Thread: Iraq/Dinar News. 09/05 to 01/14/07

Obscurities of the law of oil and gas by the government of Iraq's Kurdistan

(Voice of Iraq) - 03-10-2006 | This issue was sent to a friend

Obscurities of the law of oil and gas by the government of Iraq's Kurdistan
Tariq Shafiq life-03 / 10 / 06 / /


Drilling wells to the company Al Jinal Turkish »in the field Hink Hink (AFP)
The government of the Kurdistan FFCDs of the draft law of oil and gas, one of the region of Kurdistan and the other to the central government of Iraq, as well as the distribution of a draft bill, oil, gas, Kurdistan and the media. , as well as officials of the American government and the government of the United Kingdom and the government of Iraq.

The drafts of the Act establish the basis for the sharing of production with foreign investment in the form is generally consistent with the agreements traditional profit-sharing and held in other countries. If compared to these agreements, including previously held by their counterparts in Iraq, we find that it came as generous for contractors working in Iraq for the extraction of oil and abundant low-cost, As will be seen later.

As regards the legal framework of the institution Viqetbs Al Bi FC Anrgez Advaizor »Advisory American specialist, described the legal basis Law of the Kurdistan oil sector as follows : learned that this law written in legal language wholesome, and it raises deep anger politically. reflecting an attempt by the Kurds to impose their interpretation extremist to the maximum limits of the provisions of the new Iraqi constitution private sector oil and gas in the country. It is not based on the interpretation of the meaning of federalism, but in this case from the heart of Alkonivderalih. In this sense, the draft law written in the form of the Kurdish nationalist overcrowding develop a template that legislation and national oil to the whole country. and determined to change the balance of power in the interest of the province, so as to show the government of Kurdistan as a quasi-independent ».

The report adds : American Advisory house learned that the subject's legal tender by the government of Kurdistan is that the oil in Kurdistan king of the Kurds. While the Constitution provides that the Iraqi oil and gas are the property of all the Iraqi people in all regions and provinces. The draft law in general seems to be a treaty between two sovereign nations. The draft that the sovereign power of the assets and management of oil resources located within the boundaries of the government of Kurdistan is the local authority. This includes areas that are considered by the government of the Kurdistan contested areas of Kirkuk and parts of Mosul, Salah al-Din and Diyala. It also proposes the creation of regional institutions (including the work of a local company and another for the sale of oil) for the management of the sector, provide in the form of firm that deals negotiated and leave third parties for exploration in the area of operations in Iraqi Kurdistan. is exclusively located in the heart of the government of the Kurdistan ».


The right of veto on production policy.

The draft law of oil and gas to the Kurdistan region, the relationship between the territorial government and the central government through the national oil proposes formation, and the task of self-production share of Iraq in the Al OPEC », based on quotas, governors of total production. Decisions on the committee unanimously, so that each province and territory of the right of veto on the Iraq policy of productivity.

The Act also provides that the role of the central government limited to administrative affairs in the export and marketing of oil and gas producing fields from <current &#187;.


Existing fields

Fields has been defined as current oil fields which produce more than twenty thousand barrels a day earlier to the date of August 22, 2005, the date of the referendum on the Iraqi Constitution. Accordingly, the small fields, or fields of aging, in addition to the discovered fields and non-developed, which accounts for about 60 up oil or gas of the total 80, that will accrue to the government of the Kurdistan region or to other regions and provinces.

And the government of the Kurdistan region and all the facilities for the production processes, and the accompanying transfer and export of products, and the liquidation process, The prince of the distribution and sale of products, including the infrastructure, under the direction of the Oil Ministry to be used for the purpose of use is precisely for the purpose or use other authorized or accepted by the central government. What I mean unilateral action by the government of the territory of the confiscation of property belonging to the central government.


A policy of fait accompli

The government of the Kurdistan region and the sharing of profits with the company or that Al de &#187;Norwegian in 2004 for exploration and prospecting for oil near the border city of Zakho. The ratio of profit to the contractor 40% of the profits of the operations, with Tnafiq cost since the start of operations.

