Türkiye announces the date for resuming the export of Kurdistan region’s oil via the Ceyhan line

[6ly410]

TURKEY EXPECTED TO PAY $1.4BN IN OIL ARBITRATION CASE WITH IRAQ

Turkey expected to pay $1.4bn in oil arbitration case with Iraq (nrttv.com)

PM:05:36:26/03/2023

 

SULAIMANI — Turkey is expected to pay $1.4bn to Iraq after losing the Kurdistan oil dispute case at an international arbitration court, Middle East Eye said on Sunday (March 26).

A source told Middle East Eye (MEE) that Iraq has demanded $33bn from Turkey over the lawsuit but Turkey did not pay the

amount and now Iraq expects Turkey to pay $1.4bn to cover the 2014-2018 period.

MEE reported Turkey accepts the ruling now that the penalty has been significantly reduced to $1.4bn.

Discussions are ongoing between Iraqi and Turkish officials and will continue next, the source said.

The case that Iraq won centered on oil exports from the Kurdistan Region. The Iraqi Oil Ministry said on Saturday the International Chamber of Commerce’s Court of Arbitration ruled in Iraq’s favor.

(NRT Digital Media)

[6ly410]

Al-Sudani meets with the delegation of the Kurdistan Regional Government

•  Time : 2023/03/26 21:13:42
• Al-Sudani meets the delegation of the Kurdistan Regional Government - Al-Furat News (alforatnews.iq) 

  

{Local: Euphrates News} Prime Minister Mohammed Shia Al-Sudani met, on Sunday evening, with the delegation of the Kurdistan Regional Government.

 

Fares Issa, head of the Kurdistan Regional Government representation in Baghdad, said in a press statement, "A short while ago, the bilateral meeting between the delegation of the regional government and the Sudanese has ended."
It is noteworthy that the Deputy Prime Minister for Energy Affairs and Minister of Oil Hayyan Abdul Ghani, held a meeting with the delegation of the Kurdistan Regional Government, on Sunday, and discussed the new mechanisms and data for the region's exports after the decision issued by the arbitration panel of the International Chamber of Commerce in Paris last Thursday, March 23, 2023.
The KRG delegation includes Minister of Natural Resources Kamal Mohammed, Chief of Cabinet Omid Sabah, and Head of the KRG Representative Office in Baghdad, Faris Issa.
For his part, the President of the Kurdistan Regional Government, Masrour Barzani, said in a tweet on Saturday that "our recent understandings with Baghdad laid the foundation for us to overcome the arbitration decision today."
"A team from the Kurdistan Regional Government will visit Baghdad on Sunday for dialogue, to build on the goodwill of our discussions," he said.

[6ly410]

The delegation of Kurdistan regional government and the prime minister of Iraq met

 

Faris Issa, head of the KRG's representative in Baghdad, told Kurdistan 24 that the krg delegation's meeting with Iraqi Prime Minister Mohammed Shia Sudani had just ended.

Earlier, the delegation met with iraq's oil minister in a statement announced by the Iraqi ministry of oil. Today, Iraqi Oil Minister Hayan Abdulghani met with a delegation from the Kurdistan Regional Government and discussed the decision of the Paris Chamber of Commerce's Arbitral Court to stop oil deliveries through Turkey.

It was also pointed out that in the meeting, new mechanisms and developments for the export of oil to the Kurdistan Region were discussed after the Decision of the Paris Court.

The Delegation of the Kurdistan Regional Government, on the recommendation of the President of the Kurdistan Regional Government, is aiming to continue the discussions on resolving the disputes between Erbil and Baghdad, each in Kamal Muhammad. D, the minister of natural system, Omid Sabah, the head of the council of ministers and Faris Issa, the head of the representative of the regional government in In baghdad, you're a son of a man.

On Saturday (March 25, 2023), KRG President Masrour Barzani posted a message on Twitter, revealing that a KRG team will visit Baghdad on Sunday to continue talks with Baghdad on the basis of good will.

