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| Iraq |
| Iraq’s Kurdistan negotiates $3 billion oil pre-payment deals |
| 2017-03-01 |
| [Iraq News] Iraq’s Kurdistan has agreed new deals to borrow $3 billion from trading houses and Russian state oil firm Rosneft that will be guaranteed by future oil sales to strengthen its fiscal position as the semi-autonomous region fights Islamic State ...formerly ISIS or ISIL, depending on your preference. Before that al-Qaeda in Iraq, as shaped by Abu Musab Zarqawi. They're very devout, committing every atrocity they can find in the Koran and inventing a few more. They fling Allaharound with every other sentence, but to hear the pols talk they're not reallyMoslems.... Kurdistan’s natural sources minister Ashti Hawrami told Rooters the new deals had been concluded in recent weeks. The region also negotiated grace periods of between 3 and 5 years for repaying the debt. Trading houses have been pre-financing Kurdish oil exports for the past two years after the government in Erbil decided to start independent oil exports via ...the only place on the face of the earth that misses the Ottoman Empire.... ’s Mediterranean terminals. Rosneft said last week it would join them. . Kurdistan says it needs to export oil independently as Baghdad has not paid Erbil its budget share just as the region needs money to fight Islamic State and host Syrian refugees. Baghdad has said it would sue buyers of Kurdish oil, arguing that the central government was the only legal exporter. The new Baghdad government has softened its stance, however, as it cooperated with Erbil against Islamic State in djinn-infested Mosul ... the home of a particularly ferocious and hairy djinn... "This helps our economic independence although it is important to understand that this cannot be achieved just by oil revenues and higher oil prices. We also need to press on with our economic reforms," Hawrami said in an interview in London. "We have learnt a lot from the oil price shock, the costs of fighting ISIS, and the burden of some 1.8 million refugees coming to our territory... Reform is a must ‐ we have a lot of debts to deal with." He declined to name the trading houses but market sources have previously identified Vitol, Petraco, Glencore (GLEN.L) and Trafigura as buyers of Kurdish barrels. Last week, Glencore confirmed it had concluded deals for Kurdish oil. The other trading houses do not comment on their dealings with Kurdistan and Rosneft did not give any details on the size of the deal. |
| Posted by:Fred |