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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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    Kurdistan's losses approach $13 billion due to halt in oil exports

    Rocky
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    Kurdistan's losses approach $13 billion due to halt in oil exports Empty Kurdistan's losses approach $13 billion due to halt in oil exports

    Post by Rocky Sun 07 Jul 2024, 4:27 am

    Kurdistan's losses approach $13 billion due to halt in oil exports
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    Baghdad Today - Erbil 
    Today, Sunday (July 7, 2024), the advisor on oil affairs in the Kurdistan Region, Govind Shirwani, revealed the extent of the financial losses resulting from the halt in the region’s oil exports.
    "If we consider the halt in the export of 400,000 barrels per day, and the price of oil in the budget is $70 per barrel, then the losses from the halt in exports exceed $800 million per month," Sherwani said in an interview with Baghdad Today.
    He added, "For a period of 15 months, the losses from not exporting are close to 13 billion dollars, which is a very large amount that has harmed the Iraqi state budget in general, since the export of Kurdistan oil has become in the hands of the federal government."
    Turkey had earlier halted Iraq's exports of 450,000 barrels per day via the oil pipeline that runs from the Kurdistan Region in northern Iraq to the Turkish port of Ceyhan on March 25, 2023.
    Turkey's decision to suspend exports came after an arbitration ruling by the International Chamber of Commerce ordered Turkey to pay Baghdad $1.5 billion in compensation for damages caused by the Kurdistan Regional Government exporting oil without permission from the government in Baghdad between 2014 and 2018.
    Attempts to restart the pipeline have been delayed by Turkey's presidential election last month and discussions between the Iraqi government's state oil marketing company SOMO and the Kurdistan Regional Government over an export deal that has now been reached.
    Among the issues to be resolved is whether Turkey will seek to negotiate the size of the compensation ordered by the International Chamber of Commerce, sources told Reuters earlier.
    It also wants outstanding issues in other open arbitration cases to be permanently resolved before it agrees to resume flows, the sources said.
    The Kurdistan region is suffering from a cash shortage due to the pipeline shutdown, and Iraqi politicians and Kurdish lawmakers said the region had no choice but to approve the budget, from which it would receive 12.67 percent of the total 198.9 trillion dinars ($153 billion).
    The loss in revenue for the Kurdistan Regional Government due to the 80-day oil shutdown amounts to more than $2 billion, according to Reuters calculations based on exports of 375,000 barrels per day, in addition to the historical discount the KRG offers relative to the price of Brent crude.
    The pipeline also exported about 75,000 barrels per day of federal crude.
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