[ltr]2023.03.30 - 17:01[/ltr]
Baghdad - Nas
The Kurdistan Region of Iraq received $6 billion in advance from a number of companies in exchange for crude oil, but oil exports have now stopped, according to Reuters.
The agency quoted several trade sources as saying that the suspension of oil exports from Kurdistan means that the region "cannot pay its six billion dollar debt by supplying it with crude oil." There is no alternative plan to repay the loans.
On Saturday, March 25, the International Arbitration Court in Paris stopped exporting 450,000 barrels of oil from the Kurdistan region to Turkey. Iraq won an arbitration case in which it said Turkey violated an agreement by allowing the Kurdistan region to export oil without Baghdad's approval.
According to trade sources told Reuters, the international trade companies Vitol and Petraco, which are part of the two companies, paid about $750-800 million in advance to the Kurdistan region for crude oil.
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