Home
British report: The Turks are determined to make Iraq pay the price for its demand for compensation
[You must be registered and logged in to see this image.]
2023-09-10 06:41
Share
Font
Shafaq News/ The British website “Middle East Eye” mentioned in a report from Ankara that when Iraq asked an American court to implement the arbitration ruling against Turkey that imposes compensation worth $1.4 billion on it in relation to oil exports from the Kurdistan Region via the Ceyhan Line, this sparked It is a surprise to everyone in Ankara, which says that its accounts, in return, require that Baghdad pay it $950 million.
The British report, translated by Shafaq News Agency, explained: Iraq did not inform Turkish officials about its judicial move in an American court, nor did it attempt to hold a conversation with Ankara about how to move forward after the International Chamber of Commerce court in Paris concluded that Turkey had violated the contract by trading oil directly with the regional government between 2014 and 2018.
The report stated that angry Turkish officials pledged during private talks that they would make Iraq pay the price, adding that Turkish officials took a step towards achieving this last Thursday, as they asked the court to force Baghdad to pay money to Ankara.
According to the report, Turkey’s position, which it presented before the court in the District of Columbia, is that Iraq must pay it a net amount of $956 million in compensation after calculating the interest rate on the arbitration award, which initially granted a net amount of $1.4 billion to Baghdad according to the Chamber of Commerce court’s decision. International Cooperation Council in Paris, which had also decided to grant Turkey more than $500 million due to its counterclaims of reduced pipeline capacity and unpaid transportation fees dating back to the 1990s.
The report quoted the lawyers representing Turkey as telling the Colombian court last Thursday that “when the pre-judgment interest is correctly calculated in accordance with the court’s directions in the arbitration award, it is clear that the court must issue an award in favor of Turkey, and not Iraq, in the amount of US$956,946,766 to In addition to the additional interest due after the award of the ruling and due to Iraq from August 31, 2023 until the date of the court’s ruling.
Turkey's lawyers continue to say that "the interest due before it is granted on the amounts that the court granted to Turkey far exceeds the interest due on the amounts that it granted to Iraq."
The lawyers explained that “some of Iraq’s violations of the treaties took place more than three decades ago, while all of Turkey’s violations occurred between 2014 and 2018, and that the court ordered each party to pay advance interest on every amount due as of January 1 of the following year.” This entails incurring the amount, multiplied annually until the date of this compensation.”
According to the report, according to the Turkish calculations attached to the application before the court, Iraq will receive $2.6 billion in compensation and interest from the compensation, while Turkey will receive $3.5 billion in compensation and interest, making Ankara the beneficiary of a net compensation of $919 million as of the date of the International Chamber of Commerce ruling. In March 2023.
The report explained that an additional interest amounting to $37.7 million between March and August was added to the amount due to interest after granting compensation.
According to the request submitted to the American court, Turkey had already sent a letter to Iraq on August 28, mentioning the Chamber of Commerce court’s decisions regarding interest, presenting accounts and demanding immediate payment of $956 million, but Iraq did not respond to the letter.
The report continued that Turkey's lawyers accused Iraq of using the US court as a forum to launch a public relations campaign against Ankara, including by announcing the compensation contained in the International Chamber of Commerce ruling. The lawyers considered that "while this goal is inappropriate, Turkey does not oppose Iraq's request to issue an order confirming, recognizing and implementing the arbitration decision," and they added, in return, that the court must issue a ruling in favor of Turkey, and not in favor of Iraq.
According to the report, Turkey, after the International Chamber of Commerce ruling, stopped the flow of oil in the pipeline, which is equivalent to about 0.5% of global supplies, indicating the need to carry out repairs due to corrosion and damage following the devastating earthquakes that struck southern Turkey on February 6.
The report quoted Turkish and Western sources as saying that the initial ruling of the Chamber of Commerce court in favor of Iraq was a hollow victory because the arbitration rejected most of Baghdad’s claims and granted it less than 7% of the compensation it demanded, and agreed to most of Turkey’s counterclaims, granting it 40% of what it was demanding. .
