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The Future of Iraq’s Oil Is Russian

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Iraqi oil: Russia denies a contract between Rosneft and Kurdistan

Iraqi oil: Russia denies the conclusion of a contract between Rosneft and Kurdistan

 

 

Twilight News    

 

 3 hours ago

 

The Iraqi oil minister Alexander Novak denied during a meeting with his Iraqi counterpart Jabbar al-Allaibi on Friday the conclusion of any oil contract between the Russian oil giant Rosneft and the Kurdistan Region.

According to the statement received by the twilight news, Minister Novak said during the meeting in Moscow that "Russia is committed to refer to the federal government and the Ministry of Oil on the subject of oil contracts and so on and can not deviate from it."

He denied the Russian minister, according to the statement, "the result of the conclusion of a contract between Russian state company Rosneft with the Ministry of Natural Resources in the Kurdistan Region," explaining that "it is a memorandum of understanding did not come into force."

In a statement on June 2, Rosneft announced production sharing agreements for five concession areas and the Russian company said it would also target gas exploration in the future.

"We are expanding our cooperation with Kurdistan after the first direct purchases of Kurdistan oil to Rosneft refineries in Germany earlier this year," said Igor Sechin, chief executive of Rosneft and one of Russia's closest allies to Russian President Vladimir Putin.

"The agreements" set an example of heavy investment in one of the Middle East's major regions, allowing the company to expand its exploration and production activities and provide feedstock to Rosneft's growing refining network and increase the profitability of our global assets, "Sechin said in a statement.

The documents were signed by Sechin and Natural Resources Minister of the Kurdistan Region Ashti Hawrami on the sidelines of the International Economic Forum in St. Petersburg, according to Reuters.

Rosneft and Kurdistan also said they had agreed to "liquidate the oil export pipeline in Kurdistan" and Rosneft would have access to the region's transport system, which has a capacity of 700,000 bpd.

The Kurdistan region plans to expand the pipeline to one million barrels per day or one percent of global production by the end of 2017.

In recent years, the production of the Kurdistan Region of oil was led mainly by medium-sized companies, including Jinil. Larger companies such as Exxon Mobil and Chevron are still in the exploratory phase and have restored some concession areas to Kurdistan after disappointing exploration work.

Rosneft said the agreements signed on Friday would allow her to talk about "full access to one of the most promising areas of growth in the global energy market."

The Kurdistan Region estimates its recoverable reserves at 45 billion barrels of oil and 5.66 trillion cubic meters of gas.

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BAGHDAD ( Reuters) -
Oil Minister Jabbar al- Luaibi confirmed on Friday that Iraq and Russia agreed on the issue of supporting production cuts to restore stability to the oil market, while Russian Energy Minister Alexander Novak stressed that his country is committed to refer to the Iraqi government and the oil ministry on the subject of oil contracts. 

" The solidarity and unity of the producers towards the challenges facing the world oil market have succeeded to an acceptable degree in stopping the deterioration of oil prices," said Allaibi after the meeting, which was held by his counterpart, Russian Energy Minister Alexander Novak in Moscow .

 

He added that he agreed "with the Russian Energy Minister to activate the work of the Iraqi-Russian committee, which includes a number of agents from the ministries of the two countries," asserting that the views of Iraq and Russia on supporting the measures of producers from within and outside the Organization of OPEC to reduce production levels to restore balance and stability of the market Oil ". 

For his part, praised the Russian Energy Minister Alexander Novak, "Iraq's commitment and support for the agreement to reduce production," calling on the Committee to monitor the market by adopting statistics from its main sources, the producing countries and not rely on other sources, which are a lot of mistakes.

And Novak, that "the major Russian oil companies expressed their desire to invest and contribute to the development of the oil industry in Iraq as well as the companies Lukoil Kazprom and Ross Oil," stressing that "Russia is committed to refer to the federal government and the Ministry of Oil on the subject of oil contracts and other It can not be deviated from. " 

Novak denied "what was raised about the conclusion of a contract between the Rose State Oil Company with the Russian Ministry of Natural Resources in the Kurdistan region," explaining that "it is a memorandum of understanding did not come into force." 

