Kurdistan owes $6 billion to oil companies
[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]
Economy News - Baghdad
Trade sources told Reuters that the suspension of oil exports from Iraqi Kurdistan is stopping the payment of $6 billion in oil shipments owed by the semi-autonomous Iraqi region to energy companies including Vitol and Petraco.
The export of 450,000 barrels of oil per day from Iraqi Kurdistan to the Turkish Mediterranean port of Ceyhan was suspended on Saturday after Iraq won an arbitration case in which it said Turkey had violated an agreement by allowing Iraqi Kurdistan to export oil without Baghdad's approval.
The suspension means that Iraqi Kurdistan cannot meet obligations for crude oil supplies, and no alternative plans have been developed.
Three trade sources said the region owes Vitol and smaller rival Petraco between $750 million and $800 million each. The sources estimated the total debts of Iraqi Kurdistan to companies that paid in advance for crude oil before the suspension of exports at about six billion dollars. Both companies declined to comment. The regional government declined to comment.
After the court ruling, the government in Iraqi Kurdistan said that a delegation would visit Baghdad soon to resolve these issues.
An Iraqi government spokesman declined to comment on the debt.
"Let us succeed in finding a way out of the problem of oil exports, and then we can solve the other problems under less pressure," he said.
The suspension sent oil prices soaring, as exports from Iraqi Kurdistan account for about half a percent of global oil supplies and are an important source of crude for refineries in the Mediterranean. Some oil companies began shutting down production in Iraqi Kurdistan this week.
Over the past decade, the region has been able to increase oil exports independently of Baghdad, with commercial companies providing billions of dollars in loans to the region in exchange for crude shipments, and the region has also built a new pipeline to Turkey.
Iraqi Kurdistan held a referendum on independence in 2017, but the interventions of the United States and Iran prevented the goal of complete separation from Baghdad from being achieved.
A legal adviser at the Iraqi Oil Ministry familiar with discussions with Iraqi Kurdistan said Baghdad wanted to manage oil exports through its state oil marketing company (SOMO) and wanted oil sales revenues to be deposited in a separate bank account.
And the consultant conveyed previous proposals that the account be under the control of the regional government and supervised by Baghdad, and that it fulfills multiple purposes, including debt repayment.
"We (the central government in Baghdad) are not ready to pay billions of dollars in debt for deals that we were not aware of or that we are not a party to," the adviser said.
Another official in the Iraqi Oil Ministry said that no progress had been made so far on the debt issue.
Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), exports the lion's share of its oil from ports in the south of the country on the Gulf.
Views 519
Added 03/31/2023 - 4:39 PM
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
Erbil
Erbil
[You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.] [You must be registered and logged in to see this link.]
Economy News - Baghdad
Trade sources told Reuters that the suspension of oil exports from Iraqi Kurdistan is stopping the payment of $6 billion in oil shipments owed by the semi-autonomous Iraqi region to energy companies including Vitol and Petraco.
The export of 450,000 barrels of oil per day from Iraqi Kurdistan to the Turkish Mediterranean port of Ceyhan was suspended on Saturday after Iraq won an arbitration case in which it said Turkey had violated an agreement by allowing Iraqi Kurdistan to export oil without Baghdad's approval.
The suspension means that Iraqi Kurdistan cannot meet obligations for crude oil supplies, and no alternative plans have been developed.
Three trade sources said the region owes Vitol and smaller rival Petraco between $750 million and $800 million each. The sources estimated the total debts of Iraqi Kurdistan to companies that paid in advance for crude oil before the suspension of exports at about six billion dollars. Both companies declined to comment. The regional government declined to comment.
After the court ruling, the government in Iraqi Kurdistan said that a delegation would visit Baghdad soon to resolve these issues.
An Iraqi government spokesman declined to comment on the debt.
"Let us succeed in finding a way out of the problem of oil exports, and then we can solve the other problems under less pressure," he said.
The suspension sent oil prices soaring, as exports from Iraqi Kurdistan account for about half a percent of global oil supplies and are an important source of crude for refineries in the Mediterranean. Some oil companies began shutting down production in Iraqi Kurdistan this week.
Over the past decade, the region has been able to increase oil exports independently of Baghdad, with commercial companies providing billions of dollars in loans to the region in exchange for crude shipments, and the region has also built a new pipeline to Turkey.
