basis, but the KRG is yet to deliver the prescribed amount of oil to Baghdad as indicated in the Iraqi national budget bill. Over the past few weeks, many Iraqi lawmakers have complained in parliament about the delayed KRG oil transfers, questioning the silence of the Iraqi government in that regard. On Tuesday, Abdul-Mahdi, for the first time, issued a warning to the KRG for failing to meet its commitment in the delivery of oil to Baghdad. The warning came after pressure from multiple factions in the Iraqi parliament. A lawmaker for the largest Kurdish faction in the Iraqi Parliament says that once the new KRG cabinet is formed, which is expected to happen in June, an oil and gas delegation from the KRG will visit Baghdad to hold talks. “Today [Wednesday], we, as a group of Kurdish lawmakers, met with Abdul-Mahdi for a short period to discuss the matter. We couldn’t discuss things in details, but agreed that it would be best for the KRG delegation to visit Baghdad and address the issue,” Aram Balatayi, a member of Iraq’s Oil and Gas Parliamentary Committee, and spokesperson for the Kurdistan Democratic Party (KDP) faction in Iraqi Parliament, was quoted as saying on the party’s official website. “The Kurdistan Region has an obligation to hand over the oil to Baghdad,” he continued. “For more than ten years, the Kurdistan Region put effort into and created policies for its oil sector, so it is not easy to now seamlessly hand over the industry to Baghdad. Either the Iraqi government should pay dues of oil companies in the region, or the Kurdistan Region has to sell its oil to pay off those dues. Kurdistan can’t just hand over the oil to Baghdad and Baghdad then refuse to pay the companies.” Balatayi noted that both Erbil and Baghdad could reach an agreement on who would pay the dues and debts of those companies. If it is the KRG, then the Kurdistan Region “has to continue selling its oil,” but should Baghdad decide to absorb those financial obligations, “then this is another subject, and we will have our say at that moment.” The Kurdish lawmaker also noted that Kurds do not have a representative in Iraq’s SOMO and are not sure if they would be given a seat at the table to represent their interests. “There is still an ideology of centralizing power in Baghdad. We have issues with that, and a mechanism should be developed to deal with this,” he added. Gulizar Rashid Sindi, the deputy head of the Kurdistan Region’s Energy and Natural Resource Parliamentary Committee, stated that both the Kurdistan Parliament and the new KRG cabinet should cooperate in this regard. “The Kurdistan Region urges the resolution of the energy question through dialogue and the proper mechanisms,” Sindi told the official KDP website. “The Kurdistan Region will not be bound by Baghdad’s request if it isn't in the interest of the people of Kurdistan.”https://www.kurdistan24.net/en/news/d227436b-1f58-4cc9-b560-4c8e64843239

