Iraq Hcl Agreement

AKnews reports that the debate on the draft hydrocarbon laws has been postponed by the Iraqi Council`s oil and gas committee due to the continued absence of members of the Iraqiya list. The law must be passed by all parties. On 3 January, the committee revealed that an initial agreement […] The part of the hydrocarbons law, passed by the firm in February, concerns the management of hydrocarbon investments, in particular the development of the upstream part of the industry. This is only part of what will ultimately be a four-part agreement. The other three components of the agreement will address revenue allocation issues 1. 2) restructuring of the Ministry of Petroleum; and 3) creation of the National Oil Corporation of Iraq (INOC). The Iraqi oil industry had been fully nationalized until 1972. [9] [10] In the 1990s, under Saddam Hussein`s presidency, the government ceded to Russian and Chinese companies that earned less than 10% of profits. [9] “We are pleased to announce this exclusive agreement with HCL, which ensures that customers who use MXDP for non-bank services have the best possible service and support, while Temenos can focus on its core business. As part of this agreement, customers who use Temenos MXDP for non-banking services will continue to benefit from our important track record for investment and innovation in the Quantum platform, while HCL will offer first-rate interprofessional research and development services. The new law authorizes production share agreements (PAs) that guarantee a profit to foreign oil companies. [9] GENEVA, Switzerland – June 2, 2020 – Temenos (SIX: TEMN), the banking software company, and HCL Technologies (HCL), the world`s leading technology company, today announced the signing of an exclusive strategic agreement for non-banking services. As part of this agreement, HCL has obtained a development, market and support license to the Temenos Multiexperience Development Platform (MXDP) for non-banking services.

The agreement applies only once for seven years. Temenos will continue its research and development investments in its industry leader Temenos MXDP and will support and serve Temenos` financial services customers and existing non-banking customers, currently under contract with Temenos. This agreement with HCL offers customers who use Temenos MXDP for non-banking services, world-class technology and maximum services and support. Temenos Quantum remains the technology base of Temenos Infinity, the most advanced omnichannel digital banking product. This agreement does not include Temenos Infinity. The separation of revenues and management of the oil sector is essential, but there must be agreement on the other issues – revenue distribution, the Ministry of Petroleum (which is relatively uncontested) and INOC (including specific areas under its jurisdiction) – before the legislation is submitted to the Council of Deputies (Iraqi Parliament). This suggests some refocusing of oil control, an important concession by the Kurdistan Regional Government (KRG), which had previously insisted that Kurdish oil belonged to the people of Kurdistan, that “new” oil fields should be managed exclusively by the KRG and that the private sector – including international oil companies – should play an important role.