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Iraq pays 270 million dollars for compensation for the invasion of Kuwait

yota691

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I read articles ages ago saying these 2 countries had sorted everything out. Now this. You cannot believe anything from over there !! 50 shades of gray and not a one of'em is sexy.

DWS112
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Abadi: We are committed to pay all Kuwaiti reparations June 27, 2017   Iraqi Prime Minister al - Abadi said on the occasion of the anniversary of the return of Kuwaiti relations - I

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Week old... Iraq and Kuwait agree on demarcation of oil border areas between the two countries   Iraq and Kuwai

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yota691 Grand Master

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22 November, 2017
Iraqi workers

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Iraq has appointed Toyo for Japanese engineering to help build a gas pipeline to Kuwait and a related petrochemical plant as Baghdad seeks to reduce gas burn and pay compensation due to the invasion of Kuwait in 1990.

The project, which has not been announced yet, will allow Kuwait to diversify its gas importation in the wake of a political crisis between Gulf states and Qatar, the main supplier of gas.

A senior source in the oil and gas sector working on the project, but not authorized to talk about it publicly, that Iraq "needs to reduce urgently to burn gas and seeks to achieve the goals committed to the World Bank."

He added that "the Kuwaiti gas project is a quick solution and an easy way to make a profit from gas resources."

Sources in the sector said that "Toyo" proposes to build a gas pipeline and start deliveries after 2019.

"Talks on the pipeline and the petrochemical plant are continuing, but the final investment decision has not yet been made," Kinsuke Waki, chief financial officer of Toyota, told Reuters.

Kuwait's oil ministry did not respond to a request for an immediate suspension. Kuwaiti Oil Minister Essam al-Marzouq said last month talks between Kuwait and Iraq focused on a gas proposal to help Baghdad pay the remaining $ 4.6 billion in war reparations.

Iraqi Oil Ministry spokesman Assem Jihad said the talks focused on the price and stressed that supplies could be used to help pay the compensation.

More than one million people in Kuwait have been paid compensation for the $ 52.4 billion Iraqi invasion. But Iraq, hit by the fall in oil prices in 2014 and its war against urging the postponement of payment of the last tranche and the largest of the compensation, scheduled to be paid this year.

Source: Reuters

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  • yota691 changed the title to Iraq is looking for a gas pipeline to Kuwait to contribute to the payment of compensation
yota691 Grand Master

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Iraq is looking for a gas pipeline to Kuwait to contribute to the payment of compensation

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Iraq is looking for a gas pipeline to Kuwait to contribute to the payment of compensation

 

22-11-2017 10:53 PM

 

The Euphrates -

 

Iraq has appointed Toyo for Japanese engineering to help build a gas pipeline to Kuwait and a related petrochemical plant as Baghdad seeks to reduce gas burn and pay compensation due to the invasion of Kuwait in 1990.


The project, which has not been announced yet, will allow Kuwait to diversify its gas importation in the wake of a political crisis between Gulf states and Qatar, the main supplier of gas. 

It would also be a blow to Royal Dutch Shell, which sought to dominate Iraq's gas, before its relations with Baghdad were damaged following its withdrawal from major oil projects. 

"Iraq needs an immediate reduction in gas burn as it pursues the goals it has committed to the World Bank," said a senior source in the oil and gas sector working on the project, but not authorized to speak about it publicly. 

The World Bank, which repeatedly stipulated a reduction in the gas burn to lend to Baghdad, did not respond to a request for immediate comment. 

Sources in the sector said Toyo proposed to build a gas pipeline and start deliveries after 2019. 

"Talks on the pipeline and the petrochemical plant are continuing, but the final investment decision has not yet been made," Kinsuke Waki, chief financial officer of Toyota, told Reuters. 

Kuwait is keen on the project and offered sovereign guarantees for up to 80 percent of the cost, sources said. The total cost has not yet been announced. 

