Historic Agreement Resumes Kurdish Oil Exports to Turkey
Iraq has reached a historic agreement with its Kurdish region to resume oil exports to Turkey, ending a two-year hiatus. An agreement was made to export crude via the Kirkuk-Ceyhan pipeline, previously shut over a dispute with Turkey. This deal involves major oil companies in Kurdistan.
Iraq is set to resume oil exports from its Kurdish region to Turkey following an interruption of more than two years. Prime Minister Shia al-Sudani hailed this as a historic agreement between Baghdad and the Kurdish regional government.
The deal outlines that Iraq's state oil marketer SOMO will oversee the export of crude from Kurdish oil fields through the Kirkuk-Ceyhan pipeline to Turkey. This pipeline had halted operations in March 2023 after the International Chamber of Commerce ruled that Turkey owed Iraq $1.5 billion for unauthorized exports by the Kurdish authorities.
The Iraqi oil ministry has confirmed an agreement to ensure all crude from Kurdistan fields, excluding local use quantities, will be delivered to SOMO for exportation. However, the timeline for resuming oil flow remains unspecified. Previously, Iraq exported approximately 230,000 barrels per day through this pipeline. Turkey is appealing the $1.5 billion compensation order but has expressed readiness to restart operations.
- READ MORE ON:
- Iraq
- Kurdish
- Turkey
- oil exports
- Kirkuk-Ceyhan
- pipeline
- Shia al-Sudani
- SOMO
- ICC
- compensation
Google News