 

[6ly410]

Expert reveals the impact of the French court's decision on the export of Iraq's oil through Turkey-Urgent

 

Economy | Today, 21:35 | 

Expert reveals the impact of the French court's decision on the export of Iraqi oil through Turkey - Urgent » Baghdad Today News Agency

    

 

 

Baghdad Today - Baghdad

Oil expert, Hamza Al-Jawahiri, revealed on Sunday the fate of Iraqi oil exports through the port of Ceyhan and their impact on the global market, after the decision of the French court against the exports of the Kurdistan region.

Al-Jawahiri said, in an exclusive interview with (Baghdad Today), that "the decision of the Paris Court will not increase Iraq's export of oil," noting that "the oil that was exported by the Kurdistan region is within Iraq's quota determined by (OPEC)," pointing out that "this decision will not have any impact on increasing the amount of supply in the global market."

Al-Jawahiri added, "The decision of the arbitration panel of the International Chamber of Commerce in Paris, will not have any impact on oil prices in the global market," explaining that "the export of oil through the port of Ceyhan from Iraq to Turkey will continue, but with the knowledge and approval of the federal government and under the supervision of it, and the region has nothing to do with this issue anymore."

In a case that dates back to 2014, nearly a decade ago before international courts, Iraq won a verdict in a lengthy international arbitration case against Turkey over Kurdish oil exports.

Iraq's oil ministry announced that exports of 450,<> barrels per day of crude oil from the autonomous Kurdistan region and the fields of Kirkuk in the north of the country had been halted, after Iraq won a long-running arbitration case against Turkey.

[6ly410]

KRG Delegation, Iraqi PM Review Latest Hurdles Facing KRG Crude Exports

ERBIL — A delegation from the Kurdistan Regional Government (KRG) on Sunday met with Iraqi Prime Minister Mohammed Shia' al-Sudani in Baghdad to highlight recent challenges to KRG's oil exports.

Earlier in the day, the Kurdish delegation met the Iraqi minister of oil for the same purpose, according to KRG Representative in Baghdad Faris Issa.

The KRG delegation visited Baghdad today to negotiate a way forward after a court in Paris settled a pending case on KRG oil sales, ruling that the KRG couldn't export its crude through the Ceyhan port in Turkey without the consent of the federal government in Baghdad.

Relations between Erbil and Baghdad have recently improved, with KRG authorities hoping recent positive developments in relations between the two can help in resolving this latest legal challenge to KRG oil exports.

A joint committee from Erbil and Baghdad are working to draft a much anticipated hydrocarbons bill, which will stipulate the rights and obligations of both parties. A hydrocarbons law will also help both sides handle their crude more efficiently.

[yota691]

The Kurdistan Regional Government informs the oil companies to stop exporting

2023-03-27 07:13

 

Shafaq News/ Two international companies investing in the oil of the Kurdistan Region announced, on Monday, the cessation of exporting crude abroad through Turkey and storing their production, in compliance with the decision of the International Commercial Court in this regard.

 

 

 

The Norwegian oil company, "DNO", stated in a statement seen by Shafaq News Agency, that it and the British Gulf Keystone Petroleum Company have transferred their oil production from the Kurdistan Region to storage tanks after Turkey stopped Iraqi oil exports through the Ceyhan station on March 24.

 

On March 25, DNO began storing crude oil in tanks that "can accommodate several days' production from the Tawke and Bishkabir fields," according to the statement.

 

While Standard & Poor's said, in a statement seen by Shafaq News Agency, that "the Kurdistan Regional Government has instructed the Norwegian DNO company to temporarily stop exports through the Iraqi-Turkish pipeline after Baghdad won an arbitration case against the continuation of Kurdish oil exports through Turkey".

 

And she indicated that "Gulf Keystone", which produces oil from the Sheikhan field and other Kurdish fields, has facilities with storage capacity that allow "to continue production at a reduced rate during the coming days, after which the company will suspend production."