I know, it's not Wednesday... Hey everyone! I mentioned recently that the "Weekly Updates" may be switching days - I expected the news to start getting busy, and that is now official! I haven’t picked a specific day yet, and I may not need to. The weekly updates won't be necessary once we have an RV, and the stars are lining up very nicely right now. Fingers crossed on that one. I’ll explain why below, and you might want to strap in for this one! First, the budget was submitted, signed, and looks like it will be passed, with a HUGE keynote - a significantly acceptable portion of the budget going to the Kurds. This has been a major point of contention between the parties over the years, in fact it’s possibly the biggest point of disagreement and reason for delays in the budget approval process in recent history. You can read the budget as it is written and posted here, but it needs to be published in the Gazette to be official. This may be happening yet this week, and if it does... that will be insanely quick. It's barely the first week of February!!! Last year the Budget was boycotted by the Kurds in March, and they threatened to secede over the disputes. THAT is how far we've come in a year!!! If you’re not already squirming, let me tell you - this is awesome news. A happy GOI is a GOI that we can get behind, because it’s one that is more likely to RV. And this is possibly the happiest we’ve ever seen them! That by itself may have been enough reason for me to send out a special email on most weeks, but this week - THIS week - we have more. Maybe MUCH more! I’m trying to contain my excitement, and I’ve been doing a pretty good job of staying (mostly) in my seat, but it’s getting more and more difficult. We may have an HCL agreement shortly! I’ve been on the verge of releasing this information for over a week, and I’ve only held off because THIS is the kind of movement we need to see for an RV to happen, and I didn’t want to release the news without a full confirmation. As the news keeps coming out, this is going to start getting press in other places, so you may as well hear it here. If you’ve been following me for any time now, you know I’ve been on an “HCL-requirement” kick for a couple years now. No HCL = no RV. I've harped on that for years... and now, after a long ride, it's not just on the horizon - it's coming at us, lights flashing and horns blaring! If you have NOT been with me for that long, let me introduce myself! Hi, I’m Adam Montana. The possibility of a Dinar RV has been in the works for a while now - over a decade, in fact. I’ve been following it, and helping tens of thousands of people avoid bad info, for the entire time. The summary on Iraqi Dinar is simple - back in 2003, the country of Iraq went through some stuff and their currency plummeted in value. It was once worth over $3 per one Iraqi Dinar, and now it’s worse than 1000 dinars to $1. It was even worse, so much worse that those of us who got in early enough have already doubled our money. But, and this is why most of us are here in the first place, it stands a fighting chance of going back to it’s former value, or “ReValuing”, upwards to the tune of 100x where it is now or even more. When that happens, those of us who have the current Iraqi Dinar (not the “old notes” with Saddam Hussein’s face on them) will be able to exchange at that higher value, winning us an amazing profit. It’s called a “windfall”, and it’s definitely a real thing. Here’s where yours truly comes in. Throughout this whole venture, and before most of us ever heard of the Iraqi Dinar, I’ve been fortunate enough to have contacts in places that matter to get the absolute best return on the exchange. Because of the loyal group of members here at dinarvets who have committed to work alongside my partners and I in this, we have formed the STRONGEST and BEST CONNECTED group of dinar holders in the world… and this gives us EVEN MORE leverage. It's a snowball effect, and it's a good place to be. In short, we’re going to put more money in our pocket than the average Joe or Mary that simply goes to the bank to cash in. Not only that, but the years of networking and planning for this event have allowed my contacts and I to put together the absolute best strategies for reducing tax liabilities, minimize risk, and even invest after the fact to increase our returns. The best part? There will be no “800 numbers” to call. The VIP group will NEVER part with their dinar as part of their exchange. And if you decide to pay the measly amount of money it costs to join the VIP group, you are ABSOLUTELY GUARANTEED to get a return on that expense when we cash in on the RV, or I’ll refund every penny you spent on VIP. Your time may be running out. Join VIP here, before it's too late. Back to the Dinar, for the past couple years I’ve been saying that we need to see progress on the HCL to see the RV. While other websites and “gurus” are talking about people already cashing in (fake news), or having “secret intel” on the timing of this event… I’ve been telling people to remain calm. That’s one of the reasons thousands of VIP members place their trust in my and the programs here, because I don’t fluff this stuff up just to get people excited. I do the opposite - if there’s nothing going on, I tell it like it is, no matter who gets mad at me for it. (It happens! ) Well… the time that we have been waiting on may be over. There is news out right now that is more encouraging regarding the HCL than ANYthing I have ever seen, and that means we’re almost there. It means this may be your last chance to get in VIP. Your chance to get in VIP may be over before I get this email sent out! And if the RV is announced, and you’re not in the VIP group - you’re on your own. No benefits, no tax benefits, and good luck to you. Now is probably the most URGENT time in this venture to get in VIP. Join here: https://dinarvets.com/forums/index.php?/store/category/1-vip-membership-packages/ Remember, there’s a money back guarantee. You have nothing to lose and a LOT to gain. See you in there! GOOOOO RRRRVVVVVV!!!!!!! - Adam Montana P.S. In reading the above, I see that I didn't explain why the HCL is important. In a nutshell, it's important to the Kurds so they get a fair share of oil revenue, and ties in very closely to their concerns on the budget. Both of those issues are melting away, right in front of our eyes. With these two things lining up at the same time, we have the most perfect situation to see an RV that I've ever witnessed. RIGHT NOW is an amazing time to be part of this situation!

Can anyone explain to me why must they pass the HCL law before there can be a revaluation of the dinar? What is the connection? It certainly doesn’t look like the GOI will ever agree on this or even bring it up for a vote. They keep pushing it off to the “next session” year after year... Is it at all possible that we can ever see an RV without the HCL law passing?

