KTFA:
Clare: The Iraqi Oil Minister from Paris: We are continuing to implement the “Total” contracts
2022-07-12
Today, Tuesday, the Iraqi Minister of Oil confirmed that the implementation of the group of oil contracts concluded by the ministry with the French Total is proceeding.
This came during his meeting with the CEO of the French Total Energy, Patrick Pouyanne, in the French capital, Paris, according to a statement received by Shafak News Agency.
Oil Minister Ihsan Abdul-Jabbar Ismail said, according to the statement, that “this meeting came to follow up the technical and administrative progress of the four contracts within the agreement, including following up on the Artawi field gas investment contract after signing the design contract for the Artawi Central Complex between South Gas Company and KBR in cooperation with Total”.
Ismail pointed to “discussing the sea water transfer project for its importance in sustaining and increasing the production of oil fields in southern Iraq, as well as researching the development of the Artawi field and the mechanisms for implementing an investment project (1000) megawatts of solar energy.”
For his part, CEO of the French Total Energy Company, Patrick Pouyanne, affirmed standing by Iraq to achieve its development goals in developing the energy and oil sector, stressing that Iraq is one of the most promising countries in attracting global investments to implement projects in this framework, and that Total is committed to partnering with the Iraqi government for its keenness. To deal with us transparently, and to achieve the principles of mutual trust in a way that serves the common interests.
It is noteworthy that the Ministry of Oil has concluded a set of contracts with Total, which is the largest in the history of the local oil industry in terms of the volume of investments that are monitored by the international company and the Ministry of Oil. LINK
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MilitiaMan: Pay attention to these two articles and one key point specific within them.
Below they tell us that the French Total was to withdraw from the contracts at the end of this month. Well that may have stimulated the above action to conclude the agreements today.
We are witnessing what I have heard to be pressure being put on Iraq from the world at large and in this case pressure in the tune of $27 billion worth of contracts and the loss of future revenues.
Iraq is not in a position to lose large amounts of money for political ineptness. The move was likely to put a shot across the bow, while likely given a kind “promising” gesture that being of; Iraq do what is needed to form a legitimate government and we can work together in this agreement. You have that? Yep.. lol
Total canceling a deal of that caliber? They needed assurances and apparently got them. They were likely told something along the lines of what the Supreme Judicial Council has said for months. As the government stands today, we can proceed legally and politically on more than one front.
For Total to agree on contracts today and conclude the deal would require the right environment.. They would have had that in writing too.
It shows me that there is a big push on Iraq to go live internationally.. I like it.. ~ MM
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After an agreement to invest $27 billion in energy, France’s Total withdraws from Iraq
12th July, 2022
Economist Nabil Al-Marsoumi revealed, on Tuesday, that the French company Total decided to withdraw from Iraq, at the end of this month
Al-Marsoumi said in a Facebook post, “Private information from reliable sources indicates that the French company Total decided to withdraw at the end of July from the initial agreement it signed with the Iraqi Oil Ministry, in September 2021, due to the delay in forming the Iraqi government and the inability to convert the initial agreement into a final contract between them
He pointed out that “the previous agreement included the implementation of four projects in Basra worth $27 billion in the field of oil, gas and electric power. The first is to develop a complex and refining gas in all fields, outside the Basra Gas Agreement, which are the fields of (Artawi, West Qurna/2, Majnoon, Al-Touba, Al-Luhais)
The second project is related to “transferring and treating sea water with a capacity of 5 million barrels per day to maintain and increase production from oil fields, the third project, the establishment of facilities to produce one thousand megawatts of electric power based on solar energy, and the fourth project, the development of the Artawi oil field with the aim of maximizing the potential of gas supply
The implementation of the project was delayed due to “the Oil Ministry’s failure to obtain approvals on the financial details of the deal from all government departments whose approval is required, and it sank into many disputes
The economic expert pointed out that “the agreement raised concerns because of the signing of the agreement without procedures that guarantee competition and transparency. The sources say that “under the draft terms, Total is counting on obtaining ten billion dollars of the first investment to finance the broader project by selling oil from the Artawi oil field, which is one of the four projects in the broader agreement
The Artawi field is currently producing 85 thousand barrels per day, and Total seeks to increase it to the level of 210 thousand barrels per day, and Total is scheduled to get 40% of the sales of the Artawi field to pay the amount LINK
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Tivon: People do not see how monumental this is. Iraq just got put in the pressure cooker.