The government of the Patriotic Union of Kurdistan in Sulaymaniyah signed earlier in January (January) 2003, the company signed an agreement with Al resolved &#187;Turkish Oil exploration and drilling near the city of Chamchamal, where there are deposits of oil and gas in areas Jiasorch and Belkhanh and Chamchamal itself. The agreement was signed profit-sharing ratio set by the company's entrepreneurial profit from the oil by 49% with Tnafiq cost of oil since the start of work by 80 to 90%.

Today, there are eight foreign oil companies carrying out studies in Kurdistan, but there were no agreements with them, It is therefore difficult to assess the economic indicators in the sharing of oil profits between the contracting company and the government.


Economic indicators of the oil agreements

The following statement shows the economic indicators of the Al-term financial rial &#187;in the Kurdistan region, which is as follows :

To develop the oil contains one billion barrels in the profit-sharing agreement, Tnafiq include the cost of extracting oil by 60%, and the company's profit of 40 to 49%. The internal rate of return of the company by 60 to 66% on the basis of the price of 35 dollars per barrel of crude oil. This percentage increases to 90-99% depending on the rate of 70 per day. That such a profit does not agree with the current income any agreements Qatar oil producer in the form of large, It also is not consistent with the constitutional article that provides for the Al higher benefits to the Iraqi people &#187;.

The fair revenue by 15% of the internal rate of return (rial) gives to the company's investment contractors Iraqi oil field development model, can be achieved by giving 2% of the company and 98% for the government of future price of crude oil of 35 dollars per barrel.

Concluding observations :

The oil bill by the government of Kurdistan is virtually an act of sovereignty. what may encourage the rapid disintegration of unplanned of the country, and increase the severity of the devastation and a stimulus to other oil-rich areas on foot on similar projects, and leave the poor areas, including the looting and border disputes.

The publication of this project for the purpose of comment from citizens and experts in preparation for its legislation into law is a matter of praise, but he did not consistent with the constitutional obligation of the Kurdistan region, which requires coordination and consultation with the central government in the strategic policy, not to mention the talk of a regional law had planned to appear before issuing the national oil That commitment under article 112 of the Constitution.

The oil reservoir is regional in nature and does not recognize the limits of the development rights for the territory or province. Pursuing oil exploration and discovery, in turn, requires development planning regionally rather than locally, and great vision, planning and economically benefit from economies of a certain size, and sets the proper priority, and avoid competition castes and follow uniform policies for licensing, and is subject to ratification by representatives of the nation in Parliament.

This draft law is not consistent with the objective basis of the constitution which is to preserve the unity of the people, land and sovereignty, also not in conformity with article 111 which states that the oil and gas belongs to the whole people in all regions and provinces.

The road to progress through the planning balanced by the central government, which is accountable to the representatives of the nation, consultation and cooperation with the regional government, guided by the principles of fairness, equality, transparency, efficiency and maximize the benefits for all citizens. The maximum benefits can be achieved only through an integrated management of the sources of oil and gas not related to the distribution of income.

Distribution revenues for social and economic development, in order to meet the needs of the state throughout the nation. all territories and metropolitan, should be entrusted to an independent, transparent, efficient and elect from among the elected members representing all sectors of the country, are in the low-skill work and wisdom in the administration, with the enjoyment of the knowledge and integrity.


A founding member of the Iraqi National Oil Company

Sotaliraq.com

Okay, I finally had an idea hit me. We're all speculating on when the dinar is going to reval, right? Well, why don't we just end all the speculation... Anyone have Maliki's e-mail address? Or Shabibi's? I'm sure Talibani has his own e-mail account. One carefully, yet pointed, e-mail sent to any one of those individuals should yield the proper answers. :)

If you really want to get them to get in high gear. Start sending inquiries to the CBI about depositing 150 million to 3 billion USD!!!!!!!!!!

Now what was your swift code again?

Originally Posted by jsfletcher

That would be better than pages of talk about errors on a fx site

Relax - it was no big deal - chill pill time

We are not all as "smart" as you



Lets ALL HAVE A GROUP HUG NOW

Originally Posted by MrsCK

Relax - it was no big deal - chill pill time

We are not all as "smart" as you



Lets ALL HAVE A GROUP HUG NOW

no thanks....besides i happen to agree. the reason these threads get long and undecipherable and eventually have to be restarted is because there is three pages of errors on an fx site, 10 pages of memories about "where i grew up in texas", and another 10 pages about something else that has nothing to do with news on the iraqi dinar. have fun with your chill pill and your group hug

Have you seen this?