 

"It is not yet clear when exports will resume. Gulf Keystone expects the suspension of exports to be temporary, based on public statements by officials in Baghdad and Erbil," she added.

 

The Norwegian company "DNO" had expected, before the court's decision, that its production would reach 100,000 barrels per day from the Tawke and Bishkabir fields in 2023.

 

In a statement issued on March 23, Gulf Keystone said that it expected the average total production in Kurdistan to reach about 48,000 barrels per day in 2023, up from 44,202 barrels per day in 2022.

 

The International Commercial Court in Paris ruled on March 23 in favor of Baghdad's claim that the KRG's independent exports of crude oil produced on its territory violate a 1973 agreement between Iraq and Turkey regarding flows from the ITP pipeline and that SOMO should have the right to market All Iraqi oil.

 

Kurdish exports through Ceyhan averaged 444,000 bpd in February, up 18 percent from January, according to SOMO data.

 

Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), exported 3.739 million barrels per day in February, including oil flows from Kurdistan. This is up 3.2% from 3.624 million bpd in January, according to SOMO data.

 

Iraq's oil ministry said in a statement on March 25th that it would discuss exports from Ceyhan with the authorities in Kurdistan and Turkey so that crude flows through the port can continue and enable SOMO to fulfill its obligations with international customers.

 

A delegation from the Kurdistan Regional Government arrived in Baghdad on Sunday to discuss the court ruling, and members of the delegation met Oil Minister Hayan Abdul Ghani.

[yota691]

After the decision of the international court

The oil minister's meeting with the region's delegation ended without announced results

2023.03.26 - 17:37

 

Baghdad - Nas  

On Sunday, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani chaired a meeting with the region's delegation, which included Kamal Muhammad, Acting Minister of Natural Resources, Omid Sabah, Head of the Cabinet of the Region's Council of Ministers, Faris Issa, Head of the Regional Government's representative office in Baghdad.  

  

 

  

The meeting discussed, according to an oil statement, a copy of which "NAS" received (March 26, 2023), "the new mechanisms and data for the region's exports after the decision issued by the Arbitral Tribunal of the International Chamber of Commerce in Paris last Thursday, March 23, 2023 in the arbitration case filed by Iraq against Turkey for violating the provisions of the Iraqi-Turkish pipeline agreement signed in 1973, which stipulates that "the Turkish government must comply with the instructions of the Iraqi side regarding the movement of crude oil exported from Iraq to all storage and disposal centers and the final station."  

  

The meeting was attended by the Undersecretary for Extraction Affairs, the Undersecretary for Distribution Affairs, the Director General of the Oil Marketing Company, the Director General of the Economic and Legal Department, the Director of the Media and Government Communication Office, and a number of officials in the relevant departments.  

[yota691]

Reuters: Kurdistan closes the oil pipeline between Iraq and Turkey at the request of the Ankara government

 

energy
   

Economy News-Baghdad
 Oil companies in the Kurdistan Region of Iraq said on Monday that the Kurdistan Pipeline Company (KPC) closed the Iraqi-Turkish pipeline (TADAWUL:2360) at the request of the Turkish government. According to Reuters.

The news comes after Iraq on Saturday halted oil exports from the northern region after Baghdad won an arbitration case in which it said Turkey had violated a joint agreement by allowing the Kurdistan Regional Government to export oil to the Turkish port of Ceyhan.

Shares in London-listed Genel Energy fell 16 percent despite the Iraqi Kurdistan-focused company saying it was continuing to produce oil in storage facilities.

The share of Gulf Keystone, which operates the Sheikhan field, one of the largest projects in the Kurdistan region of Iraq, fell 22 percent to its lowest level since August 2021.

While Genel and Gulf Keystone said they expected the oil stoppage to be temporary, the Norwegian oil company DNO, which focuses on the Middle East, said it had received instructions from the Kurdistan Regional Government to temporarily stop pumping oil into the export pipeline.

