ERBIL, Kurdistan Region - The export of the Kurdistan Region’s oil is expected to resume in the first half of this month, a member of the Iraqi parliament told Rudaw on Tuesday, adding that Turkey and Iraq are on the verge of reaching an agreement.
The International Chamber of Commerce (ICC) on March 23 ruled in favor of Iraq against Turkey regarding exports of Kurdistan Region oil through Turkey’s Ceyhan port, saying Ankara had breached a 1973 pipeline agreement that obliges the Turkish government to abide by instructions issued by Iraq regarding the transport of crude oil exported from Iraq.
“In the first half of this month, the Kurdistan Region’s oil exports will resume since there are no big obstacles left preventing the exports,” Nahro Rawanduzi, MP and member of the oil and gas committee told Rudaw’s Hemin Baban.
Rawanduzi added that they will meet with Iraq’s Oil Minister Hayyan Abdul Ghani on Sunday and discuss the latest developments.
While Erbil and Baghdad reached an agreement in early April to resume the export process, there is still no oil flowing through the pipeline to Turkey.
An official from Iraq’s State Oil Marketing Organization (SOMO), who spoke to Rudaw on the condition of anonymity, also corroborated Rawanduzi’s statements, saying Ankara and Baghdad have agreed on most details regarding the resumption of oil exports.
The Iraqi oil ministry in its monthly report on Tuesday said that the country pocketed over $7.79 billion in oil sales in the month of April, a slight increase from March’s $7.5 billion.
The country exported 240 thousand barrels less in April but still saw a rise in the revenue due to the fact that the average price of one barrel was placed nearly five dollars higher than the average price for March.
Ankara has been ordered to pay around $1.5 billion in damages. However, Baghdad must also pay over $527 million to Turkey in reimbursement claims related to equipment and personnel as stipulated by the court ruling.
The International Chamber of Commerce (ICC) on March 23 ruled in favor of Iraq against Turkey regarding exports of Kurdistan Region oil through Turkey’s Ceyhan port, saying Ankara had breached a 1973 pipeline agreement that obliges the Turkish government to abide by instructions issued by Iraq regarding the transport of crude oil exported from Iraq.
“In the first half of this month, the Kurdistan Region’s oil exports will resume since there are no big obstacles left preventing the exports,” Nahro Rawanduzi, MP and member of the oil and gas committee told Rudaw’s Hemin Baban.
Rawanduzi added that they will meet with Iraq’s Oil Minister Hayyan Abdul Ghani on Sunday and discuss the latest developments.
While Erbil and Baghdad reached an agreement in early April to resume the export process, there is still no oil flowing through the pipeline to Turkey.
An official from Iraq’s State Oil Marketing Organization (SOMO), who spoke to Rudaw on the condition of anonymity, also corroborated Rawanduzi’s statements, saying Ankara and Baghdad have agreed on most details regarding the resumption of oil exports.
The Iraqi oil ministry in its monthly report on Tuesday said that the country pocketed over $7.79 billion in oil sales in the month of April, a slight increase from March’s $7.5 billion.
The country exported 240 thousand barrels less in April but still saw a rise in the revenue due to the fact that the average price of one barrel was placed nearly five dollars higher than the average price for March.
Ankara has been ordered to pay around $1.5 billion in damages. However, Baghdad must also pay over $527 million to Turkey in reimbursement claims related to equipment and personnel as stipulated by the court ruling.
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