Luigi found this article of Dinarian interests... The commentators explain why Iraqis are more concerned about HCL than the rate change. This should help clear up some of the confusion between the HCL & the RV. The rate change will benefit those Iraqis out of country the most. HCL will affect those in country with a pay check every month from oil revenue sales. The rate change will only change the purchasing power of Iraqis in country. 16/8/2018 KTFA... God Lover: Quick question or two. We had read that the citizens will start receiving oil revenue profits (HCL) September 5th. We have also seen many entities being paid, assuming at current rate. With that said, why are some thinking that if the rate does not change prior to Sept. 5th, it would cause anger from the citizens? Just trying to understand how that event is any more significant than previous? Happy Golfer: I think I can touch the surface on this one they are a proud country, a rich country Iraq needs this ri for it’s psychological well being, Iraq’s are winners IMO Harley1: The citizens aren’t concerned with the rate change as it will not directly affect them. Their concern is with the value of their currency, ie it’s purchasing power which impacts their quality of life. The income they will derive from the HCL is like a paycheck from the country’s sale of oil, and I suppose you could say that an increase in currency value or purchasing power is like a big fat pay raise. These are the things they would get upset about if they don’t happen. We hope they happen together and our studies lend credence to that hope. Will one happen before the other or will they happen together? Who knows. But again, the rate (exchange rate against USD) does not concern the citizens. Think of it this way….if the USD’s exchange rate against the Euro tripled tomorrow you’d never know it nor would you care. But if inflation in the US rose to 1000% and milk cost you $36 a gallon and bread was $25 a loaf, you’d be upset if the promise to resolve it didn’t come through amidst a corrupt government being ousted and new monetary reforms being put into play. This is a very simplified version of where Iraq is, IMO of course. The citizen’s blessing comes from the oil paycheck via the HCL and the increase in value of their currency. OUR blessing comes from the increase in the exchange rate against the USD. I hope that helps.

New Kirkuk governor will be decided soon: PUK By Rudaw 23 hours ago Khalid Shwani’s name has been floated as a possible candidate for the post of Kirkuk governor. File photo: Rudaw ERBIL, Kurdistan – A new candidate for the post of Kirkuk governor has been floated by the Patriotic Union of Kurdistan (PUK) as the province remains in political limbo and objections were raised about the PUK’s first nominee. The PUK and KDP expect to reach an agreement on the candidate soon. “The position of Kirkuk’s governor is for the Kurds and it’s the PUK’s share. Among the names discussed, Khalid Shwani is a very suitable candidate because he is from Kirkuk and is familiar with the place,” Salah Dalo, a member of Kurdistan Democratic Party’s (KDP) politburo, told Rudaw on Tuesday. Political posts in the disputed province are shared among the ethnic groups with the position of governor given to the Kurds. Khalid Shwani was previously a member of the Iraqi parliament within the PUK faction. He is currently a member of the party’s politburo. His name was floated in talks between the PUK and KDP, the two ruling parties in the Kurdistan Region. Shwani said on Tuesday he has not been broached on the subject, however. An Iraqi court ordered Kirkuk’s Kurdish governor Najmaldin Karim removed from his post ahead of the September referendum because of his support for the independence vote and backing the decision to raise the Kurdistan flag in the disputed province earlier in the 2017. Karim left the city when the Iraqi army took over in mid-October and Baghdad assigned Rakan al-Jabouri, an Arab, as interim governor. PUK had first suggested Rizgar Ali to fill the position, but the KDP has opposed his candidacy, claiming he belongs to the group that “sold” Kirkuk to Baghdad. The final decision rests with the PUK, Dalo explained. PUK’s spokesperson Saad Pira said they are not in dispute with the KDP over the position. “We will soon decide on who will become the governor,” said Pira in a statement to Rudaw on Tuesday. Prime Minister Nechirvan Barzani, also deputy head of the KDP, confirmed the two parties have discussed the matter, “but we are yet to reach a decision. There will be more meetings on the matter,” he told reporters on Monday. Kirkuk’s Provincial Council has failed to meet regularly since the disputed province came under Iraqi control in mid-October and many of the Kurdish parties fled the city. The KDP did not attend a meeting of the Kurdish parties in Kirkuk on Monday. The party has said they won’t attend a meeting in the city because it is “occupied.” The KDP has asked for the provincial council to meet at a location outside of Kirkuk. Meanwhile, Kurdish parties have said the provincial council is essentially defunct and have accused the acting Governor Jabouri of exploiting the power void. There are also concerns of a new wave of Arabization taking place.