Its Oslo-listed shares fell 8.8%, their lowest since December 2021.

 

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Added 03/27/2023 - 11:59 AM

[6ly410]

KRG informs foreign companies to stop oil production in implementation of French court decision

KRG informs foreign companies to stop oil production in implementation of French court decision – Iraq News Network (aliraqnews.com)

Last Updated: March 27, 2023 - 3:18 PM

Baghdad / Iraq News Network - Two international companies investing in the Kurdistan region's oil announced on Monday to stop exporting crude abroad through Turkey and store their production, in compliance with the decision of the International Commercial Court in this regard.The Norwegian oil company "DNO" said in a statement that it and the British Gulf Keystone Petroleum company to transfer their oil production from the Kurdistan Region to storage tanks after Turkey stopped Iraqi oil exports through the Ceyhan terminal on March 24.On March 25, DNO began storing crude oil. In tanks that "can accommodate the production of several days from the Tauki and Peshkabir fields," according to the statement.While Standard & Poor's said in a statement, "The Kurdistan Regional Government has instructed the Norwegian company DNO to temporarily halt exports through the Iraqi-Turkish pipeline after Baghdad won an arbitration case against the continuation of oil exports through Turkey." "It is not yet clear when exports will resume, Gulf Keystone expects the suspension of exports to be temporary, based on public statements by officials in Baghdad and Erbil.The Norwegian company DNO had predicted before the court decision that its production would reach 100,000 barrels per day from the Tauki and Peschkaber fields in 2023. Gulf Keystone said in a statement issued on March 23 that it expected the average total production in Kurdistan to reach about 48,000 barrels per day in 2023, up from 44,202 barrels per day in 2022.The International Commercial Court in Paris ruled on March 23 in favor of Baghdad's claim that the KRG's independent exports of crude oil produced violated the 1973 agreement between Iraq and Turkey on pipeline flows. Kurdish exports through Ceyhan averaged 444,000 bpd in February, up 18 percent from January, according to SOMO data.Iraq, OPEC's second-largest producer, exported 3.739 million bpd in February, including oil flows from Kurdistan. This represents a 3.2 percent increase from 3.624 million bpd in January, according to SOMO data.Iraq's oil ministry said in a March 25 statement that it would discuss exports from Ceyhan with authorities in Kurdistan and Turkey so that crude flows through the port can continue and enable SOMO to meet its obligations with international customers.A delegation from the Kurdistan Regional Government arrived in Baghdad on Sunday to discuss the court's ruling and met with Oil Minister Hayyan Abdul Ghani.

[6ly410]

 

ERBIL — Kurdistan Region's oil exports are expected to resume later this week after they were halted recently due to a court ruling in France, which subjected Erbil's crude exportaion from Turkey's Ceyhan port to prior approval from Baghdad.

Kurdistan exports nearly 500,000 barrels of oil daily, and halting these crude exports has incurred nearly $35 million in economic losses every day, according to the deputy head of the hydrocarbons committee in the Iraqi parliament, Nahro Rawanduzi, who spoke to Kurdistan 24 about the resumption of Kurdistan's crude exports on Monday.

A delegation from the Kurdistan Regional Government (KRG) on Sunday met with Iraq's Prime Minister Mohammed Shia' al-Sudani and the federal minister of oil in Baghdad to negotiate a settlement to the legal challenges caused to Kurdistan's oil exports by the French court's recent ruling.

A court in France last week decided a pending case on KRG oil sales, ruling that the KRG couldn't export its crude through the Ceyhan port in Turkey without the consent of the federal government in Baghdad. Relations between Erbil and Baghdad have recently improved, with KRG authorities hoping recent positive developments in relations between the two can help in resolving this latest legal challenge to KRG oil exports.

A hydrocarbons law, which is currently being crafted by a joint committee from Erbil and Baghdad, is expected to stipulate the rights and obligations of both parties and help them handle their crude more efficiently.

