Page 12 - MEOG Week 33

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KRG: Baghdad’s budget cut exceeds 250,000 bpd worth
Ahead of a top Kurdish delegation’s visit
to Baghdad, the Kurdistan Regional Government’s (KRG) spokesperson on Monday reminded that the Iraqi government continues to cut the Kurdistan Region’s share of the national budget.
KRG spokesperson Jutyar Adil told reporters during a press conference that although Kurdistan’s annual budget share is IQD 12.84 trillion, the central government in Baghdad only sends IQD 5.44 trillion.
Adil explained that the current budget cut is IQD 7.39 trillion and said Erbil “has elaborated this issue to Baghdad and, luckily, there is mutual understanding about the situation.”
oil revenues, disputed territories, and the federal budget are some of the outstanding issues between the regional and federal government.
According to the spokesperson, the KRG is prepared to hand over the requested 250,000 barrels of oil per day (bpd) to Baghdad, noting that the ongoing budget cut is worth more than the demanded oil.
“ ere is ongoing communication and coordination between Erbil and Baghdad to nd suitable solutions based on the constitution,” he told reporters.
“Kurdistan’s new government is working to increase transparency and improve governmental performance,” Adil added, noting that “both are a priority for the KRG’s ninth cabinet.”
Regarding the status of disputed areas between Erbil and Baghdad – a dispute meant to be settled through Article 140 of the Iraqi Constitution – the Kurdish o cial reminded that Kirkuk and Sinjar (Shingal) “are two
similar matters.”
“Both consist of various minorities. e
KRG has emphasized the importance of their participation in deciding the future of the two cities.”
on Sunday, a Kurdish lawmaker con rmed that a top delegation from the autonomous Kurdish government would visit Baghdad soon to discuss issues between Kurdistan and Iraq.
e KRG has established several technical teams to discuss unresolved matters between Kurdistan and Iraq, mainly regarding oil and budget cuts, two of the main disputes between Erbil and Baghdad.
e press conference was meant to highlight the major di erences between them, and underline the positive initiative from both sides to develop their relationship through dialogue.
KurdIstan24
ComPanIes
Delek in talks to raise $300 million ahead of Ithaca IPO
Israel’s Delek Group (DLEKG.TA) said
on Monday it was in talks with a range of investors to raise up to $300 million ahead of a planned listing of its Ithaca Energy business.
Delek said it was negotiating with investment funds, trading companies and international nancial institutions to make a capital investment against an allocation of shares in Ithaca.
In May, Delek moved closer to a listing of Ithaca when it bought out most of Chevron’s British North Sea oil and gas elds for $2 billion.
In a regulatory ling in Tel Aviv, Delek also said that along with Ithaca, it was in talks to sign oil and gas marketing agreements for
three years and receive payments of up to $150 million from international trading rms.
Delek expects to complete the Chevron transaction in the fourth quarter. Ithaca has already received British regulatory approval to gain control of Chevron’s North sea oil and gas elds.
reuters
RIPI, NISOC ramp up cooperation efforts
Heads of the Research Institute of Petroleum Industry (RIPI) and the National Iranian South oil Company (NISoC) have met to discuss enhanced cooperation between the two organizations.
According to National Iranian South oil Company (NISoC), Ahmad Mohammadi, NISoC CEo, and Jafar To ghi, RIPI head, met on Saturday in the southwestern city of Ahwaz.
RIPI acts as the research arm of the Iranian Ministry of Petroleum.
A major subsidiary of the National Iranian oil Company (NIoC), NISoC accounts for over 80 percent of Iran’s crude oil production. shana
oIL
NIOC to offer heavy crude oil at IRENEX on August 21
e National Iranian oil Company (NIoC) has planned to o er 2 million barrels of heavy crude oil on the international oor of the Iran Energy Exchange (IRENEX) on August 21 at $52.81 per barrel.
According to NIoC, this is the 6th heavy crude oil o ering by NIoC at IRENEX.
on April 30, the company sold 70,000
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Week 33 20•August•2019