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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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    SB Global: Kurdistan contracts put Baghdad in legal problems with foreign oil companies

    Rocky
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    • Post n°1

    SB Global: Kurdistan contracts put Baghdad in legal problems with foreign oil companies Empty SB Global: Kurdistan contracts put Baghdad in legal problems with foreign oil companies

    Post by Rocky Sun 13 Aug 2023, 10:08 am

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    [size=52]SB Global: Kurdistan contracts put Baghdad in legal problems with foreign oil companies[/size]
    • Today 17:55




    information/translation. 
    A report by the SB Global newspaper specialized in economic affairs revealed that the so-called Union of Petroleum Companies in Kurdistan, which represents the Norwegian companies DNO, Turkish Genel Energy, Gulf Key Stone, Shamran and AKN, demanded the governments of Erbil and the Center for what it called its contractual rights, which creates legal problems that may Its range reaches Baghdad.
    The report, which was translated by the information agency, stated that "the companies that originally contracted with the Kurdistan Regional Government in isolation from Baghdad demanded that their rights arising from the region be merged within the budget and within any future laws governing oil and gas in federal Iraq and Kurdistan," according to the allegations of the statement issued by the companies. 
    The statement said, "It is necessary for the future of the industry in these regions, and the many jobs that support it, that the results of the negotiations include recovering the costs and profits that (international oil companies) deserve under the current production-sharing contracts with Kurdistan." According to them. 
    And the report indicated that "disputes have escalated between Erbil and Baghdad since March of last year when an arbitration court in Paris ruled against independent oil exports to Kurdistan under its 2007 law, which prompted Turkey to stop oil exports through the Iraqi-Turkish pipeline, and the talks between Baghdad and Erbil failed." And Ankara has yet to find a solution to resume oil exports. Moreover, according to the Iraqi budget law, the Kurdistan region has to deliver 400,000 barrels of oil per day to the federal government, which Kurdistan has so far failed to fulfill." 
    The representative of the oil companies said, "The international oil companies in Kurdistan must be compensated for the real costs, just like in federal Iraq. Our investments have fully funded the entire sector and there are solutions that will ensure future foreign investment in the Iraqi energy sector." 
    He added, "It will not be possible for the Kurdistan region to provide 400 thousand barrels of oil per day to Baghdad, without the international oil companies operating in the region. To achieve this, the Kurdistan region will depend on production from the fields operated by the companies." 
    It is noteworthy that "within the framework of the oil companies operating in the Kurdistan region, the international oil companies bear all the financial risks, and in the event of success, the Kurdistan region retains the majority of the share of the financial reward, but the question remains, where did the money that the regional government obtained from the oil revenues go, and certainly the answer is It went to the accounts of the ruling family in the region. End/ 25 zd
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