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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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    "Trafigura" announces the termination of the oil deal with the Kurdistan region after failing to neg

    Rocky
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    "Trafigura" announces the termination of the oil deal with the Kurdistan region after failing to neg Empty "Trafigura" announces the termination of the oil deal with the Kurdistan region after failing to neg

    Post by Rocky Sat 28 Jan 2023, 4:15 am

    [size=35][size=35]"Trafigura" announces the termination of the oil deal with the Kurdistan region after failing to negotiate[/size]
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    Economie

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    2023-01-28 | 03:38
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    Alsumaria News - Economy

    The Kurdistan region has received successive shocks during the past few days, the latest of which was the announcement by the commodity trading giant Trafigura to end its relationship with the regional government in northern Iraq.


    Bloomberg said in a report, "The separation comes after Trafigura failed to renegotiate the terms of its contract with the Kurdistan Regional Government after the Kurdish oil prices fell.

    " to sell his oil on his own, according to Bloomberg.






    She added, "After the Kurdistan government refused to renegotiate, Trafigura pinned its hopes on talks with Prime Minister Masrour Barzani in Davos, but the meeting that was scheduled for last week was canceled by Kurdish leader Massoud Barzani at the last minute without explanation."

    Starting in 2014-2015, Trafigura was one of several trading houses that lent billions of dollars to the cash-strapped Kurdistan government in exchange for future oil sales, helping to fund its quest for independence.


    And she indicated, "Oil is the lifeblood of Kurdistan's economy, and represents more than half of the government's revenues, and exports through Turkey have strengthened its independence from Baghdad, and for traders, deals with cash-strapped Kurdistan represent a potentially lucrative opportunity to secure new flows of oil."

    But selling Kurdish oil became more difficult last year as Baghdad - which disputes the autonomous region's right to sell its oil independently - stepped up legal threats against buyers at the same time the influx of discounted Russian oil hit prices.

    “After snubbing Davos, Trafigura was preparing to send an acceleration notice to the Kurdistan government, demanding immediate payment of the money it owed,” she said. “As of last week, the trading house owed approximately $273 million in advance payments it had made for future oil flows.”

    She pointed out that "the Kurdistan government itself was seeking to renegotiate the prices it paid to oil producers in the region," adding that "the Chamran Petroleum Company announced in October that its Kurdish unit had agreed to change the standard on which its Brent crude was priced." Separately dated to Kurdistan Blend, known as KBT, the change was $10 a barrel in prices for the month of September.

    "However, not all oil producers in Kurdistan agreed to the change," she added.

    DNO ASA's managing director said in November that he was "not at this time engaged in active discussions" with the KRG about changing the pricing formula. Genel Energy Plc's chief financial officer told investors last week that it "has not accepted any change in the pricing mechanism."
     
    Read the report on Bloomberg[url=https://www.bloomberg.com/news/articles/2023-01-27/kurdistan-oil-deal-with-trafigura-ends-after-davos-snub?srnd=markets-vp&leadSource=uverify wall]Press here[/url] 
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