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An economist reveals the size of compensation as a result of international arbitration between Iraq and Turkey
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Baghdad today - Baghdad
Today, Sunday, economic expert Nabil Al-Marsawi revealed the size of the compensation as a result of international arbitration between Iraq and Turkey.
Al-Marsoumi said in a post followed by (Baghdad Today) that "according to the decision of the Arbitration Court in Paris, the Turkish company BOTAS must pay Iraq $1.5 billion for the period from 2014 to 2018."
He pointed out that these amounts will be "in exchange for the damages caused to Iraq during this period due to the independent sale of oil through Turkey."
The economist added, "As for the amount that the court will impose on Turkey for the post-2018 period, it is still unknown, and it may be decided within two years."
Yesterday, Saturday, the Ministry of Oil announced that it had won a lawsuit it had filed against Turkey regarding allowing the region's oil to be exported through Turkish territory.
The ministry stated, in a statement received by (Baghdad Today), that "the final decision regarding the export of oil to Turkey was issued in favor of Iraq by the Arbitral Tribunal of the International Chamber of Commerce in Paris last Thursday, March 23, 2023."
She added, "The arbitration case filed by the Republic of Iraq against the Republic of Turkey for violating the provisions of the Iraqi-Turkish pipeline agreement signed in 1973, which stipulates that the Turkish government must comply with the instructions of the Iraqi side regarding the movement of crude oil exported from Iraq to all storage and disposal centers and the final station." ".
And she stressed that "the arbitral tribunal's decision does not constitute an obstacle to the development and expansion of bilateral relations between Iraq and Turkey, in a way that achieves common interests while Iraq retains its constitutional powers and sovereignty over all its wealth."
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