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National Business Council: The need to turn national oil companies into a major operator

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Just now, 6ly410 said:

Yup combined with all the banking news.. I say it’s go time 

 

Agreed. :cigar:

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Just now, Theseus said:

Then you missed the unhighlighted part of the above article. I added the red below. They are throwing out all of the drafts up to this point and starting from scratch on the HCL if they so choose to introduce the new law. This does not smell like they will be implementing the HCL anytime or close to "soon". 

 

Third: Federal oil and gas law

There are at least four drafts of this law, all of which have become outdated and can not be implemented. 

Therefore, the next government has two alternatives: either the failure to introduce the law or introduce a new draft law is completely different and radical than any of the old versions of the law. 

****If the second alternative is chosen, the 10-year experience with the above four formulas suggests that this requires intensive, complex and long-term efforts and may not work in the end.****

 

Great Point, Theseus, AND The Best Of Your Weekend To You!!! :tiphat:

 

Hey, I did mention the customary but necessary "disclaimer"!!!

 

:o       :o       :o

 

If I remember right, there were three portions of the HCL with one of them being passed by the GOI relatively early in the year allocating 10% of the crude oil revenues to the Iraqi Citizens.

 

The content of the most of the recent articles in this thread appear to relate to one of the other three portions of the HCL. What I like is the announcement of the formations of these companies under the "National Oil Company" separate from the Cabinet "in order to start direct investment" that appears to be related to a second of the three related to the HCL.

 

Whether or not there is "this requires intensive, complex and long term efforts and may not work in the end" is likely Iraqlish for "we have all our options on the table at all times and are pursuing everything simultaneously to find things that benefit us" that is likely not an indication of any direction or accomplishments they will have for any given day or time. What I find interesting is the news in the past couple months or so with regard to the Federal Court issuing a ruling related to the "Federal Oil And Gas Law" or something like that to infer, at least to me, there are viable constitutional elements to get the "Federal Oil And Gas Law" or something like that elements implemented via the Federal Court. The Federal Court was supposed to rule on this October 3 but decided to wait until after the formation of the newly elected government.

 

Who knows what horse trading was actually done to get where things are now with implications for the future, even very near future?

 

As always, just my conjecture..........................................................................

 

Of course, may or may not be a rendition of reality. CAVEAT EMPTOR, (every) Reader!!! :o

 

In The Mean Time..................................................................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK)!!!

:rodeo:   :pirateship:

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18 minutes ago, gregp said:

I agree with synopsis. This baby is done!

 

:twothumbs: Hope So, GregP, AND The Best Of Your Weekend To You!!! :tiphat:

 

Here is a little background on the guy who wrote the October 12, 2018 article DinarThug posted:

 

Ahmed Mousa Jiyad

A. Mousa Jiyad
 
Ahmed Mousa Jiyad 
Petroleum Development Consultant

Articles(s) by this author

Profile

 

Ahmed Mousa Jiyad is an is an independent development consultant and scholar. He studied and graduated with B.Sc. in Economics (Univ., of Baghdad), Post Graduate Diploma in Planning (Univ., of Birmingham, UK), M.Sc. in Development Studies (Univ., of Bath, UK) and MA, Law and Diplomacy (Tufts and Harvard Universities, USA).

 

 

https://www.ogel.org/about-author-a-z-profile.asp?key=2187

 

So, the guy is NOT a Bicraqi Iraqi decision maker but is providing content for a column that has varying degrees of relevance.

 

Following is an excerpt from the 

 

On 10/12/2018 at 12:46 PM, DinarThug said:

Fourth: The law of the Iraqi National Oil Company

The appeal against this law submitted to the Federal Supreme Court by Iraqi citizens proved that the regulations submitted (October 3, 2018) to this court by both the legal agents of the Prime Minister and the Ministry of Finance correspond to the unconstitutionality of many articles of this law which may pay The Federal Supreme Court to accept the challenge of the law. 

Here, the new government has two alternatives:

Either completely disregard this law or introduce a new draft law that is fundamentally and completely different from the law being contested. 

