RUSSIA’S ROSNEFT SAID TO PREPAY ABOUT $1 BLN FOR IRAQI KURDISTAN OIL

[yota691]

Kurdistan region sold for the first shipment of crude directly to a major oil refinery

 

 

 6 hours ago

 

 

Twilight News, trade sources / said that Rosneft, Russia's state oil company will buy the first shipments of the Kurdistan region of Iraq early April to become the first major oil company to receive crude Kurdish directly in favor of refining the system.

The tanker will sail cargo carrier Sofia Minerva from the Turkish port of Ceyhan to the port of Trieste, Italy, where crude can be transferred from there by pipeline to the refineries of Rosneft in Germany.

Signed Rosneft in February, an agreement with the semi-autonomous region of pre-financing of exports of crude from it.

He said the region, said the deal represents the first direct selling company to a major refinery process and opens the door for others to start buying oil directly Iraqi Kurdistan.

[dinarham]

The Big Door !

[vato96]

Sounds like hydrocarbon law is done or Baghdad would be throwing a hissy fit

[Rmc10]

26 minutes ago, vato96 said:

Sounds like hydrocarbon law is done or Baghdad would be throwing a hissy fit

I really hope that's true. That would be great. 

[SnowGlobe7]

I would like to see some elaboration on this.....are they allowed to do this??? If so what does it mean? We need to post this in the questions for Adam this week

[drj]

1 hour ago, vato96 said:

Sounds like hydrocarbon law is done or Baghdad would be throwing a hissy fit

Exactly!!!

[Rmc10]

5 hours ago, SnowGlobe7 said:

I would like to see some elaboration on this.....are they allowed to do this??? If so what does it mean? We need to post this in the questions for Adam this week

Texas Granny just put up the question forum up for this week. 

[Half Crazy Runner]

Wow! Can't wait to hear more on this!!

[sandfly]

Thanks 

[The Englishman]

KRG to finish new oil pipeline to world market, increase revenues

By Rudaw 2 hours ago

According to Kurdish officials the new pipeline is scheduled to be finished by next month. Photo: Rudaw

ERBIL, Kurdistan Region—The Kurdistan Regional Government (KRG) ministry of natural resources has been working for the past two months on building a new pipeline to carry Kurdish oil to neighboring Turkey and from there to the world market.

According to Kurdish officials the new pipeline is scheduled to be finished by next month.

The new pipeline that is underway in Shexan locality is planned to connect the Chamanke, Atrush and Shexan oil fields to the national pipeline and from there to the Turkish port of Ceyhan on the Mediterranean.

When accomplished it will be the second pipeline carrying Kurdish oil to the outside world.

At least 35 percent of the project has been finished and the rest is expected to finish on time, according to  Sardar Yahya, district governor of  Shexan said.

Oil accounts for 95 percent of KRG’s revenues, which justifies a recent surge in investment in the energy and natural resources sector.

Dlshad Shaaban of the natural resources committee in Kurdistan Region’s parliament told Rudaw that the Region currently exports 600,000 barrels of oil per day.

The new oil pipeline is 40 Kilometers long and is expected to increase KRG’s oil export by 75-80,000 barrels a day

Since Baghdad blocked the Kurdish Region’s share of the federal budget in 2014, Erbil has been independently exporting oil to the world market so as to finance its government and public sector.

Iraqi Prime Minister Haider Abadi admits that the budget and oil disputes between Erbil and Baghdad are a major issue that must be put on top of the list of negotiations for a resolution.

“Now, the first thing we need to solve is the oil and from there moving on to the budget and how we treat the budget.” Abadi told Rudaw in a recent interview. “We must reach a law for Iraq’s revenues and how it will be distributed on the Kurdistan Region and the provinces. That needs to be talked about and in a calm atmosphere.”

[yota691]

Rosneft receive the first shipment of oil from Iraqi Kurdistan this week

economy

 Since 04/06/2017 19:08 am (Baghdad time)

Follow-up to the balance of News

Said Rosneft, Russia's largest oil producer listed in the world, said Thursday it will take delivery of the first shipment of oil of 600 thousand barrels of Iraqi Kurdistan in the current week.

