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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Baghdad hopes to reach an agreement with Erbil on the export of oil

    Rocky
    Rocky
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    Baghdad hopes to reach an agreement with Erbil on the export of oil Empty Baghdad hopes to reach an agreement with Erbil on the export of oil

    Post by Rocky Thu 04 May 2023, 4:18 am

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    [size=52]Baghdad hopes to reach an agreement with Erbil on the export of oil[/size]

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    On Wednesday, the Iraqi Oil Minister expressed his hope that an agreement would be reached soon that would allow the resumption of crude exports to Iraq Turkey from the autonomous region of Kurdistan after being cut off for more than a month due to a long-running legal dispute.[/size]
    [size=45]Iraq had initiated arbitration proceedings with neighboring Turkey in 2014 at the International Chamber of Commerce in Paris, against the background of Ankara importing oil for a long time from Iraqi Kurdistan without the approval of the federal authorities in Baghdad[/size]
    [size=45]This year, the arbitral tribunal issued its decision in favor of Baghdad and obligated Turkey to pay compensation to the Iraqi state.[/size]
    [size=45]This led Ankara to stop oil imports from Iraqi Kurdistan.[/size]
    [size=45]However, at the beginning of April, Baghdad and the region's authorities concluded a "temporary" agreement to settle some points Controversial and the development of an export mechanism supervised by the federal government, although some issues remained pending.[/size]
    [size=45]Iraqi Oil Minister Hayan Abdul-Ghani said on Wednesday, “As for the agreement with the region... God willing, within A week or two at the latest, we will reach a final agreement regarding the resumption of crude oil exports The indications are positive.[/size]
    [size=45]In his speech at the "Iraq Forum" organized by Iraqi research centers and institutes, Abdul-Ghani mentioned in particular To the “examinations conducted by the Turkish side of the pipelines” to avoid possible oil leaks after the devastating earthquake which struck Turkey in February.[/size]
    [size=45]According to the terms of the agreement announced at the beginning of April, oil sales from Kurdistan must go through Through the Iraqi State Oil Company (SOMO), and not exclusively through the local Kurdish authorities.[/size]
    [size=45]It also provides for the deposit of Kurdish export revenues into an account run by the local authorities in Kurdistan and supervised by Baghdad .[/size]
    [size=45]Ignoring the opposition of the federal government, the authorities of the Kurdistan region exported about 450,000 barrels per day through Turkey, and paid Ankara has far higher transit fees than the normal level.[/size]
    [size=45]Oil is the main source of revenue for Baghdad and Erbil.[/size]
    [size=45]Iraq is the second largest producer of OPEC and exports an average of 3.3 million barrels of crude Daily. Oil represents 90% of the country's income.[/size]
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