Luigi says... Guru claims HCL is done & Iraqis have been paid. Iraq is out of C7...that means RV? Not varified. Your opine. Go RV. 5 Dec 2017 Bruce... They have completed everything they needed to be complete. When they got admitted into the World Trade Organization, when the United Nations released them from Chapter 7 and put them into Chapter 8 all these things. When the ISX opened last week sometime, all these things are signs Iraq’s sovereignty is there. I just think that the fact we don’t see their new rate right now doesn’t mean it doesn’t exist in country. There are Iraqi citizens that can go to their QI cards and put those in on Thursday and be able to see not only the amount of money but also a new rate and be paid on their portion of the oil revenue sharing(HCL). That is part of Iraq deal. I have been told they would be able to see and have access of their portion of the oil revenue on Thursday.

http://www.newsweek.com/isiss-looming-defeat-mosul-puts-iraqi-politics-crossroad-623217 Mosul will be liberated. Will the Oil Law come before or after Tal Afar? I'm thinking the entire North of Iraq needs liberated with quick political stability through the Oil Law to prevent a civil war from beginning. Does anyone know how strong IS is in Tal Afar? Is this another possible Fallujah?

Parliamentary Legal: For these reasons are not the inclusion of important laws to vote April 13, 2017 BAGHDAD / .. Parliamentary Legal Committee revealed, on Thursday, for the reasons that prevent the inclusion of important laws to vote, as showed that the political blocs do not have the conviction to this moment to pass those laws. The committee member said Amin Bakr's "Eye of Iraq News," that "the Presidency of the Parliament is afraid of important laws that the political dispute the inclusion of fear of dropping the law to vote, and this pays the return of law and read it again under the dome of the parliament," noting that "the Presidency of the parliament awaits the political blocs made up its mind and succession so important laws include the vote, the most important oil and gas law of the Federal Court and others by political differences. " Baker added that "the political blocs did not reach the conviction of resolving their differences on important laws that serve Iraq and Iraqis," ruling out "vote on important laws in the coming period because of what parliament is witnessing political disputes between the various political forces" .

Call block calls to speed up the important laws of legislation before the end of the parliamentary session April 7, 2017 demanded that the Islamic Dawa bloc Presidency of the Council of Representatives and the parliamentary committees concerned to expedite the completion of the special legislation of a number of important laws , procedures before the completion of the current parliamentary session. According to a statement of the block received by all of Iraq [where] a copy of it, confirmed it that "Oil and Gas Development Board and the Council of Federal Service and the law of the Federal Court Rules in addition to the law amending the general amnesty law is one of the most outstanding laws, which should be resolved as soon as possible." Mass "parliamentary blocs and members of the House of Representatives also called for interaction with this requirement and assist in the completion of these laws, which went on some long time , " noting the need to be resolved to see the light soon. "

Urgent Abadi meet with the heads of Kurdish blocs evening History of edits:: 03.06.2016 20:30 • 73 visits readable [Oan- Baghdad] said a source familiar with the heads of Kurdish blocs in parliament , will meet with Prime Minister Haider al -Abadi on Sunday evening. The source told all of Iraq [where] that "the meeting will be held at 10 pm today and is likely to discuss the relationship between Baghdad and Erbil, the outstanding issues between them."

Here's a few encouraging stories. May the elusive RV/RI be close at hand. 2-1-2016 Newshound Guru tlm724 Article quotes: "Oil Minister Adel Abdul Mahdi, in his speech at the forum that there is a national agreement on the importance of re-establishing national oil company, according to a deliberate steps legally and economically to return to the normal situation for the oil sector...and that is every citizen shares in this company...and the law of oil and gas that will be passed" thats very encouraging...in line with what came in the Iraqi constitution, the people are going to get their share of the oil profits finally! *hallelujah* awesome to see them move forward!! 2-1-2016 Newshound Guru Millionday ...FEW DAYS AGO ABADI WAS GOING TO MEET WITH IMF AND THERE WAS TO BE AN ECONOMIC MEETING IN SWITZ -- THIS IS AN ANNOUNCEMENT FROM ABADI`S OFFICE CONCERNING THE RESULTS: “we have coordinated with the Bank and the International Monetary Fund to develop a plan to overcome the financial crisis.” IT APPEARS THAT A PLAN HAS BEEN CREATED TO BRING IRAQ BACK TO A HEALTHY ECONOMY. SO AS WE SEE THEY ARE MOVING FORWARD WITH THE WORLD BANK AND THE IMF IN IRAQ TO OVERCOME THE FINANCIAL CRISIS IN IRAQ.