A spokesman for the company "if proven economic feasibility of such an agreement is likely the company will seek to get more crude from the region," he said, adding that this type of oil that fits the company's activities in Germany and India.

Rosneft has not yet completed an agreement to buy a stake in the Indian Vadinar refinery. The company said the shipment is unloaded in Trieste will be sent through a pipeline directly to the refining facilities in Germany Rosneft. 

The trade sources said that the Russian state company "Rosneft" will buy the first oil shipments from the Kurdistan region of Iraq early April to become the first major oil company to receive Kurdish crude directly in favor of refining the system.

The tanker will sail cargo carrier Sofia Minerva from the Turkish port of Ceyhan to the port of Trieste, Italy, where crude can be transferred from there by pipeline to the refineries of Rosneft in Germany.

Signed Rosneft in February an agreement with the semi-autonomous region of pre-financing of exports of crude from it.

He said the region, said the deal represents the first direct selling company to a major refinery process and opens the door for others to start buying oil directly Iraqi Kurdistan.

is over

M h n 

[Wiljor]

Iraq, April 8, 2017 

Rosneft PJSC’s commitment to pay in advance for crude oil from the Kurdistan region of Iraq is about $1 billion, according to two people with knowledge of the matter who asked not to named as the supply deal is private.

The Russian state-run producer’s trading arm will buy Kurdish oil from now until 2019, Rosneft said in February, without specifying how much crude it would take. At $1 billion, Rosneft would account for about a third of the prepayment deals the Kurdish Regional Government negotiated with oil traders.

Rosneft’s press service didn’t comment on the payment size when contacted by phone. An adviser to the KRG’s Natural Resources Minister Ashti Hawrami didn’t immediately respond to a call and email seeking comment. 

The KRG is selling oil in advance to help finance government spending, including the military campaign against Islamic State, during a period of relatively low oil prices. For Rosneft, the deal brings a guaranteed flow of crude into its expanding trading business and is another example of its expansion into the Middle East following deals in Libya and Egypt.

Under the deal with the KRG, Rosneft will receive its first 600,000-barrel cargo this week at Trieste, Italy, from where the crude will be transported by pipeline to its minority-owned refineries in Germany for processing, according to an email from Rosneft. Kurdish crude suits the company’s refining needs in both Germany and India, said Rosneft, which could potentially source more oil from the region.

Refinery Stakes

Rosneft owns 24 percent of MiRO and 25 percent of BayernOil following the restructuring of a joint venture with BP Plc. The company is also in the process of acquiring a 49 percent stake in the Vadinar refinery in India from Essar Oil.

Rosneft Chief Executive Officer Igor Sechin said in February that the company will be “developing new markets worldwide for Kurdish crude oil.” Rosneft hasn’t previously worked with the KRG, which in recent years has struggled to maintain payments to international producers shipping oil from the region.

Rosneft, Russia’s biggest oil producer, has long participated in prepayment deals with trading houses for its own output. The company’s 25-year deal to supply oil to China National Petroleum Corp. has also yielded billions of dollars of advance payments.

 

ekurd

http://iraqdailyjournal.com/story-z15088588

[MyLadiesDaddy]

[Hikmah]

lol Baghdad is going to blow a gasket, that's a billion dollars they'll never see.

[ChuckFinley]

On 4/1/2017 at 11:55 AM, vato96 said:

Sounds like hydrocarbon law is done or Baghdad would be throwing a hissy fit

It does sound like the deal is done. You are correct about Baghdad throwing a hissy fit. There is a lot of deals being done and no one seems to be whining about it. That is why I am pretty positive about this. I am still feeling good about 2017.   

[10 YEARS LATER]

1 hour ago, ChuckFinley said:

It does sound like the deal is done. You are correct about Baghdad throwing a hissy fit. There is a lot of deals being done and no one seems to be whining about it. That is why I am pretty positive about this. I am still feeling good about 2017.   

Baghdad has only itself to blame for being left out in the cold on this deal . . . once they've finished throwing a tantrum, they might decide to change their tune and play ball with the Kurds. We'll see  . . .