But strange and within the pre-move to impose the fait accompli on the next government was appointed the current oil minister on October 9, 2018 President of the company !!!!!

 

The last paragraph quoted is accomplished nominally ten calendar days later by the consolidation of the companies mentioned via the recent news articles even though conflicts, at least somewhat, with the previous portion in the quoted section. As a result, the Federal Court may have more to say on the "Federal Oil And Gas Law" forthcoming that contradicts the information in the October 12, 2018 column.

 

So, no matter how messed up things appear, there does appear to be remarkable ways to ACTUALLY "git 'er dun" without any "independent development consultant and scholar" input or direction.

 

:backflip:       :backflip:       :backflip:

 

In The Mean Time............................................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

:rodeo:   :pirateship:

 

 

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2 hours ago, Synopsis said:

 

:twothumbs: Hope So, GregP, AND The Best Of Your Weekend To You!!! :tiphat:

 

Here is a little background on the guy who wrote the October 12, 2018 article DinarThug posted:

 

Ahmed Mousa Jiyad

 
A. Mousa Jiyad
 
Ahmed Mousa Jiyad 
Petroleum Development Consultant

Articles(s) by this author

Profile

 

Ahmed Mousa Jiyad is an is an independent development consultant and scholar. He studied and graduated with B.Sc. in Economics (Univ., of Baghdad), Post Graduate Diploma in Planning (Univ., of Birmingham, UK), M.Sc. in Development Studies (Univ., of Bath, UK) and MA, Law and Diplomacy (Tufts and Harvard Universities, USA).

 

 

https://www.ogel.org/about-author-a-z-profile.asp?key=2187

 

So, the guy is NOT a Bicraqi Iraqi decision maker but is providing content for a column that has varying degrees of relevance.

 

Following is an excerpt from the 

 

 

The last paragraph quoted is accomplished nominally ten calendar days later by the consolidation of the companies mentioned via the recent news articles even though conflicts, at least somewhat, with the previous portion in the quoted section. As a result, the Federal Court may have more to say on the "Federal Oil And Gas Law" forthcoming that contradicts the information in the October 12, 2018 column.

 

So, no matter how messed up things appear, there does appear to be remarkable ways to ACTUALLY "git 'er dun" without any "independent development consultant and scholar" input or direction.

 

:backflip:       :backflip:       :backflip:

 

In The Mean Time............................................................

 

Go Moola Nova (YEAH AND YEE HAW, BABY, READY WHEN YOU ARE BROTHER (OR SISTER) - LET 'ER BUCK!!!)!!!

:rodeo:   :pirateship:

 

 

 

Awesome!

Thank you, sir!

 

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Why am I thinking that this could be tied  to the HCL ,  which is all about who owns the oil ,isn't it ? 

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4 minutes ago, dinarham said:

Why am I thinking that this could be tied  to the HCL ,  which is all about who owns the oil ,isn't it ? 

If it’s not, it should be. I like the way you’re thinking. 

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4 hours ago, Synopsis said:

HCL" are being IMPLEMENTED NOW!!!

Sure looks like it..wow .. this is big news .. something is up imo

Edited by 6ly410
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4 hours ago, Theseus said:

Then you missed the unhighlighted part of the above article. I added the red below. They are throwing out all of the drafts up to this point and starting from scratch on the HCL if they so choose to introduce the new law. This does not smell like they will be implementing the HCL anytime or close to "soon". 

 

Third: Federal oil and gas law

There are at least four drafts of this law, all of which have become outdated and can not be implemented

Therefore, the next government has two alternatives: either the failure to introduce the law or introduce a new draft law is completely different and radical than any of the old versions of the law. 

****If the second alternative is chosen, the 10-year experience with the above four formulas suggests that this requires intensive, complex and long-term efforts and may not work in the end.****

 

I think this might be to "throw everyone off".

They don't want to tell everyone what's coming yet.

I'm not sure at all, of course.  I just hope I'm right.

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This looks like a way to make sure all the oil exported will be accounted for.