This is a brief synopsis as to why Iraq can't put the HCL in the Budget right now. This is more a high level overview as to the reasons and a brief to as what the draft will consist of. One would surmise all the Iraqi parliament has to do is include a paragraph in the draft of the budget, get it read and published in the gazette and voila! Immediate RV! It’s not that simple. Here is why. First, the current setup that Iraq has for their oil revenue dates back to the 1950’s. Little of this has been changed. This setup is not designed to distribute and assign privileges to the citizens of Iraq. This means that the revenue went to infrastructure projects instead of salaries and pensions. This setup has failed the country of Iraq and her citizens time and time again. Restructuring this entails dismantling the current process and building from scratch to accommodate Iraq’s Constitution in which will resolve the distribution of privileges and responsibilities between the Ministry of Oil in Bagdad and those in authority in the regions. Second, the oil revenue in the past has failed to supply the residents of Iraq with a continuous supply of electricity and water due to endless corruption of authorities not only at a national level but at a regional and local level as well. This is being addressed by the current government and they are making significant progress, albeit not as fast as everyone would like (case in point Maliki). Third, the on-going negotiations with Erbil presents a sizeable problem for those wishing to invest in Iraq, especially related to oil. Conflicts of interest happen all the time in every part of life. However, this constant flare up presents legality issues with those companies wishing to invest with Iraq. This means there must be a reliable history of successful negotiations with proper follow through. Funds must be allocated on time. Lastly, a change in government can lead to instability in all sectors of the country. This last part has shown that Maliki and his cronies are beyond corrupt. A country that should have become stable after the fall of Sadam has only given way to further corruption or the continuation of such. Abadi is trudging through the muck and mire and getting things done. This process takes time as discovery needs to take place, investigations need to be handled then a fair and just prosecution of those actors need to be shown to the world that Iraq can stem the tide of corruption. The Oil and Gas law, currently a draft, cannot simply be put into the budget as a paragraph to be implemented. In order to rectify the current situation, a proposal of forming a federal council that includes officials from the federal government, provinces and regions. This council then will be tasked with coordinating and negotiating between the Iraqi oil ministry and the provinces, this includes all provinces not just Erbil. The law will also task the feds with the planning and implementation of oil production throughout the entire country. In order to implement the Oil and Gas law this requires a government that can successfully coordinate negotiations and follow through on those terms agreed upon. Once Iraq’s Federal Government has shown it can be responsible and dependable to whosever standards they must show, then and only then can the implementation of the Oil and Gas law, once itself is passed, be put into the budget. The Oil and Gas law is a complex creature and Iraq must get it at least 75% right the first go. Otherwise the fragile country will fracture more than it has now.

