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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    News website: The continued closure of the oil export pipeline is harming the economy of the Kurdist

    Rocky
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    economy - News website: The continued closure of the oil export pipeline is harming the economy of the Kurdist Empty News website: The continued closure of the oil export pipeline is harming the economy of the Kurdist

    Post by Rocky Sun 24 Sep 2023, 5:12 am

    News website: The continued closure of the oil export pipeline is harming the economy of the Kurdistan region

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    Economy News - Baghdad
    A report by The National news website indicated that the economy of the Kurdistan region is facing decline and weakness with the continued closure of the oil export pipeline through Turkey, which has now entered its sixth month, and which casts a shadow over some of the commercial and production activities that have stopped in the region.
    Ali Yousef, 33 years old, owner of a branch of an oil and logistics services company in Erbil, told The National news website, “The situation is very bad. We are all waiting for something to happen and a solution to this problem so that we can return to our normal situation as before.”
    Youssef added, "All our work has stopped. I have not received money from major companies, so I cannot do my work."
    During the period of economic recovery in the region, Youssef and his partner established his company in late 2020. His company prepares the chemicals used in oil production operations, and among his clients are the Norwegian company DNO, the American company Hunt Oil, and the Emirati company Dana Gas.
    He said that after stopping their commercial activities, major energy companies began laying off their employees, and that some companies laid off 95% of their staff, or paid half the salary to those who remained in the job.
    In order to reduce expenses, Youssef and his partner last August laid off three employees from the company’s staff, and they will close their office and warehouse by the end of this month because they cannot pay the rent. They plan to run their business from a smaller warehouse.
    Youssef said, "We are trying our best to reduce our expenses." Pointing out that there are debts owed to them by their customers amounting to more than $170,000 that have not been paid.
    He added, "I call them every day to tell them that I have to pay the rent and pay the salaries of the workers, but they say we have no money."
    The oil and gas sector revived in the Kurdistan region following the US invasion of Iraq and the region signed several agreements with international oil and gas companies for exploration and investment in the region’s oil fields.
    An arbitration committee at the International Chamber of Commerce in Paris issued a decision in March to fine Ankara $1.5 billion to pay Baghdad for allowing the export of Kurdistan region oil for the period from 2014 to 2018 without Baghdad’s knowledge, which prompted Ankara to close the export pipeline as an expression of its rejection of the ruling.
    The recent period witnessed discussions between officials from the central government, the Kurdistan Regional Government, and officials from Turkey to reach a final solution to the crisis that would ensure the reopening of the export pipeline, which is costing Iraq great losses.
    The Prime Minister, Muhammad Shiaa Al-Sudani, said in an interview with the American Bloomberg Channel while he was in the United States to attend the 78th session of the United Nations General Assembly, “We are awaiting the measures of the Turkish side to resume exports through the Turkish line, especially oil produced in the Kurdistan region of Iraq, and it will be within the policy.” General State.
    Al-Sudani added, "There are mutual complaints in the International Court of Arbitration, but we are negotiating with the Turkish side to separate the export appeal from the legal issues in the court." He stressed that "stopping exports harms all parties, including the Turkish side, which depends on tariffs from the export pipeline."
    The oil sector is considered the lifeline of the local economy of the Kurdistan region. According to the region’s Petroleum Industry Association, this sector constitutes 80% of the value of budget revenues. As of last month, the total losses incurred since the time the export line was closed in March were estimated at around 4 billion dollars.
    According to Kurdistan Regional Government figures, oil exports during the first quarter of 2023 reached an average of $733 million per month.
    Last week, Baghdad approved the payment of financial loans to the Kurdistan region in three installments, starting in September, to pay the salaries of Kurdistan region employees within this year’s budget, which stipulates that the region deliver more than 400,000 barrels of oil per day to Baghdad.
    Until oil exports resume via the Turkish Ceyhan pipeline, the owner of the trading company, Youssef, has a very limited amount of time left.
    Youssef said, “Until now we are still present, relying on our savings, and we have no problem, but if this closure continues, the impact will be great. Our company will continue to be present in the region, and I hope that the crisis will pass and end and we will continue our activity.”
    • From The National news website


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