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Oil Minister: Baghdad and Kurdistan have not yet reached an agreement to resume exports
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Economy News / Baghdad
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Added 05/03/2023 - 7:18 PM
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Economy News / Baghdad
Oil Minister Hayan Abdul Ghani said on Wednesday that the federal government and the Iraqi Kurdistan Regional Government had not reached an agreement necessary to resume oil exports from northern Iraq to the Turkish port of Ceyhan. According to Reuters
Turkey stopped the flow of 450,000 barrels per day of northern exports through the Iraqi-Turkish pipeline (TADAWUL: 2360) on March 25, after the International Chamber of Commerce issued a ruling in an arbitration case in favor of Iraq.
The International Chamber of Commerce ordered Turkey to pay Baghdad $1.5 billion in compensation for damages caused by the Kurdistan Regional Government's illegal oil export between 2014 and 2018. The federal government was exporting about 75 thousand barrels per day of federal crude through the Iraqi-Turkish pipeline, while the Kurdistan Regional Government exports the rest.
Views 397
Added 05/03/2023 - 7:18 PM
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