The spokesman for the Ministry of Oil Assem Jihad that "

He continued Jihad, "It was agreed in principle with Lukoil on the development of a road map for the development of these projects," expressing his hope for "the final signing between the two sides on the amendment program for the West Qurna / 2 and the tenth exploration by the end of this year to achieve and ensure the interests of Sides ". 

He pointed out that "it was also agreed to develop an ambitious program for optimal investment of gas associated with oil operations in the field of West Qurna / 2, and to ensure the provision of good quantities added to national production."

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SEPTEMBER 18, 2017 / 8:43 AM / UPDATED 33 MINUTES AGO

Russia's Rosneft clinches gas pipeline deal with Iraq's Kurdistan

 

3 MIN READ

 

 

REUTERS/Sergei Karpukhin

 

LONDON (Reuters) - Russian oil major Rosneft (ROSN.MM) will invest in gas pipelines in Iraq’s Kurdistan, expanding its commitment to the region ahead of its independence vote to help it become a major exporter of gas to Turkey and Europe.

Kurdistan has been exporting oil independently from the central government in Baghdad since 2014 and Kremlin-controlled Rosneft joined the list of buyers this year, lending the semi-autonomous region hundreds of millions of dollars in loans guaranteed by future oil sales.

Now Rosneft is widening its investments to gas by agreeing to fund a natural gas pipeline in Kurdistan, Rosneft and the Kurdistan Regional Government (KRG) said on Monday. Two sources close to the deal said the investments would amount to more than $1 billion (735.35 million pounds).

Kurdistan is holding an independence vote on Sept. 25 as it seeks to part ways from Baghdad after years of disputes over budget revenues and the sharing of oil exports.

 

Erbil, the seat of the KRG in northern Iraq, needs money to fund the fight against Islamic state and a budget crisis caused by low oil prices.

Kurdistan has relied on oil pre-finance deals to improve its fiscal position but has struggled to develop its large gas reserves, which can require more investment to develop on a longer-term scale.

The arrival of Rosneft will speed up gas development, which has so far largely been driven by mid-sized companies.

For Rosneft, the world’s largest publicly listed oil company by production, the deal is a major boost to its international gas ambitions. Rosneft has long sought to challenge Gazprom, Russia’s gas export monopoly, in supplying gas to Europe.

For Turkey, it means the arrival of new supplies for its energy-hungry economy and the potential to become a major center for gas supplies to Europe.

The pipeline’s capacity is expected to handle up to 30 billion cubic meters (bcf) of gas exports a year, in addition to supplying domestic users. Kurdistan sits on some of the largest untapped gas deposits on Europe’s doorstep.

The volumes that Rosneft wants to help Kurdistan supply to export markets are big - they represent 6 percent of total European gas demand and one-sixth of current gas export volumes by Russia - by far the largest supplier of gas to Europe.

The pipeline will be constructed in 2019 for Kurdish domestic use, with exports due to begin in 2020.

Rosneft has previously loaned money to Kurdistan guaranteed by future oil sales and has also agreed to help the region expand its pipeline infrastructure.

Kurdistan is seeking to boost oil exports to one million barrels per day (bpd) by the end of this decade from the current 0.65 million bpd.

Reporting by Dmitry Zhdannikov, editing by Louise Heavens

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 Russia digs into Iraqi-Kurdistan with huge gas pipeline
Russia digs into Iraqi-Kurdistan with huge gas pipelineOpen in fullscreen

The New Arab

Russia digs into Iraqi-Kurdistan with huge gas pipeline

Rosneft will help develop Iraqi-Kurdistan's gas industry [AFP]

Date of publication: 18 September, 2017

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Russia's Rosneft have won a $1 billion pipeline deal with the Iraqi-Kurdistan government, which will see Moscow's influence extend in Erbil just days before the Kurdish referendum.
 
 
Russian energy giant Rosneft have agreed to invest in a new $1 billion pipeline in Iraqi-Kurdistan, just days before the Kurdish provinces head for referendum vote on independence.

The Russian investments and past loans will be a huge boost for the Kurdistan Regional Government as Erbil looks increasingly isolated with Iraq, Turkey, Iran and Syria all strongly opposing the vote due to take place on 25 September.