This includes Kirkuk ,Basra and the Kurdish region. If this figure of (all) the

oil is close to accurate, it makes the HCL much easier to divide up 

the percentages cut out for the Region.  This is great imho

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INOC was founded in 1966. In order to protect Iraqi national interests, the company was forbidden from entering into partnerships or granting concessions to foreign oil companies. The only foreign aid came in the form of the Iraq-Soviet Protocol, which was a contract with the Soviet Union that required the country to give technical and financial aid to INOC.

By 1980, the company had a production capacity of 3 million barrels per day. However, the outbreak of war with Iran severely damaged production capacity. Subsequent war prevented the return to 1980 levels. The company was scrapped by Saddam Hussein in 1987 and broken into several regional companies.

Starting in 2009, there was talk of rebuilding the INOC. Iraq is estimated to have 115 million barrels of oil in its reserves and it is expected that, barring any further setbacks, the INOC can reach production of 3.5 million barrels per day by 2014.

There has been a bitter dispute in the Iraqi parliament since the fall of the Hussein government as to the portions of profits that will go to each of the three major groups. The Shiite, Sunni, and Kurdish factions have been unable to reach an agreement. The Kurdish faction has actually begun producing its oil fields, against the edict of the Ministry of Oil, and currently has a production capacity of 180,000 barrels of oil per day.

 

The reason why I posted this is because it appears that Iraq has reinstated the old Iraq National Oil Company under the new National oil company. Saddam disbanded and split up the company and now it appears that they have now merged them back again ie: North oil company. Why are we waiting on a supposed new HCL and when it appears they have had one in place since 1987 and have just reverted back to it with no doubt amendments.

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2 hours ago, dinarham said:

Why am I thinking that this could be tied  to the HCL ,  which is all about who owns the oil ,isn't it ? 

First thing I thought of when I read the title.

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It would appear southern oil company also included....

 

Basra Oil Company (BOC) is a national Iraqi company responsible for the oil in the south of Iraq. It is situated in Basra. BOC is one of the major fundamental formations of the Iraq National Oil Company (INOC). It was the first nucleus and the basis of national direct investment projects in the 1970s, where the BOC was subsidiary to the national company.

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Iraq oil law (2007)

 

The Iraq Oil Law, also referred to as the Iraq Hydrocarbon Law was a piece of legislation submitted to the Iraqi Council of Representatives in May 2007 that laid out a framework for the regulation and development of Iraq's oil fields.[1]

 

 
 
Contents
 

 

 
Start of processEdit

The legislation started when the U.S.-backed Iraqi cabinet approved a new oil law that was set to give foreign companies the long-term contracts and the safe legal framework they have been waiting for. The law rattled labour unions and international campaigners, who say oil production should remain in the hands of Iraqis.[2]

On March 10, 2007, prominent Iraqi parliamentarians, politicians, ex-ministers and oil technocrats urged the Baghdad parliament to reject Iraq's controversial hydrocarbon law, fearing that the new legislation would further divide the country already witnessing civil strife.[3]

On April 28, 2007, discussions turned contentious among the more than 60 Iraqi oil officials reviewing Iraq's draft hydrocarbons bill in the United Arab Emirates. But the dispute highlighted the need for further negotiations on the proposed law that was stalled in talks for nearly eight months, then pushed through Iraq's Cabinet without most key provisions.[4]

By December 2, 2007, The Bush administration was concerned that recent security gains in Iraq may be undermined by continuing political gridlock, and started pushing the Iraqi government to complete long-delayed reform legislation within six months.[5]

 

 
Administrative law responseEdit
 

On June 30, 2008, a group of American advisers led by a small State Department team played an integral part in drawing up contracts between the Iraqi government and five major Western oil companies to develop some of the largest fields in Iraq American officials say.[6]

In June 2008, the Iraqi Oil Ministry announced plans to go ahead with small one- or two-year no-bid contracts to Exxon MobilShellTotaland BP — once partners in the Iraq Petroleum Company — along with Chevron and smaller firms to service Iraq’s largest fields.[7] Several United States senators had criticized the deal, arguing it was hindering efforts to pass the hydrocarbon law.[8]

By July 1, 2008, Iraq's government invited foreign firms Monday to help boost the production of the country's major oil fields, beginning a global competition for access to the world's third-largest reserves.

