Iraq and Kurdish Region Restart Oil Exports to Turkey: A Historic Agreement
Iraq, in a historic deal with its Kurdish region, will resume oil exports to Turkey. The agreement, facilitated by the U.S., is set to enhance economic ties and regional energy security. Exports had halted due to legal disputes over unauthorized exports by Kurdish authorities. SOMO will manage the exports.
In a significant development, Iraq is poised to restart oil exports from its Kurdish region to Turkey starting Saturday. This comes after a two-year hiatus due to disputes over unauthorized exports by the Kurdish authorities. Iraqi Prime Minister Shia al-Sudani described this as a historic agreement with the Kurdish regional government.
Welcomed by U.S. Secretary of State Marco Rubio, the agreement is seen as a step towards a stronger economic partnership between the United States and Iraq. Rubio highlighted Washington's role in facilitating the deal, which aims to boost a stable investment environment and enhance regional energy security.
The tripartite agreement involves Iraq's oil ministry, the Kurdistan Regional Government (KRG), and producing companies, allowing Iraq's state oil marketer SOMO to export crude to Turkey. The resumption follows a compensation order against Turkey for unauthorized exports, with the pipeline flow halted since March 2023. Exports are expected to resume soon, resolving a significant regional impasse.
(With inputs from agencies.)
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