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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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    British report: The Turks are determined to make Iraq pay the price for its demand for compensation

    Rocky
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    British report: The Turks are determined to make Iraq pay the price for its demand for compensation Empty British report: The Turks are determined to make Iraq pay the price for its demand for compensation

    Post by Rocky Sun Sep 10, 2023 9:53 pm

    British report: The Turks are determined to make Iraq pay the price for its demand for compensation



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    2023-09-10 06:41
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    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
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