By February 2009, Iraq had "sweetened" the terms it was the offering international oil companies vying to develop the country’s reserves in the first concrete example of a global shift in power beginning to sweep through the oil industry.

Iraq, which pre-qualified about 45 companies to bid on oil projects, plans to award contracts for the six partly developed and four undeveloped fields offered in its second licensing round by mid-December.

 

 
HistoryEdit

The Iraqi oil industry had been completely nationalized by 1972.[9][10] The government in the 1990s, under the presidency of Saddam Hussein, gave production share agreements (PSAs) to Russian and Chinese companies which gave a profit percentage of less than 10 percent.[9]

The Bush administration hired the consulting firm BearingPoint to help write the law in 2004.[11][12] The bill was approved by the Iraqi cabinet in February 2007.[13] The Bush administration considers the passage of the law a benchmark for the government of Prime Minister Nuri Kamal al-Maliki.[14][15] One stumbling block was the unpopularity of the law, as it is perceived by the Iraqi people. An opinion poll conducted in 2007 by Oil Change International and other groups shows 63% of Iraqis surveyed would "prefer Iraq's oil to be developed and produced by Iraqi state-owned companies [than] by foreign companies". This explains why the law had stalled in the Iraqi parliament.[16]

 

 
Profit sharingEdit

The new law authorizes production share agreements (PSAs) which guarantees a profit for foreign oil companies.[9]

The central government distributes remaining oil revenues throughout the nation on a per capita basis.[17] The draft law allows Iraq's provinces freedom from the central government in giving exploration and production contracts.[9] Iraq's constitution allows governorates to form a semi-independent regions, fully controlling their own natural resources.[9]

 

 
Criticism of the new lawEdit

Some critics have claimed that the new Iraqi Oil law was not needed since Iraq has the cheapest oil to extract.[18] Other analysts have claimed that the no-bid contracts given to U.S oil companies constitute exploitation since many non-U.S companies would give the same service for shorter contracts and lower percentage of revenue.[19][not in citation given]

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Iraq is a country with many ethnicities, sects and religions,” explains local political analyst Saeed Radi. “It’s very difficult for any one party to manage all affairs. A Shiite Muslim-dominated government would be hard pressed to know what Iraq’s Sunni Muslims and Kurds want and need.”

Each province, no matter which sect or ethnicity the majority of its inhabitants are, has different needs. For example, the southern city of Basra suffers from a lack of water and power and it is also home to a large amount of poor people. Its people believe that if Basra had more autonomy then local officials could make better decisions more quickly and solve at least some of the city’s problems. Another example: The northern city of Mosul needs its state officials to be given more power over local security. Part of the reason that the Sunni Muslim extremist group, the Islamic State, currently dominates there is because many locals felt they were a better alternative than the Iraqi army, that had been stationed there and which was mainly made up of Shiite Muslim forces.

However officials in these cities and provinces have been prevented from making many of their own decisions, with the government saying that they cannot make any moves without Baghdad’s prior approval.

Article 122 of the Iraqi Constitution actually gives the provincial councils this power “in accordance with the principle of decentralized administration”, Article 110 limits the federal government’s powers to things like foreign and fiscal policy and Article 115 says that anything that the federal government isn’t responsible for, should be the responsibility of the provincial councils.

But of course the Iraqi government headed by al-Maliki has been ignoring those stipulations. Some would say it is those kinds of tactics that have pushed Iraq closer to splitting, and becoming three different countries: Sunni, Shiite and Kurdish.

“It really began when the federal government refused to apply Law 21, from the summer of 2013,” former judge and legal expert, Wael Abdul-Latif, told NIQASH. “That law would have forced the government to do as the Constitution told it and grant the provinces broader powers.”

