The Council Of Ministers Decides To Compensate The Region For The Costs Of Producing And Transporting Oil, With Immediate Delivery To SOMO, 7 NOV

 The Council Of Ministers Decides To Compensate The Region For The Costs Of Producing And Transporting Oil, With Immediate Delivery To SOMO

 Politics |  Baghdad Today – Baghdad   Today, Tuesday (November 5, 2024), the Council of Ministers approved a proposal to amend Article (12/Second/C) of the Tripartite Budget Law No. (13 of 2023) regarding the oil of the Kurdistan Region.

 The amendment to the proposal, according to what was stated in the Council’s decision, according to a statement from the Prime Minister’s Office, received by “Baghdad Today”, included the following:

 1- The Federal Ministry of Finance undertakes to compensate the Iraqi Kurdistan Regional Government from sovereign expenditures for production and transportation costs, for the quantities of oil produced in the region that are received by the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b). of this clause, provided that the fair estimated costs of production and transportation for each field are calculated separately, by a specialized international technical advisory body, determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within (60) days from the entry into force of this law, and in the event of disagreement During the aforementioned period, the Federal Council of Ministers shall determine the aforementioned advisory body.

 2- The consultant mentioned in the previous paragraph submits the estimated production and transportation cost to the Ministries of Oil, the Federal Ministry of Finance, and the Kurdistan Regional Government of Iraq, and

 it is approved for the purposes of this law, and the calculation of the aforementioned compensation is based on the mentioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a) and (B), of this clause, and the Federal Ministry of Finance shall pay the amounts to the regional government.

 3- Immediately proceed to deliver the oil produced in the region to the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation will be compensated by the Federal Ministry of Finance as an advance, at a rate of (16) Dollars per barrel, to be settled later after the completion of the specialized technical consultant mentioned above, and retroactively from the date of commencement of delivery in accordance with this amendment. https://baghdadtoday.news/261494-مجلس-الوزراء-يقرر-تعويض-الإقليم-من-كلف-انتاج-ونقل-النفط-مع-تسليمه-فوراً-لسومو.html   

TIDBIT FROM MARKZ, 7 NOV

 MarkZ  

 [via PDK]

  “The election of the new speaker of Parliament will contribute to the legislation of important and obstructed laws” 

 I have a few folks in Iraq that are convinced that sitting the new speaker was important and now I know why.

 They specifically name the HydroCarbon Law in this article…The HCL!!!  There was a lot of meat to go with those potatoes.

Iraqi concerns over Trump’s victory: Ambiguities of US troop withdrawal resurface, 8 NOV

Iraqi concerns over Trump’s victory: Ambiguities of US troop withdrawal resurface

Shafaq News/ Prominent Iraqi politician and former lawmaker Mithal Al-Alusi stated, on Thursday, that the return of Donald Trump to the US presidency would prevent Iranian-backed factions from exploiting Iraq and the broader region by pushing for the withdrawal of American forces.

Al-Alusi noted to Shafaq News Agency that “Trump’s policies differ significantly from those of Biden, particularly in terms of curbing Iran’s influence in the Middle East and combating its armed proxies,” emphasizing that Trump would not take any serious steps to withdraw US troops from Iraq, “as doing so would allow Iran’s influence to expand in Iraq and the region.”

Al-Alusi further asserted that “Trump would take various measures, including economic sanctions, to counter Iran’s presence, and that US forces would remain in Iraq to prevent further Iranian expansion and the transfer of weapons from Iran to Syria and Lebanon.”

Meanwhile, the Iraqi Parliament’s Security and Defense Committee addressed concerns regarding the potential impact of Trump’s election victory on the US troop withdrawal process from Iraq. Committee member Ali Naama stated that “US policy remains consistent regardless of who occupies the White House.”

Naama explained that there is an agreement between Baghdad and Washington regarding the withdrawal of foreign forces, particularly US troops, with part of the US contingent scheduled to leave by mid-2025 and the remainder by the end of 2026. He stressed that “Trump’s victory would not alter this timeline, as the decision was made in coordination with US military institutions.”

Naama also clarified that any attempt by Trump’s administration to hinder the troop withdrawal would face strong opposition from both the Iraqi government and the people. “The Iraqi government is committed to sticking to the agreements made in official meetings, and any deviation from these plans would not be easily accepted.”

In the past 48 hours, Donald Trump’s victory in the US presidential election has sparked concerns over the future political, economic, and security landscape in Iraq. In his victory speech on Wednesday, Trump declared that he had won "a historic victory" and pledged to "end the wars" while reaffirming Republican control of the Senate.

REINALDO JC: "The dinar will return to the glory days" @DINARREVALUATION

 

Al-Sudani Directs Quickly To Abandon Paper Transactions At Customs And Adopt Electronic Transformation, 7 NOV

 Al-Sudani Directs Quickly To Abandon Paper Transactions At Customs And Adopt Electronic Transformation

 Politics | Yesterday, |  Baghdad Today – Baghdad  Today, Monday (November 4, 2024), Prime Minister Muhammad Shiaa Al-Sudani directed the immediate departure of paper transactions at customs and the adoption of electronic transformation.

 The Prime Minister's Media Office said in a statement received by "Baghdad Today", "Al-Sudani chaired a meeting to follow up on the procedures for automating work in customs, during which the detailed plan for implementing the second phase of the automation process was reviewed."

He added,  "The meeting witnessed a discussion of the mechanisms by which the process of transformation and automation takes place at border ports and crossings, where 11 crossings were completed, targeting the ports with the highest revenues and the most prepared to switch from paper to electronic transactions."

Al-Sudani directed, according to the statement, “to complete the laying of the optical cable and deliver it to all remaining crossings, in a way that contributes to the transfer of information and its availability at all ports,”

 reiterating his “emphasis on the importance of abandoning paper transactions at customs, and adopting automated electronic dealings, for the success of this program, which The government adopted it, as

 it is one of the most important axes of economic and administrative reform, and achieves efficiency, transparency, and simplification of procedures, as well as maximizing the state’s financial revenues.”  

https://baghdadtoday.news/261405-السوداني-يوجّه-بسرعة-مغادرة-التعاملات-الورقية-في-الكمارك-واعتماد-التحول-الإلكتروني.html    

ABOUT CITIBANK & JP MORGAN FROM FIREFLY, 7 NOV

 Frank26

  [Iraq boots-on-the-ground report]  

FIREFLY: Mr. Sammy said he has heard that Citibank and JP Morgan who have worked with Iraq for the last two years went to all the meetings...with the IMF, World Bank.

 It turns out Citibank have come out with something called CitiDirect program.  It's...so banks can exchange foreign currency and deal with 135 different currencies.  It is direct and all digital just like everything we're doing in Iraq...Mr. Sammy says these two banks will be leading the way but it will be banks all over the world too.  

FRANK:  You can't be a central hub at a program rate!

FIREFLY: IRAQ IS TAKING THE THREE ZEROS BILL TO PUTTING THEM IN AN ELECTRONIC PLATFORM