Sunday, October 15, 2023
"IRAQ BOOTS ON THE GROUND REPORT BY FIREFLY, 15 OCT
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: News saying within 2 months the dollar exchange rate will stabilize.
FRANK: Inside the next 2 months it's highly possible we'll see a new exchange rate. That's the only thing that can stabilize it because a program rate unstabilizes it. This is as simple as I can put it. I'm not exaggerating. I'm not adding to it. This is for real.
FIREFLY: The television is saying the oil and gas law is still with the government technical committees and is being reviewed.
FRANK: See! Where did I tell you the HCL is at? In a little box in the top shelf of Sudani's desk...It is being reviewed? I agree, because it will require a new exchange rate. What are they going to do pay you $0.30 a month?
Nobody used to touch the Iraqi dinar. Nobody used to any Iraqi stocks. They wouldn't touch [Iraqi's] currency. It was worthless. But the whole world now knows thanks to Sudani the potential of your currency...
We study this investment that is moving forward unless for some reason Sudani and Alaq are not what we think they are. I'm not giving up on them.
I'm not seeing anything that tells me to give up on them except, What the hell are you waiting for?
The oil and gas law is an open crisis between Baghdad and Erbil, 15 OCT
The oil and gas law is an open crisis between Baghdad and Erbil, 15 OCT
As the deadline for an agreement between the central government in Baghdad and the Kurdistan Regional Government approaches, disputes are reignited over new details that reveal a lack of desire to reach a final settlement. Each party wants to control the oil and gas file, either under the title of the government’s right or the flexibility of the system of regions.
According to sources within the Iraqi parliament, negotiations between Baghdad and Erbil aimed at issuing a new oil and gas law have once again failed. This has had an impact on the parliamentary Oil and Gas Committee, which has admitted its inability to resolve the contentious issues between the two parties.
The ongoing crisis since 2005 will continue due to differing perspectives on oil and gas revenues between the central and regional governments.
Observers note that there is a disagreement between the central government and the Kurdistan Regional Government regarding the control of revenues generated by natural resources in Iraq. The central government believes that it should have full control over these revenues due to its sovereignty, while the regional government argues that the federal system grants it the right to control the revenues, with some degree of federal supervision.
Zainab Al-Moussawi, who is a member of the Parliamentary Oil and Gas Committee, has stated that the process of enacting the oil and gas law is slow due to contentious issues. The management of the Kurdistan region’s oil fields and the financial revenues generated from selling oil and exporting abroad are the most significant points of contention.
During the conversation, she mentioned that there are two controversial points that indicate that the management of national wealth, including those in Kurdistan, is under the control of the federal government. She further stated that the management of federal financial revenues and the export of Kurdish oil abroad through the National Oil Company (SOMO) are also points of contention, to which Erbil objects.
Al-Moussawi stated that the dialogues between Baghdad and Erbil are ongoing to resolve differences and approve the law that will redraw Iraq’s oil map.
Based on observers’ expectations, it seems that the dialogues available for addressing the issues related to sovereignty over oil revenues, central supervision, and independent rights of regional governments to manage local affairs are only temporary settlements. These dialogues facilitate the distribution of salaries to employees in the region, but don’t address the fundamental issues. It is still unclear whether the federal system grants the regional government independent rights to manage local wealth similar to how it grants them independent rights to manage other local affairs.
In Baghdad, many people believe that allowing Erbil to have control over oil will increase separatist movements and give the Kurdistan Regional Government an unfair advantage in terms of resources. Although several governorates have oil resources, the revenue from these resources is distributed equally among all governorates, which should also include the three governorates in the region.
Officials from the Kurdish region deny that controlling the area’s oil resources implies a renewed push for separation. They argue that the federal system, while granting some rights to the central government, doesn’t grant it all rights as it does currently.
The Iraqi government aims to regulate the oil and gas sector through a single national company, with all imports being deposited in a single account.
In February of last year, the Federal Court in Baghdad issued an order for the region to surrender the oil produced on its lands to the central government in Baghdad. Furthermore, the court also mandated the cancellation of all contracts signed by the region with foreign companies. As a result, the judiciary in Baghdad invalidated contracts with many foreign companies, particularly American and Canadian ones.
In early April, a temporary agreement was signed between Baghdad and Erbil, stating that all oil sales in Kurdistan must be made through the Iraqi Oil Marketing Company (SOMO). Moreover, the revenues generated from the region’s oil fields will be deposited in a bank account that is either approved by the Central Bank of Iraq or is the Central Bank of Iraq itself.