The amended version of Law 21 would have seen local governments choosing their own judiciary and their own heads of security. The law also gave them the power to deploy the Iraqi army inside and outside major cities; Baghdad is also obligated to consult with the local governor, should they wish to deploy the army in the province. In fact the amendment, Article 14, says “the governor shall have direct authority over all the apparatuses operating in the province which are tasked with security and with maintaining public order”.

Law 21 would also have given the provinces more control over their own money and would have made some of them a lot richer. Law 21 would increase the percentage of money those provinces producing oil get. Article 44 of the Iraqi Constitution stipulates that, besides part of the federal budget, fees or fines and tax revenues, each province gets a percentage from any barrel of oil that is either produced or refined there; a similar stipulation exists regarding the production of natural gas. And Law 21 increases that amount significantly. For an oil-producing province like Basra with much poverty and lack of other resources like water, this would have been very important.

“Conflicts between the provincial council and the federal government continue,” says Ahmad al-Sulaiti, the Basra council's vice-chairman, and a senior cleric from the Islamic Supreme Council of Iraq, another Shiite Muslim party that has allied itself with al-Maliki’s own mostly Shiite Muslim bloc in the past. “The government hasn’t given Basra any more financial powers even though we produce two thirds of Iraq’s oil. This is despite the passage of Law 21 which gave us more powers.”

“The federal government hasn’t given the governor any powers over local security,” complains Ghazwan Hamed al-Daoudi, a representative of the local Shabak people on Ninawa’s provincial council; Mosul is the capital of the province. “For example, the law says that the governor is the one who is supposed to select the police chief here. But the federal government wouldn’t let him. The fall of Mosul to members of [Sunni Muslim extremist group] the Islamic State is partially due to the fact that security in Mosul was run by the Iraqi army, who managed things badly and who didn’t know how to deal with the local people. The provincial council would have done a far better job as they know the local people.” 

Prior to the current security crisis in Iraq, the heads of provincial councils from throughout the country had held meetings in December 2013 and then again in February 2014. The first meeting was held in Basra, the second in Baghdad and a third in Mosul. The meetings were supposed to send a message to the Prime Minister about the importance of granting the provincial authorities the powers they were entitled to.

There have been demonstrations in Shiite Muslim majority provinces where protestors demanded better services. There were also demonstrations in the Sunni Muslim-majority areas, where locals wanted more power over their own security and the departure of an Iraqi army they felt was treating them unfairly and harshly.

Even today the provincial councils are still asking that Law 21 be used.

For some this law represents one way out of the mess the country is in, a way that leads the country away from splitting into three separate states. It wouldn’t require Constitutional amendments and it wouldn’t take years to work, just commitment from all parties. The question is: Is it still possible to use Law 21 or has it become impossible due to the current crisis and the last Iraqi government’s policies?

