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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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    International trade obliges Iraq to pay compensation to Ankara in the arbitration case

    Rocky
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    International trade obliges Iraq to pay compensation to Ankara in the arbitration case Empty International trade obliges Iraq to pay compensation to Ankara in the arbitration case

    Post by Rocky Wed 29 Mar 2023, 5:39 am

    International trade obliges Iraq to pay compensation to Ankara in the arbitration case



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    2023-03-29 00:23
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    Shafaq News/ The Turkish Ministry of Energy said that the International Chamber of Commerce obligated Iraq to pay compensation to Ankara in a long-term arbitration case related to oil exports from the Kurdistan Region via Turkey.
    The Turkish Ministry of Energy said in a statement that the International Criminal Court recognized the majority of Turkey's demands, without mentioning the amount of compensation that Iraq was ordered to pay.



    The case relates to Iraq's claim that Turkey violated a joint agreement by allowing the KRG to export oil through a pipeline to the Turkish port of Ceyhan in 2014.
    A source familiar with the case said the ICC ruled in favor of Iraq on Thursday in the arbitration case and ordered Turkey to pay compensation to Iraq related to the transportation of KRG oil through the export pipeline and the discount under which the KRG oil was sold.
    But the source said that Turkey won a counter-claim that Iraq pay the pipeline production fees.
    He estimated that the net amount Turkey owed Iraq was about $1.5 billion before interest.
    Last Saturday, Iraq stopped crude exports amounting to 450,000 barrels per day from the semi-autonomous Kurdistan Region and northern Kirkuk.
    In its first official statement on this issue, the Turkish Ministry of Energy said that the International Criminal Court had canceled four of the five demands from Iraq, and (the International Criminal Court) had ordered Iraq to pay compensation to Turkey.
    After the verdict, about 450,000 barrels per day of crude exports, or half a percent of global oil supplies, to Turkey from the Kurdistan Region and northern Kirkuk stopped.
    The statement added, "Turkey is ready to fulfill the requirements of international law and contribute to finding a permanent solution between the two parties to the dispute."
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