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Wealthwatch OOTW & Butifldrm Chat 12-17-15 Part 1 of 2
OOTW: HERE IS AN ARTICLE FROM BUTIFLDRM
OOTW: Economy and Investment parliamentary calls for the activation of the customs tariff and reduce the waste of hard currency December 17, 2015 Twitter Our economy / BaghdadHe stressed the economic and investment commission member of the parliamentary Almamori proof, on the necessity of activating the law of customs tariff, and reducing the waste of hard currency through import.
Said Mamouri, said in a statement the agency of our economy news received a copy of "falling world oil prices, the detection of the wrong policies that were followed by previous governments to rely on the export of oil to support the general budget, and not to use the surplus funds in the formation of a production base, whether industrial or agricultural ".
He added that" the decline in oil prices led to a large deficit in the financing of the general budget, whether operating the mother of the investment,
that causes us to immediately start finding alternatives and relying on Iraqi products service of goods, as well as Iraqi factories of cement, iron, steel and reduce import by activating laws customs tariff and the protection of the local product, which reduces the waste in hard currency, which drains in the importation of products manufactured locally.
‘ OOTW: "He noted the parliamentary economics member to" The committee worked through a whole year and great effort and was able to achieve the rate of investment, which included significant concessions to activate this important sector and this law privileges included industrial and agricultural sector and the production of consumer goods.’
"He called Almamori government to" Send a private investment law in refining crude oil for adoption Iraq is lost annually billions of dollars in import of oil derivatives, taking into consideration that the establishment of oil refineries to achieve significant revenue for the state as well to stop the import of oil derivatives.
"He called on the government to" reconsider its oil licensing rounds and that the bulk of the benefits of the oil customs go to manufacturers because of the high cost of a barrel produced by these companies with low oil prices, which makes the interest derived from the oil sector slim too, so you must reconsider these contracts in order to achieve the benefit of the Iraqi state. "
OOTW: HERE IS SOME RESEARCH AND LEGAL INFORMATION
OOTW: Competition, trade and merger control 25 What government bodies have the authority to prevent or punish anticompetitive practices in connection with the extraction, transportation, refining or marketing of crude oil or crude oil products?
There are generally no government bodies regulating anti-competitive practices within the market. The oil and gas industry is operated by Iraqi NOCs. 28 Are there special requirements or limitations on the acquisition of oilrelated interests by foreign companies or individuals?
Foreign companies are generally freely able to invest in corporate interests which may be oil-related by incorporating an Iraqi legal entity or establish a branch office if they have a contract with a state entity (either directly or indirectly).
There are also specific requirements outlined in the Law of Private Investment in Crude Oil Refining (Law No. 64 of 2007), which was implemented by Instruction No. (1) of 2009, including:
• investor company may granted a lease of up to 40 years for land used for the refinery;
• Iraqi personnel shall comprise 75 per cent of the investor company’s workforce;
• investor company shall construct (at its own expense) a pipeline from the nearest appropriate delivery point;
• investor company is prohibited from trading in crude oil and the oil products; and
• products of the refinery shall comply with all environmental and industrial safety laws and regulations.
29 Do special rules apply to cross-border sales or deliveries of crude oil or crude oil products? Any sales (whether domestic or export) are made by SOMO, which is the only legal entity permitted to trade in oil under Iraqi law.
Due to this monopolisation of the export market of crude oil, there are no special rules that apply in this instance
OOTW: AND HERE IS A LINK TO THE OIL CRUDE REFINING LAW
OOTW: SO YOU CAN SEE THAT IRAQ ALREADY HAS AN OIL REFINING LAW - SO IT IS UNCLEAR AS TO WHETHER THEY ARE STATING THAT THE EXISTING LAW NEEDS TO BE ENACTED OR THERE NEEDS TO BE REFINING TO THE REFINING LAW ;)
OOTW: AT THE VERY LEAST...THEY HAVE THE LAW TEXT THEY NEED TO WORK FROM
OOTW: AT THE MOST..THEY HAVE IT AND THEY SIMPLY NEED TO ENACT IT
Donnie: Parliamentary Finance: Presidency of the Republic to ratify the 2016 budget during the next few days
Donnie: BAGHDAD / Baghdadi News / .. announced the parliamentary finance committee member Masood Haider, Thursday, that the general budget for the 2016 law voted by parliament in its session yesterday, the President of the Republic will be approved in the next few days.
Haidar said to the reporter / Baghdadi News /, "The Presidency of the Republic to ratify the general budget for the 2016 law during the next few days, while ruled that the law remains without authentication President of the Republic until the end of the 15 day period prescribed by the Constitution."