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Oil was first extracted in Iraq from the Baba Karkar field in 1927 by the Iraqi Oil Company (IPC). This name was designated on the Turkish oil company after the fall of the Ottoman Empire.
In 1961, the competent authorities enacted Law No. 80, according to which Iraq confiscated 95% of the Iraqi Oil Company, and defined the work of foreign companies in fields where they operated without allowing them to discover new fields.
In 1964, it was established a national Iraqi facility called National Oil Company (NOC), which aimed to find new fields and invest them nationally.
In 1972, all Iraq Oil Companies were nationalized, where foreign oil companies owning three-quarters of the shares of Iraq Oil Company Limited, including the country’s entire oil reserves before this.
The Iraqi National Oil Company recorded successes in raising Iraqi production from 1.4 million barrels per day to more than 3 million barrels per day in 1980, but the outbreak of the first Gulf War with Iran in the same year led to the damage of the GDP of oil in general.
In April of 1987, the company merged with the Ministry of Oil, which became the regulator of its work.
The company according to its founding law , enjoys a juridical personality and financial and administrative independence and linked to the Council of ministers and its powers to conclude contracts for exploration , production and export according to the policy of the state so as not to contradict with the provisions of the Constitution and the company has the right to borrow from any party inside and outside Iraq to finance its investments with the approval of the Council of Ministers. ”
Suddenly and quickly, the Iraqi Council of Representatives voted in its fourth session on 5/3/2018 to pass the law of the “Iraqi National Oil Company”, despite its importance and the serious subjects that it included. The Iraqi Presidency hastened to ratify it despite the campaign of objections raised by some Oil experts.
And the economic, political and oil concepts that raise the questions published by the designers of “law” and considered the approval of the law a final victory for their concepts and great effort in this process.
According to economists opposed to the law, article 12 of it includes the following:
1 – The revenues derived from the export and sale of oil and gas are sovereign revenues, and can be “financial revenues of the company,” according to the law; because this is a violation of the Constitution, which specified that oil and gas belongs to the Iraqi people and not a financial return to a public company.
2- Considering the revenues of oil exports as financial revenues for a public company that deprives those revenues of the sovereign status that the international law provides protection for it and thus presents these revenues to all forms of seizure and confiscation in implementation of any judicial proceeding in any place where revenues exist, so exposing the revenues of oil exports to the danger.
3 – The law gives the oil company powers to effectively determine the volume of oil imports in the annual general budget and therefore the decisions of the company is the basis of the economic activity. This means that the company becomes more important than the Ministry of Finance and the Cabinet in determining the volume of expenses.
4- The law authorizes the oil company to establish, finance and manage financial entities that have nothing to do with the nature of its activities as an extractive oil company. These entities are: (Citizen Fund), (Generations Fund), and (Construction Fund). It is strange that these entities, which are usually the functions and powers of the government, especially the Council of Ministers and ministries of finance and financial planning and others, the law made them of its powers?
5 – The article means tampering with at least 10% of the revenues of oil exports; on the one hand and on the other hand will work on the deviation of the National Oil Company from its core functions as an oil company concerned with the development of the extractive oil sector.
The same experts criticize Article (13) of the Iraqi National Oil Company Law concerning oil ownership and revenues of the financial company, and how to distribute the company’s profits and for the importance of this article, we mention some of its articles:
First: The Company’s financial revenues consist of revenues from the sale of crude oil, gas and any other products. In addition to any revenues the Company may receive.
Second: The Company’s profits shall consist of the total revenues minus expenses as stated in Article (12).
Third: Distribution of the profits of the company as follows:
• State treasury: a percentage shall not exceed 90% of the profits of the company goes to the state treasury and its percentage shall be determined in the federal budget law.
• Distribution of the rest of the profits of the company after deducting the percentage allocated in (1) of this item as follows:
A – Percentage of the profits for the company’s capital reserve, and the Board of Directors has to determine the mechanisms and areas of disposal of the reserve to achieve the interests and objectives of the company.
B – Percentage of the profits to (Citizen Fund) distributed to shares of equal value to all citizens residing in Iraq, and according to priority to the segments of society. It is not permissible to sell, buy or inherit shares and to fall upon death.
C – Shares of Iraqis residing in regions and governorates not organized in a region that refrains from delivering oil and gas revenues produced to the company are deprived of profits and its entitlements shall be added to the rest of shareholders.
D – Percentage of the profits to (the Generations Fund), and to invest for the benefit of generations.
E. A percentage of the profits allocated to (Reconstruction Fund), in order to implement strategic projects in the provinces in which the oil activity of the company is carrying out. There is no exaggeration in the words of Professor Giad, despite it is strange .
The economist Ahmed Moussa Jyyad believes that the law that he describes as strange obliges them to distribute the oil revenue, which has become its property, so that more than 90% of it is not transferred to the state treasury. The rest is distributed to “funds”. The first was to bribe the citizen to accept this threat to the wealth of his country named “Citizen Fund”, which provides each citizen, according to the calculations of economic expert Hamza al-Jawahri no more than $ 50 a year.
After presenting the items of Article 13, the experts believe that the law set the national oil company as a body with authority over Iraq, which effectively receives all of Iraq’s financial revenues from the export of oil and gas, all of which belong to it while all revenues were belong to the financial ministry .
They refer to the contradiction of the constitution as oil and gas (and their revenues) belong to the Iraqi people and not a financial return to a public operating company, although the law made the head of the company a minister and a member of the Council of Ministers, but the company in all considerations is a company / commercial operating ministry and not sovereignty and in any case, it is a public company. The consideration of revenues from oil and gas exports revenues for it that deprives these revenues from sovereign status, and may be subject to seizure or confiscation outside Iraq as a result of any judicial problem that the company exposed to.
They say that the law gave the company the right to distribute its profits to the state and create different funds, and to determine the amount of disbursements to the State Treasury, and the company has become an entity exceeds by all standards the sovereign ministries such as ministries of oil , finance and planning together .
On the other hand, the Iraqi economist and politician Adnan al-Janabi considers the decision to be effective. as the activation of Article 111 of the constitution which states that oil and gas belongs to the Iraqi people and Article 12 – third states to make the company’s profit rate determined according to the annual budget and distributed on shares of equal value for all citizens residing in Iraq , and may not sell or buy or inherit shares and fall at the death and these percentages are determined in the light of what determined by the federal budget for the share of the state treasury.
All this means that every Iraqi becomes a shareholder of equal value in the remaining profits of the national oil company after the imposition of a tax determined by the House of Representatives when the adoption of the federal budget.
According to al-Janabi, article 111 is a coup against the rentier equation of state that the revenue will not go directly to the account of the Ministry of Finance, but to the citizen! The citizen through his representatives in the House of Representatives can accept a percentage of “tax” on his income from oil revenues.
Al-Janabi pointed out that the company’s approval is to eliminate the corruption of some deputies, and to rid future generations of the burdens of excesses and corruption of the rentier state, and the presence of shares of equal value leads in a few years to eradicate extreme poverty and reduce income disparities through the application of the principle of comprehensive income.
He added that the establishment of the Generations Fund is a sovereign fund for surpluses of oil revenues, calling for the start of setting of the proportion of the construction fund for strategic projects.
Al Janabi said that the law will make the citizen and his deputies compete to increase the share of the citizen fund and reduce the government tax and follow up the executive authority, and accountability.
One of the important issues in the law, according to al-Janabi is to deprive the residents of the provinces that refrain from handing over oil and gas revenues to the federal budget of their shares share, which leads to pressure on citizens to deliver oil and gas revenues to the federal budget.
In the view of Janabi, the law is not limited to the fields, but extends the work to include all the territory of the Republic of Iraq and its territorial waters and continental shelf, stated in Article 112 / I of the Constitution.