[6ly410]

 

[6ly410]

US State Department asks Iraq and Turkey to continue exporting oil

•  Time : 2023/03/27 22:22:35
• US State Department asks Iraq and Turkey to continue exporting oil - Al-Furat News (alforatnews.iq) 

  

The US State Department announced on Monday that it had asked Turkey and Iraq to continue exporting oil.

 

Disrupting exports, she said, "does not serve any party."
The Ministry of Oil announced last Saturday in a statement that the final award was issued by the arbitration panel of the International Chamber of Commerce in Paris in favor of Iraq, Thursday.
The statement added that "the lawsuit was filed by Iraq against Turkey for violating the provisions of the Iraqi-Turkish pipeline agreement signed in 1973, which stipulates that the Turkish government must comply with the instructions of the Iraqi side regarding the movement of exported crude oil to all storage and drainage centers and the final terminal."
The Kurdistan Regional Government's Ministry of Natural Resources said on Saturday that the decision of the International Commercial Court of Arbitration in Paris "will not hinder our relations" with the federal government in Baghdad, which earlier announced the winning of a legal lawsuit in the case of exporting oil from the region via Turkey.

[new york kevin]

So is this sticky point between the Kurdish Region and the rest of Iraq/GOI now settled ?

[Hotcurl]

33 minutes ago, new york kevin said:

So is this sticky point between the Kurdish Region and the rest of Iraq/GOI now settled ?

 

Kinda looks that way, but you never know with these guys. 

 

They could have an "agreement" today and tomorrow want to form a "committee" to study it further.

 

Just sayin' ..................

 

Semper Fi  

[yota691]

Kurdistan informs the oil companies to stop exporting

The first  2023/03/28

 

 

 Baghdad: morning

 

The Kurdistan region has informed the oil companies to stop exporting via the Iraqi-Turkish pipeline "temporarily" and to store its production, in compliance with the decision of the International Commercial Court.

The Norwegian oil company "DNO" stated, in a statement, that it and the British Gulf Keystone Petroleum Company had begun to transfer their oil production from the Kurdistan region to storage tanks after Turkey stopped Iraqi oil exports through the Ceyhan station on March 24.

The statement indicated that "DNO" began on March 25 to store crude oil in tanks that can accommodate several days' production from the Tawke and Bishkabir fields.

In another statement, Standard & Poor's said, "The Kurdistan Regional Government instructed the Norwegian company DNO to temporarily halt exports through the Iraqi-Turkish pipeline after Baghdad won an arbitration case against the continuation of Kurdish oil exports via Turkey." And it indicated that Gulf Keystone, which produces oil from the Sheikhan field and other Kurdish fields, has facilities with storage capacity that allow "to continue production at a reduced rate during the coming days, after which the company will suspend production."

She added, "It is not yet clear when exports will resume... Gulf Keystone expects the suspension of exports to be temporary, based on public statements by officials in Baghdad and Erbil."

The International Commercial Court in Paris ruled on March 23 in favor of Baghdad's claim that the KRG's independent exports of crude oil produced on its territory violated a 1973 agreement between Iraq and Turkey regarding flows from the ITP pipeline and that SOMO should have the right to market all the oil. Iraqi.

[yota691]

A delegation from the Kurdistan Regional Government visits Baghdad to continue talks on oil

2023-03-28 03:30

 

 

Shafaq News/ The Kurdistan Regional Government of Iraq announced, on Tuesday, that a delegation headed by the Minister of Finance and Economy, Awat Sheikh Janab, is visiting Baghdad to continue negotiations with the federal government.

 

According to a statement issued by the regional government, the delegation, in addition to being headed by Sheikh Janab, includes as members: Kamal Muhammad, the Acting Minister of Natural Resources, and Omid Sabah, the head of the Cabinet of the Kurdistan Region.

 

 

The statement added that the KRG delegation will discuss with Iraqi officials the issue of oil in Baghdad and will continue negotiations aimed at resolving differences, and important high-level meetings are scheduled to be held.