Erbil has been exporting oil independently of the Baghdad government since 2014, with Russian companies among the buyers.

The new investments will help the cash-strapped Erbil government as it struggles with low oil prices, Reuters said.

The pipeline will export 30 billion cubic metres of gas every year with the gas ready for the domestic market next year and for export in 2019. 

Not only will Rosneft help drive the development of Iraqi-Kurdistan's fledgling gas industry, but also provide neighbouring Turkey with desperately-needed energy supplies.

Iran has warned Erbil that if Iraqi-Kurdistan votes for indepedence Tehran will rescind trade and security deals. Baghdad has also increased its rhetoric against Erbil with the referendum just a week away.
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Economy News _ Baghdad

Russia's Rosneft is seeking to invest in gas pipelines in the Kurdistan region to expand its activities in the region ahead of a referendum on independence that will help it become a major gas exporter to Turkey and Europe.

Rosneft and the Kurdistan government said the Kremlin-controlled company was now expanding investments to extend to gas by agreeing to finance a gas pipeline in the region. Two sources close to the deal said the investments would reach more than $ 1 billion.

 
Views 8   Date Added 18/09/2017
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12:39
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Follow - up / Tomorrow 's Press: 
Russia 's Rosneft company is seeking to carry out investments in the gas pipeline in the Kurdistan region, with a view to expanding the activities of the region ahead of independence referendum as will help them to become a major source of gas to Turkey and Europe, in a deal worth up to more than one billion dollars.

Iraq has been exporting oil separately from the central government in Baghdad since 2014. Rosneft joined the list this year as the region lent hundreds of millions of dollars to guarantee future oil sales. Rosneft and the Kurdistan government said the Kremlin-controlled company was now expanding investments to extend to gas by agreeing to finance a gas pipeline in the region. Two sources close to the deal said that "investments will reach more than one billion dollars." Erbil needs funds to fund the war on a reluctant organization, due to a budget crisis, the latest of which is a drop in oil prices. The region relied on pre-funded oil deals to improve its financial position and found it difficult to develop its large gas reserves, which needed more investment to develop over a longer period. Rosneft's arrival will speed up the development of gas reserves, which have so far been led by medium-sized companies.
For Rosneft, the world's largest oil company by production, the deal represents a strong boost to its ambitions in the global gas market. Rosneft is also trying to compete with Gazprom, which monopolizes Russian gas exports, to supply gas to Europe. For Turkey this means new supplies for its energy-hungry economy and the possibility of becoming a major gas supply hub to Europe. The pipeline capacity is expected to reach 30 billion cubic meters of gas exports per year in addition to supplying local users, and Kurdistan has some of the largest unused gas reserves close to Europe. Rosneft wants to help Kurdistan supply large export markets, accounting for six percent of total gas demand in Europe and about a sixth of Russia's current gas exports, the largest gas supplier to Europe by far.
The pipeline will be extended in 2019 to serve the Kurdistan region and is scheduled to start exporting in 2020. 
Rosneft earlier lent money to Kurdistan by promising future oil sales and agreed to help the region expand its pipeline network. The region seeks to increase oil exports to one million bpd by the end of the decade, compared with 650,000 bpd now.
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Erbil, Kurdistan Region – Iraq (mnr.krg.org) – The Kurdistan Regional Government (KRG) and Russia’s oil major Rosneft have decided to extend the scope of the previously signed Investment Agreement to include the construction of a natural gas pipeline to supply power plants and factories in the Kurdistan Region and provide significant volumes of natural gas for export to international markets such as Turkey and the European Union.  

It is expected that the agreement will be finalized by the end of 2017 and Rosneft will fund and build the gas pipeline on a BOOT basis (build-own-operate-transfer) and long-term tariff payments. The capacity of the gas pipeline is expected to be up to 30 billion cubic metres (bcm) of gas per year, equivalent to 6 percent of Europe’s total gas demand. The pipeline will be built by 2019 for domestic use and supply, and gas exports are expected to begin in 2020.

