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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: Two billion dollars in losses for the Kurdistan region from stopping oil exports within 80

    Rocky
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    Reuters: Two billion dollars in losses for the Kurdistan region from stopping oil exports within 80 Empty Reuters: Two billion dollars in losses for the Kurdistan region from stopping oil exports within 80

    Post by Rocky Wed 14 Jun 2023, 4:47 am

    Reuters: Two billion dollars in losses for the Kurdistan region from stopping oil exports within 80 days

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    Economy News _ Baghdad
    Iraq is working to start technical talks with Turkey by early next week on resuming oil exports from northern Iraq, but hopes appear low that a quick solution can be reached, sources told Reuters.
    Turkey stopped Iraq's exports of 450,000 barrels per day through the oil pipeline that extends from the Kurdistan region in northern Iraq to the Turkish port of Ceyhan on March 25.
    Reuters calculations indicate that the 80-day stoppage has cost the Kurdistan Regional Government more than two billion dollars.
    The two sources, familiar with the discussions, said on condition of anonymity that discussions at a technical level regarding the resumption of exports between Iraq and Turkey are scheduled to take place over the weekend or early next week.
    An Iraqi oil official from the state-run North Oil Company told Reuters that the Turkish state energy company said the pipeline needs further technical examination before restarting and will send a technical note on the status of the pipeline in the coming days.
    The source said that this does not mean the resumption of exports immediately because this decision requires high-level political talks, adding that a Turkish energy delegation is expected to arrive in Baghdad, but he has not set a date yet.
    Turkey's decision to suspend exports followed an arbitration decision by the International Chamber of Commerce that ordered Turkey to pay Baghdad $1.5 billion in compensation for damages caused by the Kurdistan Regional Government's export of oil without permission from the government in Baghdad between 2014 and 2018.
    Attempts to restart the pipeline were delayed by last month's Turkish presidential election and discussions between the Iraqi government's Oil Marketing Company (SOMO) and the KRG over an export deal that has now been reached.
    Hopes for the resumption of work were boosted when Turkish President Alp Arslan Bayraktar appointed Minister of Energy and Natural Resources on June 3.
    Sources told Reuters earlier that among the issues to be resolved was that Turkey seek to negotiate the amount of compensation ordered by the International Chamber of Commerce.
    The sources said they also want to permanently resolve outstanding issues in other open arbitration cases before they agree to resume flows.
    Last Monday, the Iraqi parliament approved the 2023 budget, which included some articles that negate the financial independence of the Kurdistan Regional Government.
    And the Kurdistan region suffers from a lack of liquidity due to the interruption of the pipeline, and Iraqi politicians and Kurdish lawmakers said that the region had no other choice but to approve the budget, from which it would receive 12.67 percent of the total 198.9 trillion dinars ($ 153 billion).
    The loss in KRG revenue due to the 80-day oil shutdown is more than $2 billion, according to Reuters calculations based on exports of 375,000 barrels per day, plus the KRG's historical discount to the price of Brent crude.
    The pipeline was also exporting about 75,000 barrels per day of federal crude.


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