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Minister of Natural Resources of Kurdistan: We do not have any problem with exporting oil via SOMO.. What about the Ceyhan line?
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Economy News - Baghdad
Acting Minister of Natural Resources Kamal Muhammad said on Thursday that the Kurdistan Regional Government has no problem with resuming crude exports through the National Oil Marketing Company "SOMO" and depositing the revenues generated from it in the Iraqi state treasury in exchange for securing the region's financial dues.
Muhammad told a number of media outlets from Dohuk that the decision of the arbitration panel of the International Chamber of Commerce in Paris consists of 4 topics, namely: extraction, oil management, transportation and storage, and sale, indicating that “four of them we can say are supportive of the Kurdistan Region and stipulated that they are Of its powers, with the exception of the issue of selling oil, it is exclusively within the powers of the Federal Ministry of Oil, as exports are carried out through the “SOMO” company.
He added that 80 percent of the decisions of the Paris Court were in favor of the Kurdistan Region, pointing out that "we have no problem with the issue of selling oil through the SOMO company, and that the revenues generated from it go to the Iraqi state treasury, but the rights and entitlements of the region must be secured in return for that." .
The minister also confirmed that there is a problem related to the cost of extracting a barrel of oil, because there is a difference in cost pricing between the region and Baghdad, adding that: Iraq is spending billions on this process, while the region has invested through companies in this field.
He went on to say, “At the beginning of this year, two committees were formed by Prime Minister Muhammad Shiaa Al-Sudani, one ministerial and the other parliamentary, and they reviewed the work of the 11 oil companies operating in the Kurdistan Region, indicating that the two committees reached a conviction regarding the cost of a barrel.
Regarding the resumption of Kurdistan Region oil exports, the Acting Minister of Natural Resources said that the matter concerns the federal government, and we are ready to resume exports at any time.
Turkey stopped exporting 450,000 barrels per day from the Kurdistan Region via the Iraqi-Turkish pipeline on March 25, 2023, after the International Chamber of Commerce in Paris issued its ruling in favor of Baghdad in an arbitration case.
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Added 03/07/2024 - 11:40 AM
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Economy News - Baghdad
Acting Minister of Natural Resources Kamal Muhammad said on Thursday that the Kurdistan Regional Government has no problem with resuming crude exports through the National Oil Marketing Company "SOMO" and depositing the revenues generated from it in the Iraqi state treasury in exchange for securing the region's financial dues.
Muhammad told a number of media outlets from Dohuk that the decision of the arbitration panel of the International Chamber of Commerce in Paris consists of 4 topics, namely: extraction, oil management, transportation and storage, and sale, indicating that “four of them we can say are supportive of the Kurdistan Region and stipulated that they are Of its powers, with the exception of the issue of selling oil, it is exclusively within the powers of the Federal Ministry of Oil, as exports are carried out through the “SOMO” company.
He added that 80 percent of the decisions of the Paris Court were in favor of the Kurdistan Region, pointing out that "we have no problem with the issue of selling oil through the SOMO company, and that the revenues generated from it go to the Iraqi state treasury, but the rights and entitlements of the region must be secured in return for that." .
The minister also confirmed that there is a problem related to the cost of extracting a barrel of oil, because there is a difference in cost pricing between the region and Baghdad, adding that: Iraq is spending billions on this process, while the region has invested through companies in this field.
He went on to say, “At the beginning of this year, two committees were formed by Prime Minister Muhammad Shiaa Al-Sudani, one ministerial and the other parliamentary, and they reviewed the work of the 11 oil companies operating in the Kurdistan Region, indicating that the two committees reached a conviction regarding the cost of a barrel.
Regarding the resumption of Kurdistan Region oil exports, the Acting Minister of Natural Resources said that the matter concerns the federal government, and we are ready to resume exports at any time.
Turkey stopped exporting 450,000 barrels per day from the Kurdistan Region via the Iraqi-Turkish pipeline on March 25, 2023, after the International Chamber of Commerce in Paris issued its ruling in favor of Baghdad in an arbitration case.
Views 54
Added 03/07/2024 - 11:40 AM
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