The gas pipeline plans are part of a series of agreements signed by the KRG and Rosneft in St. Petersburg in June 2017, to increase investment in the KRG’s oil and gas infrastructure. Rosneft and the KRG are close to finalizing the financing for expanding the capacity of the Kurdistan Region’s crude oil pipeline, which supplies export to the port of Ceyhan in Turkey. This will also be on a long-term tariff arrangement.

The energy agreements also include cooperation in the entire hydrocarbons production chain, from exploration and production to commerce and logistics, and will help the Kurdistan Region to further develop its oil and gas industry.

Dr. Ashti Hawrami, the KRG’s Minister of Natural Resources, said, “The KRG’s gas pipeline agreement with Rosneft, a major international company, will speed up development of our gas sector, providing gas for our domestic needs and then export, adding a new source of income to support our economic diversification and help the reconstruction of some of the Kurdistan Region’s neighbouring areas that have been newly liberated from IS. Importantly, the pipeline will be built on a fast-track basis and accelerate delivery of export gas to the Turkish market and to the European Union. The revenue generated will benefit the people of Kurdistan and Iraq.”

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3 hours ago, 10 YEARS LATER said:

Awfully large Russian footprint in there now. 

 

Yup. Hard to turn down.  Russia's pulling their strings. 

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5 hours ago, 10 YEARS LATER said:

Awfully large Russian footprint in there now. 

 

2 hours ago, gregp said:

 

Yup. Hard to turn down.  Russia's pulling their strings. 

Russia is playing both sides in Iraq says I.

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Russia becomes Iraq Kurds' top funder, quiet about independence vote

September 20 2017 07:01 PM
.
.

Reuters

 

 

Russia, the only major power that has not called on Iraq's Kurds to cancel a referendum on independence next week, has swiftly become the top funder of Kurdish oil and gas deals, with as much as $4 billion pledged in less than a year, industry sources say.

Washington, European countries, Turkey and Iran have all lined up to oppose a move by Iraq's Kurds to hold a Sept. 25 independence referendum, which the Kurds consider the culmination of decades of struggle for a state of their own, but Iraq calls a violation of its constitution.

This week, the White House issued a statement calling the planned vote "provocative and destabilizing", noting that it will take place not only within the autonomous Kurdish region itself but on territory that is disputed.

But Moscow has issued no such call to cancel the vote.

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

The full value of the deal has not been disclosed officially, but according to industry sources familiar with it, it is worth more than $1 billion.

It is Rosneft's third giant venture in the Kurdish region since February, transforming Moscow from an outsider with little profile in Kurdistan into the region's biggest source of cash.

According to the industry sources, Rosneft's deals since it first arrived in Kurdistan last December are worth around $4 billion in total. That exceeds the $2 billion in financing the Kurdish region has previously received for oil sales from international trading firms that pre-pay for its exports, and $1.5 billion it has received from neighbor Turkey.

It also marks a big change in focus for the Iraqi Kurds, who have had close ties with Washington since 1991 when the United States offered them protection from Saddam Hussein, the dictator later toppled by U.S. forces in 2003.

"Moscow has been effectively filling the gap as the United States has been pulling back from Iraq," said a senior source in Erbil, capital of the Iraqi Kurdish region.

Publicly, Moscow says it supports Iraq's territorial integrity while also recognizing the aspirations of the Kurds for a homeland. The 35 million Kurds are spread over Iraq, Iran, Turkey and Syria.

"We are interested that the Kurdish people like any other nation on the planet can fulfill its hopes and aspirations," Foreign Minister Sergei Lavrov said in July. "We start from the fact that the legitimate aspirations of the Kurds, like other peoples, need to be fulfilled within the framework of existing international legal norms."

But unlike other powers, Moscow has avoided giving a verdict on the legality or wisdom of holding the referendum itself. The Foreign Ministry in Moscow said it had nothing to add to Lavrov's comments on the matter from July.

 

"The Russian position is: 'Let’s wait and see the outcome of the referendum,'" said Hoshiyar Zebari, one of Iraq's pre-eminent Kurdish politicians, who served as foreign minister, deputy prime minister and finance minister in Baghdad from 2003 until last year and now advises Kurdistan's regional government.

 

"They seem to understand our situation," Zebari told Reuters, adding that Moscow expected the Kurds would use the outcome of the referendum as part of a process of negotiation with Baghdad.