 

In turn, the spokesman for the regional government, Jutiar Adel, said in a tweet on the social networking sites "Twitter", that;

 

The Prime Minister of the region, Masrour Barzani, had announced a few days ago that a government delegation would be sent to Baghdad to discuss the oil file, after the French court's decision on the illegality of exporting the region's oil to Turkey without the approval of the federal government.

 

And the Federal Ministry of Oil announced, on Saturday, that it had won the international arbitration case filed by Iraq against Turkey regarding the export of crude oil from the Kurdistan Region through the Turkish port of Ceyhan, while it stated that it would discuss the export mechanism through the same port with the concerned authorities in the region and the authorities in Ankara, according to the data. new.

 

Yesterday, Sunday, a delegation from the regional government visited the capital, Baghdad, and met with a delegation from the Ministry of Oil headed by Deputy Prime Minister for Energy Affairs, Minister of Oil Hayan Abdul Ghani, and the two sides discussed the new mechanisms and data for the region's oil exports, after the decision issued by the arbitral tribunal of the International Chamber of Commerce. In Paris, last Thursday, March 23, 2023, in the arbitration case filed by Iraq against Turkey.

 

The Ministry of Natural Resources in the Kurdistan Regional Government considered, "The French court's decision in favor of the Iraqi government against Turkey will not hinder relations with the Baghdad government."

[yota691]

Kurdish delegation in Baghdad for the second time after stopping the pumping of oil

2023.03.28 - 12:17

 

  

Baghdad - people  

A delegation from the Kurdistan Regional Government arrived in Baghdad on Tuesday to discuss the resumption of oil exports and other financial issues.  

  

  

  

According to Kurdish sources followed by "NAS" (March 28, 2023), the delegation consists of the Minister of Finance and Economy in the Kurdistan Region, Awat Janab Nuri, as well as the acting Minister of Natural Resources, Kamal Muhammad, and the head of the Cabinet Office, Omid Sabah.  

  

Last Sunday, the Deputy Prime Minister for Energy Affairs and the Federal Minister of Oil, Hayan Abdul-Ghani, chaired a meeting with the region's delegation, which included Kamal Muhammad, the acting Minister of Natural Resources, Omid Sabah, Chief of the Council of Ministers of the region, Fares Issa, head of the regional government's representative in Baghdad.  

  

The meeting discussed, according to a statement by the Ministry of Oil, a copy of which "NAS" received (March 26, 2023), "the new mechanisms and data for the region's exports after the decision issued by the Arbitral Tribunal of the International Chamber of Commerce in Paris last Thursday, March 23, 2023 in the arbitration case filed by Iraq." Against Turkey for violating the provisions of the Iraqi-Turkish pipeline agreement signed in 1973, which stipulates that "the Turkish government must comply with the instructions of the Iraqi side regarding the movement of crude oil exported from Iraq to all storage and disposal centers and the final station."    

  

The meeting was attended by the Undersecretary for Extraction Affairs, the Undersecretary for Distribution Affairs, the Director General of the Oil Marketing Company, the Director General of the Economic and Legal Department, the Director of the Media and Government Communication Office, and a number of officials in the relevant departments.    

  

The Ministry of Natural Resources in the Kurdistan Regional Government commented, earlier, on winning the federal government an arbitration case in the case of exporting oil through Turkey.  

  

The ministry’s statement, a copy of which “NAS” received (March 25, 2023), stated that “the Kurdistan Regional Government has conducted, in recent months, continuous dialogues and negotiations with the federal government, the latest of which was on the budget and oil and gas files. The two sides reached a preliminary agreement and a good understanding at that time.” Under the umbrella of the constitution and the constitutional rights and entitlements of the Kurdistan region.      

The statement added, "The president of the Kurdistan Regional Government is in constant contact with the federal prime minister, and after his recent visit to the Kurdistan region, the importance of solving problems based on the constitution was emphasized."      

