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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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    A report reveals that the directors of international oil companies attended the signing of the agree

    Rocky
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    A report reveals that the directors of international oil companies attended the signing of the agree Empty A report reveals that the directors of international oil companies attended the signing of the agree

    Post by Rocky Fri 07 Apr 2023, 4:25 am

    A report reveals that the directors of international oil companies attended the signing of the agreement between Baghdad and Erbil




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    2023-04-06 14:03
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    Shafaq News / Reuters news agency considered, on Thursday, that the meeting of the Federal Prime Minister, Muhammad Shia' al-Sudani, and the head of the Kurdistan Regional Government, Masrour Barzani, in Baghdad, which resulted in reaching an agreement that ends the long dispute over the export of the region's oil, reflects progress between them and a new will to settle differences. .



    In the report translated by Shafaq News Agency; The agency quoted three sources familiar with the talks as saying that Russell Hardy, the president of Vitol, the world's largest oil trading company, was present in the hall, along with executives from Petraco and Energopol, and representatives of the company. HKN Energy, in addition to representatives of the Kurdish oil company, KAR.
    According to informed sources, the executives whose companies play major roles in Kurdish oil production and the development of the sector were present in the hall, in order to present their ideas on the best ways to move forward, after the disruption of northern oil exports through Turkey, which led to a decline of 0.5% of oil prices. Global supplies and rising prices.
    Meeting reassures oil companies
    The report quoted an official in the Iraqi Oil Ministry familiar with the meeting as saying that the goal is to reassure companies that their deals with the Kurdistan Regional Government are safe.
    The report stated that Baghdad and the regional government signed a temporary agreement yesterday, Tuesday, in order to resume the export of northern oil as part of efforts to end decades of political and economic differences, which is seen as a "major breakthrough", and reflects the determination of Baghdad and Erbil to settle their differences regarding With oil and debt, which will eventually lead to resolving their political and economic differences.
    The report quoted a source familiar with the talks, saying, "Everyone is trying to make concessions. This is a big matter for internal politics in Iraq. The federal government wants to preserve the cohesion of the entire country after years of problems."
    Rebuild trust
    According to two informed sources, the meeting last Monday between officials of the regional government and Baghdad, as well as executive directors of international companies, was in the context of a similar tone aimed at building trust between all parties.
    The report pointed out that the Kurdish "KRA" company confirmed that it was present at the meeting, but it refused to comment.
    As for the "Petraco" company, it confirmed its presence in the talks in Baghdad, but it indicated that it was awaiting further developments.
    For its part, Vitol declined to comment, and HKN Energy and Energopol, in addition to the regional government, did not respond to requests for comment on the matter.
    Baghdad had said that Turkey had violated an agreement by allowing the regional government to export oil to the port of Ceyhan without its consent, which is one of the many points of contention between the federal government and the Kurdish authorities.
    Sudanese government and international trust
    The report considered that any settlement to resolve the oil dispute would enhance the confidence of the international industry in the government of Muhammad Shia'a al-Sudani.
    According to the report, politicians close to Al-Sudani say that he is seeking to restore the confidence of foreign investors and to show Baghdad's willingness to cooperate with international oil companies, including personally attending all major energy events.
    additional conversations
    The report quoted a source in the Iraqi Oil Ministry as saying that the participants in last Monday's meeting reached an agreement to hold additional talks on how to amend contracts with the regional government in a way that does not violate the export and marketing mechanisms of the oil marketing company "SOMO".
    Another source pointed out that the talks also dealt with pricing issues and destinations for KRG crude.
    The report quoted two Iraqi sources as saying today, Thursday, that flows through pipelines from northern Iraq have not resumed yet, as Iraq is awaiting a response from Turkey, but once the implementation of the interim agreement begins, SOMO will have the authority to market and export KRG oil.
    According to the agreement, the revenues will be deposited in an account under the control of the regional government in the Central Bank of Iraq, but Baghdad will have access to this account.
    "The main difference from the past situation is that SOMO's participation will make the Kurdish oil fully marketable," said a source familiar with the negotiations.
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