 

According to a diplomatic source, the Kurds took notice in June when Lavrov signaled to a Kurdish delegation at a meeting in St Petersburg that Russia would not oppose the referendum.

 

"During previous meetings, Lavrov always focused on Iraq's territorial integrity," said the source, who was present at the meeting on the sidelines of Russia's economic forum in St Petersburg.

 

"This time, he said that Russia understands the ambitions of Kurdish people for independence. And even though he added that it needed to be done carefully, it was a big signal."

 

At around the same time as that meeting took place, Rosneft was signing its second of this year's three major oil investment deals with Kurdish officials. Days later, the Kurds announced the date of their referendum.

 

LOOKING FOR FRIENDS

 

The Russians are not the first foreigners to come to Kurdistan looking for oil.
The Kurds have long argued that as an autonomous region of Iraq they have the authority to make agreements with foreign companies about pumping the oil on their territory. Iraq's central government, meanwhile, says any deals to export oil from Kurdistan are illegal without Baghdad's blessing.

 

For several years, American companies were at the forefront of negotiating deals with the Kurds, on the assumption that Baghdad would eventually authorize them. The highest-profile deal was announced by Exxon Mobil, then under the leadership of CEO Rex Tillerson, now U.S. Secretary of State.

 

But after signing a landmark deal to develop Kurdish oil fields in 2011, Exxon did little exploration, and has since handed some of the blocs back to the Kurdish government.
While Washington remains friendly with the Kurds and sees them as a bulwark against ISIS, it is concerned about their independence bid leading to the breakup of Iraq or a rupture with Turkey. The United States has long encouraged the Kurds to avoid unilateral steps, such as the referendum, that might destabilize the Baghdad government or antagonize Ankara.

 

Russia, meanwhile, is looking for more friends in the Middle East after returning in force to the region with a decisive military intervention in Syria. Its main regional allies are Iran and the Syria of President Bashar al-Assad, and having friends in Kurdish territory, located between Syria, Iran and Turkey, would be geopolitically useful.

 

DEAL AFTER DEAL

 

Kurdistan has estimated recoverable reserves at 45 billion barrels of oil and 5.66 trillion cubic meters of gas, which could rise further with exploration.

 

For Rosneft, run by Igor Sechin, a close ally of President Vladimir Putin, it potentially offers a cheap source of crude supplies to refineries in Europe, and a big boost to Rosneft's gas ambitions.

 

In 2014, Erbil started oil sales via a pipeline through Turkey. It has generally conducted those deals with pre-financing, obtaining money in advance from international trading firms and Turkey before the oil is delivered.

 

Rosneft began its involvement with a small pre-finance deal at the end of last year along the lines of deals the Kurds had previously reached with global traders. The Russian firm loaned the Kurds around $280 million, guaranteed by future oil sales, according to industry sources.
In February 2017, Rosneft ramped up its cooperation by agreeing to lend the semi-autonomous region $1.2 billion, becoming the first big foreign oil company to publicly commit to pre-financing Kurdish exports.

 

Kurdistan's minister of natural resources Ashti Hawrami called the deal a ground-breaker for the region that would help its economic independence - a crucial condition for seeking political independence.

 

By that point, Turkey had invested some $1.5 billion and international trading houses such as Vitol, Petraco, Trafigura and Glencore had collectively loaned the Kurds some $2 billion.

 

Russia became the Kurds' single biggest financer with its next deal in June this year to lend money and help search for more oil, bringing its total investments close to $2.8 billion.

 

This week's Russian pledge to invest more than $1 billion in Kurdistan's gas infrastructure could help the region become a major gas exporter to Turkey and Europe one day, Rosneft says. The independence referendum won't be a problem.

"Holding the referendum will not affect our work. We are doing business in an autonomous region in Iraq that has been recognized by law," Rosneft spokesman Mikhail Leontev said this week. "This place is run by Iraqi Kurdistan’s nation and it is the people of Iraqi Kurdistan who live there. That is why we don’t think we are embarking on an adventure."

