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[size=36]Türkiye announces the imminent resumption of oil exports from the Kurdistan region of Iraq[/size]
Economy | 10:23 - 09/15/2023
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Baghdad - Mawazine News
Turkish Energy Minister Alp Arslan Bayraktar said that the inspection of the oil pipeline between Iraq and Turkey has been completed, and the pipeline will be “technically” ready for operation soon.
Turkey had stopped flows through the pipeline located in northern Iraq on March 25, after a ruling in an arbitration case issued by the International Chamber of Commerce ordered Ankara to pay compensation to Baghdad for unauthorized exports by the Iraqi Kurdistan Regional Government between 2014 and 2018.
Turkey then began maintenance work on the pipeline, which passes through a seismically active area and which it says was damaged by floods.
Bayraktar said in a press briefing, “As of today, an independent survey company has completed its work and they are now preparing the report.”
He did not mention a date for the resumption of oil flows through the pipeline.
At the end of last August, the Kurdistan Region Oil Industry Association said that the closure of the Iraqi oil export pipeline to the Mediterranean coast of Turkey had cost producers and the Iraqi government losses of about 4 billion dollars.
Producers in the region located in northern Iraq were forced to reduce production since Turkey stopped flows through the pipeline.
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