The report concluded by saying that Turkish and Iraqi officials are negotiating an agreement to end the stalemate, adding that Ankara wants Baghdad to withdraw the second lawsuit it filed before the International Chamber of Commerce regarding the period after 2018, and for common ground to be reached on the compensation decision. Ankara also asked Iraq to find a payment mechanism that would be satisfactory to the Kurdistan Regional Government and Baghdad.
Translated by: Shafaq News Agency
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
2023-09-10 06:41
Share
Font
Shafaq News/ The British website “Middle East Eye” mentioned in a report from Ankara that when Iraq asked an American court to implement the arbitration ruling against Turkey that imposes compensation worth $1.4 billion on it in relation to oil exports from the Kurdistan Region via the Ceyhan Line, this sparked It is a surprise to everyone in Ankara, which says that its accounts, in return, require that Baghdad pay it $950 million.
The British report, translated by Shafaq News Agency, explained: Iraq did not inform Turkish officials about its judicial move in an American court, nor did it attempt to hold a conversation with Ankara about how to move forward after the International Chamber of Commerce court in Paris concluded that Turkey had violated the contract by trading oil directly with the regional government between 2014 and 2018.
The report stated that angry Turkish officials pledged during private talks that they would make Iraq pay the price, adding that Turkish officials took a step towards achieving this last Thursday, as they asked the court to force Baghdad to pay money to Ankara.
According to the report, Turkey’s position, which it presented before the court in the District of Columbia, is that Iraq must pay it a net amount of $956 million in compensation after calculating the interest rate on the arbitration award, which initially granted a net amount of $1.4 billion to Baghdad according to the Chamber of Commerce court’s decision. International Cooperation Council in Paris, which had also decided to grant Turkey more than $500 million due to its counterclaims of reduced pipeline capacity and unpaid transportation fees dating back to the 1990s.
The report quoted the lawyers representing Turkey as telling the Colombian court last Thursday that “when the pre-judgment interest is correctly calculated in accordance with the court’s directions in the arbitration award, it is clear that the court must issue an award in favor of Turkey, and not Iraq, in the amount of US$956,946,766 to In addition to the additional interest due after the award of the ruling and due to Iraq from August 31, 2023 until the date of the court’s ruling.
Turkey's lawyers continue to say that "the interest due before it is granted on the amounts that the court granted to Turkey far exceeds the interest due on the amounts that it granted to Iraq."
The lawyers explained that “some of Iraq’s violations of the treaties took place more than three decades ago, while all of Turkey’s violations occurred between 2014 and 2018, and that the court ordered each party to pay advance interest on every amount due as of January 1 of the following year.” This entails incurring the amount, multiplied annually until the date of this compensation.”
According to the report, according to the Turkish calculations attached to the application before the court, Iraq will receive $2.6 billion in compensation and interest from the compensation, while Turkey will receive $3.5 billion in compensation and interest, making Ankara the beneficiary of a net compensation of $919 million as of the date of the International Chamber of Commerce ruling. In March 2023.
The report explained that an additional interest amounting to $37.7 million between March and August was added to the amount due to interest after granting compensation.
According to the request submitted to the American court, Turkey had already sent a letter to Iraq on August 28, mentioning the Chamber of Commerce court’s decisions regarding interest, presenting accounts and demanding immediate payment of $956 million, but Iraq did not respond to the letter.
The report continued that Turkey's lawyers accused Iraq of using the US court as a forum to launch a public relations campaign against Ankara, including by announcing the compensation contained in the International Chamber of Commerce ruling. The lawyers considered that "while this goal is inappropriate, Turkey does not oppose Iraq's request to issue an order confirming, recognizing and implementing the arbitration decision," and they added, in return, that the court must issue a ruling in favor of Turkey, and not in favor of Iraq.
According to the report, Turkey, after the International Chamber of Commerce ruling, stopped the flow of oil in the pipeline, which is equivalent to about 0.5% of global supplies, indicating the need to carry out repairs due to corrosion and damage following the devastating earthquakes that struck southern Turkey on February 6.
