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Expert identifies two options to revive the budget by exploiting the region’s “wasted” oil
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Baghdad Today - Baghdad
Today, Saturday (August 31, 2024), the advisor specializing in oil affairs, Govind Shirwani, identified two options to revive the budget by exploiting the region’s oil that has been wasted for a year and a half.
"According to the general budget law, the federal government is the party responsible for exporting the quantity of oil produced within the region through the Turkish port of Ceyhan," Sherwani said in an interview with Baghdad Today. "If the government is able to export for any reason, it is supposed to dispose of this quantity domestically by sending it to local refineries, thus solving a large part of the shortage in oil derivatives."
He added, "The Federal Ministry of Oil has not been able to find a solution to the Kurdistan oil crisis, whether by exporting it or by exploiting it through local production, and exploiting this quantity that has been idle for a year and a half."
He pointed out that "implementing either option means ending the region's oil crisis, paying the dues of the oil company and the transportation and production companies, overcoming the budget deficit, and exploiting this large amount of oil wasted daily."
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. According to experts, Kurdistan's losses due to the halt in oil exports are approaching $13 billion.
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