"The right of some of the blocks that have objections to the budget bill after voting attic recourse to the Federal Court," describing "those objections political bidding." It is said that the Council of Representatives voted 45 Minutes, which held on Wednesday on the state budget for the year ended 2016. Law 21 / g
Donnie: albaghdadianews.com/polit... LINK
chattels: Joel Wing @JoelWing2 58m58 minutes ago 70% of Ramadi said to be cleared
chattels: " There are still weeks more of fighting until it is liberated, but the end is definitely in sight." musingsoniraq.blogspot.co...
chattels: wealthwatch.world/showthr... http://wealthwatch.world/showthread.php?tid=3355
RVPlease: Iraq finally seems to be coming around.... Thank GOD...
bobrv: IRAQ 2016 BUDGET OVERVIEW.....$80 BILLION DOLLARS...DEFICIT $22 BILLION DOLLARS (22.8% OF BUDGET)...$45/BARREL OIL @ 3.6MBPD....250,00OBPD KURDS...300,000BPD KIRKUK PROVINCE....
TOTAL 2016 EXPENDITURES $102 BILLION DOLLARS....
TOTAL 2016 REVENUES $80 BILLION DOLLARS....
(THE REMAINING PLUGGED WITH INTERNAL/EXTERNAL LOANS AND TREASURY BONDS WORTH $12 BILLION DOLLARS)....
OIL REVENUES $66 BILLION DOLLARS (REPRESENTING 85.1% OF TOTAL REVENUES)...
WITH NON OIL REVENUES $10 BILLION DOLLARS (REPRESENTING 13.6% OF TOTAL REVENUES).....
ONGOING OPERATIONAL EXPENSES AND SALARIES OF $78 BILLION DOLLARS (UP 76%)...
WITH CAPITAL EXPENDITURES AT $22 BILLION DOLLARS (UP 23.8%)....
17% KURD ALLOCATION ($17B...SORRY NOURI!!!)...AND HALF BILLION FOR DISPLACED....
AND 1 OF THE MOST IMPORTANT UNDER THE RADAR VOTES IN BUDGET WAS TO INCLUDE PESHMERGA IN FEDERAL SYSTEM AND GIVEN PERCENTAGE OF GROUND FORCES COMMAND BUDGET...ALONG WITH NEWS OF VOTE TO ADOPT FORMER OIL AGREEMENT
bobrv: BUDGET WAS TO INCLUDE PESHMERGA IN FEDERAL SYSTEM AND GIVEN PERCENTAGE OF GROUND FORCES COMMAND BUDGET...ALONG WITH NEWS OF VOTE TO ADOPT FORMER OIL AGREEMENT BETWEEN ERBIL & BAGHDAD...TOTAL 16
bobrv: TOTAL 16 BUDGET ARTICLES.....
chattels: " 1 OF THE MOST IMPORTANT UNDER THE RADAR VOTES IN BUDGET WAS TO INCLUDE PESHMERGA IN FEDERAL SYSTEM AND GIVEN PERCENTAGE OF GROUND FORCES COMMAND BUDGET " ??????????????????
chattels: Anyone seen an article supporting the foregoing about the Peshmarga funding ?
chattels: I have yet to see a English translation of the budget
chattels: " under the radar vote(s) " sounds like a guru statement
OOTW: THIS IS THE MOST RECENT ARTICLE I FOUND CHATTELS
OOTW: Peshmerga budget allocation from the province of Kurdistan staff salaries Before I Rvvdav 14/12/2015 Rapporteur of the Parliamentary Finance Committee Haji Ahmed Rashid Rapporteur of the Parliamentary Finance Committee Haji Ahmed Rashid Roudao –
Arbil ratified the Finance Committee in the Iraqi parliament, the share of the Kurdistan Region of financial budget of the country amounting to 17%, will be allocated budget that the Peshmerga deduct 3% of the Kurdistan Regional staff salaries.
The decision of the Parliamentary Finance Committee, Ahmed Haji Rashid, network Roudao media, "The share of the Kurdistan region remains unchanged at 17%, without reduced." He said, Rachid,
"We decided through law determine the share of the Peshmerga, through the deduction of 3% of the Kurdistan Regional staff salaries." has not been in a draft financial budget for the 2016 law, customize any specific sums of money to the Peshmerga forces, but the passage of this legal provision,
it will be allocated 25 billion dinars for the forces Peshmerga Kurdistan region. In spite of the approval of the share of the province of Kurdistan in the project 2016 budget, many of the items and materials,
but it will be a dead letter, what Kurdistan Regional Government has not committed to sending 550 000 barrels of oil per day for the benefit of the Iraqi oil marketing company SOMO.
OOTW: THE ONLY PDF RELEASES OF THE BUDGE I HAVE FOUND ARE STILL/YET ENCRYPTED
OOTW: I HAVE THE DRAFT BUDGET LAW FROM EARLY DECEMBER
OOTW: BUT IT'S GONE THROUGH MANY AMENDMENTS SINCE
chattels: "We decided through law determine the share of the Peshmerga, through the deduction of 3% of the Kurdistan Regional staff salaries."
chattels: Reads as though the Peshmarga will be compensated out of Kurdistan Regional Staff salaries and not additional funding.
