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5 Differences Between The Center And The Region Will Afflict The New Draft Oil Law.. What Are They?, 3 SEPT

 5 Differences Between The Center And The Region Will Afflict The New Draft Oil Law.. What Are They?

Economy  |Today  Baghdad today – Baghdad  Today, Sunday (September 3, 2023), economist Nabil Al-Marsoumi revealed 5 differences between the center and the region that may plague the new draft oil law.

Al-Marsoumi said, in a clarification received by "Baghdad Today", that "there are several differences between the center and the region that may plague the new draft oil law."

He added, "The first difference is represented by Article 5 of the new draft oil and gas law, which stipulates that the Federal Council shall be established under the chairmanship of the Prime Minister or whomever he authorizes, and includes in its membership each of the Federal Minister of Oil, the Federal Minister of Finance, the Federal Minister of Planning, the Governor of the Central Bank, the Minister of Natural Resources in the region, and the governors of Three oil-producing provinces that are not organized into a region and three experts.

He explained, "Decisions are taken by majority, while the region believes that the Federal Council for Oil and Gas should include in its membership both the federal government (ministers of oil, finance and planning) and the regional government (ministers of natural resources, finance and planning) and governors of oil-producing governorates that are not organized in a region. The presidency is in The council is rotating and decisions are taken unanimously.

Al-Marsoumi continued: “As for the second difference, it concerns (Article 8 First), which stipulates that the Federal Ministry of Oil shall manage the oil and gas-producing fields throughout Iraq in coordination with the region and the producing provinces. As for the vision of the region, it is summarized as follows: The federal government manages the oil and gas extracted from the fields.

The current (which was extracted, developed, and commercially produced before the constitution expired in 2005) with the regional government and the producing governorates that are not organized in a region. commercial production after the expiry of the constitution).

And he added, “While the third disagreement is about Article 11 of the new draft oil law, as it states that the Federal Council is the one that gives approval to oil licensing contracts, while the region sees that it is the competent authority on exploration, development and production contracts or any other contracts with the contractor that The choice falls on him and does not require the approval of the Federal Council.

He pointed out that "the fourth difference is in Article 16 of the draft law, which stipulates that the ministry is the supreme authority responsible for the obligations of the contractors, while the region believes that the competent authority in the region is responsible for the obligations of the contractors in the contracting areas within the region,

and the fifth difference is in the article 24 of the draft law that the main pipelines are owned by the federal government, while the region says that the federal government, the regional government, and the producing provinces establish and own pipelines to transport oil and gas.

He concluded by saying that "the sixth difference is that the new draft oil law did not include any article indicating the marketing of oil and the party responsible for it, but as is currently in force and confirmed by the Federal Court, the Ministry of Oil represented by SOMO is the only party responsible for marketing all Iraqi oil regardless of Its production site, while the region sees that the Federal Council sets marketing and sales policies, and the sale process is carried out by marketing companies belonging to the regional government or producing governorates that are not organized in a region.  LINK

"RV UPDATE" BY MARKZ & MNT GOAT, 3 SEPT

MarkZ

[via PDK]

Redemption folks working a few short hours tomorrow. That does not mean we are redeeming this weekend…but it’s a good sign…  We continue to get good news from Iraq…They are on a holiday from now until Thursday. This would give them a tremendous opportunity …and a lot of chatter in Iraq that they are going to take this opportunity this week to put things into place…Many indicators from Iraq about next week. 

Mountain Goat

…according to my conversation with my CBI contact in Iraq… I was told that there is still concerns about the dollar and the smuggling of dollars out of Iraq…There is still work to be done in this area. It was also confirmed to me that the CBI did intend to conduct the project to delete the zeros sooner than later but there are obstacles to moving ahead that still need work.

Yes, there is always the possibility that the CBI could surprise everyone and they could suddenly push this forward. But…They have told me over and over again that when they get ready to do it there will be no secrets to the progress of the project to delete the zeros. This step will be announced and shown to the world… But here is the good news, The “secret” lies…in the redenomination in that the next step afterwards is the reinstatement and the liberalization of the dinar back to its “former glory”. 

"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 3 SEPT

 Frank26 (KTFA)

It’s not like you’re going to need a receipt [from when you bought your dinars] when you exchange.  No body at at a bank is going to say, ‘Greetings, Mr. Smith.  You have a million dinars, let me see your receipt.‘  All they care about is, let me see the dinar.  And you say, ‘Here’s my certificate of authenticity.’  Well you can take that and throw it in the garbage.  Look, we’ll [The bank] tell you if these dinar are good are not…

[Iraq boots-on-the-ground report]

FIREFLY: President of Iraq on TV news saying we are in a state of high
economic stability.

FRANK: What is that a warning!?!  That’s beautiful…that means you can have your new exchange rate if you want it…You are being educated.

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https://www.zacks.com/stock/news/2143918/the-new-etf-that-protects-against-all-market-losses?art_rec=home-home-investment_ideas_stocks-ID13-txt-2143918

"RV UPDATE" BY MILITIAMAN & FRANK26, 2 SEPT

  Militia Man 

 It hasn't been their job to tell us everything.  It's because we're outsiders.  It's their country and they keep it to themselves as best as they possibly can.  We should be able to understand that that's a big component of this whole process...

What's this business about this 1132 that Alaq mentioned?  Alaq is the central bank governor...He said the official exchange rate for the Iraqi currency is 1132...A lot of people are going, 'Well that's not true!'.  The fact remains...he said it...as the official rate of the Iraq dinar but it's not on their website.  I'm not making it up.  I'm not giving you accusations...it's proved...

You're going from an old style to a new style in this new world economy...the triple zero notes aren't going to be a thing of the future.  They're going to be a thing of the past...

Frank

  It's not like you're going to need a receipt [from when you bought your dinars] when you exchange.  No body at at a bank is going to say, 'Greetings, Mr. Smith.  You have a million dinars, let me see your receipt.' 

 All they care about is, let me see the dinar.  And you say, 'Here's my certificate of authenticity.'  Well you can take that and throw it in the garbage.  Look, we'll [The bank] tell you if these dinar are good are not...

You still see whatever you see as the exchange rate on the CBI website.  You can go to the...airport and it's still at 13-whatever.  But you see the [CBI] articles tell you, 'Our official exchange rate is 1132...' I'm going to believe the CBI.  I'm going to say, 'Yes sir, understood!'