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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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    Iraq will adjust its budget to facilitate the resumption of oil exports through Türkiye

    Rocky
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    BUDGET - Iraq will adjust its budget to facilitate the resumption of oil exports through Türkiye Empty Iraq will adjust its budget to facilitate the resumption of oil exports through Türkiye

    Post by Rocky Mon 04 Mar 2024, 6:58 am

    [size=38]Iraq will adjust its budget to facilitate the resumption of oil exports through Türkiye[/size]


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    March 4, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: Iraqi Foreign Minister Fuad Hussein revealed that his country’s government is seeking to amend the federal budget to include import and transit fees for crude oil that will be exported from the north of the country to the Turkish port of Ceyhan, indicating that the matter is currently subject to negotiations between Baghdad and international oil companies in an attempt to restore Operation of the oil pipeline one year after it was stopped.
    Fouad told Bloomberg that talks are ongoing between oil companies, the Iraqi government in Baghdad, and the Iraqi Kurdistan Regional Government to resume crude oil exports through Turkey.
    The pipeline closure has cut off nearly half a million barrels of crude oil from global markets.
    Turkey had stopped flows on the pipeline that transports oil from the Kurdistan region of Iraq to the Turkish port of Ceyhan on the Mediterranean Sea in March 2023 after an arbitration court ordered it to pay about one billion and 500 million dollars in compensation to Iraq for transporting oil without Baghdad’s approval.
    The arbitration was the culmination of a long-standing dispute between Baghdad and the semi-autonomous Iraqi Kurdistan region over rights to oil sales revenues.
    Iraq is trying to resolve the dispute to strengthen relations with Turkey on issues ranging from trade to security before the expected visit of Turkish President Recep Tayyip Erdogan to Baghdad on April 22. The main discussion revolves around transfer and recovery fees; The real cost is about $21 per barrel, compared to $6 specified in the Iraqi budget, according to Fouad.
    A huge loss
    . On the sidelines of a diplomatic forum in the Turkish city of Antalya, Fouad Hussein said, “The best way is to make an adjustment in the budget, from $6 to what it is in reality.” He added: “If we agree to amend the budget law, this will open the way for oil exports, for example.”
    Iraq was exporting about 400,000 to 500,000 barrels per day from fields in the north of the country, through the now-stopped pipeline. The pipeline closure has cost Iraq more than $7 billion in lost revenue over the past year, which Fouad described as a “huge loss.”
    Fouad Hussein refused to give an estimate about how long it would take to make the required amendment, which requires the support of Iraqi political parties as well as the election of a new speaker of Parliament. But he said that Baghdad and the Kurdistan Regional Government had reached an understanding regarding the resumption of exports, and that the Turkish side had no objections.
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