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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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    Adviser to the Prime Minister: Accelerating the approval of the oil and gas law will establish two i

    Rocky
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    Adviser to the Prime Minister: Accelerating the approval of the oil and gas law will establish two i Empty Adviser to the Prime Minister: Accelerating the approval of the oil and gas law will establish two i

    Post by Rocky Thu Sep 28, 2023 5:38 am

    Adviser to the Prime Minister: Accelerating the approval of the oil and gas law will establish two important matters
    • Time: 09/28/2023 07:52:29
       
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    {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, stressed the importance of accelerating the approval of the draft oil and gas law.
    Saleh said in a press statement, “Accelerating the adoption of the federal oil and gas project law in the House of Representatives as quickly as possible will establish a stable national road map for investment and production of the country’s primary sovereign resource, which is oil and gas.”
    He explained that "this natural resource contributes directly to Iraq's gross domestic product at a direct rate of approximately 50 percent, and leaves an indirect impact on the total economic activity of our country at a rate of no less than 85 percent."
    Saleh said, "Adopting a unified national oil policy, and achieving optimal investment and production in Iraq's oil area, starting from the southern fields up to the northern and regional fields, is an important and strategic matter in the matter of taking advantage of opportunity costs in the optimal and harmonious operation of the Iraqi oil policy currently."
    Not to mention "achieving the best financial returns for the country that we all aspire to to finance building the Iraqi economy and the basics of sustainable development," according to Counselor Saleh.
    The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to a national oil company, and supervised by a federal council specialized in this subject.
    For its part, the Kurdistan Oil Law indicates that the Iraqi government “has the right to participate in the management of fields discovered before 2005, but the fields discovered afterward belong to the regional government.”
    The committee that was formed between Baghdad and Kurdistan to draft a draft oil and gas law includes “the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO Company, and the advanced staff in the Ministry of Oil, as well as the oil-producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.”
    The Prime Minister, Muhammad Shiaa Al-Sudani, said in early August that “the draft oil and gas law is one of the basic and important laws that represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and to benefit from this natural wealth.” In all fields and sectors, in addition to the contribution of the legislation to solving many outstanding problems.”
    He explained, "There are governorates whose wealth has not been invested to date, which is considered negative for development endeavors in all their paths."
    The dispute over the issue of oil has been a major source of tension between Baghdad and Erbil for years. Last year, the matter reached the judiciary, as Erbil believed that the central government was seeking to seize control of the region’s wealth.
    In February 2022, the Federal Court in Baghdad ordered the region to deliver oil produced on its lands to Baghdad, and to cancel contracts the region had signed with foreign companies.
    The matter reached the point where the judiciary in Baghdad invalidated contracts with many foreign companies, especially American and Canadian companies.
    After years of exporting oil alone via Turkey, it became the Kurdistan region’s control, as of late March 2023, with the decision of an international arbitration panel that gave Baghdad the right to fully manage Kurdistan’s oil.
    As a result, exports from the region stopped.
    A temporary agreement signed between Baghdad and Erbil in early April stipulates that Kurdistan oil sales will be made through the Iraqi Oil Marketing Company (SOMO), while revenues generated from the region’s fields will be deposited in a bank account with the Central Bank of Iraq or one of the banks approved by the Central Bank of Iraq. .
     
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