The timing here is impeccably stringent for many reasons. One being the Oil & Gas Law being up for a vote and activation which would require governing bodies that will work from within the EFSL that has allocated 500 Billion to the Ministry of Oil who will have the exclusive right to receive and market all produced petroleum, and transport the same through pipelines.
An obligation to develop a field development plan for each commercial discovery, submit the same for approval by the competent body (The Ministry of Oil, the Iraq National Oil Company or the appropriate regional body) and endorsement by the FOGC.
Remember I told you all that we are about to see a Blitz Play by PM Al-Kazemi. Look how the article mentions a deal back in 2021 that has not matured due to not forming a government. As I’m sure the 2021 Budget had this contract. Because they said the IQD value was supposed to be raised last year.
Regardless in the contract the Ministry of Oil is required to do many follow ups. And carry out certain duties. Which is why the article from yesterday that stated how the Oil & Gas Law is an unresolved law that only requires a current government to enact outside the political impasse. That’s where the EFSL comes into play.
Because no matter what happens whether they seat a government or dissolve it. The EFSL will step in and do what is neccessary for the country. So it’s a win-win for us regardless. Checkmate.
As you can see the role they will play in this deal. They will be required to give preference to the purchase of Iraqi products and services in petroleum operations. Which is the private sector. A requirement for the employment and training of Iraqi nationals. A requirement to support Iraqi institutions in research and development activities relating to petroleum operations.
Importantly, the draft oil and gas law does not specify the form that petroleum contracts must take, and thus leaves open the possibility that production sharing contracts may be permitted in the future. A clear right for licence holders to transfer profits outside of Iraq (after payment of relevant taxes).
We are definitely about to see a monumental change in days. You think the FOGC is about to miss out on this opportunity? Especially if the CBI is on the same board.
And they only have two weeks to act.
And they already have their prime player running the show with the EFSL to back him up.
Guys we are in the 4th Qtr with 60 left on the clock on the 20 yard line and only down by six.
As I said the post game interview from Al-Kazemi will be historic. The citizens have someone who is truly working for them. Now they are finally about to see the fruits of all the things promised.
KTFA you need to prepare now. Get your affairs in order. Go over your plans.
This is “The End Game”.
You should go forward with the assumption from this day that they can flip the switch at any moment.
Thus French company just threatened Iraq to discontinue business at the end of the month. Ask yourself what will they do to ensure that this does not happen? Your commonsense should have no problem coming up with an answer.
The PM has emergency powers for a reason. Keep in mind the PM and the CBI all sit on the same council. Which is “The Federal Oil & Gas Council”. They were created to oversee deals regarding oil contracts.
So not only is the pressure on the government. It’s also on the CBI because they are the ones who will activate all contracts (Including Oil) simply by reinstating the IQD.
All of this has to happen fast. Or else. This company is not playing any games.
CBI, the ball is in your court. July is very hot.
Tivon: The establishment of a Federal Oil and Gas Council (FOGC), which would act as the main body for overseeing the Iraqi petroleum sector. The membership of the FOGC would consist of:
The relevant Deputy Prime Minister.
The Minister of Oil
The Minister of Finance
The Minister of Planning
The Governor of the Central Bank of Iraq
A ministerial-level representative of the Kurdistan region (and any other region formed pursuant to the Constitution subsequent to the enactment of the oil and gas law)
Representatives from each producing governorate not included in a region;
The heads of the Iraq National Oil Company and the Oil Marketing Company (SOMO) (and other relevant companies)
And up to three experts specialised in matters relating to oil and gas, finance or economics.
So as you can see above that they all occupy a seat on the council. Everyone that would be relevant for that type of deal from the French company are the players currently on the field.
They are cornered. There’s no getting out of this deal.