Iraqi Kurdistan held a referendum on independence in 2017, but the interventions of the United States and Iran prevented the goal of complete separation from Baghdad from being achieved.
A legal adviser at the Iraqi Oil Ministry familiar with discussions with Iraqi Kurdistan said Baghdad wanted to manage oil exports through its state oil marketing company (SOMO) and wanted oil sales revenues to be deposited in a separate bank account.
And the consultant conveyed previous proposals that the account be under the control of the regional government and supervised by Baghdad, and that it fulfills multiple purposes, including debt repayment.
"We (the central government in Baghdad) are not ready to pay billions of dollars in debt for deals that we were not aware of or that we are not a party to," the adviser said.
Another official in the Iraqi Oil Ministry said that no progress had been made so far on the debt issue.
Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), exports the lion's share of its oil from ports in the south of the country on the Gulf.
Views 519
Added 03/31/2023 - 4:39 PM
[You must be registered and logged in to see this link.]
Today at 10:27 am by Rocky
» utube 5/19/24 BRICS to Open a Central Bank Iraqs Relationship to BRICS Exchange Rate Up
Today at 9:30 am by Rocky
» utube 5/18/24 MM&C Iraq Dinar - Iraq Central Bank - IMF - UNAMI - World Bank - Key Votes Tabled -
Today at 9:15 am by Rocky
» Floating the Iraqi dinar A solution to fill the "gap" of its turbulent price against the dollar
Today at 9:08 am by wciappetta
» Kanna: The Constitutional Amendments Committee was completely marginalized for two reasons
Today at 9:06 am by Rocky
» The repercussions of the Ukrainian company continue.. Is Iraq facing a real economic disaster?
Today at 9:01 am by Rocky
» A government body sends an invitation to the Central Bank regarding the Hajj dollar
Today at 9:00 am by Rocky
» Pessimism surrounds the electricity situation during the summer: the suffering will be repeated and
Today at 8:58 am by Rocky
» Presidency of Parliament is Haqq Anbari.. Why does “Progress” stand against this entitlement? - Urge
Today at 8:55 am by Rocky
» Bloomberg: Iraq achieves sufficiency in diesel fuel and stops importing it
Today at 8:53 am by Rocky
» Hajj calls on the Central Bank to direct banks to open their doors to pilgrims to exchange dollars
Today at 8:50 am by Rocky
» In an extraordinary session...the Council of Ministers votes today on the budget schedules
Today at 8:49 am by Rocky
» Al-Khanjar: Parliament members presented a chaotic model that does not befit Iraq
Today at 8:47 am by Rocky
» The President of the Republic told NATO: The Iraqi army has the readiness to face security challenge
Today at 8:46 am by Rocky
» List of countries exporting most goods and services in the world.. What is Iraq’s rank?
Today at 8:44 am by Rocky
» The General Tax Authority initiates a package of reforms to achieve “two goals”
Today at 8:42 am by Rocky
» A Jordanian minister reveals "significant" coordination with Iraq and talks about smuggling operatio
Today at 8:41 am by Rocky
» The Sudanese confirms to his Kuwaiti counterpart the depth of the two countries’ relations and the s
Today at 8:38 am by Rocky
» With documents... Finance publishes controls that concern the segment of employees, including promot
Today at 8:35 am by Rocky
» A female representative explains the government’s ambition to reach the production of 8 million barr
Today at 7:31 am by Rocky
» Next month... a major conference to announce 8 cities as investment opportunities
Today at 7:30 am by Rocky
» The presence movement: Iran urged Barzani to participate in the region’s elections
Today at 7:28 am by Rocky
» In a strange incident, they disowned him because of Al-Halbousi’s anger at him
Today at 7:26 am by Rocky
» Race for the Presidency of Parliament.. The Sunni conflict is worsening
Today at 7:25 am by Rocky
» Responding to the challenge to the constitutionality of the seat distribution system in the provinci
Today at 7:25 am by Rocky
» Demanding an increase in the allocations for two ministries in the current year’s budget
Today at 7:24 am by Rocky
» Parliamentary Finance: Employee salaries amounted to 8 and a half trillion
Today at 7:23 am by Rocky
» In the amount of 10 million... an Iraqi government bank begins granting loans to married couples
Today at 7:20 am by Rocky
» Hajj and Umrah Authority: Iraqi banks refrain from receiving pilgrims
Today at 7:19 am by Rocky
» The Minister of Electricity calls for mobilizing energies in preparation for the upcoming summer sea
Today at 7:17 am by Rocky
» The United Nations Development Program approves the electronic payment services system in Iraq
Today at 7:16 am by Rocky
» Iraqi oil exports to America declined within a week
Today at 7:15 am by Rocky
» Parliamentary praise for the government’s plans to implement projects to solve the housing crisis
Today at 7:14 am by Rocky
» Has the government succeeded in controlling crowding by changing working hours?
