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Iraq's Kurdish Region Gets Around $100 Million for First Major Oil Export Sale of Oil


yota691
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By 
EMRE PEKER
CONNECT
June 23, 2014 7:03 a.m. ET

ERBIL, Iraq—The semiautonomous Kurdish region of northern Iraq received close to $100 million for the first million barrels of oil it piped to Turkey and shipped to international markets, an official said Monday, marking a critical step in Kurdish efforts to become independent crude exporters.

Buyers of oil from the Kurdistan Regional Government, or KRG, deposited $93 million of the $97 million owed on the first tanker of crude at Turkiye Halk Bankasi ASHALKB.IS +1.90% , Turkey's state-owned lender known as Halkbank, Turkish Energy Minister Taner Yildiz said Monday in Ankara. The payments came in phases and both Baghdad and Kurdish authorities have been notified about their receipt, Mr. Yildiz said.

The first deposit for KRG oil exports comes as the regional authorities in Erbil face a significant budget squeeze. Iraq's central government started cutting off payments to the KRG in January amid a dispute over the Kurds' contested right to export oil independently of Baghdad. Iraq has also threatened legal action against KRG crude buyers, and filed for arbitration against Turkey.

Kurdish officials have pledged to stick by Iraq's revenue-sharing framework, which sees Erbil take 17% of the proceeds from all national oil sales. But successful deposits for their oil exports would give more leverage to the KRG as it seeks greater economic independence, and could pave the way for Kurds to access international loans to fund their budget.

"When we approach international finance houses, they look to whether we can export and sell the oil. Now that we have done that, it is easier to get loans," KRG spokesman Safeen Dizayee said Monday in an interview. "There are serious negotiations, and I think we will get a deal soon."

The Kurdish push for more economic autonomy and security comes amid a Sunni insurgency in recent weeks that has plunged Iraq into chaos. Starting an assault toward Baghdad, militants attached to the Islamic State of Iraq and al Sham, or ISIS, have expanded their territory to include Iraq's second biggest city, Mosul, and sieged the country's largest oil refinery, disrupting production.

As Iraqi security forces disintegrated amid ISIS advances, the KRG's armed forces, the Peshmerga, stepped in to secure the disputed oil-producing city of Kirkuk, and other regions with Kurdish populations. U.S. Secretary of State John Kerry arrived in Baghdad on Monday to meet with Prime Minister Nouri al-Maliki, and Washington's top diplomat is also expected to meet with Sunni and Kurdish leaders to seek a solution to the gravest threat to Iraqi unity since the last U.S. troops left the country in December 2011.

Meanwhile, Kurdish authorities have continued floating tankers carrying their crude from Turkey's Mediterranean port of Ceyhan uninterrupted. Three tankers have sailed since May 22, and Mr. Yildiz said a fourth tanker started loading Sunday night. While the first tanker is still idling off Morocco to discharge its load, the second cargo was delivered over the weekend to the Israeli port of Ashkelon, managed by Eilat Ashkelon Pipeline Co.

"The oil may have been delivered to Israel, but sold to someone else. as Turkey, we're not interested in that part," Mr. Yildiz said, adding that Turkey earns about $1 per barrel of exported Kurdish oil.

Officials in Erbil haven't provided details of who is buying their crude.

"No oil company, nor any dealers would be engaged in Turkey and the KRG [based] on any illicit agreement. Everything has been done as per international agreements, but at this point in time some of those buyers don't want to disclose their identity, which we respect," Mr. Dizayee said.

The KRG still transports via pipeline an average 120,000 barrels of oil a day to Turkey, officials said. About two million barrels of Kurdish oil are stored in Ceyhan. Each tanker from the Mediterranean port was loaded with one million barrels of crude. Iraqi Kurdistan needs to export about 400,000 barrels a day for its budget to break even, Mr. Dizayee said.

 

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stealing

That's normal behavior for Muslim government

Still havent read the constitution?

Could you please be so kind and point out KRGs errors below?

http://mnr.krg.org/index.php/en/press-releases/379-krg-statement-on-oil-exports

Im guessing you wont answer this :) :)

:)

Bagdad withholding KRGs share of the national budget, THATS stealing and illegal.

Funny how Bagdad cant present an document like KRGs to point out where the illegal part is :)

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The KRGs know that anything given to Baghdad will be "Baghdad's" and they will have to work hard to get any of it back.  Thus, they keep the funds and give Baghdad only what is necessary.  Baghdad's holding of the budget is the means of NOT letting the Kurds know exactly what is required.  "Give us all the money and we will send back what we think is necessary."  The Kurds are saying "Nix to that!!"  

