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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    With $11 billion...an Iraqi-Iranian agreement to settle gas debts

    Rocky
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    • Post n°1

    Iraqi - With $11 billion...an Iraqi-Iranian agreement to settle gas debts Empty With $11 billion...an Iraqi-Iranian agreement to settle gas debts

    Post by Rocky Sun 24 Mar 2024, 5:29 am

    With $11 billion...an Iraqi-Iranian agreement to settle gas debts

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    Economy News - Baghdad
    Today, Sunday, economic expert Nabil Al-Marsoumi revealed an Iraqi-Iranian agreement to settle gas debts estimated at $11 billion.
    Al-Marsoumi said in a post on Facebook, followed by Al-Iqtisad News, that “Iraq and Iran have reached a new agreement between them to settle the Iranian gas debts owed to Iraq, amounting to $11 billion,” noting that “under the agreement, Iran nominates companies to load refined products.” From refineries, and when those products are sold, buyers pay to Iran instead of Iraq.”
    Al-Marsoumi added, “The amounts are deducted from Iraq’s debts due to Iraq’s inability to sell directly to Iran in compliance with the US sanctions on Iran,” adding, “But in exchange for Iranian gas, Iraq sells to companies nominated by the Iranians and licensed by Iran.”
    He continued, "The companies, in turn, sell the product on behalf of the Iranians, inform the Iranians of the value of the sale, and deduct it from the Iranian gas debts."
     Iraq imports gas from pipelines entering the Basra and Diyala governorates, and the gas goes to several power plants. In return, the Iraqi Ministry of Electricity deposited payments into the account of the National Iranian Gas Company (NIGC) in the Trade Bank of Iraq (TBI), but Iran was unable From returning that money due to US sanctions.
    Iraq deposits funds in these restricted accounts, and then issues these exemptions through which the funds in those accounts are allowed to be used for humanitarian and other purposes that are not subject to sanctions, but the funds themselves do not actually move from Iraq to Iran. 
    It is not clear whether the US government was aware of the new swap deal, which appears to give Iran access to cash without the same restrictions imposed by the TBI mechanism.
    SOMO had signed five contracts with companies nominated by Iran to receive high-sulfur fuel oil (HSFO), which is used as ship fuel, directly from refineries in southern Iraq.
     The companies have ownership of the shipment at the refinery loading points and are responsible for arranging transportation and subcontracting with two Iraqi companies, as the products are then transported by truck overland to Iran and to the ports of southern Iraq for export.


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