Kuwait's oil ministry did not respond to a request for an immediate suspension. Kuwaiti Oil Minister Essam al-Marzouq said last month talks between Kuwait and Iraq focused on a gas proposal to help Baghdad pay the remaining $ 4.6 billion in war reparations. 

Iraqi Oil Ministry spokesman Assem Jihad said the talks focused on the price and stressed supplies could be used to help pay the compensation. 

* Differences about price and factory 

Sources in the sector told Reuters that the talks stalled because of the dispute over the price. 

Kuwait wants a price below $ 3 per million British thermal units, a price that is compatible with Henry Happ prices in the United States, but less than half of what Iraq pays in the north when it imports gas from its neighbor Iran, the sources said. 

"The price of gas has been a major sticking point so far," one source said. 

He added that both countries wanted to set up a petrochemical plant at home to maximize the use of gas deliveries. 

A senior Kuwaiti oil official familiar with the project said discussions with Iraq were still going on, adding that it was not yet clear whether the gas would come from the West Qurna 2 field run by Lukoil of Russia or from Rumaila, run by BP. 

Iraq used to supply gas from Rumaila. The quantities amounted to about 400 million cubic feet per day, but stopped short after the invasion of Kuwait in 1990. 

More than one million people in Kuwait have been paid compensation for the $ 52.4 billion Iraqi invasion. But Iraq, hit by falling oil prices in 2014 and its war against the Islamic state organization, has asked for a postponement of the payment of the last tranche and the largest of the compensation, due this year. 

* Challenge to Shell 

Kuwait, though one of OPEC's oil producers, is struggling to meet the growing domestic demand for gas. And suffers from a shortage of 500 million cubic meters per day, mainly covered by the import of liquefied natural gas from countries including Qatar. 

Ten years ago, Kuwait tried to build a pipeline from Qatar, but Saudi Arabia blocked the plan.As relations between Riyadh and Doha deteriorate this year, Kuwait is looking to diversify its sources of gas imports. 

Last year, Kuwait said it would be willing to buy up to 200 million cubic feet per day of gas from Baghdad. 

Iraq ranks 12th in the world in terms of its 3.7 trillion cubic meters of gas reserves, but this figure is 10 times that of Iran, which has the world's largest reserves. 

Iraq extracts large quantities of gas associated with the extracted oil, and yet, this gas is being burned now. 

Iraq's long-term gas development plans have focused on Basra Gas Company, a 25-year $ 17 billion project in which Iraq has a 51 percent stake, Shell holds 44 percent and Japan's Mitsubishi Corp. has a 5 percent stake. 

The project aims to collect gas from fields in southern Iraq, including West Qurna 1 operated by Exxon Mobil, Zubair, run by Eni, and Rumaila, run by BP. 

"Shell's main objective has always been to develop a liquefied natural gas (LNG) terminal and eventually a petrochemical complex in Iraq," said a Shell source working on the gas project. 

With Iraq refusing to agree to a gas price with Shell, the project has been strained, sources said. The talks were also complicated by Shell's withdrawal from the Majnoon oil field earlier this year. 

"Iraq is angry with Shell and the prospects are not promising for Basra Gas Company," an Iraqi source in the sector said. 

Asked about the negotiations, Shell and the Iraqi Oil Ministry said the discussions were continuing and both sides remained committed to the project. 

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yota691 Grand Master

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23-11-2017 11:40 AM
image.php?token=d76ebc1cf8103d2734128ef4b5c472cc&size=
 


 

 

Iraq uses Toyo for Japanese engineering to help build a gas pipeline to Kuwait and a related petrochemical plant as Baghdad seeks to reduce gas burn and pay compensation due to the invasion of Kuwait in 1990. 

The project, which has not yet been announced, will allow Kuwait to diversify sources of gas imports In the wake of a political crisis between the Gulf states and Qatar, the main supplier of gas. 

The project would also be a blow to Royal Dutch Shell, which sought to dominate Iraq's gas, before its relations with Baghdad were damaged after it withdrew from major oil projects. 

