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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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    Reuters: Iraq is seeking an American court to enforce an arbitration decision against Türkiye

    Rocky
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    Reuters: Iraq is seeking an American court to enforce an arbitration decision against Türkiye Empty Reuters: Iraq is seeking an American court to enforce an arbitration decision against Türkiye

    Post by Rocky Wed 12 Apr 2023, 5:16 am

    Reuters: Iraq is seeking an American court to enforce an arbitration decision against Türkiye

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    Economy News-Baghdad
    Iraq has submitted a petition to a US federal court to enforce an arbitration award against Turkey related to Iraqi oil exports that passed through a pipeline to a Turkish port, according to documents filed with the court.
    The arbitration ruling, which was issued by the International Chamber of Commerce last month, awarded Iraq compensation in a case in which Baghdad accused Ankara of allowing the Kurdistan Regional Government to export oil without Baghdad’s approval between 2014 and 2018. According to Reuters.
    The petition, filed with the District Court for the District of Columbia, asked the court to "recognize, confirm and enforce the final award of the arbitral tribunal".
    The arbitration ruling prompted Turkey to stop the flow of oil, which is equivalent to about 0.5 percent of global supplies, in the pipeline (TADAWUL: 2360) extending to the Turkish port of Ceyhan. Baghdad considers KRG exports via Ceyhan illegal.
    Iraq's federal government and the Kurdistan Regional Government signed an interim agreement last week allowing northern oil exports to resume via Turkey, but the flows have not started, according to shipping companies.
    Sources told Reuters earlier that Turkey wanted to settle another case, covering the period from 2018 onwards, before reopening the pipeline.
    Iraq said on March 25 that it had won the arbitration case. According to a source familiar with the case, the ruling included an order for Turkey to pay about $1.5 billion to Iraq before calculating interest in a ruling covering the period from 2014 to 2018.
    Three days later, the Turkish Energy Ministry said that the International Chamber of Commerce had also ordered Iraq to pay compensation to Ankara.


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