DINAR REVALUATION

Saturday, August 31, 2024

Iraq's Oil and Gas Law: What's Next?

DINAR REVALUATION REPORT: Parliamentary Committee Blames Kurdistan for Oil and Gas Law Stalemate, 31 AUGUST

Parliamentary Committee Blames Kurdistan for Oil and Gas Law Stalemate

In a recent turn of events, the Parliamentary Oil and Gas Committee has levied strong accusations against the Kurdistan Regional Government (KRG), holding them accountable for the ongoing impasse in the approval of the crucial Oil and Gas Law. 1

Background of the Dispute

The Kurdistan Region has long been grappling with several challenges, including budget shortfalls and an economic crisis exacerbated by a dispute over oil revenues with federal Iraqi authorities. 1 In March 2023, a critical oil pipeline was shut down, leading to a significant loss of revenue for the KRG and a crisis of confidence among international investors. 1

Current Situation and Allegations

Member of the Parliamentary Oil and Gas Committee, Alaa Al-Haidari, has criticized the KRG for its role in the deadlock surrounding the Oil and Gas Law. The law is seen as a critical step towards resolving the conflict over oil production and revenue sharing between Baghdad and Erbil. 3

Steps Taken to Resolve the Dispute

In an attempt to address the issue, delegates from the KRG and Invest Kurdistan have been actively seeking to attract foreign investment, emphasizing the region's potential as a premier investment destination in the Middle East. 1Moreover, officials from Baghdad and Erbil have met to discuss the drafting of the Oil and Gas Law, aiming to find a solution to the dispute. 3

Implications of the Dispute

The dispute has led to the suspension of northern Iraqi oil exports via Turkey since March 2023, affecting more than 450,000 barrels per day of oil that would typically be exported to the Mediterranean. 3

Moving Forward

The federal Iraqi government has taken steps to pressure the KRG, including an ultimatum to reduce crude oil output to the minimum required for local refineries. 4 The new Iraqi budget law also strengthens Baghdad's hand over the Kurdistan region's oil sector, potentially complicating plans to revive shuttered crude production. 6

Conclusion

The ongoing standoff over the Oil and Gas Law highlights the complex relationship between the federal government and the KRG.

Resolving this dispute is crucial for the economic stability and development of the Kurdistan Region, as well as for the broader Iraqi economy.

Both parties are urged to prioritize dialogue and cooperation to find a mutually beneficial solution.

Parliamentary Committee Holds Kurdistan Responsible for Obstructing the Approval of the Oil and Gas Law, 31 AUGUST

Parliamentary Committee Holds Kurdistan Responsible for Obstructing the Approval of the Oil and Gas Law

Member of the Parliamentary Oil and Gas Committee, Alaa Al-Haidari, strongly criticized the Kurdistan Regional Government, holding it responsible for obstructing the approval of the Oil and Gas Law.

Al-Haidari said in an interview followed by “Al-Eqtisad News” that “there is difficulty in passing the law due to the lack of a political agreement and the regional government’s failure to implement the concluded agreements.”

Al-Haidari pointed out that “several meetings were held in the presence of officials in the Ministry of Oil and government advisors, with the aim of reaching an agreement on the law, but those efforts have not borne fruit so far.”

He added, "The Oil and Gas Law is one of the laws that has been stalled in the House of Representatives, as it has remained on the shelves for more than five parliamentary sessions."

Al-Haidari explained that “the government program included voting on the law in the House of Representatives, and if approved, it will contribute to ending the controversy between the region and the center, and provide fair direction for wealth within the framework of the constitution.”

Al-Haidari concluded his statement by stressing that “the approval of the law will ensure the fair regulation of oil exports and oil and non-oil revenues, which will spare the country further problems and obstacles between the region and the center.” link

" THEY ARE ALL NOW GETTING READY TO RELEASE PAYMENT" BY WOLVERINE, 31 AIGUST

Fri. 30 Aug. 2024 Wolverine

“I’ve been told that all platforms have been shut down. They are all now getting ready to release payment. Once the Precatorias start all Yellow Dragons Bonds from my platform will cease operations immediately.

We are finally here after 30 years of waiting. We are actually here and ready to cross the finish line. It will be emotional for all of us when it hits us…

Let’s start out with intel.. What I have been told is that the Precatorias is about to start this weekend. It is an old debt/money owed to the people of Brazil, and back in 2017, they went to court on this, and they finally won the case, and they will get the funds released, more than trillions of dollars involved. This is another platform that has associated itself with the RV, globally and this is about to be released on the weekend. The QFS had a hiccup, so it was temporarily delayed.

Zurich, I was told that this week all will get released. The codes are there so they can all get released. Not much to say as all is ready.

My sources said the Philippines have started, not sure of the payments, the process? But they said the engine has started. East to west. Hopefully that is true. This is from various sources saying things are coming out from Asia to the West.

All the private platforms deals are being paid this week as well, by the new week – this is coming from Zurich as well…. Starting by the new week – Monday is Labor Day in the USA, so we are looking from Tuesday onwards

When the Precatorias gets released, the Yellow Dragons from my platform sales cease immediately. If you are interested in those bonds before they close the doors. This came through last night so I wanted to let you know.