The report quoted Turkish and Western sources as saying that the initial ruling of the Chamber of Commerce court in favor of Iraq was a hollow victory because the arbitration rejected most of Baghdad’s claims and granted it less than 7% of the compensation it demanded, and agreed to most of Turkey’s counterclaims, granting it 40% of what it was demanding. .
The report concluded by saying that Turkish and Iraqi officials are negotiating an agreement to end the stalemate, adding that Ankara wants Baghdad to withdraw the second lawsuit it filed before the International Chamber of Commerce regarding the period after 2018, and for common ground to be reached on the compensation decision. Ankara also asked Iraq to find a payment mechanism that would be satisfactory to the Kurdistan Regional Government and Baghdad.
Translated by: Shafaq News Agency
[You must be registered and logged in to see this link.]
» Integrity and the Financial Supervision Bureau agree to activate the cooperation agreement between t
» Al-Mashhadani faces 170 suspended laws.. Will they be approved or deported?
» Parliamentary demands to cancel the security agreement with Washington
» MP: Oil derivatives smuggling has decreased by 80% in Iraq
» After years of controversy, the Minority Protection Act is submitted for the first reading
» Al-Sayhoud: The ministerial reshuffle is useless for several reasons
» Iraqi government makes changes to the General Secretariat: Al-Juhaishi succeeds Al-Halbousi
» Extension of the legislative term of the Iraqi parliament for an additional month to pass laws
» Prime Minister: The necessity of strengthening Iraq's position to be at the forefront of the region'
» Parliamentary Transportation: We are determined to pass the Civil Aviation Authority Law
» Baghdad Council: Study of the reality of companies applying to implement projects
» Water Resources announces its control over the oil slick in the Tigris River
» Reconstruction: A new government vision for distributing serviced lands among those entitled to them
» Parliamentary Immigration Committee demands increasing the amount of the return grant
» Accreditation of specialized graduates to support quality control
» Heritage markets and buildings in Mosul after its reconstruction
» Specialized committee to ensure acceptance of cybersecurity outputs
» The Ministry of Interior issues mechanisms to regulate the work of private security companies
» Baghdad Council: Study of the reality of companies applying to implement projects
» Welcome to the trends of establishing an administrative capital
» Securities trade more than 88 billion shares
» Focus on the banking sector
» Imports and dependence on oil are obstacles to Iraq’s accession to the World Trade Organization
» Launch of the International Chamber of Commerce in Iraq
» Private sector and housing projects
» Sovereign guarantees... a trend that promotes national industries
» Development of tax policies and laws
» Basra Council reviews the mechanisms of the smart transformation system that the Ministry of Electri
» Against the backdrop of the rise in the best subscriptions...Nineveh Council: Fuel quotas for genera
» Trade: Launching the International Chamber of Commerce branch in Iraq
» Parliament.. A new political path under the leadership of President Mahmoud Al-Mashhadani
» ommunications and Media Commission implements 54 projects to serve more than 162 thousand beneficiar
» The Coordination Framework comments on the expected ministerial amendment: Information is exclusivel
» Al-Sudani receives draft memorandum of understanding to establish the Supreme Ministerial Council be
» Interior Minister discusses with Iranian counterpart in Tehran common files between the two countrie
» Integrity and the Financial Supervision Bureau agree to activate the cooperation agreement between t
» Victory Coalition: We call for adopting Imam Sistani’s directives as a document of principles for po
» The expected Kurdistan government.. between accelerating events and complex scenarios - Urgent
» Details of Talabani's meeting with the US Ambassador: The next government is a citizen's government
» "Before the axe falls on the head" .. Al-Sadr warns the Sudanese against adopting the issue of the "
» Iraq announces success in investing 67% of associated gas and converting it into energy
» Parliament overcomes Thursday's trap.. Sessions complain about their personal conditions and seek a
» The Election Commission closes the door to appeals in the Kurdistan elections with 41 appeals
» Trade Bank of Iraq signs a contract with “Hisabi Project” to localize salaries of the region’s emplo