Parliament added 16 articles of the budget and the share of Kurdistan, "make their" state of law row Author: HH Editor: BK, HH 12/17/2015 10:58 Number of Views: 388 Long-Presse / Baghdad Parliament approved by an absolute majority, on Wednesday, the draft federal budget law for next year 2016, which amounted to 105 trillion dinars and a deficit up to 24 trillion dinars, the adoption of the price of a barrel of oil to 45 dollars. The session witnessed verbal altercations between the Kurdistan Alliance and a coalition of state law, which objected to the share of the Kurdistan region, but the parliament, "the resolution of the dispute" vote to pass the region's share amounting to 17 percent, unchanged. Federal budget law has delegated, in some of its provisions, the Prime Minister, and the Ministers of Finance and oil, to withdraw treasury bonds worth $ 12 billion, to pay off the debts of the world's oil companies, subject to approval by the House of Representatives. He says a member of the Parliamentary Finance Committee, Sarhan Slevana, in an interview to the newspaper (range), "The deputies of the coalition of state law, have made a request to the Presidency of the Council of Representatives, signed by 113 members, to reduce the Kurdistan region budget to 13 percent, but the proposal did not pass In the voting session, with the adoption rate of 17 percent approved, a counterbalance to the region. " Slevana and added, "The House of Representatives voted on the grounds of the Peshmerga part of the federal system and given percentage of the Ground Forces Command's budget," and points out that Parliament voted to adopt the former oil agreement between Erbil and Baghdad. " Kurdish lawmaker explains, that "140 of the total 240 deputies attended the session, voted to approve the budget of the Kurdistan region," and reveals "Add the Finance Committee 16 articles of the draft federal budget law, including those related to an increase allocations popular crowd and displaced persons." It is noteworthy member of the Finance Committee, that "the addition of these materials came after make transfers in the chapters of the budget exchange", and points out that their "three percent of employees and retirees pay deduction and transfer accounted for 1.5 percent of the popular crowd and the same for the displaced." In turn, carry a coalition of state law, the President of the House of Representatives, Saleem al-Jubouri, the responsibility of passing the province's budget, after the postponement of its own article bearing the number nine, to the end of the session. In parallel parliamentary vote on budget items, cafeteria Parliament witnessed a heated mobility between deputies of the Kurdistan Alliance and other blocs, aimed at resolving the differences to pass the budget of the region, as it is without reducing. This was offset by a whirlwind meetings conducted by a coalition of state law, to support the proposal reduce the share of the region and submit it to the presidency of the parliament. Suggest MP Huda carpets, in a statement to the newspaper (range), that there "was the night before the vote, the heads of political blocs to pass the budget, including the region's share political agreement", and found that "a large part of a coalition of state law was with the vote to keep share the Kurdistan region as it is. " It has drawn the parliamentary bloc of state law, "harsh criticism" of the President of the House of Representatives, after announcing the end of the session. And it saw the press center of the Parliament, a verbal argument between Congress coalition of state law, and the Chairman of the Finance Committee, who was speaking at a news conference. In turn, says MP Zaher al-Abadi, said in an interview to the (range), "The year's budget was adopted in 2016 as the rate of $ 45 for the sale of a barrel of oil," and adds that "the budget deficit up to 24 trillion dinars." Sees committee member parliamentary power, that "the continued decline in oil prices to less than $ 40 will raise the budget deficit to 40 trillion dinars," it continues that "the budget provides for the export of three million and 600 thousand barrels per day, of which three million and 50 thousand barrels of central and southern fields, and the rest of Kirkuk, 300 thousand, and the Kurdistan region of 250 thousand. " The 2016 budget included a provision authorizing the Oil Ministry, in agreement with the Prime Minister and the Finance Ministry, the withdrawal of treasury bonds of up to $ 12 billion, to meet the debt of foreign oil companies, subject to the approval of the House of Representatives, according to Abadi. It goes MP for the province of Basra, that "the oil companies will pay the dues in installments every three months, to be paid on the fourth installment in March of 2017". The Iraqi Council of Representatives, approved by an absolute majority, during its meeting of the 45th of the first legislative term of the second legislative year, which was held on Wednesday, under the chairmanship of its President Saleem al-Jubouri and the presence of 242 deputies, the budget in the next 2016 by 105 trillion and 800 billion dinars, the share of the Kurdistan region of which 17 percent, despite the claim of a coalition of law reduced to 13 percent. The Iraqi Council of Ministers, approved, in (18 October 2015), the financial budget for the coming year 2016, B113 trillion Iraqi dinars and a deficit of 30 trillion dinars. waiting on link, sorry, person gave me the wrong one.

Luigi says... HCL was implimented for a while then re-shelved. We know HCL monies were sent to the Kurds to pasify them. It looks like Baghdad is now ready to re-start the oil revenue sharing. Does this mean the RV/RI is imminent? No. The oil sharing can still be paid out at the old rate or the new. IMO...This is one step closer to economic reform & the RV. For now...Treat as a rumor. Article VARIFIED. Your OPINE. 1 Nov 2015 from an article in Iraq Business News... Iraq’s Minister of Finance Hoshiyar Zebari told the Reuters news agency on Wednesday that RESTARTING the oil-sharing agreement between Baghdad and Erbil was vital for the 2016 national budget, expressing hope that a delegation from the Kurdistan Regional Government (KRG) would help reach an agreement.” WOW…REINSTATE the oil-sharing…REINSTATED AGAIN and both sides implement…This tells me that the HCL has all along be in place…just not implemented. ****** Dhi Qar-where] Oil Minister Adel Abdul Mahdi announced the arrival of Iraq’s crude oil production of the southern ports to record levels. Abdul-Mahdi told a news conference after a deliberative meeting for the provinces over oil management contract in Dhi Qar that “these ports produce 3.8 million barrels an equivalent to historical rates,” adding that “these exports do not include the Turkish port of Ceyhan.” Luigi says... Iraq has been cutting wages & implimenting stern spending cutbacks. How is Iraq finding the money to purchase commercial & fighter aircraft? Could Baghdad be turning the HCL & RV on & off at their own choosing? Something to ponder about.

