Iraqi Oil Minister Arrives in Turkey to Discuss Resumption of Exports
Iraqi Oil Minister Hayan Abdel-Ghani has arrived in Ankara to discuss the resumption of oil exports to the Ceyhan oil terminal. The news was based on information provided by a source in the Iraqi Oil Ministry.
An energy official stated that the Iraqi minister will discuss energy-related issues with his Turkish counterpart, in particular the resumption of oil exports from northern Iraq to the Turkish port of Ceyhan.
OTHER ARBITRATION CASES TO BE DISCUSSED
Turkey wants to negotiate on the agreed compensation to be paid in the arbitration case and receive information on other arbitration cases filed.
“Iraq’s oil minister is in Turkey to discuss the obstacles that are causing the delay in oil exports and how to solve the current problems,” said an oil ministry source familiar with oil export activities. in northern Iraq.
YoCC had decided to pay Baghdad $1.5 billion in compensation for Turkey’s unauthorized export of oil from the Kurdish Regional Government between 2014 and 2018.
“The compensation set out in the arbitration award and other viable arbitration cases still pending against Ankara will be at the center of the negotiations,” the source said.
WHAT HAPPENED?
Iraq filed an arbitration case with the Paris-based ICC in 2014 alleging that Turkey provided oil exports from the Iraqi Kurdish regional government without permission from the federal government in Baghdad.
Turkey subsequently halted oil exports of 450,000 barrels per day through the northern Iraq-Turkey pipeline on March 25, after the International Chamber of Commerce (ICC) decided to pay compensation to Iraq in the case of arbitration.
The Iraqi federal government claims that the public agency SOMO has the authority to manage only part of the oil exports through Ceyhan.
He claimed that BOTAŞ, the energy monopoly of Iraq, Ankara and Turkey, violated the pipeline agreement signed between Iraq and Turkey in 1973 by transferring oil from the Kurdish regional government without Baghdad’s approval, storing it and filling this oil in tankers in Ceyhan. (Reuters)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