Today at 7:12 am by Rocky
» “Ali is not compensated with money, but I demand my rights.” An Iraqi sues a British oil company for
Today at 7:11 am by Rocky
» Planning: The pilot census will start on the 26th of this month
Today at 7:09 am by Rocky
» A project to develop a climate investment plan in Iraq
Today at 7:07 am by Rocky
» Parliament awaits “budget schedules”
Today at 7:06 am by Rocky
» Parliament: Infrastructure is the most important challenge of the housing crisis
Today at 7:05 am by Rocky
» Announcing 8 cities as investment opportunities
Today at 7:04 am by Rocky
» Minister of Health: We are proceeding with a project to manage modern hospitals by specialized compa
Today at 7:02 am by Rocky
» An Iraqi initiative to ban the political exploitation of religions
Today at 7:01 am by Rocky
» 70% completion of the Kompsan Dam in Erbil
Today at 7:00 am by Rocky
» Paying off external debt is a step to promote stability and recovery
Today at 6:59 am by Rocky
» An economic forum discusses business opportunities with Islamic countries
Today at 6:57 am by Rocky
» More than one billion dollars in sales from the Central Bank of Iraq within a week
Today at 6:56 am by Rocky
» Pakistan and its economic challenges
Today at 6:55 am by Rocky
» Economic researchers emphasize promoting the culture of electronic payment
Today at 6:54 am by Rocky
» The events in Parliament were “intended”... A politician accuses “Taqaddum” of preventing a figure f
Today at 6:51 am by Rocky
» The Federal Court rejects the challenge to the constitutionality of a text in the seat distribution
Today at 6:50 am by Rocky
» Primitive management of waste and medical waste in Baghdad... another danger threatening the populat
Today at 6:49 am by Rocky
» Discrimination in projects and allocations.. The National Union complains of the injustice of Sulaym
Today at 6:46 am by Rocky
» Parliament “claims confusion” despite the clarity of the interpretation of federalism.. What is the
Today at 6:45 am by Rocky
» Khashan demands that Parliament terminate Haibat Al-Halbousi’s membership after he disrupted the pre
Today at 6:44 am by Rocky
» Al-Sudani will visit Doha tomorrow to participate in the World Security Forum
Today at 6:42 am by Rocky
» Al-Halbousi’s fears and ambitions waste the entitlement of the Sunni component: Parliament events ar
Today at 6:41 am by Rocky
» Transition to modern agriculture.. Parliament reveals financial allocations to purchase 11,000 “spri
Today at 6:40 am by Rocky
» Iraq “negotiates” Erbil over the passage of the Al-Faw train and awaits a meeting with Turkey and th
Today at 6:38 am by Rocky
» Türkiye builds the “carrot” and Iran diverts the rivers.. An Iraqi expert discusses “the weakness of
Today at 6:37 am by Rocky
» To facilitate the movement of goods transport.. Al-Dakhil directs the opening of Mosul - Dohuk contr
Today at 6:35 am by Rocky
» “Siemens will keep pace with Iraqi electricity.” The Ambassador: Iraqis requested bribes from German
Today at 6:34 am by Rocky
» Services will enter 13 areas.. Al-Zubair will convert heavy sewage into fertilizers.. and infrastruc
Today at 6:33 am by Rocky
» Representative regarding what happened during today’s session: an insult to the legislative institut
Today at 6:31 am by Rocky
» Parliament is “perplexed” and will take a month with the tables: the budget has increased and the op
Today at 6:29 am by Rocky
» Where has the legal battle between the Iraqi "Jaloud" and the British company "BP" reached?