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That is a lot info to process in just 14 comments, actually only counting 8 of those to pack the most info... So is this the HCL, going by another name???????

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3 hours ago, 6ly410 said:

This is so happening right now .. hcl /RV ..just my opinion guys but this sure looks good.. cheers DV 

There is hopium and then there is this, You have to pass the draft into law before you can implement the law. Come on use common sense. Which of the four drafts have they passed into law are they implementing? Do tell. They split one of the drafts into three parts and created the new National Oil Company. That they passed and implemented which is all of the drafts. So tell us how they are implementing something they havent even passed into law. The IC says they have spread the sales but they havent even decided that far in advance yet or it would have been shouted across the land. Common sense goes a long way. Hope is a feeling that will not put food on the table. I hope I had a 64 ounce medium rare ribeye steak. Yep still hungry.

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21 minutes ago, Theseus said:

There is hopium and then there is this, You have to pass the draft into law before you can implement the law. Come on use common sense. Which of the four drafts have they passed into law are they implementing? Do tell. They split one of the drafts into three parts and created the new National Oil Company. That they passed and implemented which is all of the drafts. So tell us how they are implementing something they havent even passed into law. The IC says they have spread the sales but they havent even decided that far in advance yet or it would have been shouted across the land. Common sense goes a long way. Hope is a feeling that will not put food on the table. I hope I had a 64 ounce medium rare ribeye steak. Yep still hungry.

Agreed. Just more pumper talk from pop the champagne guy, 6ly410 

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