This couldn’t happen at a better time. How this is coming together is just Devine. Everyone thought that we were about to go into another dry spell because the EFSL was published without that new shiny thing that has been sitting on the shelf. The window shopping is over. They have shown that the store is closing in 15 minutes.
So whatever you been looking at or trying on needs to be put in the basket and brought to the front counter so the cashier can crunch the numbers and give you your total.
Now you can actually think about where you’re going to place these new products in your potential new home. The company found a buyer and now they know you have the funds to acquire something they have been trying to get rid of since last year.
Are we prepared to for the lifestyle we all are about to embark upon? Hopefully.
We made it this far. Some are hanging on by a thread. Barely getting by. And now they are faced with the opportunity where all that they have learned will come into play in a very short time.
This is what we came for. IMO
We are pushing through with continuous progress. I love where we are at. It’s a beautiful thing I tell you. What Al-Kazemi pulled off is astonishing. This guy has cemented a solid legacy. The Iraqi citizens are very fortunate they have him on the front lines. What a moment in history.
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Hammy14: The article itself, MM’s comments, Tivon’s comments, and Petra’s comments in chat are all extremely important and very powerful. It is exceptionally clear now just how crucial the EFSL is to the reinstatement of the IQD. Kazemi finally figured out a way to get around all the political BS, and the move was brilliant!! This article, along with all the comments from MM, Tivon, and Petra should be plastered all over the Final Article thread and highlighted in varies shades of red. These next two weeks most likely will be packed full of very exciting news, as the CBI is now put in the position to reinstate the currency and catapult Iraq into the international marketplace!!! IMO
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MilitiaMan: Drop the mic… Bravo TIivon.. I have the feeling your depth, is back ground specific and oriented.. lol We are not making this stuff up..
I’ll show an interesting tandem item to get you and everyone start thinking more outside the box. Something you do extremely well.
The talk of digitization and gold being a very integral part of the process is before us now. We are seeing Iraq’s trading partners lopping currency, we are seeing trading partners de-pegging from the USD dollar now, and other things like multi billion dollar contracts for assets in Iraq concluded, increased gold purchases Iraq centric, etc… Why?
Because of the above you point out is also, a part of the process. Iraq’s integration to the international arena is something that is not going to stop now..
Iraq is an integral part of the Global plan.. The UST is talking about a Universal Health Initiative and Finance on the back of Food Security. The UST was just in Japan and is heading to Indonesia for G20 meetings. At the same time there is a USA visit to the ME with big plays on the table. Aside from the security and State making issues there are to be meetings with the GCC in SA.. Think AMF with that in mind.. BUNA Clearing digital currencies…
They are also talking now about what we mentioned back in October 2021. Digital Currencies at the Retail Level or and in addition to digital assets. That is us btw, retail.
Take note, as of and over this last couple weeks the UST is talking specific to countries about digital assets. They don’t have to tell us everything at the retail level. They just prepare us with phrases and concepts. Plausible deniability is a component of the process.
They do however, tell countries and put the implications of what will be talked about in the shoulder to shoulder meetings and prior to them and after. Here is whey I believe they have already started the process to going gold backed for currencies.
Above, the Lop by Iran (2-5 years to shake out) and the repegging of the Indian Rupee, may all be in line with the game is on and Iraq is about to be show cased. To the world. Like we have shown the present government has legal authority to accomplish what they need to.
We litterally are watching the change to asset backed currencies before our eyes.. imo.. ~ MM
WASHINGTON — The U.S. Department of the Treasury released a notice seeking public comment regarding potential opportunities and risks presented by developments and adoption of digital assets as part of its work under Section 5 of President Joe Biden’s digital assets Executive Order. Section 5 of Executive Order 14067, “Ensuring Responsible Development of Digital Assets,” directs Treasury, in consultation with the Secretary of Labor and other relevant agencies, to report to the President on the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses.
“For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams.” Under Secretary of the Treasury for Domestic Finance Nellie Liang said. “The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work.”
Through this request for comment (RFC), Treasury is requesting input from the public that will inform its work in carrying out its mandate under section 5(b)(i) of the Executive Order. This RFC offers an opportunity for all interested parties to provide relevant input, data, and recommendations pertaining to the implications of developments and adoption of digital assets and changes in financial market and payment infrastructures for U.S. consumers, investors and businesses.