 

http://www.thebaghdadpost.com/en/story/17199/Russia-becomes-Iraq-Kurds-top-funder-quiet-about-independence-vote

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Ivan is levereaging their influence for future holdings in a very strategic manner. The USA better keep an eye on this and make their own moves if they don't want to be frozen out by the KURDs in favor of Russia.

 

The Middle East Chess Board, never dull.

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2016/10/08 (21:01 PM)   -   Number of readings: 46   -   Number (4036)
 
 
The Ministry of Oil is preparing to launch the associated gas station in the field of southern Badra



 The range / Zahraa al-Jassim 
 

The establishment of gas production plants associated with oil operations is one of the licensing rounds required by the oil companies operating in Iraq. In this context, Kazprom, a Russian company operating in the oil field of Badra in Wasit province, has established an associated gas investment plant. This is considered a major step and an important contribution to the provision of dry, liquid and sulfur gas, both for domestic consumption and for export as well as in many important industries.
The date of the opening of this station will be before the end of this year, according to the announced for "range" Oil Ministry spokesman Assem Jihad, who explained that the investment field Badra was part of licensing rounds contracts, led by "Kazprom" which is the main operator of this field and develop. The production of this field now exceeds 70 thousand barrels per day, and there will be before the end of this year the opening of the gas plant associated with oil operations, which is a very important step to provide dry gas, liquid and sulfur.
"The dry gas will be supplied by electric power plants, cement factories, petrochemicals, etc. Liquid gas will serve the national production in new quantities. In terms of sulfur, it is a known material that will be used and exported abroad, and will reduce environmental pollution. The production of liquid gas, of which 27 cubic meters per hour, will be about five thousand and 900 kg per hour of sulfur, these volumes are an initial stage, and will certainly increase gradually in the future, and any increase In production The oil of the field will be reflected on the gas increase. 
The operations of the oil field of Badra oil company announced in July, the end of the experimental phase of the gas processing units and start the actual production of dry gas at the rate of production of a daily average (21 Muqmq / day) and within the required specifications.
On the other hand, said the oil expert Dhargham Mohammed Ali in an interview for "(to the extent) that the contracts of licensing rounds the second committed companies that develop the fields of green oil discovered and undeveloped investment of gas associated with the lack of waste, and therefore each company to commit to establish a unit to process the associated gas within the process The extraction of oil, so as to provide gas to the electrical stations first for domestic consumption He added: The establishment of these stations to invest gas associated with will stop the burning of associated gas, which was causing the waste of financial wealth and large for Iraq because of non-exploitation,Therefore, the opening of such a unit will be very useful because these projects that serve gas very little in that region, therefore, the establishment of this station is very necessary, as it will help in the process of supplying power plants located in Diyala and nearby areas with dry gas, As it will contribute to the establishment of a gas filling plant to benefit from those areas.
The actual production started in Badra oil field on 26/8/2014 with a production capacity of 15000-17000 barrels / day. This was done under the service contract signed between the Central Oil Company and the investment companies consortium led by the Russian company Gazprom: TPAO / Petronas / (Samsung / Halliburton / Wetherford / Techno / Chamberlager / CCP / Zbk) in addition to the Iraqi oil exploration company, after winning the contract in the second licensing rounds, where this field, which is the second largest oil field after the field Ahdab in Wasit province, .
The Ministry of Oil has announced in 2015 that Iraq is working to invest the associated gas through national companies in cooperation with the companies «Shell» and «Mitsubishi», and its production is linked to increase its production of oil, adding that the gas industry is complex and needs to invest large and advanced technology, The task of companies to invest gas from three fields in Basra and the goal is to reach after the year 2018 to produce two trillion feet of gas.

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Ahhh . . . I can see it now ! " Launch the associated Gas Station . . . "

 

Slurpees, Greasy Hot Dogs, Shriveled and Crusty Cheese Burgers in Wax Paper Chocolate Bars and Gas station Sushi. 

 

Looks like quite allot of the major global outfits have come to play - :bagofmoney:

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38 minutes ago, 10 YEARS LATER said:

Ahhh . . . I can see it now ! " Launch the associated Gas Station . . . "

 

Slurpees, Greasy Hot Dogs, Shriveled and Crusty Cheese Burgers in Wax Paper Chocolate Bars and Gas station Sushi. 

