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Iraqi Oil Minister: The goal of our visit to Erbil is to resume Kurdistan Region oil exports
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Economy News - Baghdad
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Added 11/12/2023 - 9:34 AM
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Iraqi Oil Minister
Iraqi Oil Minister
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Economy News - Baghdad
Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani confirmed on Sunday that the visit of the delegation headed by the ministry to the city of Erbil aims to resume Kurdistan Region oil exports.
Following his arrival at Erbil Airport, Abdul Ghani held a joint press conference with Acting Minister of Natural Resources Kamal Muhammad Saleh.
Abdul Ghani said during the conference that the aim of the visit of the high-level delegation from the Ministry of Oil was to bring closer views regarding the production and export of crude oil to the Kurdistan Region, adding that the federal budget imposed a quantity of production that is supposed to be exported from the region, which is 400 thousand barrels per day.
He added that the delegation will meet with the Ministry of Natural Resources to discuss all matters that facilitate the process of producing and exporting oil, stressing that oil export is very important to the Iraqi state because the state’s resources depend mainly on crude exports to finance the financial budget of the Iraqi state.
Abdul Ghani continued to say: We are serious about resuming crude oil exports from the Kurdistan Region, indicating that the delegation will make efforts to address the problem of production costs related to foreign extraction companies operating in the region.
The Iraqi Oil Minister said, "We have an understanding with the Turkish authorities in order to resume exports from Iraq through the port of Ceyhan."
For his part, the Minister of Natural Resources said during the conference that one of the reasons for the delegation’s visit was to study and address the issue of the cost of production and the transportation process. It is true that the Iraqi financial budget set the price of the cost of extracting one barrel at approximately 6 dollars, but this pricing is not compatible with the nature of our contracts, expressing He expressed his hope that a solution will be reached during the discussions that will continue with the delegation of the Ministry of Oil during the two days.
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Added 11/12/2023 - 9:34 AM
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