Tag Archive | "salaries"

Gulf Keystone Boss Pockets $20m

Todd Kozel (pictured), CEO of Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) will receive a $20 million pay package, making him one of the UK’s highest paid executives.

According to Reuters, his earnings doubled in 2011 to at least 12.8 million pounds ($20 million), 11 million of which is in share awards plus a cash bonus of 1.8 million pounds.

That compares to the $15.4 million that Peter Voser, the chief executive of Europe’s largest oil company Shell, was paid last year.

“The performance-related awards announced today are in recognition of the company’s remarkable growth and outstanding drilling success in the Kurdistan region of Iraq,” Gulf Keystone’s remuneration committee chairman Mehdi Varzi said.

He added that the bonus and share awards were made following consultation with institutional and other shareholders who together own more than 35 percent of GKP.

Additional potential share awards were also earmarked for Kozel on Thursday, as the firm’s remuneration committee drew up plans to set aside 10 million shares, equivalent to around 26 million pounds at the current share price, to be split amongst directors should the company itself or more than 50 percent of its assets be bought.

The $20 million awards to Kozel do not include his salary, which in 2010 was $675,000, according to the company’s annual report.

In January, Kozel agreed to transfer 17.4m shares worth £47 million to his wife to fund a divorce settlement.

(Sources: Reuters, Financial Times)

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Expat Oil Execs Earn $355k in Iraq

A study by the recruitment consultants Curzon Partnership showed that executives working in Libya or Iraq can expect a total salary of around $354,900.

This compares to a total salary to $454,400 a year in Nigeria, representing a 45 percent premium over salary levels in Britain for working abroad.

Oil industry executives in Indonesia can expect a premium of 40 percent, while those in Ghana can expect a 35 percent premium.

(Source: Reuters)


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Basra Oil Workers Get 30% Salary Increase

Iraq’s government said it would raise salaries at its southern oil terminals, following threats of a strike that would paralyse oil exports, reports AFP.

“The cabinet decided to grant a 30 percent increase in salaries of employees at the oil terminals in Basra and in Khor al-Aamaya” near the southernmost Faw peninsula, government spokesman Ali al-Dabbagh (pictured) said.

He said the initiative was meant to demonstrate the government’s keenness “to develop this sector and show its willingness to be fair to staff.”

He said authorities wanted to “show their appreciation for the efforts of employees, and demonstrate they are aware of the hardships and difficult working conditions” related to the hot southern heat.

In late April, a large number of workers at the South Oil Company (SOC) staged a demonstration in Basra asking for more money.

In early May they had threatened to strike, and an oil ministry delegation sent to negotiate had promised to meet their demands.

Nearly 80 percent of Iraqi oil is exported through the southern ports.

In April, 49.7 million barrels were exported through the southern ports, at a value of $5.6 billion, according to oil ministry figures.

(Source: AFP)

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Iraq to Slash Politicians’ Salaries in Weeks

Iraq’s parliament plans to adopt legislation to cut the pay and benefits of top officials by the end of the month, Speaker Usama al-Nujaifi [al-Najafi] (pictured) has said.

According to the report from Bloomberg, parliament will start discussing the matter on April 26 and pass either one law or three separate laws by the end of April, al- Nujaifi said in a press conference in Baghdad.

The government approved in February a draft law that would cut senior officials’ salaries and benefits by more than half. The money saved is meant to be used for reconstruction projects and to achieve equality in pay and benefits.

Iraqi protesters, inspired by unrest across the Arab world, have taken to the streets to demonstrate against poor living conditions, power rationing and corruption.

The law would cut the salaries and benefits of the president, the prime minister, the parliament speaker and all their deputies by more than 50 percent, government spokesman Ali Al-Dabbagh said in February. Remuneration for ministers and members of parliament would be slashed by more than 40 percent.

(Source: Bloomberg)

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Iraqi Oil Workers Cheapest in the World

Local oil and gas workers in Iraq receive an average salary of nearly $22,000 per annum, the lowest in the sector worldwide.

Their foreign counterparts working in Iraq receive $94,800, according to a report from recruitment group Hays Oil & Gas.

Globally, oil and gas industry workers make an average of nearly $76,000 per year, with those in Australia making over $140,000.