I got a letter from an official in the Brazil and they are part of the RV process: “We close the week with the following report: the auditors of the World Bank and Peter Wong’s Platforms who arrived in Brazil on 08/27/2024 are packed and ready to return to the U.S.

Since Monday 09/02/2024 is a holiday in the USA (Labor Day), there is no way to have banking hours on the Reno Platform (Nevada/USA), so it was defined in the meeting within the BACEN on the date of 08/29/2024 that the global START will take place on 09/03/2024 (next Tuesday), when then Brazil 2, the USA and the other countries that will make up this project that covers 47 countries (and their respective Central Banks), after several exhaustive tests and adjustments, will finally be able to synchronize and proceed simultaneously with the release and settlement of the financial operations of which they are part.

I emphasize that in Brazil the released and approved operations to be paid are LTN and T*A, (like farmer’s claims) which were unified within the same platform).

I also learned that the deadline for distributing the amounts in the payrolls of the Managers that will be received will begin on 4th of September and extended until 9/13/2024. “

How PM Al-Sudani is Transforming Iraq's Investment Landscape!

DINAR REVALUATION REPORT: Iraq Takes the Helm: Elected to Chair the Group of 77 and China at the United Nations, 31 AUGUST

Iraq Takes the Helm: Elected to Chair the Group of 77 and China at the United Nations

In a significant development, Iraq has been elected to chair the Group of 77 and China (G77) at the United Nations for the year 2025. This announcement was made by the Ministry of Foreign Affairs on Saturday, August 31, 2024. The Group of 77 and China is a coalition of developing countries that aims to promote collective economic interests and enhance cooperation among its member states.

Background and Significance

The Group of 77 and China was established in 1964, with the signing of the "Joint Declaration of the Seventy-Seven Countries" at the United Nations Conference on Trade and Development (UNCTAD) in Geneva. The group's primary objective is to articulate and promote the collective economic interests of its member countries, as well as to enhance their negotiating capacity within the United Nations.

Iraq's election to chair the G77 is a testament to the country's growing influence and commitment to international cooperation. As the chair, Iraq will play a crucial role in shaping the group's agenda and policies, and in promoting the interests of its member states.

Key Responsibilities and Challenges

As the chair of the G77, Iraq will be responsible for:

Leading the group's negotiations: Iraq will lead the G77's negotiations with other countries and international organizations, including the United Nations, the World Trade Organization, and the International Monetary Fund.
Setting the group's agenda: Iraq will play a key role in setting the G77's agenda, including identifying key issues and priorities for the group.
Promoting cooperation and solidarity: Iraq will work to promote cooperation and solidarity among the G77's member states, including through the organization of meetings, conferences, and other events.

Iraq will also face several challenges in its role as chair, including:

Managing diverse interests: The G77 is a diverse group of countries with different economic, social, and cultural backgrounds. Iraq will need to manage these diverse interests and find common ground among the group's member states.
Addressing global challenges: The G77 will need to address several global challenges, including climate change, poverty, and inequality. Iraq will need to work with other countries and international organizations to find solutions to these challenges.

Conclusion

Iraq's election to chair the Group of 77 and China is a significant development that reflects the country's growing influence and commitment to international cooperation. As the chair, Iraq will play a crucial role in shaping the group's agenda and policies, and in promoting the interests of its member states.

Iraq elected to chair the Group of 77 and China at the United Nations, 31 AUGUST

Iraq elected to chair the Group of 77 and China at the United Nations

The Ministry of Foreign Affairs announced, today, Saturday (August 31, 2024), the selection of Iraq to chair the Group of 77 and China ( G77 ) at the United Nations for the year 2025, after the Asia-Pacific Group meeting held to discuss Iraq's nomination for this position.

The ministry said in a statement received by "Baghdad Today", that "the Chargé d'Affairs of the Permanent Mission of the Republic of Iraq to the United Nations in New York, Abbas Kazim Obaid, delivered a speech in which he affirmed Iraq's vision for its role during its presidency of the group, highlighting the main axes of work and stressing Iraq's commitment to the basic principles of the group, especially with regard to supporting the goals and aspirations of developing countries in achieving economic, technological, and social development.

Obaid stressed that "Iraq will work to provide all the elements of success for this presidency, which is the first for Iraq since the establishment of the group, as Iraq was one of the founding countries 60 years ago.

The statement added, "At the end of the meeting, the resolution was unanimously adopted to support the Republic of Iraq to assume the presidency of the Group of 77 and China ( G77 ), as the member states offered congratulations to Iraq and expressed their readiness to support it in its tasks during this important presidency. In another speech, the Chargé d'Affaires expressed his gratitude for the support and endorsement of the Asia-Pacific Group and its confidence in entrusting this responsibility to Iraq, stressing his readiness to work and cooperate with the member states to achieve common goals.

It is worth noting that the Group of 77 and China is the largest group of countries in the United Nations, with 134 member countries link