Kurdish leader: the solution in Baghdad 10/26/2015 0:00 Sulaimaniyah - the morning caused severe oil dispute between the federal government and the KRG severe economic crisis in the region who refuses to abide by previous agreements that provided for the establishment of SOMO marketing of the oil produced in its territory in exchange for the quota in the budget, amounting to 17 percent. The breach or non-compliance with the agreements oil caused Aguetsaah crisis suffocating and reached its peak in recent months to declare Government of the Territory of their inability to pay the salaries of employees in ministries and government institutions for four consecutive months which led to public outcry expressed by mass demonstrations angry in many Kurdish areas with the worsening political crisis. attribute political reasons crisis to what they called the b »individual policy» pursued by the Kurdistan Democratic Party led by regional president Massoud Barzani in dealing with the oil file, and accuse the government, which is dominated by a lack of transparency in the oil policy and »resist» Federal Government without justification, critics retreat from previous agreements Under the export of 550 thousand barrels of oil per day by SOMO versus percent share 17 of the state budget. In a statement made ​​by »Sabah» leader of the Patriotic Union of Kurdistan unique Ossrd stressed that «oil export independently has failed and it is important that the Government of the Territory stop for this policy because the exit from the crisis with half the loss better than total bankruptcy », indicating« We have tried a lot to persuade the provincial government and the leaders of the Democratic Party of the importance of transparency in the oil policy, but they did not listen to us and insisted on their policy wrong domain oil causing sever our share of the state budget and have found that the independent economic policy advocated by caused many disasters, most notably the development decline and delay the local economy for decades backwards ». and about remedy the deteriorating economic situation, the Kurdish leader believes that a return to the federal government and the agreement with them is the safest way, because in light of the continuing deterioration the «all roads lead to Baghdad», and despite the fact that understanding may seem difficult after all that happened, but I think that half the loss better than total bankruptcy, and it must Territory Government is seeking to resume negotiations with Baghdad in order to hold a new agreement adhered to by both parties and come out the region of its economic crisis suffocating, or at least mitigate, especially that things are no longer the most of probability. In a related development, President of the Chamber of Commerce and Industry in the Sulaymaniyah Sirwan Mohammed revealed that the investment projects dropped this year by 90 percent, especially in the field of construction and housing . said Mohammed, to move the local site «Awene» permit, that «as a result of the financial crisis plaguing the region, the investment ratio generally has dropped significantly», adding that «according to available statistics were investment rate in 2013 of about $ 12 billion, while in the current year It has reached a whole billion dollars only, while the projects leave was in 2013 of 127 projects, and this year dropped to only 11 vacation .. In the area of registration of companies the figure was lower than 55 percent this year from 2013, and this is proof that economic growth in decline constant and the financial crisis began to deeply affect the joints of the overall local economy. »

Parliamentary Energy proposes new legislation for oil and gas 12:26: 10/10/2015 Khandan - announced for the Oil and Energy Committee in the Iraqi Council of Representatives, said that there is a tendency for the Commission to move to draft a new proposal for the oil and gas law in case the federal government delayed sending a draft oil and gas law, which decided to withdraw it from the House of Representatives.The committee member said Zaher al-Abadi, that "the Commission will proceed to formulate a proposed new law on oil and gas in the case of the federal government delayed sending the bill, which has decided to withdraw it from parliament along with 55 other bill. "He said al-Abadi told Iraqi Media Network that" the Commission will begin early next legislative term drafted the proposed law and submitted to the Parliament to pass and resolve differences oil between Baghdad and the Kurdistan region and between the provinces own. "Since the adoption of the Iraqi constitution, such as oil and gas law the most outstanding between Baghdad and Erbil files were unable to former House and present to find consensus on a common formula for the oil and gas law.