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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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    Billion dollars in debt to oil companies in Kurdistan.. “They are clear about the conditions”

    Rocky
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    companies - Billion dollars in debt to oil companies in Kurdistan.. “They are clear about the conditions” Empty Billion dollars in debt to oil companies in Kurdistan.. “They are clear about the conditions”

    Post by Rocky Thu 30 May 2024, 5:06 am

    Billion dollars in debt to oil companies in Kurdistan.. “They are clear about the conditions”

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    Economy News - Baghdad
    [rtl]The Kurdistan Oil Industry Association announced that its companies did not receive wages amounting to one billion dollars for their oil production during the period between October 2022 and March 2023, but it does not necessarily demand that they be paid in cash before resuming exports.[/rtl]
    [rtl]Association spokesman Miles Caggins stressed that any agreement should take into account how to pay this amount and guarantee the companies’ dues in the future.[/rtl]
    [rtl]Caggins welcomed the Federal Oil Ministry's invitation to resume meetings on resuming the export of Kurdistan Region's oil, noting that it is waiting to set a date for it within the coming days.[/rtl]
    [rtl]He said: "One of the positive points of oil production in the Kurdistan Region is providing a second route for oil to reach global markets."[/rtl]
    [rtl]He pointed out that "the markets were troubled in the past due to the complications of the Ukraine war, in addition to the security situation in the Red Sea, so Iraq will be stronger with two export outlets."[/rtl]
    [rtl]Caggins' statements came at a time when the Ministry of Natural Resources in the Kurdistan Region expressed its readiness to visit Baghdad "next week" to resolve problems related to the resumption of exports.[/rtl]
    [rtl]A spokesman for the Kurdistan Oil Industry Association considered that the Federal Ministry of Oil took its decision to invite the Ministry of Natural Resources and companies to a meeting in Baghdad due to several factors.[/rtl]
    [rtl]In this context, he explained that the Ministry of Oil and the federal government in Baghdad realize the importance of oil production throughout the country "so that Iraq can achieve maximum growth."[/rtl]
    [rtl]He went on to say: "There must be oil production in the south, in Basra, as well as in Maysan, in central Iraq, and of course in the Kurdistan Region."[/rtl]
    [rtl]He also referred to "pressure" exerted by the administration of US President Joe Biden and officials in the Ministries of State, Treasury and Energy on Iraqi Prime Minister Muhammad Shia al-Sudani and the Iraqi government to resume the export of Kurdistan Region oil.[/rtl]
    [rtl]“We heard that there is external pressure from other oil-producing countries that sent a message of encouragement to Baghdad,” Tabaa, spokesman for the Oil Industry Association in Kurdistan.[/rtl]
    [rtl]On May 28, the Federal Ministry of Oil invited the Ministry of Natural Resources and international companies operating fields located in the Kurdistan Region to hold a meeting in Baghdad “as soon as possible.”[/rtl]
    [rtl]She explained in a statement that the purpose of the meeting is “to discuss and discuss the issue and reach an agreement to accelerate the restart of production and resume the export of oil produced through the Turkish port of Ceyhan and according to the quantities specified in the budget law.”[/rtl]
    [rtl]'We are clear about the terms'[/rtl]
    [rtl]Regarding the companies’ terms, Miles said: “We have been very clear about our terms. First, we want to make sure that any changes and amendments to contracts include agreements with the Kurdistan Regional Government as well as international oil companies and the Iraqi Ministry of Oil.”[/rtl]
    [rtl]The second condition is “to ensure that the money is paid, and to know how and when we will receive our previous wages in addition to our future wages.”[/rtl]
    [rtl]“We also want to maintain the same commercial terms that we currently have under joint production contracts with the Kurdistan Regional Government,” continued the spokesman for the Kurdistan Oil Industry Association.[/rtl]
    [rtl]He continued: “However, as we announced in our last statement, the member companies of Epicor (the association) are open and willing to make changes to our contracts to achieve the goal of exporting oil through the pipeline.”[/rtl]
    [rtl]On the points that companies are willing to amend, he said: “I cannot speak for any of them. But in principle, I would say that it is important for our companies to have three preconditions.”[/rtl]
    [rtl]Regarding the nature of these conditions, he explained: “Any changes to contracts must be with the approval of the Kurdistan Regional Government and by agreement, and must guarantee the payment of past and future wages, which we would like to maintain on the same financial terms, but they may differ in the amounts of payments, whether the money is paid by Erbil or Baghdad".[/rtl]
    [rtl]Miles Caggins pointed out that in some cases there may be some taxes in which Baghdad has an interest. We do not know, but we will consider these proposals and negotiate them at the appropriate meeting.”[/rtl]
    [rtl]Regarding how optimistic he is that a solution will be reached, he said: “I want to be conservatively optimistic about reaching a solution soon.”[/rtl]


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    Added 05/30/2024 - 11:02 AM
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