» Baghdad faces a new test to maintain balance.. Threats of Iranian response to Israel from Iraqi terr
» Rafidain and Rashid deny the suspension of electronic payment devices: The service continues
» Al-Sudani agrees to launch an initiative to attract talent in the public and private sectors
» MP: 11 draft laws ready to be presented to the House of Representatives
» Al-Sudani and Al-Mashhadani discuss cooperation between the executive and legislative authorities
» Sudanese agrees to launch an initiative on artificial intelligence
» The dollar continues to rise.. Learn about the exchange rates in the Iraqi markets
» Mechanisms for regulating the work of private security companies in Iraq
» Transport decides to reject partnership between the General Company for Airports Management and the
» What does the Patriotic Union of Kurdistan expect from Mahmoud al-Mashhadani? Al-Sumaria reveals
» MM&C 11/3/24 Launch of the International Chamber of Commerce in Iraq
» utube 10/31/24 MM&C Central Bank Governor of Iraq-Monetary Stability Directly Stimulating the Econom
» utube 10/31/24 MM&C MM&C News Reporting-Security & Stability-Sinjar Allocations-Unprecedented Develo
» Rafidain and Rashid deny the suspension of electronic payment devices: The service continues
» Iraq meets a third of housing needs, two directions identified to solve the crisis completely
» Activating the General Amnesty Law, a summary of the meeting between Al-Mashhadani and Al-Dhari
» Parliamentary recommendations to change "five" ministers in Al-Sudani's government.. Get to know the
» The controversy over the “controversial laws” continues.. and Al-Mashhadani confirms: They will not
» Sunday's currency auction.. 99% of the Central Bank of Iraq's sales went abroad
» Higher fines and powers.. the most prominent amendments to the expected Civil Defense Law
» Transport announces completion of initial design phase of development road with its land and rail ro
» Parliamentary Security: The Intelligence Law is ready.. 3 important paragraphs
» Central Bank dollar sales rise in today's auction
» Divided into three... Al-Fatlawi criticizes the Arab and Islamic position towards the aggression on
» Parliamentary Transport Committee reveals upcoming quadripartite meeting on development path
» Parliamentary Planning: The ministerial amendment is based on 4 directions
» "Until the case is settled"... the judiciary suspends the decision to dismiss Al-Karwi from the pres
» Increasing for a year and a half.. Announcing the results of the investigation into Baghdad's pollut
» Banking Association: Reducing inflation helped stabilize commodity prices
» Parliamentary Investment and Development Committee calls for commitment to the “Investment Law”
» Parliamentary Finance settles the controversy: This is the fate of the appointments file in the 2025
» Trade Bank of Iraq explains procedures for money transfers and combating money laundering
» Within three days, Iraq indicates an increase in the number of aircraft landing and crossing the air
» Public services reveal the reality of the capital.. This is what it needs
» Population growth and ongoing suffering.. A briefing on the "deteriorating" situation in Baghdad
» Parliamentary Committee Proposes Attracting Real Estate Developers
» Direction to transfer beneficiaries of the protection network to the Social Security Law
» Speaker of Parliament
» I learned {morning}
» Al-Sudani directs to establish the concept of (Made in Iraq)
» Al-Mashhadani to {Al-Sabah}: Controversial laws will be presented unanimously
» Establishment of Al-Ghadeer Residential City in Muthanna
» Work: Transferring beneficiaries of the safety net to the Social Security Law
» The most prominent achievements of the Sudanese government in the education sector
» Welcome to the trends of establishing an administrative capital
» Securities trade more than 88 billion shares
» Focus on the banking sector
» Imports and dependence on oil are obstacles to Iraq’s accession to the World Trade Organization
» Preparatory meetings for the 40th session of the Standing Committee for Economic and Commercial Coop
» Minister of Industry: Our visit program to Basra will include following up on the progress of work a
» Al-Mashhadani and the Secretary-General of the Iraqi National Project stress the importance of activ
» Minister of Industry discusses action plan to complete steel plant in Basra and operate it on schedu
» Al-Sayhoud: Accelerating the implementation of the strategic development road project will advance t
» Amnesty International issues a “warning” to the Iraqi government over “violations” inside Al-Jadaa c