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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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    Despite the approval of Baghdad, Erbil and Ankara.. What is the “secret” of not resuming oil exports

    Rocky
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    Despite the approval of Baghdad, Erbil and Ankara.. What is the “secret” of not resuming oil exports Empty Despite the approval of Baghdad, Erbil and Ankara.. What is the “secret” of not resuming oil exports

    Post by Rocky Fri 24 Nov 2023, 4:43 am

    Despite the approval of Baghdad, Erbil and Ankara.. What is the “secret” of not resuming oil exports through Ceyhan?

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    Baghdad today - Baghdad
    Oil expert Bahjat Ahmed revealed today, Thursday (November 23, 2023), that there is real seriousness in reaching an agreement on resuming the export of Iraqi oil through the Turkish port of Ceyhan, while revealing one obstacle to that.
    Ahmed said in an interview with “Baghdad Today” that “the three parties, Baghdad, Erbil, and Ankara, have agreed to resume exports, and there is only one obstacle, which is the Federal Court’s decision to cancel contracts concluded between the regional government and foreign companies.”
    He added, "Foreign companies refuse to resume their work at the present time regarding stopping the work of companies, and therefore a new formula must be reached between the Iraqi government and the regional government regarding the work of companies."
    Oil Minister Hayan Abdul Ghani, who arrived in Erbil a week ago, had expected the resumption of oil production from the region's oil fields within days, noting that Iraq had reached an understanding with Turkey in this regard.
    But last Friday, the Norwegian oil company DNO announced that it would refrain from producing oil and exporting it through pipelines in the Kurdistan region until the problem of late payments, estimated at about one billion dollars, was resolved.
    While the economic expert, Nabil Al-Marsoumi, revealed demands from foreign oil companies operating in Kurdistan that hinder the possibility of resolving the problem of resuming production and export, as these demands were represented by the companies’ refusal to amend the current commercial conditions and the economic model signed between them and Kurdistan after the Federal Ministry of Oil demanded that production sharing contracts be converted into contracts. Sharing in profits.
    Al-Marsoumi pointed out that foreign companies demanded a guarantee of payment for past and future oil exports, as losses amounted to more than $7 billion in export revenues since the closure of the Iraqi-Turkish pipeline at the end of last March, in addition to their demand to transfer expected oil sales payments directly to foreign companies.
    The production sharing contracts concluded by the Kurdistan region with foreign companies are considered “useful” contracts for the companies. In return, they cause the region to receive only a portion of the oil export revenues. Most of the remainder goes as production, transportation, export, or extraction costs, so that foreign oil companies sometimes It takes its profits in the form of oil quantities and sells it, which is not agreed upon by Baghdad, which restricts the sale and export of oil exclusively through the SOMO company, and foreign companies do not have the right to deal with Iraqi crude.
    On the other hand, Iraq's contracts with companies in the center and south are service contracts, not participation contracts, meaning that the companies only take about $5 for each barrel of oil they produce, which is rejected by foreign oil companies operating in Kurdistan.
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