He pointed out that "the French court's decision in favor of the Iraqi government against Turkey will not hinder our relations with the Baghdad government, and in this context we will visit Baghdad for dialogue and resolving related issues."      

He continued, "As the Kurdistan Regional Government affirms its firm position not to give up the constitutional rights of the Kurdistan people, it renews its coordination with Baghdad with the aim of reaching a radical, legal and constitutional solution in this regard."      

  

And the Ministry of Oil announced, earlier, that Iraq won the arbitration case in the case of exporting oil through Turkey.  

  

A statement by the ministry, a copy of which "NAS" received (March 25, 2023), stated that "the Ministry of Oil welcomed the final ruling in favor of Iraq, which was issued by the Arbitration Tribunal of the International Chamber of Commerce in Paris last Thursday, March 23, 2023."      

  

The statement added that "in the arbitration case filed by the Republic of Iraq against the Republic of Turkey for violating the provisions of the Iraqi-Turkish pipeline agreement signed in 1973, which stipulates" that the Turkish government must comply with the instructions of the Iraqi side regarding the movement of crude oil exported from Iraq to all storage centers. discharge and final destination.      

  

The ministry expressed, according to the statement, "its appreciation for the efforts of the arbitral tribunal of the International Chamber of Commerce in Paris for its professional and professional handling of the lawsuit filed by Iraq, by providing the opportunity and time for the two parties to defend their positions, especially since the decision requires all parties to respect international agreements and covenants in this regard, and that The Ministry of Oil, through the Iraqi Oil Marketing Company "SOMO", is the only entity authorized to manage export operations through the Turkish port of Ceyhan.      

  

The ministry affirmed "the depth of the good historical relations that bind Iraq with Turkey, and that the decision of the arbitral tribunal does not constitute an obstacle to the development and expansion of bilateral relations in a way that achieves common interests while Iraq retains its constitutional powers and sovereignty over all its wealth."      

  

And the statement continued, "The ministry will discuss the mechanisms of exporting Iraqi oil through the Turkish port of Ceyhan with the concerned authorities in the region and with the Turkish authorities, according to new data after the issuance of the final ruling by the Arbitral Tribunal in Paris, in a manner that guarantees the continuity of oil exports, and the fulfillment of SOMO's obligations with International companies through the port of Ceyhan, in the interest of the ministry to export the full quantities allocated from all oil fields, including the region, with the aim of maximizing financial revenues, to supplement the federal budget.      

  

The ministry praised, according to the statement, "the distinguished efforts of the International Legal Advisory Office and the Ministry's Legal Committee in defending Iraq's rights to manage its oil wealth and the Ministry of Oil's possession of its constitutional powers and authorities, for their serious efforts over the past years in order to achieve justice and restore Iraq's legitimate rights in order to preserve Iraq's legitimate rights." on his security and sovereignty.”      

[yota691]

“International arbitration” .. fines Türkiye and restores Kurdistan’s accounts

16 minutes ago

 

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Political researcher Issam Al-Faili confirmed today, Tuesday, that the international arbitration decision to stop the export of the Kurdistan region's oil via Turkey will fine Ankara billions of dollars and make the region reconsider its accounts due to the decline in the shares of oil companies operating there.

Al-Faili said in a statement to “ Al-Jazeera ” that “there are large fines that may be imposed on Turkey that exceed tens of billions after the recent international decision,” noting that “all parties have become clearer to regulate the relationship between Baghdad and Erbil on the one hand, and between Iraq and Turkey on the other.” .

He added, "The international community deals with Kurdistan as an integral part of Iraq," pointing out that "the shares of oil companies operating in Kurdistan have declined."

[yota691]

A source for "Al-Iqtisad News": The export of Iraqi oil in Kurdistan will continue through "SOMO"

 

energy
   

Economy News / Baghdad
An informed source said, on Tuesday, that oil exports in Kurdistan will continue through the Iraqi Oil Marketing Company "SOMO".