Members of the public are encouraged to submit comments, and comments that respond to the notice will be available on http://www.regulations.gov.
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U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
July 12, 2022
Contact: Treasury Public Affairs; [email protected]
Treasury Releases Request for Comment on Risks and Opportunities and Presented by Digital Assets
WASHINGTON — The U.S. Department of the Treasury released a notice seeking public comment regarding potential opportunities and risks presented by developments and adoption of digital assets as part of its work under Section 5 of President Joe Biden’s digital assets Executive Order. Section 5 of Executive Order 14067, “Ensuring Responsible Development of Digital Assets,” directs Treasury, in consultation with the Secretary of Labor and other relevant agencies, to report to the President on the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses.
“For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams.” Under Secretary of the Treasury for Domestic Finance Nellie Liang said. “The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work.”
Through this request for comment (RFC), Treasury is requesting input from the public that will inform its work in carrying out its mandate under section 5(b)(i) of the Executive Order. This RFC offers an opportunity for all interested parties to provide relevant input, data, and recommendations pertaining to the implications of developments and adoption of digital assets and changes in financial market and payment infrastructures for U.S. consumers, investors and businesses.
Members of the public are encouraged to submit comments, and comments that respond to the notice will be available on http://www.regulations.gov.
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U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
July 13, 2022
Contact: Treasury Public Affairs; [email protected]
READOUT: Secretary of the Treasury Janet L. Yellen’s Meeting with Japan Financial Services Agency Commissioner Nakajima Junichi
TOKYO — Today, Secretary of the Treasury Janet L. Yellen met with Japan Financial Services Agency Commissioner Nakajima Junichi as part of the regular coordination between the United States and Japan on a number of bilateral and multilateral financial regulatory issues. They exchanged views and reaffirmed their commitment to collaborating on financial issues related to sustainable finance, digital assets, and compliance of sanctions.
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U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
July 12, 2022
Contact: Treasury Public Affairs; [email protected]
Treasury Releases Request for Comment on Risks and Opportunities and Presented by Digital Assets
WASHINGTON — The U.S. Department of the Treasury released a notice seeking public comment regarding potential opportunities and risks presented by developments and adoption of digital assets as part of its work under Section 5 of President Joe Biden’s digital assets Executive Order. Section 5 of Executive Order 14067, “Ensuring Responsible Development of Digital Assets,” directs Treasury, in consultation with the Secretary of Labor and other relevant agencies, to report to the President on the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses.
“For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams.” Under Secretary of the Treasury for Domestic Finance Nellie Liang said. “The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work.”
Through this request for comment (RFC), Treasury is requesting input from the public that will inform its work in carrying out its mandate under section 5(b)(i) of the Executive Order. This RFC offers an opportunity for all interested parties to provide relevant input, data, and recommendations pertaining to the implications of developments and adoption of digital assets and changes in financial market and payment infrastructures for U.S. consumers, investors and businesses.
Members of the public are encouraged to submit comments, and comments that respond to the notice will be available on http://www.regulations.gov.
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U.S. Department of the Treasury
Office of Public Affairs
Press Release: FOR IMMEDIATE RELEASE
July 12 2022
Contact: Treasury Public Affairs; [email protected]
Joint Statement by Secretary of the Treasury Janet L. Yellen and Japan Finance Minister Suzuki Shunichi
TOKYO — Ahead of the G20 Finance Ministers and Central Bank Governors Meeting in Indonesia, Secretary of the Treasury Janet L. Yellen and Japan Finance Minister and Minister of State for Financial Services Suzuki Shunichi held an in-person bilateral meeting in Tokyo. Following the meeting, they issued the following joint-statement agreeing to further strengthen the U.S. and Japan’s bilateral ties and affirming the pivotal roles played by both countries in tackling the difficult challenges facing the global community:
We renew our strong commitment to address challenges facing the global and domestic economies, including higher food, energy and commodity prices and growing food insecurity, compounded by Russia´s war of aggression against Ukraine. We call on the International Financial Institutions (IFIs) to implement the commitments in their Action Plan to Address Food Insecurity. We will provide well-targeted support and build a more resilient and stronger supply chain in close collaboration with like-minded countries and international organizations. The economic fallout from Russia’s invasion has raised exchange rate volatility, which can have adverse implications for economic and financial stability. We will continue to consult closely on exchange markets and cooperate as appropriate on currency issues, in line with our G7 and G20 commitments.