Iraq has completed a draft law on securities and stock exchange
Baghdad-Adel Mahdi life-03 / 10 / 06 / /

The Executive Director of Iraqi Stock Exchange, Taha Ahmed Salam, The committee, consisting of the Securities and Exchange Iraqi Al completed a draft securities law in Iraq, after consulting with a number of international experts, At the forefront of the American Stock Exchange to make the specifications of Iraqi law in the global reality, not a slogan ».

He pointed to "update» phases of the project in the form in which Al makes it compatible with the requirements of modern investment and circulation mail and link with the outside stock exchanges, the Arab economies and regional ».


Electronic trading

And electronic trading expected to begin implementation early next year.

Translated version of http://www.sotaliraq.com/iraqi-news/nieuws.php?id=35029

Originally Posted by risktaker

no thanks....besides i happen to agree. the reason these threads get long and undecipherable and eventually have to be restarted is because there is three pages of errors on an fx site, 10 pages of memories about "where i grew up in texas", and another 10 pages about something else that has nothing to do with news on the iraqi dinar. have fun with your chill pill and your group hug

Maybe a chill pill is not the answer, but we do have moderators who are very good at getting things back on track without hurting anyone's feelings. Let's leave the delicate work to them.

Monica

Originally Posted by neno

1,000.00 Euros = 1,867,066.10 Iraqi Dinars
1 EUR = 1867.0661 IQD 1 IQD = 0.0005 EUR
Please note OzForex does not offer transfers in
Euro to Iraqi Dinar.

Mid Market Rates1 Last Updated: 03/10/2006 @ 10:15 (Syd)


1,000.00 United States Dollars = 1,465,400.00 Iraqi Dinars
1 USD = 1465.4 IQD 1 IQD = 0.0007 USD
Please note OzForex does not offer transfers in
United States Dollar to Iraqi Dinar.

Mid Market Rates1 Last Updated: 03/10/2006 @ 10:15 (Syd)

They don't offer transfers in AUD (Aussie Dollars) or GBP either. I wonder if they will WHEN the dinar r/v? We can only wait and see.

Originally Posted by Webster

They don't offer transfers in AUD (Aussie Dollars) or GBP either. I wonder if they will WHEN the dinar r/v? We can only wait and see.

1,000.00 Australian Dollars = 1,095,227.90 Iraqi Dinars
1 AUD = 1095.2279 IQD 1 IQD = 0.0009 AUD
Please note OzForex does not offer transfers in
Australian Dollar to Iraqi Dinar.

Mid Market Rates1 Last Updated: 03/10/2006 @ 12:55 (Syd)


1,000.00 British Pounds = 2,762,711.60 Iraqi Dinars
1 GBP = 2762.7116 IQD 1 IQD = 0.0004 GBP
Please note OzForex does not offer transfers in
British Pound to Iraqi Dinar.

Mid Market Rates1 Last Updated: 03/10/2006 @ 12:55 (Syd)


Oz Forex Foreign Exchange | Currency Converter

Originally Posted by STORMS

Have you seen this?

Iraq has completed a draft law on securities and stock exchange
Baghdad-Adel Mahdi life-03 / 10 / 06 / /

The Executive Director of Iraqi Stock Exchange, Taha Ahmed Salam, The committee, consisting of the Securities and Exchange Iraqi Al completed a draft securities law in Iraq, after consulting with a number of international experts, At the forefront of the American Stock Exchange to make the specifications of Iraqi law in the global reality, not a slogan &#187;.

He pointed to "update&#187; phases of the project in the form in which Al makes it compatible with the requirements of modern investment and circulation mail and link with the outside stock exchanges, the Arab economies and regional &#187;.


Electronic trading

And electronic trading expected to begin implementation early next year.

Translated version of http://www.sotaliraq.com/iraqi-news/nieuws.php?id=35029

But thanks for the link. We did not have that.