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Thanks Yota...The Kurds are willing to work with new government...Let's hope the next PM learns from Maliki. It's apparent that the Kurds don't take lightly to a shove and have more push than what most thought. The next couple of weeks will be interesting to say the least...

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Turkish Energy Minister: 97 million dinars, the value of the first meal of the Kurdistan oil

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Erbil - Iraq Press - June 23: Detection and Turkish Energy Minister Taner Aalds, said on Monday that 93 million dollars the value of the first meal of the oil region, referring to the sale of three meals of oil of Kurdistan, and the fourth is on its way to the market.

 

The Anatolia news agency quoted Turkish Aalds as saying that "the first meal of the oil that was shipped from the Kurdistan region and reached to $ 97 million dollars, and that the amount of 93 million dollars from the proceeds of those sales have been converted to the bank Turkish public."

 

He said, "There are three meals of oil were exported, and the meal in the fourth en route to marketing," revealing that "Turkey's share of each dollar a barrel."

 

Testifies file oil tense clear between Baghdad and Erbil, the result of the lack of agreement the two sides on the mechanism of the sale, Baghdad has stresses the need to sell oil Kurdistan by SOMO and the approval of the central government, in the view of Erbil, it has the right to export and sale of oil under the economic crisis afflicting the Kurdistan region of due to non-payment of salaries of employees of the province. Ended. Q.

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June 24, 2014 8:47   Last Updated: June 24, 2014 8:47Source: Live




 





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Said Turkish Energy Minister Taner Yildiz on Monday that a third tanker loaded with oil from the Kurdistan Region of Iraq left the Turkish port of Ceyhan on the Mediterranean seafront are being loaded tanker fourth. Yildiz said, according to the newspaper "Twilight News" It's being converted sales revenue of the oil of Kurdistan to the bank creating the Turkish government. Added it has been depositing 93 million dollars in the bank than the price of the first shipment that was loaded last month. told Yildiz journalists that Turkey does not know the procuring entity, but think they are sold to markets in the Mediterranean region. said the government of Kurdistan said in a statement on its website Saturday that she was proud of accomplishment is important that has been achieved in spite of what they described as intimidation and interference, which has no basis over the three weeks of Baghdad against the owners of the tanker, traders and buyers involved. selling oil shipments Kurdistan transported via pipeline independent is vital to the Government of the Territory under its quest for more financial independence from Baghdad and providing financial liquidity after Cutting Baghdad share of the financial budget of the Federal. however channel new export to Turkey, which aims to avoid network of pipelines Federal subsidiary of Baghdad raised Unlike bitter on the Rights of the sale of oil between the central government and the Kurds. pumped pipeline Kurdistan currently has about 120 thousand barrels per day to the port of Ceyhan .The region aims to export 400 thousand barrels per day by the end of the year.






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24-06-2014 12:46 PM

 

Free -


Declared Turkish Energy Minister Taner Yildiz yesterday, leaving the third tanker loaded with oil from the Kurdistan region of Iraq, Turkish port of Ceyhan on the Mediterranean seafront and download tanker fourth began. 
pointed Yildiz that the sales revenue of the oil of Iraq's Kurdistan turned into «Bank creating» Turkish government pointing to the filing 93 million dollars in the bank than the price of the first shipment that was loaded last month. He told Yildiz journalists that Turkey does not know the procuring entity, but think they are sold to markets in the Mediterranean region. 
declared an official at the Ministry of Energy in Turkey that «Exxon Mobil» American is in talks with the state oil company of Turkey to explore for shale gas valuable south-east and north-west Turkey. The director of the General Administration of affairs in the ministry of oil, said that investors from the United States, Europe and Canada are also interested in gas and oil shale in Turkey. In Libya, the spokesman said «Ajoko» Close Anchorage Harika oil again after opening weekend. 
data showed customs that China's imports of Iranian crude rose 36.4 percent in May compared with a year earlier to reach 3.22 million tons, or 757.9 thousand barrels daily. And imports fell 5.2 percent in May compared with Nissan (April), which hit a record high of 799.8 thousand barrels per day. 
announced «Mubadala Petroleum», owned by the Government of Abu Dhabi revealed a new submarine gas potential commercial concrete off Malaysia's fourth detection of the company in the area of privileges workforce. 
reported «Mubadala Petroleum» a unit for «Mubadala Investment Fund», owned by the Abu Dhabi government, and they found large quantities of gas in a well in the concession area Bidjaja «SK 320». The four discoveries in the area include convergent «well or - 5». Said Maurizio Lanos, the company's CEO, said in a statement: «These discoveries together a great resource too hydrocarbon potential for the development of integrated attractive commercially». 
, the price of crude blend «Brent» above $ 115 a barrel yesterday together near the highest level in nine months amid fears of possible supply disruptions from Iraq, where gunmen took years more towns at the weekend. The data have also been received from China's largest oil consumer, showed an increase in the factory sector in the country for the first time in six months also boosted prices.Brent rose 30 cents to 115.11 less than 115.71 dollars recorded last Thursday, the highest level since the ninth of September. The price of U.S. crude delivery Aug. 32 cents to 107.12 dollars.

