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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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    Foreign Minister: Iraq may adjust its financial budget for this matter

    Rocky
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    Foreign Minister: Iraq may adjust its financial budget for this matter Empty Foreign Minister: Iraq may adjust its financial budget for this matter

    Post by Rocky Sun 03 Mar 2024, 5:08 am

    Foreign Minister: Iraq may adjust its financial budget for this matter

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    Economy News - Baghdad
    The Iraqi Foreign Minister said that his country may amend its federal budget to pay recovery and transit fees to international oil companies, in an attempt to restart an important oil pipeline a year after it was stopped.
    Fouad Hussein told Bloomberg News, “Talks are ongoing between oil companies, the Iraqi government in Baghdad, and the semi-autonomous Kurdistan Regional Government to resume crude oil exports through Turkey. The pipeline closure has blocked about half a million barrels of crude oil from global markets.”
    Turkey stopped flows through the pipeline - which transports oil from the Kurdish region in Iraq to the Turkish port of Ceyhan - in March 2023 after an arbitration court ordered it to pay about $1.5 billion in compensation to Iraq for transporting oil without Baghdad’s approval.
    Long-standing dispute
    The arbitration decision was the culmination of a long-standing dispute between Baghdad and the Iraqi Kurdistan region over the rights to collect revenues from oil sales.
    Iraq is trying to resolve the dispute to strengthen relations with Turkey on issues ranging from trade to security ahead of the expected visit of President Recep Tayyip Erdogan to Baghdad on April 22. The main discussion centers on transportation and recovery fees, which the Iraqi minister says have a real cost of approximately $21 per barrel, compared to $6 in the budget.
    Hussein said, on the sidelines of a diplomatic forum in the Turkish city of Antalya, “The best way is to make an adjustment in the budget, from $6 to what it is on the ground.” He added: "If we agree to amend the budget law, let us say that this will open the way for oil exports."
    Iraq was exporting about 400,000 to 500,000 barrels per day from the northern fields, including the Kurdish region, through the currently suspended pipeline. The pipeline closure cost Iraq more than $7 billion in lost revenue over the past year, which Hussein described as a "huge loss."
    Hussein refused to give an estimate of how long it would take to make the required amendment, which requires the support of Iraqi political parties, as well as the election of a new speaker of parliament. But he said that Baghdad and the Kurdistan Regional Government had reached an understanding regarding the resumption of exports, and that the Turkish side had no objections.
    Security cooperation between Baghdad and Ankara
    The interview also stated:
    Turkish Foreign Minister Hakan Fidan is expected to visit Baghdad this month to hold a second round of talks on security cooperation to prevent separatists from the Kurdistan Workers’ Party from using northern Iraq as a launching point to launch attacks on Turkey, as well as on Turkish forces inside Iraq.
    Iraq and Turkey are seeking to persuade the Gulf states to help finance a trade route worth $17 billion extending from the port of Al-Faw in the Iraqi province of Basra to Turkey, and then to Europe. “We cannot finance it ourselves,” Hussein said. “The current situation in the Red Sea and Bab al-Mandab also proves that we need different ways to reach Europe.”
    Red Sea tensions revive the trade line linking Egypt, Jordan and Iraq.
    He added: “Internal security in Iraq is very good in general, but the entire security in the region is threatened by the war in Gaza,” referring to attacks in the Red Sea, as well as US air strikes in Iraq.
    In response to a question about whether the recent visit of an Iranian delegation to Iraq had led to a clear cessation of militant attacks on American forces, Hussein said: “This is apparently the case.”
    Regarding Iraq's previous request for the withdrawal of the remaining American military trainers and advisors, Hussein said that an Iraqi military committee held discussions with American officials more than a week ago and "will submit a report to the prime minister and political leaders. On the basis of its report, we will develop another plan."


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