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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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    "Apicor" sends an invitation to the US Congress regarding the export of Kurdistan's oil

    Rocky
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    "Apicor" sends an invitation to the US Congress regarding the export of Kurdistan's oil Empty "Apicor" sends an invitation to the US Congress regarding the export of Kurdistan's oil

    Post by Rocky Tue 30 Jan 2024, 4:54 am

    "Apicor" sends an invitation to the US Congress regarding the export of Kurdistan's oil

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    Economy News - Baghdad
     
    [rtl]The Kurdistan Region Petroleum Industry Association, “APIKOR,” called on the US Congress to help restart oil exports in the Kurdistan Region.[/rtl]
    [rtl]Today, Tuesday, January 30, 2024, APICOR issued a statement in which it called on the US Congress to persuade the Iraqi government to resume exporting oil from the Kurdistan Region.[/rtl]
     
    [rtl]The statement explained, "The cessation of Kurdistan Region oil exports, in addition to the issue of the Iraqi government not paying the budget to the Kurdistan Region, has put the region's financial situation at risk."[/rtl]
     
    [rtl]He added, "The Kurdistan Region is an important ally of the United States in the Middle East."[/rtl]
     
    [rtl]He continued, "The United States invests $10 billion in the Kurdistan Region, and these interests must be protected."[/rtl]
     
    [rtl]As of March 25, 2023, crude oil exports from Kurdistan fields and Kirkuk Governorate to Turkey through the Turkish port of Ceyhan were suspended.[/rtl]
    [rtl]In addition to suspending all oil activities of foreign companies operating in Kurdistan’s fields, after the International Arbitration Tribunal in Paris ruled that these exports were illegal.[/rtl]
     
    [rtl]This decision comes as a result of a lawsuit filed by the federal government against Turkey in the International Court of Arbitration in Paris in 2014, due to it allowing Kurdistan’s oil to flow into its territory and export it, without Baghdad’s approval.[/rtl]
     
    [rtl]According to an agreement concluded between Baghdad and Ankara in 2010, the Iraqi Oil Marketing Company (SOMO) is the only entity authorized to export, market and sell Iraqi oil in global markets.[/rtl]
     
    [rtl]Kurdistan was exporting 450,000 barrels daily to Turkey, and on April 4, 2023, Erbil and Baghdad reached a temporary agreement until the Iraqi parliament approved the oil and gas law.[/rtl]
     
    [rtl]This agreement stipulated that the Kurdistan government would hand over 400,000 barrels per day to SOMO, form a four-part joint committee to supervise the sale of oil in global markets, open an independent account with the Central Bank to deposit financial revenues, and appoint a representative from the regional government to the position of Assistant Director General of SOMO.[/rtl]


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