EXOGEN: MNR Welcomes Oil & Gas Revenue Fund Law
The Ministry of Natural Resources (MNR) welcomes the passage of the Oil & Gas Revenue Fund law through the Kurdistan Parliament and congratulates the people of the Kurdistan Region, the members of parliament, and the Kurdistan Regional Government Council of Ministers for the entry of the law into the Region’s statute books. MNR will ensure that the new legislation is implemented as soon as possible.
The Oil and Gas Revenue Fund law authorizes the Council of Ministers to nominate a board, approved by the Parliament, that will provide public accounts for the revenue that the KRG accrues from oil exports, refined products, and oil company bonuses within the framework of the KRG’s oil and gas contracts, the Kurdistan Oil and Gas Law no 22 of 2007 and the Iraq Constitution of 2005.
The Oil and Gas Revenue Fund is an important institutional development in the KRG, and was instigated and sponsored by MNR to bolster transparency in the oil and gas sector.
Under the Law, oil revenues may be allocated for the following categories: the Kurdistan Region’s annual budget; investment spending; oil infrastructure; environmental protection; and a “future generation’s” wealth fund.
The Fund will act as an accounting mechanism and will improve public understanding of how much money the KRG generates from its independent oil exports and refined products. It will also lead to greater public awareness that oil revenues are transferred and audited in line with international standards.
MNR foresaw the need for such a revenue law and inserted a provision in this regard in Article 16 of the Kurdistan Region’s Oil and Gas Law no 22 of 2007.
Under MNR’s initiative, the first draft of the law was submitted to parliament in 2011, but the parliament term ended before that law could be debated.
The draft was then redrawn by MNR and the Council of Minister’s legal advisors, and returned to parliament in early 2013. There were initial discussions, but the draft again got stuck and the parliament finished without passing it into law.
The Council of Ministers subsequently withdrew the draft law to make it consistent with Law No 5 of 2013, and returned it to parliament in October 2014. Over the last 6 months, the new draft law was discussed and debated in detail by MPs, who voted it through last week.
Welcoming the new legislation, Natural Resources Minister Ashti Hawrami (pictured) said: “This is an important for the people of the Kurdistan Region. It is another building block in the institutional development of our oil and gas sector.
It will aid public understanding of the inflows and outflows of oil revenues, and it is in line with Kurdistan’s oil and gas law and the Iraqi Constitution.”
Minister Hawrami added that other legislation provided for in the Oil & Gas Law of 2007 remained pending in parliament, including an MNR-sponsored bill to establish the Kurdistan Exploration and Production Company (KEPCO).
Another MNR-sponsored bill relating to the official marketing of Kurdistan’s oil (KOMO) is ready to be sent to parliament soon. “We hope the Kurdistan Parliament will give priority to debating these important draft laws as soon as possible,” Minister Hawrami said.
(Source: KRG MNR)
Karen: I'm just glad they are coming out with it.....my friend in Kifri Iraq told me last week that they had been paid all the money that was promised to them and they were happy.....He said that life is better now......So yes I've been smiling since last Tuesday for him and his countryman but also for us.......
geeky gal: Thanks for calling this forward progress Exo. Whats next? Announcement in the gazette? Pics seem to indicate the Kurds have been wined and dined and everything is cozy like a spot next to the fireplace.
Danny S If the MNR, KRG, and COM are happy-and the public understanding is enhanced through transparency.... the public should be happy, then I think that we can say that "THE KURDS ARE HAPPY!!!!!" and as someone would say, "wink, nod". Tuesday it was.......
EXOGEN April 8, 2015 at 8:47am China says Iran joins AIIB as founder member
(Reuters) - Iran has been accepted as a founding member of the China-led Asian Infrastructure Investment Bank (AIIB), Chinese state news agency Xinhua reported late on Tuesday.
The decision was made by existing members, including China, Britain, France, India and Italy, it added.
The United Arab Emirates has also been accepted, Xinhua said.
Danny S April 8, 2015 at 9:57am Ok, so if movement on oil & gas law has produced happy Kurds, all we have left is the mechanism to deal with the overprinting, which the banks have been working on since last week. Meanwhile, exchanges of "preferred" customers continue as anecdotal evidence piles up.....
