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  1. Here is an article that demonstrates what lost oil production costs are, and how disruption of oil production can affect a country and it's government's budget. Interesting ... Libya lost $7 billion to oil strikes, must find new buyers 12/07/2013 TRIPOLI (Reuters) - Libya has lost more than $7 billion and faces new competition from Algeria and Nigeria in oil markets due to strikes at oilfields and ports drying up exports, Oil Minister Abdelbari al-Arusi said on Saturday. A mix of militias, tribesmen and civil servants have seized most oil ports and fields to demand more political power or higher pay, throttling Libya's oil export lifeline. The OPEC producer is facing turmoil as Prime Minister Ali Zeidan's government struggles to control dozens of former militias which helped oust Muammar Gaddafi two years ago but which have refused to give up their arms. Arusi said Libya had lost 9 billion Libyan dinars ($7.29 billion) in oil revenues after output had fallen to 250,000 barrels a day from 1.4 million bpd in July. He did not say how much Libya is exporting, but his deputy told Reuters last week that up to 50 percent of output was being used to keep the 120,000 bpd Zawiya refinery running. "We are facing a big problem because oil from Algeria and oil from Nigeria has entered the Mediterranean (market)," Arusi told al-Naba television station. "We have started looking for new markets in east Asia to offset the loss." He said he hoped export ports would start work soon but did not repeat comments from Wednesday that terminals might reopen on Tuesday. Arusi said the government was having trouble drafting a 2014 budget due to the drop in production from 1.4 million bpd in July to 250,000 bpd now. "We have a problem now. How are we supposed to prepare the budget?" he asked, adding that initial planning had assumed output of around 1.3 million bpd. He said only the El-Feel field, offshore operations and fields belonging to state-owned Sirte Oil Co in central Libya were still producing oil. Arusi said the abrupt halt in production had also damaged pipelines and other oil facilities, while some oil staff were in bad shape psychologically due to the strikes. "We are talking here about many cases, not just one" he said. OUTAGES He said the electricity supply would improve within hours after members of the Amazigh, or Berber, minority had ended a blockade of a gas pipeline feeding a power plant in western Libya which they had staged to demand more political rights. However, outages again hit central parts of the capital Tripoli on Saturday. Zeidan has failed to end strikes disrupting oil and gas supplies which started in earnest in the summer. One difficulty is that protesters are not a unified group, but range from a regional autonomy movement in the east, civil servants seeking pay, and minorities like the Berbers who want their language recognised. Those demands are hard to meet for a prime minister weakened by political infighting. Western powers worry the North African country will slide into instability with militias calling the shots in the streets while the government struggles to keep the budget running to pay civil servants and ease social tensions. ($1 = 1.2342 Libyan dinars) (Reporting by Ulf Laessing and Feras Bosalum; Editing by Alistair Lyon) Source: http://finance.yahoo.com/news/libya-lost-7-billion-oil-190354912.html
  2. Greetings, Here is a Smile for your day: Reuters reports that China's state-owned Sinochem Corp plans to use Iraqi crude oil for 40 percent of the capacity of its new refinery, in what the article describes as "the latest example of Iraq beating Middle Eastern rivals in the competition for new markets in Asia". The deal wold replacing a preliminary agreement to use more expensive oil from Kuwait, and make Sinochem one of Baghdad's top oil buyers next year, when the company starts its first wholly-owned refinery. I keep reading in my Iraq Business Week points that shine on mid 2014 or before for long awaited moment for RV!!! Sincerely, BradyBear
  3. Greetings, I was reading my Iraqi news today and have good cause to feel the RV will be mid 2014 if not earlier: Thamir Ghadhban (pictured), chairman of the advisory commission to Iraq’s Council of Ministers, has said that he expects a robust return to growth next year as foreign companies push output from the southern oilfields to new records. Output is expected to rise by at least 500,000 barrels per day to an average of 3.5 million bpd, as the Majnoon, Garraf and Halfaya oilfields ramp up, and the Badra field comes on line. Production this year is likely to average more than 3 million bpd, slightly up on 2012, but by the end of the year rates are likely to reach a level of 3.5 million bpd, added the former oil minister. Have a Great Day, BradyBear
  4. Great news! Pipeline connects AFTER Baghdads meeteringstation! "The Kurdistan pipeline joins Iraq’s main export pipeline to Turkey after a Baghdad-controlled metering station, Hayward said. That will give the Kurds full control, bypassing the federal government." http://www.businessweek.com/news/2013-10-25/hayward-says-completed-pipeline-turning-point-for-kurdistan So now ICG can choose, are you in or out? Great decision Hawrami!
  5. Greetings Adam and Friends, Here is some Positive news for us: Shell has officially inaugurated Iraq's huge Majnoon oil field on Sunday, and said it aims to reach 175,000 barrels a day in the coming weeks. Production from the field's first well started on 20th September, and Hussein al Shahristani, the Iraqi deputy prime minister for energy, said in Dubai that output is expected to rise to almost 200,000 barrels a day before the end of the year. Shell owns 45 percent of the venture, with Petronas owning 30 percent, and the Iraqi state holding 25 percent. They have pledged to eventually raise production to 1.8 million barrels a day. Have a Great day, BradyBear
  6. BAGHDAD / News Network Iraq - meeting saw the presidency of parliament with the leaders of political blocs in the presence of Minister executives at the center and the region atmosphere tense and conflicting opinions and open files precedent. Has revealed parliamentary source said in a statement today, that the Kurdistan region carrying two solutions only two to the cause of the financial budget and differences with the federal government about entitlements oil companies in the region., the source said, "The Minister of Natural Resources in the region carrying two solutions to the issue of the financial budget first is to pay the government for the $ 4.2 trillion dinars to the Kurdistan region and be within an item in the financial budget." and added that "The second solution is In that sells Kurdistan oil this amount directly to companies and receive this amount from these companies directly. "He explained that the solutions did not reach an agreement on them as the oil minister in the central government announced that an amount of pent-region of 10.5 trillion dinars was paid region to the center after selling oil How else are given this amount to companies and the center did not receive the proceeds from the sale of oil. The source indicated that "the oil minister proposed the idea of ​​relating that are transfers $ 750 billion dinars from the Ministry's budget to the Kurdistan region to be the amount in the budget for the Kurdistan region about the dues of oil companies trillion and 500 billion dinars as the atmosphere in the talks between the blocs was marred by tension and difficulty of reaching a solution. "turn pointed Chairman of the Board of Supreme Audit Abdel Basset Turki said the government has no right to allocate any amount of outside tables in the budget. He said the claims of some of the possible use of treasury transfers in bridging dues Kurdistan region is a violation of constitutional and legal government can not do without identified in the financial budget. He said the solution is to re-budget, to the government and increase to be covered dues Kurdistan. Among source said Haider Abadi, head of the Finance Committee between he can not increase the budget without increasing revenues. Herren added that any budget where revenues and expenses and can not increase expenses without increasing revenues and could Region Kurdistan to send his trust funds is ten trillion and a half in order to increase revenue and thus increase the budget ceiling. was chairman of the parliament's meeting with the heads of blocs and the ministers executives in the federal authority and the Kurdistan Regional Government.
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