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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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    An expert summarizes 7 observations on the oil and gas law.. What about the central bank governor?

    Rocky
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    An expert summarizes 7 observations on the oil and gas law.. What about the central bank governor? Empty An expert summarizes 7 observations on the oil and gas law.. What about the central bank governor?

    Post by Rocky Fri 01 Sep 2023, 4:38 am

    An expert summarizes 7 observations on the oil and gas law.. What about the central bank governor?
    [You must be registered and logged in to see this link.] |Today
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    Baghdad today - Baghdad
    Today, Friday (September 1, 2023), economist Nabil Al-Marsoumi made observations on the new version of the Oil and Gas Law, while noting that the new version is not much different from the previous two versions in 2007 and 2011.
    Al-Marsawi stated in a post he posted on his personal account on the Facebook platform, which was followed by "Baghdad Today", that "the legislation of the oil and gas law was supposed to precede the establishment of the national oil company, and that the president of the company would be represented in the Federal Oil and Gas Council."
    Al-Marsoumi asked sarcastically, "Is there no need to involve the governor of the Central Bank in the Federal Oil and Gas Council?", noting that "the Iraqi legislator seems to have invested in the Federal Court's decision in February 2022, which considered oil and gas activity in the region illegal, as well as the decision of the International Trade Court in Paris." In March 2023, which prevented Kurdistan from using the Iraqi-Turkish line, which led to the cessation of the region’s oil exports, and this investment appears clear in the nature of the formation of the Federal Council that is dominated by the central authority and in the nature of the great powers enjoyed by the Federal Council for Oil and Gas in exchange for very limited powers for the region and the provinces non-regional producer.
    And he continued, "There is a need for the law to include the principle of weighted voting in the Federal Oil and Gas Council according to certain criteria, such as having two or more votes for the governorate that produces more than one million barrels of equivalent per day."
    And he continued, “Article 8 of the law states (the Federal Ministry of Oil shall manage the oil and gas-producing fields throughout Iraq in coordination with the producing region and governorates), and the explored and undeveloped fields, as well as the exploratory patches and how to manage them, were not addressed.”
    Al-Marsoumi explained, “The law did not give any role to the region and the producing governorates that are not organized in a region in drawing up strategic policies related to the development of oil and gas, which contradicts Article 112 second of the Iraqi constitution, which states (the federal government and the governments of producing regions and governorates together draw up the necessary strategic policies.” To develop the wealth of oil and gas in a way that achieves the highest benefit for the Iraqi people, adopting the latest technologies, market principles and encouraging investment).
    Al-Marsoumi concluded by saying, "The law did not include any article indicating how to deal with contractual obligations with foreign companies, especially the production-sharing contracts that it signed with Kurdistan 15 years ago, which are subject to mandated international arbitration in the event of breach of contractual obligations between foreign companies and the region.
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