"Iraq needs an urgent reduction in gas burn as it pursues the goals it has committed to the World Bank," said a senior source in the oil and gas sector working on the project, but not authorized to talk about it publicly. 

He added that 'the Kuwaiti gas project is a quick solution and an easy way to make a profit from gas resources'.

And as long as the World Bank has stipulated, reduce the burning of gas to lend to Baghdad. 

Sources in the sector said Toyo proposed to build a gas pipeline and start deliveries after 2019. 

"The talks on the pipeline and the petrochemical plant are continuing, but the final investment decision has not yet been taken," Finance Minister Kinsuke Waki told Reuters. 

Kuwait is keen on the project and has offered sovereign guarantees for up to 80 percent of the cost, sources said, and the total cost has yet to be announced. 

Kuwaiti Oil Minister Essam al-Marzouq said last month talks between Kuwait and Iraq focused on a gas proposal to help Baghdad pay the remaining $ 4.6 billion in war reparations. 

Iraqi Oil Ministry spokesman Assem Jihad said the talks focused on the price and stressed that supplies could be used to help pay the compensation.

Industry sources told Reuters the talks had stalled over the price dispute. 
Kuwait wants a price below $ 3 per million British thermal units, a price that is compatible with Henry Happ prices in the United States, but less than half of what Iraq pays in the north when it imports gas from neighboring Iran, the sources said. 
"The price of gas is still a major sticking point so far," one source said. 

He added that both countries wanted to set up a petrochemical plant at home to maximize the use of gas deliveries. 
A senior Kuwaiti oil official familiar with the project said discussions with Iraq were continuing, adding that it was not yet clear whether the gas would come from the West Qurna 2 field operated by Lukoil, or from Rumaila, run by BP.
Iraq used to supply gas from Rumaila, amounting to about 400 million cubic feet per day, but stopped short after the invasion of Kuwait in 1990. 

More than one million people in Kuwait have been paid in compensation for the US $ 52.4 billion But Iraq, hit by falling oil prices in 2014 and its war against Dahesh, asked to postpone the payment of the last tranche and the largest of the compensation, which will resume repayment of its budget in 2018, according to the United Nations. 

Kuwait, though one of OPEC's oil producers, is struggling to meet the growing domestic demand for gas and has a shortage of 500 million cubic meters a day, mainly through the import of liquefied natural gas (LNG) from countries including Qatar.

Ten years ago, Kuwait tried to build a pipeline from Qatar, but Saudi Arabia blocked the plan. With deteriorating ties between Riyadh and Doha this year, Kuwait is looking to diversify its sources of gas imports. 

Last year, Kuwait said it would be willing to buy up to 200 million cubic feet per day of gas from Baghdad. 
Iraq ranks 12th in the world in terms of its 3.7 trillion cubic meters of gas reserves, but this figure is 10 times that of Iran, which has the world's largest reserves. 

Iraq extracts large quantities of gas associated with the extracted oil, and yet, this gas is being burned now. 
Iraq's long-term gas development plans have focused on Basra Gas Company, a 25-year $ 17 billion project in which Iraq has a 51 percent stake, Shell holds 44 percent and Japan's Mitsubishi Corp. has a 5 percent stake.

The project aims to collect gas from fields in southern Iraq, including West Qurna 1 operated by Exxon Mobil, Zubair, run by Eni, and Rumaila, run by BP. 

"Shell's main objective has always been to develop a liquefied natural gas (LNG) terminal and eventually a petrochemical complex in Iraq," said a Shell source working on the gas project. 

With Iraq refusing to agree to a gas price with Shell, the project has been strained, sources said, and the talks were also complicated by Shell's withdrawal from the Majnoon oil field earlier this year. 

"Iraq is angry with Shell and prospects are not promising for the Basrah gas company," an Iraqi source in the sector said. 
Asked about the negotiations, Shell and the Oil Ministry said discussions were continuing, and both sides remained committed to the project.