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The KRGs know that anything given to Baghdad will be "Baghdad's" and they will have to work hard to get any of it back.  Thus, they keep the funds and give Baghdad only what is necessary.  Baghdad's holding of the budget is the means of NOT letting the Kurds know exactly what is required.  "Give us all the money and we will send back what we think is necessary."  The Kurds are saying "Nix to that!!"  

 

I definitely don't give the IRS all my money and wait for them to send me what they think I should have left over!!! :P

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10:41:24 / 06/2014

oil-200614-bb.jpg

 

Khandan - news agency "Reuters", that the Kurdistan Region has sold the second shipment of crude oil transported through the pipeline of him.quoted "Reuters", a spokesman for the Kurdistan Regional Government as saying that the region has sold a second shipment of crude oil transported through the pipeline's and has a size of about one million barrels compared to 106 million dollars. said a spokesman for the Kurdistan Regional Government to the money deposited in the bank create Turkish.

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The arrival of 203 million dollars of oil revenues to the Kurdistan Turkish banks

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Erbil - Iraq Press - June 25: I arrived dues second meal of the oil province of Kurdistan to Turkish banks, which amounted to 106 million dollars, according to information obtained by / Iraq Press / from its own sources in the region.

 

And learned / Iraq Press, / from sources that "dues second meal of the retail oil region through Turkey and arrived in Ankara Banks and it's an 106 million dinars, for a total of total oil revenues Kurdish 203 million dollars."

 It is said that the first meal of the proceeds of oil sold through Turkey amounted to 97 million dollars, while witnessing one serious oil crisis between Baghdad and the region for years, with the insistence of the territory on the sale of oil, despite the insistence of Baghdad not to send payroll and budget for the province. A finished. H

 

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targetirq_624404112_1403675111.jpg2014/6/25 08:13:31 AM 

BAGHDAD / Wi-News

A spokesman for the Kurdistan Regional Government of Iraq, said the region has sold a second shipment of crude oil transported through the pipeline of him and is estimated at about one million barrels compared to 106 million dollars at a big discount for the equivalent of raw materials in the region.

The province sold the oil at a discount of around $ 13 a barrel when the account according to the current price of Brent crude oil, while Urals crude is sold at a discount of 1.5 to three dollars a barrel this month.

A spokesman for the province that funds deposited in the creation of the Turkish Bank.

It contains raw Kurdistan ratio of sulfur are higher than in the Urals crude, which makes crude cheaper region where refineries have to spend on removing the sulfur.

It is also likely to be a risk associated with the purchase of the first shipments of oil from Kurdistan transmitted through the pipeline may have affected the price as many companies are reluctant to participate in trade described by the Iraqi central government as "smuggling".

The Baghdad lawsuit filed arbitration against Turkey for allowing such sales, and threatened to prosecute the buyers.

The first and still the tanker crude transported via pipeline Kurdistan waiting off the coast of Morocco, after local authorities asked them to leave the water in the Kingdom, while a second tanker unloaded its cargo in the port of Ashkelon in Israel last week.

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:)

Go Go

Still no answer by you know.. As i said in my reply above.. Shocker

Not

I think we could see the kurds breaking off iraq sooner rather than later..

Give me a good reason why they shouldnt?

Kurdistan region is the only place in iraq that have been stable since the americans left.

And now Maliki cut them off financially also, the last thing linking them together in my view.

And the last 7 years Baghdad have constantly been working against the kurds, in what way have they tried to work together with the kurds?

And now Maliki refuses a mixed goverment...

Jackass

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