 

Looks like quite allot of the major global outfits have come to play - :bagofmoney:

 

And the sand box gets bigger brother :lol:

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3 hours ago, 10 YEARS LATER said:

Ahhh . . . I can see it now ! " Launch the associated Gas Station . . . "

 

Slurpees, Greasy Hot Dogs, Shriveled and Crusty Cheese Burgers in Wax Paper Chocolate Bars and Gas station Sushi. 

 

Looks like quite allot of the major global outfits have come to play - :bagofmoney:

 

YUKKY !!   :lmao:

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2 hours ago, nannab said:

 

YUKKY !!   :lmao:

 

2 hours ago, alreis said:

Mmmmmmmmmm gas station sushi

 

BUH - Wah Ha ha :bravo:

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48 minutes ago, Wiljor said:

:bravo: hell yeaaa 10 Years :salute:

 

Thank you, Thank you very much ( 10 drops his pants and does his best Cowboy Mosey, exit, Stage Left )

 

Doin' okay 2nite Wiljor ?

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Erbil receives $ 1 billion from Rosneft and uses it to repay debts!

 

 From 2017-11-07 at 15:37 (Baghdad time)

2.jpg

Mawazine News - Follow up

The head of the Finance and Economic Affairs Committee in the Parliament of Kurdistan, Izzat Saber, on Tuesday, the value of contracts concluded by the Territory with the Russian oil giant, "Ross Naft."

Saber said that the value of contracts exceeds three billion dollars, and intends to invest in the majority of Erbil in the infrastructure of the region, and explained that the agreement provides that the "Ross oil" one billion dollars as a pre-payment for the region to pay debts due to Erbil of the UAE company "Dana Gas."

And the second billion, the region intends to direct to build a pipeline to transport gas from Erbil to the Turkish port of Ceyhan. According to Saber, the investment of the third billion to develop five oil fields, namely: Avana, Bi Hassan, Miran, Ayn Zalah, and Baguan.

He added that the second and third billion did not pay and did not start the draft gas pipeline, noting that some oil fields are in the hands of Iraqi forces, not in the hands of the Kurdistan Regional Government, which means that "Ross Oil" will not risk investing in these fields.

In February, Ross Oil and Erbil signed a package of agreements, including an agreement on oil and gas cooperation, and an agreement under which the Russian company will purchase crude oil from the region from 2017 to 2019.

In October last year, Ross Oil and the Kurdish region signed documents to start implementing a profit sharing agreement from the development of the five oil fields. On October 20, Ross Oil and Erbil announced the start of a project to operate an oil pipeline In Kurdistan.

The Russian company said that its share in the pipeline project is up to 60%, while KAHR group operating pipeline will retain a share of 40%.

Rossneft expects 670 million barrels of oil at the five sites. The Russian company said in October that it would bear the costs of conducting the studies and drilling, worth about $ 400 million, in return, will receive 80% of the profits of the project.

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Details of the contract of Kurdistan with the company "Russian oil" Russian

Readers

 

 

8
Details of the contract of Kurdistan with the company "Russian oil" Russian

 

07-11-2017 02:09 PM

 

The Euphrates -

 

The head of the Finance and Economic Affairs Committee in the Parliament of Kurdistan, Izzat Saber, the value of contracts concluded by the territorial government with the Russian oil giant 'Ross Oil'.

Saber said in a press statement that the value of the contracts exceed three billion dollars, and intends to invest in the majority of Erbil in the infrastructure of the region, adding that the agreement provides that Ross to pay $ 1 billion oil as a pre-payment to the region to pay debts owed by Erbil to the UAE company Dana Gas. And that the second billion, the region intends to direct it to build a pipeline to transport gas from Erbil to the port of Ceyhan, Turkey, 'while the Kurdish plan to invest the third billion to develop five oil fields, namely Avana, Bi Hassan, Miran, Ayn Zalah and Baguan. Adding that the second and third billion did not pay, and did not start the gas pipeline project, noting that some of the oil fields contained in the agreement is now under the control of the federal forces, not in the hands of the Kurdistan Regional Government, which means that Ross Oil will not risk investing in these fields.

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