The Kurds deny that controlling the region’s oil resources is a step towards renewed separatism.
Jutiar Adel, the head of the Media and Information Department of the Kurdistan Regional Government, has emphasized that the draft law should be based on the principle of true partnership. The law should also include mechanisms to ensure the optimal utilization of Iraq’s natural resources, and to guarantee the rights of all parties fairly. It is essential to prevent the decline of one party at the expense of another.
The debate between the two parties centers on a single word in Article 112 of the Iraqi Constitution, which was issued in 2005. The article stipulates that the federal government, along with the governments of producing regions and governorates, shall manage the extraction of oil and gas from current fields, and distribute the profits fairly based on population distribution. Additionally, a portion of the profits will be allocated to the areas affected by the previous regime.
As per the decision made by the Kurdistan Region Judicial Council on May 30, 2022, the paragraph only applies to “current” fields, which means that the oil fields in Kurdistan are not included as they were discovered and developed after the paragraph was written. These fields were instead governed by a special law passed by the region’s parliament in 2007. This has led some observers to question whether new oil fields discovered in other regions of Iraq will also be exempt from this article of the constitution.
Baghdad activates oil contracts with Emirati company, 15 OCT
Baghdad activates oil contracts with Emirati company, 15 OCT
Shafaq News / The Iraqi Ministry of Oil announced on Sunday the activation of contracts with an Emirati company for the development of three oil and gas fields.
In a concise statement, the ministry revealed that it has executed three energy agreements with the Emirati oil company Al-Hilal to advance three key oil and gas fields within Iraq.
This development follows the ministry's prior declaration on February 21, 2023, regarding the signing of three contracts with the Emirati oil company Al-Hilal to develop gas fields in the provinces of Basra and Diyala.
According to the ministry, the Emirati company will undertake the development of two fields in Diyala province, aiming to produce a daily standard measurement of 250 million cubic feet of natural gas within 18 months.
https://shafaq.com/en/Economy/Baghdad-activates-oil-contracts-with-Emirati-company
Iraq’s Integrity Commission Executes Over 30 Arrest and Summons Orders Against Officials, 15 OCT
Iraq’s Integrity Commission Executes Over 30 Arrest and Summons Orders Against Officials, 15 OCT
In a significant move towards accountability, Iraq’s Federal Integrity Commission has issued and executed over 30 arrest and summons orders against high-ranking officials and senior figures in September.
Targeting High-Ranking Officials
The orders, issued by judicial authorities and referred to the judiciary, targeted a former member of parliament, three former ministers, a current governor, two former governors, 11 current general directors, 11 former general directors, two former officials, and a former member of a governorate council. The orders were divided into 30 summons orders and 4 arrest orders.
Issuance and Execution of Orders
These orders are not just on paper; they have been effectively put into action. The Commission’s Investigation Department disclosed that these orders were the result of investigations conducted by the Commission’s directorates and investigation offices. This indicates the Commission’s commitment to holding officials accountable, regardless of their positions or ranks .
Details of Offenses Unrevealed
The specific details of the alleged offenses committed by the targeted individuals were not provided in the available information. This lack of transparency raises questions about the nature of the alleged crimes and the evidence supporting these orders. It also underscores the need for more openness in the Commission’s operations to bolster public confidence in its actions.
Implications for Accountability in Iraq
This move by the Federal Integrity Commission signifies a significant step towards enhancing accountability and combating corruption in Iraq. By targeting high-ranking officials, the Commission sends a strong message that no one is above the law. However, the lack of details about the alleged offenses emphasizes the need for greater transparency to ensure the public’s faith in the Commission’s actions.
"I'M FOR AN RV" BY PIMPY, 15 OCT
Pimpy
Question: "I'm confused, are you for an RV or you saying it's not going to happen?" What do you mean? What part are you confused about?
I'm for an RV, hell yeah man! Let it happen tomorrow. Geez. I'm for an RV, I'm just saying we're grounded...I'm not negative.
I'm telling you the truth...I'm saying the RV will happen in increments. Are you talking about a reinstatement, the $3.22 rate? No, that's not going to happen...
The one major issue with Iraq is they rely too much on oil. I don't care what them guys tell you about, 'oh, they're article VIII compliant.'The Trade Bank of Iraq (TBI) announced today, Saturday, a plan to open a number of new branches. , 25 NOV
The Trade Bank of Iraq (TBI) announced today, Saturday, a plan to open a number of new branches. The media advisor of the Trade Bank of ...
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...