Great point brought to light on the last thread. I had thought the same thing but had kept it to myself, thinking...Kirkurk! Wait...wasn't that in dispute before Daash came a rumbling along and then the Kurds took a stand and took it back.
And Baghdad has made little fan fare over the Kurds getting their old lines in the sand back. Which really the only fuss was from the prior administration I believe.
Help me brother with my recollection... wasn't the Kurds supposed to be pumping 250K barrels to Baghdad all the time prior??? But had stopped because of the disputes? right ?
So, now we see a deal to only have to pump 150K barrels and they get their 17% of the budget or ??? But i'm thinking if only 150K now...they are saving 100K barrels a day, which comes to 241,500,000 a month @ 30 days @ 80.50 / barrel.
Not recalling their budget figures for the year. Anywho, so, now we see them saying they will turn up the pipes again to ramp back to 250K barrels a day. But I thought they would soon be blazing past that figure just about any time now with their new findings and contracts they have had for at least the past 6 months or better.
Anyway, great pointing out this morning. It was definitely beneficial to many to see that conclusion and make that connection, so, kudos on that!
Cheers brother and thanks for all you do for the family.
Hello C$,Thanks for the kudos sir. I was just trying to put pieces of the puzzle together and surprised even myself with what appeared to be coming into focus.
You touch on something that I didn't write about, the fact that the Kurds have been flowing somewhere at or maybe slightly above 200,000 to upwards of 250,000 barrels of oil per day from their own respective oil fields to Ceyhan, Turkey since early in May.
It is my opinion that their flow through their new pipeline has only been halted since that time when the storage tanks in Ceyhan may have been full to capacity.
I strongly believe this to be true and even flows today for them.
If this is true and what we've read is true, the Kurds are being allowed to keep their 200,000+ per day barrels of oil.....and are simply adding 150,000 barrels of oil per day from the Kirkuk fields.
This, also according to past articles is something they had been trying to put together since their Peshmerga took over the area this past summer.
I'm not sure what infrastructure they have had in place or have been putting in place to get the Kirkuk oil into their pipeline to Turkey....this oil had flowed before to Turkey but through a pipeline that was owned by Baghdad and not the Kurds....this is the pipeline that has been down since March due to operational issues, mostly terrorist related I believe, and remains down even now.
Thus why Baghdad is allowing this oil from Kirkuk to be pumped to the Kurd pipeline....who knows how their pipeline network works in that area, how it is inter-related. It is not out of the question that short jumpers could have been installed in the months since ISIS came on the picture to allow the Kirkuk oil to flow towards the Kurds.
I'm of the opinion that the Kurds are getting 150,000 barrels of oil "on the house" from Baghdad in addition to the salaries being paid....first $500 million in October then bumping up to $1 billion starting in November. I can only see this as a HUGE WIN for the Kurds, oil-wise, Article 140 wise, and confidence with the people wise.
Maybe I'm missing a piece of the puzzle here...but if it all does fit together....this is SENSATIONAL news I think. Time will tell us more....hopefully in short order.
Thanks again. Aloha Randy
backdoc » November 22nd, 2014, 11:38 pm
Vietnam banks to trim bad debts by year end
Reuters HANOI - Thursday, November 20, 2014 09:31
A man on a bicycle rides past the State Bank of Vietnam in Hanoi. The State Bank of Vietnam, the central bank, projected bad debts would amount to between 3.7 percent and 4.2 percent of total loans at year end. Photo credit: Bloomberg
Vietnam tightens valuations to clean up bad debt
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Vietnam's bad debt rises as new rules take effect: report
Bad debts in Vietnam's troubled banking system could fall sharply by year-end to 2.5 to 2.7 percent of total loans thanks to debt restructuring and tighter supervision, Prime Minister Nguyen Tan Dung said on Wednesday.
Toxic debt eased to 3.88 percent of bank loans in September from 3.9 percent in the previous month, compared with 17 percent in September 2012, Dung told the National Assembly in a televised session, citing banks' reports.
Dung's government has been battling with high levels of non-performing loans that have hurt the property market and stifled efforts to boost private sector businesses and stimulate credit growth.
The State Bank of Vietnam, the central bank, projected bad debts would amount to between 3.7 percent and 4.2 percent of total loans at year end, as it "supervised and reassessed more tightly the debt classification," Dung said.
The Vietnam Asset Management Co (VAMC), the central bank-run firm formed to deal with bad loans, has resolved 4 trillion dong ($187.97 million) worth of bad debt, or 4 percent of the 95 trillion dong of debt it has bought from banks, Dung said.
"Resolving bad debts in Vietnam faces many difficulties and needs time due to an incomplete legal framework, a lack of state budget and experience," Dung said.
The government aims to trim bad debts to around 3 percent by the end of 2015.
Dung also said Vietnam's annual inflation would likely to stay under 3 percent, the lowest since 2003 based on government data.
The annual credit growth in 2014 may surpass 12 percent, up sharply from a sluggish 4.5 percent rise in August, Dung said.
Fitch Ratings and Moody's Investors Service have raised Vietnam's sovereign ratings, citing improvements in the economy and stronger position in its balance of payments.
But independent economists still cast doubts on Vietnam's economic performance and reported levels of bad debts.
"The figure (given by the prime minister) does not reflect a real picture of bad debt ratio right now," said Do Thien Anh Tuan, a lecturer and research associate with Fulbright Economics Teaching Program.
"VAMC's bad-debt solving regime basically moves bad debts from banks' balance sheets to its own.”