We remain steadfast in our solidarity with Ukraine and continue to support Ukraine. We are united in our strong condemnation of Russia’s unprovoked, unjustifiable, and illegal war against Ukraine and continue to increase Russia’s cost of its war by implementing economic and financial sanctions. We welcome G7 efforts to continue exploring ways to curb rising energy prices, including the feasibility of price caps where appropriate, while considering mitigation mechanisms to ensure that most vulnerable and impacted countries maintain access to energy markets. We will work with the international community to coordinate and maximize the efficiency and impacts of bilateral and multilateral supports to address Ukraine’s critical near-term economic challenges and safeguard macroeconomic stability, and we are committed to supporting Ukraine in rebuilding for its future, based on a clear blueprint to be developed with the assistance of the IFIs.
On global health, we welcome the establishment of a Financial Intermediary Fund (FIF) at the World Bank as a new global financing mechanism dedicated to addressing financing gaps in pandemic prevention, preparedness and response (PPR). The FIF will complement the work of existing institutions and catalyze funding from domestic, private, philanthropic, and bilateral sources. We underscore the need for the FIF to launch and become operational by September of this year. We also highly value the meaningful, ongoing collaboration between Finance and Health Ministers as well as through the G20 Joint Finance-Health Task Force. We commit to further strengthening this coordination and building a resilient global health architecture, including through accelerating progress towards achieving Universal Health Coverage (UHC).
On climate change, we reaffirm our commitment to achieve economy-wide net zero emissions by 2050. We will promote a just transition that keeps the goal of limiting global warming to 1.5℃ within reach through inclusive international cooperation that includes all the major emitters. We will focus on reducing carbon intensity through the full range of climate mitigation measures appropriately tailored to each country’s emissions profile and context. We share our intent to continue to lead in developing a Just Energy Transition Partnership (JETP) for Indonesia.
As for debt issues, we underscore the importance of swiftly delivering successful country cases with increased predictability for those who have requested a debt treatment under the G20 Common Framework. We urge all relevant creditors, including non-Paris Club countries, such as China, with large outstanding claims on low-income countries facing debt sustainability challenges, to contribute constructively to necessary debt treatments. We emphasize the critical role of creditor coordination to ensure fair burden sharing among all creditors in a debt treatment for vulnerable middle-income countries, notably Sri Lanka. We also urge all official bilateral creditors to share lending data with the World Bank and IMF to secure accurate data through creditor-borrower debt data reconciliation.
On infrastructure, we reaffirm the importance of promoting high-quality, transparent, and sustainable infrastructure investments to narrow the infrastructure gaps in Asia-Pacific and other regions. To ensure the quality and value of our investments, we will deliver projects based on the G20 Principles for Quality Infrastructure Investments (QII) and encourage the use of QII principles by our partners. We will continue to work bilaterally, multilaterally with G7 partners under the Partnership for Global Infrastructure and Investment, and with like-minded partners.
On international taxation, we reaffirm our firm commitment to the timely and effective implementation of the OECD/G20 Inclusive Framework two-pillar solution. We welcome the progress made on the technical detail of Pillar 1 and are committed to work towards its adoption following the revised timeline agreed by the Inclusive Framework. We will continue to work toward the swift implementation of Pillar 2 and expect the Inclusive Framework to swiftly finalize the implementation framework.
We extend strong support for the review of G20/OECD Principles of Corporate Governance, and affirm the role of sound corporate governance frameworks in contributing to the economic recovery in the post COVID-19 era.
At this critical juncture in history, Japan and the United States, as the world’s two largest democratic economies, resolve to promote strong, resilient, and sustainable economic growth, and to strengthen the rules-based global economic order.
MilitiaMan: The fine print? lol ~ MM