OOTW: HERE'S MORE OOTW: Iraqi parliament approve 2016 budget December 17, 2015 in the versions of the center comments on the Iraqi House to approve the budget in 2016 closed 36ipj9 In the midst of the difficult circumstances experienced by Iraq today, the Iraqi Council of Representatives voted by majority on the decision to draft the country's budget law for 2016, where it was to retain the previous taxes increased again, in addition to the deductions were not present in the past.
It was a vote on the project by a majority of 167 of its members Total number of attendees of the meeting and the vote today's 240 deputies (out of 328 members) on the draft federal budget for 2016 amounting to 105 trillion dinars and 800 billion dinars.
And deducted the budget 3% of employees in government departments and retirees who are over their salaries to 500 000 dinars to be distributed among the popular crowd forces by 60% of the amounts withheld to the rest given to the displaced, either in connection with the Kurdistan Regional staff will be amounts deducted for themselves and give to the forces' salaries Peshmerga.
We came new budget burdened helplessness similar to the previous one, which is a crucial juncture for Iraq, which weary of the financial crisis experienced by the collapse of oil prices since the year and a half almost, not to mention the consequences of war on the state regulation "Daash.
" The new budget details of the value of the budget approved by the government last October 105.8 trillion dinars, or about $ 95 billion, and a projected deficit of around 24 trillion dinars, the equivalent of about $ 20.5 billion. And built the budget figures based on price
My guess for a barrel of oil at $ 45, and the export amount of 3.6 million barrels per day of crude from within oil exported by the province of Kurdistan. It was the inclusion of items oil deal between Baghdad and the Kurdistan Region within budget items, although the region is gradually draws since June past to independently sell its oil from Baghdad down to the non-deliver
OOTW: And built the budget figures based on price My guess for a barrel of oil at $ 45, and the export amount of 3.6 million barrels per day of crude from within oil exported by the province of Kurdistan. It was the inclusion of items oil deal between Baghdad and the Kurdistan Region within budget items, although the region is gradually draws since June past to independently sell its oil from Baghdad down to the non-delivery of any quantity of Baghdad two months ago.
Under the agreement late last year to hand over the province 550 000 barrels of oil per day to the federal government in exchange for receiving a share of the budget.
The distribution expenses as follows: - total expenditures came by (105895722619) thousand dinars - total investment expenditure (25746311538) thousand dinars - total current expenditure (80149411081) thousand dinars - the deficit of the budget of the Federal 2016 amounted to about (241 941 919 481) thousand dinars has been schedule this mechanism to cover the deficit inclusion on schedule Next :
OOTW: Table from the website of the House of Representatives. It was the inclusion of the terms of an oil agreement between Baghdad and the Kurdistan Region within budget items, although the region is gradually trend since last June to independently sell its oil from Baghdad down to the non-delivery of any quantity of Baghdad two months ago.
Under the agreement late last year to hand over the province 550 000 barrels of oil a day to the federal government in exchange for receiving a share of the budget.
As is known, the Iraq depends on the sale of oil revenues to cover about 95% of the country's expenses, and collapsed prices since last year of about $ 115 per barrel to less than $ 40.
Also, this the second year in a row in which the Iraqi parliament succeed by passing the draft budget before the start of the new year after it was it takes long months of discussions in the past years.
But the biggest challenge is the lack of financial resources of Iraq, which was confirmed by Iraqi Prime Minister Haider al-Abadi that Iraq's financial resources decreased by 60%, and that the great challenge facing the government is to reduce the budget deficit for next year.
It is said that the Iraqi Council of Ministers approved, in (18 October 2015), the financial budget for the coming year 2016, B113 trillion Iraqi dinars and a deficit of 30 trillion dinars.
and still oil prices is witnessing a sharp decline due to the abundance of global supply, in addition to the recent decision of OPEC to keep output ceiling, which is Maather on the Iraqi oil sector, liver significant losses due to the low selling price,
this as well as internal reasons that inherited the current government from its predecessor, the war with the organization of the State "Daash", is expected to continue to decline in oil prices, which could affect the Iraqi economy, has been increasing the financial burdens over the next year. Amer Omran
chattels: " In spite of the approval of the share of the province of Kurdistan in the project 2016 budget, many of the items and materials, but it will be a dead letter, what Kurdistan Regional Government has not committed to sending 550 000 barrels of oil per day for the benefit of the Iraqi oil marketing company SOMO."
chattels: " ........... it will be a dead letter, ............. "
chattels: Means to me that the Kurds will not accept or implement " as is ", but ....................
OOTW: HAVE YOU SEEN THIS SITE? WOW : independencenews.net/ar/%... LINK
OOTW: WELL, TAKE A GANDER IT'S FULL ON OOTW: LOL
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