Iran is feeling a little froggy as they take their place as a founding member of the AIIB and send a destroyer to Yemen.
[JACQUE47] [11:55:28 PM] MORE ON POPPY: [10:25:13 PM]9:20 PM] BGG rcookie: I just spoke to him on the phone about 2 hours ago... he is in tough shape but he laughed. However, his wife and I shared a moment of humor earlier - he is crabby and wants to go home. I said - "well - that means he's getting back to normal" : I think the report might be a bit "heightened"
Appaloosa: OIL and GAS REVENUE FUND article ----
Appaloosa: Can't believe how quickly after the budget was approved that the contracts were awarded and projects slated to start
[snickers] Anyone catch on Drudge today that the US debt # has been frozen at $18T for the past 21 days? In reality that's not possible because the debt changes by the second. Are they playing w/ the numbers in anticipation of something major happening............soon? Hmmmmmm.
[sunny] snickers The people that believe in TRN's say those notes went active 3 weeks ago and are responsible for arresting the US debt
Topic: You're never too old, too wacky, too wild, to pick up a book and read to a child. Dr. Seuss
sczin11 WHAT YOU MUST REALIZE, RAISING THE VALUE OF THE IRAQI DINAR, AGAINST OTHER CURRENCIES, ON THE EXCHANGE MARKET, DOES NOT...SOLVE IMMEDIATE LIQUIDITY PROBLEMS...
THE IMMEDIATE GRATIFICATION ON THE "RV" PROCESS IS FOR THOSE OUT THERE, LIKE US, WHO WILL EXCHANGE DINAR FOR US DOLLAR.
THE IRAQI PEOPLE DO NOT HAVE THAT PRIVILEGE NOR DOES THE IRAQI GOVERNMENT... A VERY BIG MISUNDERSTANDING OF THE PROCESS...BY MANY...THE IMMEDIATE EFFECT, JUST THE OPPOSITE FOR THE IRAQI GOVERNMENT, IT WILL COST THEM, AS THEY HAVE TO BUY OUR CURRENCY BACK...
CASH OUT OF THEIR POCKET... AFTER IT GOES INT'L, NORMAL TRADING, BUYING AND SELLING, BID/ASK PRICES COME INTO PLAY.
THE RAISING OF THE VALUE OF THE DINAR, IS A LONGER TERM BENEFIT FOR THE CITIZENS, AS THE GOODS THEY WILL PURCHASE IN COUNTRY, SHOULD COME DOWN IN PRICE, DUE TO THE IMPROVED PURCHASING POWER BY THE IMPORTERS...
FOR THE GOVERNMENT, FOREIGN INVESTORS COMING IN, SPENDING THEIR BILLIONS ON THE INFRASTRUCTURE AND TOURISM ETC...AND THE TARIFFS AND TAXES AS A RESULT, THAT WILL BRING BIG BUCKS INTO IRAQ, BUT NOT SO FAST...
HENCE, THE REASON THEY HAVE BEEN LOOKING FOR, AND GETTING, SHORT TERM LOANS/CREDIT/REPRIEVES... 1, 3, AND 5 YR BONDS - 1 YEAR POSTPONEMENT TO KUWAIT, ETC.
Article quote: "Iraq’s Finance Minister Hoshyar Zebari (left) and Iraqi Central Bank’s governor Sinan Al Shabibi attend a meeting of Arab Financial Institutions yesterday in Kuwait City."
WHAT!? Iraqi Central Bank’s governor Sinan Al Shabibi?
FOLKS...STAY GROUNDED, BUT THIS COULD BE THE REAL BREAK SINCE DEC 22, WHEN DR. SINAN AL SHABIBI WAS ACQUITTED BY JUDGE MAHMOOD.
I THINK SHABS MAY BE HELPING IRAQ NEGOTIATE WITH THE IMF.
sczin11 says: "I HAVE SHARED WITH ALL OF YOU, MY COMMUNITY OF FRIENDS, SINCE DEC 22, 2014, I FELT HE WAS THE KEY TO THE COMPLETION OF THE IRAQI MONETARY REFORM...IT IS CERTAINLY NOT OVER, BUT CERTAINLY SOMETHING TO SMILE ABOUT!!"