(Source: Reuters)

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Details of Proposed New Ministers’ Salaries

Iraq’s Presidency issued  a draft-law on Monday for the monthly salaries of high-ranking officials and employees, already approved by the Council of Ministers, a copy of which was sent to the Parliament, according to Aswat al-Iraq news agency.

The draft-law would set the basic monthly salary of the President and the Prime Minister at 8 million Iraq dinars [$6,800], with an additional 4 million dinars as ‘allocations’.

The draft-law has also defined the salary of the Parliament’s Speaker at 12 million dinars per month.

Vice-Presidents’ and Deputy Prime Ministers’ salaries are also to be set at 8 million dinars, with 3 million as allocations, whilst the Deputy Parliament Speaker will get a monthly salary of 10 million dinars.

Each cabinet minister, the draft-law said, will get 5 million dinars per month and 3 millions as allocations, whilst the monthly salary of members of parliament will be 8 million dinars, along with 3.5 millions monthly for officials with the post of under-secretary of each ministry, plus 2.5 million dinars as service allocations.

An official with a director-general’s post will get 2.5 million dinars, as basic salary, in addition to 1 million dinars as allocations.

The draft-law had also defined the salary of high-ranking employees to be 40 percent of their basic salaries, in addition to 80 percent for those of 1st, 2nd and 3rd degrees, 150 percent of basic salaries of 4th, 5th and 6th grades and 200 percent for 7th and 8th ranks.

The draft-law had defined the remaining salaries for other officials and retired employees, governors and Council members, accordingly.

(Source: Aswat al-Iraq)

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Cabinet Approves Huge Salary Cut for Top Jobs

A governmental legal advisor has said that the Council of Ministers agreed to an 80% reduction in the salaries of the three presidencies, according to a report from AKnews.

Other reports say the proposals would cut the salaries of Prime Minister Nuri al-Maliki, President Jalal Talabani and parliament speaker Osama al-Nujaifi by ‘more than 50 per cent’.

The announcement came one day after parliament ratified the country’s $82.6 billion budget for 2011.

Fadel Mohammed Jawad told the news agency that the move is part of a governmental bid to improve the economic situation and reduce salary differences between the different grades of state employee.

“The move also includes reducing the salaries of former MPs, ministers, governors and other grades of executive retirees,” he said.

Iraqi deputies currently earn 32 million Iraqi Dinars ($27,220) per month whereas a state school teacher has a monthly salary of between $450 and $600.

Although approved by the Cabinet of Ministers, the new bill is subject to a parliamentary vote for ratification.

Many Iraqi cities have been the scene of public demonstrations in recent weeks with angry protestors demanding better public services, employment opportunities and the effective implementation of the government’s much criticized food subsidizing ration card system.

Mass public rallies have been announced taking place in the Iraqi capital and in cities across the country on Friday 25th.

(Sources: AKnews, AFP, Straits Times)

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Citizens Demand Lower Salaries … for Politicians

Aswat al-Iraq reports that citizens from Baghdad have called on public representatives to take salary cuts, as Prime Minister Nouri al-Maliki has done, to show their good will towards the poor. This comes as parliament prepares the federal budget draft law of 2011.

As unrest sweeps the Middle East, Iraqi Prime Minister Nouri al-Maliki said he would give up half his $30,000 monthly paycheck in a possible bid to head off simmering discontent, and called for a two-term limit to be placed on his office.

Iraqis have held sporadic protests against food, power and water shortages and their plight acquired particular attention this month as a wave of anti-government protests rocked the region.

For Abu Zaid, 61, from al-Shurta neighborhood, southwestern Baghdad, it’s the time for lawmakers and ministers to decrease their salaries, in addition to decreasing the post-retirement wage from 80% to 30 or 20% like other citizens, including civilians and military men.

“The decision taken by the premier to give up 5% of his salary will not be useful, unless other senior officials in the country take the same step,” he added.

“We support all initiatives of members of the parliament to allocate 15-20% of the budget to support all citizens, mainly the poor, and we encourage officials who decrease their salaries as a step to show solidarity and to boost trust between citizens and officials,” Milad Saad, 30, said.

“Al-Maliki’s decision is not enough. All officials have to do the same as there are so many people in the society need to be supported,” she added.

“Demonstrations in Iraq are useless, we have staged several protests calling for improving living conditions and incomes, but nothing happened, just the same promises,” Thu al-Faqqar Ali, 25, told Aswat al-Iraq news agency.

(Source: Aswat al-Iraq)

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