Market's view on Petrel Resources
Published on April 2024
- There are views that Ireland, a Western country, is a strong supporter of Palestine, unlike many other European nations, and has been actively involved in the Middle East, particularly in Iraq.
- Stock watchers discuss that Pet, an Irish company, supported by the USA, has a potential to receive benefits from license distributions in Iraq, despite challenges such as westerners being generally unwelcome in Iraq.
- The upcoming upgrades in Middle Eastern refineries, which involve importing heavier and cheaper crude oil from Iraq, are being discussed.
- Some stock watchers believe that the main beneficiaries of Iraqi oil rounds will likely be Russian and Chinese companies or their affiliates.
- There are updates on the Iraqi Ministry of Oil delaying the acceptance of bids from foreign companies for oil and gas exploration contracts to a later date, aiming to reduce imports and produce natural gas for power plants.
- Conversations revolve around international companies withdrawing from Iraq’s oil and gas sector due to various challenges, but the Iraqi government is trying to re-attract investments and increase refining production rates.
- Discussions also include the strategic movements of the Iraqi delegation in the USA and the potential for using western technology to meet environmental standards.
- There are concerns about the lack of control over the Board of Directors in terms of share issuance for fundraising, affecting the share value and ownership stakes.