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  • yota691 changed the title to Iraq and Kuwait reach final agreement on gas
yota691 Grand Master

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Iraq and Kuwait reach final agreement on gas

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Iraq and Kuwait reach final agreement on gas

 

25-11-2017 03:15 PM

 

The Euphrates -

 

The Ministry of Oil on Saturday the details of the agreement to supply Iraq to Kuwait with gas from Rumaila fields in Basra, indicating that 'the agreement will fill part of Iraq's compensation to Kuwait. 

"The ministry has an agreement with the Kuwaiti side to provide Kuwait with crude gas from Rumaila fields in the province of Basra," ministry spokesman Assem Jihad said in a press statement. "The agreement has reached its final stages, providing Kuwait with 50 million cubic feet Standard daily in the first phase, later to reach 200 million standard cubic feet per day '. Pointing out that 'crude gas will be issued to Kuwait instead of being burned in the fields, and that the agreement strengthens economic cooperation between the two countries'.

Jihad also pointed out that the supply of gas to Kuwait would contribute to the payment of part of the debts owed by Iraq as compensation for Kuwait because of the invasion of Iraq in 1990, confirming that the ministry has reached the final stages of implementation of the agreement with Kuwait.

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9 minutes ago, yota691 said:

Iraq and Kuwait reach final agreement on gas

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Iraq and Kuwait reach final agreement on gas

 

25-11-2017 03:15 PM

 

The Euphrates -

 

The Ministry of Oil on Saturday the details of the agreement to supply Iraq to Kuwait with gas from Rumaila fields in Basra, indicating that 'the agreement will fill part of Iraq's compensation to Kuwait. 

"The ministry has an agreement with the Kuwaiti side to provide Kuwait with crude gas from Rumaila fields in the province of Basra," ministry spokesman Assem Jihad said in a press statement. "The agreement has reached its final stages, providing Kuwait with 50 million cubic feet Standard daily in the first phase, later to reach 200 million standard cubic feet per day '. Pointing out that 'crude gas will be issued to Kuwait instead of being burned in the fields, and that the agreement strengthens economic cooperation between the two countries'.

Jihad also pointed out that the supply of gas to Kuwait would contribute to the payment of part of the debts owed by Iraq as compensation for Kuwait because of the invasion of Iraq in 1990, confirming that the ministry has reached the final stages of implementation of the agreement with Kuwait.

 

Plus 1-million for you, Yota!!!!!!!!

Bammmmm!!!!!

:crossedfingers:

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yota691 Grand Master

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The Ministry of Oil announces the details of the agreement to supply Iraq with gas

 

 Since 2017-11-25 at 09:53 (Baghdad time)

11.jpg

Baghdad Mawazine News

The Ministry of Oil, details of the agreement to supply Iraq to Kuwait with gas from Rumaila fields in the province of Basra, stressing that the agreement will fill part of Iraq's compensation to Kuwait.

"The ministry has an agreement with the Kuwaiti side to provide Kuwait with crude gas from Rumaila fields in the province of Basra," Oil Ministry spokesman Assem Jihad said in a press release read by Mawazine News on Saturday.

"The agreement is in its final stages. Kuwait will supply 50 million standard cubic feet per day in the first phase, and then reach 200 million standard cubic feet per day," he said.

He said that "the crude gas will be issued to Kuwait instead of being burned in the fields," adding that "the agreement strengthens economic cooperation between the two countries."

"Providing Kuwait with gas will contribute to paying part of Iraq's debts as compensation for Kuwait because of violations of the regime," he said.

"The ministry has reached the final stages of implementation of the agreement with Kuwait, where there is only the agreement on the price of the unit according to international prices."

During his recent visit to Kuwait, President Fuad Masoum stressed the importance of activating and developing the economic relations between the two countries, especially in the oil field, in order to contribute to the debt repayment ranked on Iraq for the Kuwaiti side.

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