Today at 6:27 am by Rocky
» A government plan to raise the price of refining oil.. Will the refineries lose, or will the price o
Today at 6:25 am by Rocky
» The Hajj Authority calls on the Central Bank to direct banks to open their doors to pilgrims
Today at 6:24 am by Rocky
» Martyrs Foundation: Thousands of mass graves in Iraq will not be opened yet
Today at 6:21 am by Rocky
» Sadiqoun is betting on resolving the parliamentary presidency issue today...a fourth and fifth round
Today at 6:19 am by Rocky
» The House of Representatives adjourns its session until further notice
Today at 6:18 am by Rocky
» utube 5/16/24 MM&C Al-Sudani - Political Week - Progress Internationally
Yesterday at 9:59 am by Rocky
» Calls to include local oil and electricity sales in the general budget
Yesterday at 9:50 am by Rocky
» Al Rasheed Bank issues instructions to facilitate the issuance of replacement cards for bank card ho
Yesterday at 9:47 am by Rocky
» Internal debt rises to 79 trillion in 2024.. What is the relationship between spending and loans?
Yesterday at 9:44 am by Rocky
» Members of Parliament head to the Great Hall to initiate procedures for electing the president
Yesterday at 9:38 am by Rocky
» The House of Representatives concludes the report and discussion of the draft law on public holidays
Yesterday at 9:37 am by Rocky
» The House of Representatives votes to extend its legislative term for 30 days
Yesterday at 9:36 am by Rocky
» A Canadian company is “unable” to dismiss its director authorized to protect Baghdad Airport: Iraq i
Yesterday at 9:34 am by Rocky
» Economic Institution: The value of China's exports to Iraq increased by 93% in 10 years
Yesterday at 9:31 am by Rocky
» The Presidency of Parliament decided to devote today’s session to electing the president only
Yesterday at 9:29 am by Rocky
» In the presence of 183 deputies...the House of Representatives holds its session
Yesterday at 9:28 am by Rocky
» Al-Kadhimi hints at the possibility of postponing the session to elect the Speaker of Parliament
Yesterday at 7:09 am by Rocky
» The regional government announces the payment of employees' salaries via “My Account”
Yesterday at 7:07 am by Rocky
» The Minister of Transport reviews the details of the development road and Al-Faw Grand Port projects
Yesterday at 7:05 am by Rocky
» Istanbul will host expanded Turkish/Arab economic meetings at the beginning of next month
Yesterday at 7:03 am by Rocky
» Customs sets the date for collecting tax amounts electronically and sets a condition
Yesterday at 7:02 am by Rocky
» Sudanese agrees to support pilgrims with an amount of 39 billion dinars to reduce the cost of Hajj
Yesterday at 7:00 am by Rocky
» The Sudanese advisor clarifies the discussion of budget schedules in the extraordinary session of th
Yesterday at 6:59 am by Rocky
» Most of the framework and the Kurdistan Democratic Party will vote for Al-Mashhadani as Speaker of P
Yesterday at 6:55 am by Rocky
» A deputy considers the movement of Turkish forces inside Iraqi territory an occupation
Yesterday at 6:53 am by Rocky
» Directing the Ministry of Finance to spend drug law implementation budgets
Yesterday at 6:52 am by Rocky
» A parliamentary movement to resolve the fate of holding private wards
Yesterday at 6:51 am by Rocky
» A member of a legal movement calling for accelerating the amendment of Article 57
Yesterday at 6:49 am by Rocky
» A parliamentary effort to gain ownership of the trespassers and slum owners
Yesterday at 6:48 am by Rocky
» There is a consensus on deciding the presidency of Parliament today, and the balance is tilted towar
Yesterday at 6:47 am by Rocky
» The price of the dollar is witnessing a slight increase in Baghdad, Basra and Erbil
Yesterday at 6:46 am by Rocky
» Behind the scenes of electronic blackmail in Iraq... “A good hacker,” “blackmailing spouses,” and se
Yesterday at 6:44 am by Rocky
» The coordination framework supports Al-Sadr: We will pass the “Eid Al-Ghadir” holiday today
Yesterday at 6:42 am by Rocky
» The session to elect the Speaker of Parliament... intense meetings and fears of its failure due to “
Yesterday at 6:41 am by Rocky