 

The source told "Al-Iqtisad News" that "Baghdad informed Erbil that exports will continue only with SOMO assuming the marketing task in Ceyhan," adding that "all political agreements related to the budget will be discussed after that."

 

He pointed out that "both parties are keen to find a solution to the current crisis."

In a related context, economist Nabil Al-Marsoumi said, "The rise in the price of Brent crude to $78 is largely related to the decline in oil exports from Kurdistan and Kirkuk."

He added that exports "were reaching half a million barrels per day, which constituted 0.5% of global oil production."

 

 He warned that "the cessation of exports will lead to a net loss for Iraq of about $25 million per day, because 400,000 barrels per day of Kurdistan's exports are included in the oil revenues in the budget, in addition to slightly less than 100,000 barrels per day of Kirkuk oil exports." 

 

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[yota691]

Oil expert: Iraq deserves compensation from Türkiye that may reach 60 billion dinars

energy
   

Economy News - Baghdad
Oil expert, Hamza Al-Jawahiry, said that the "reassuring positions" of the Kurdish officials resulted from their "inability to do anything" regarding the decision of the arbitral tribunal of the International Chamber of Commerce in Paris, which ruled in favor of Iraq in its dispute against Turkey.

 

Al-Jawahiri said, "It is clear that the decision of the arbitral tribunal of the International Chamber of Commerce is binding on Turkey, and the latter declared its commitment to it, and thus the export and sale of oil will be exclusively in the hands of the national (SOMO) company, and its revenues will go to the Federal Bank, which will eventually return to the authorized party, which is The Federal Ministry of Finance,” according to the Saudi newspaper, “Al-Sharq Al-Awsat.”

 

Regarding the discrepancy in the amount of compensation that Iraq could obtain from Turkey as a result of its violation of the oil export agreement with Iraq, Al-Jawahiri considered that "the issue of compensation is not clear until now, but Iraq deserves compensation of no less than 26 billion dinars until 2014, and the number may rise." to 60 billion if subsequent years are taken into consideration.

 

It is noteworthy that the Iraqi Ministry of Oil announced, last Saturday, that Iraq had won the arbitration case in the case of exporting oil through Turkey.

 

In a statement, the Ministry of Oil welcomed the decision of the final ruling in favor of Iraq, which was issued by the Arbitral Tribunal of the International Chamber of Commerce in Paris last Thursday, March 23, 2023, in the arbitration case filed by the Republic of Iraq against the Republic of Turkey for its violation of the provisions of the Iraqi-Turkish pipeline agreement. signed in 1973, which stipulates that "the Turkish government must comply with the instructions of the Iraqi side regarding the movement of crude oil exported from Iraq to all storage and disposal centers and the final station."

 

The ministry emphasized "the depth of the good historical relations that bind Iraq with Turkey, and that the decision of the arbitral tribunal does not constitute an obstacle to the development and expansion of bilateral relations in order to achieve common interests while Iraq retains its constitutional powers and sovereignty over all its wealth."

 

 

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Added 03/28/2023 - 2:07 PM

[yota691]

Reuters: Oil production in Kurdistan is threatened after Turkey halted pipeline exports

2023.03.28 - 12:47

 

Baghdad - people  

Oil production in the semi-autonomous Kurdistan Region of Iraq is under threat after the halt in exports from the northern region forced companies operating there to pump crude to storage facilities with limited capacity.  

  

   

Iraq was forced to stop about 450 thousand barrels per day of crude exports from the Kurdistan region of Iraq on Saturday, through an export pipeline extending from the oil fields in Kirkuk in the north of the country to the Turkish port of Ceyhan.  

  

Oil companies operating in the region have been left in limbo pending the outcome of ongoing discussions between Ankara, Baghdad and the KRG to find a way to resume exports.  

  

Turkey stopped pumping Iraqi crude oil from the pipeline (TADAWUL: 2360) after Iraq won an arbitration case in which it said that Turkey had violated a joint agreement after allowing the Kurdistan Regional Government to export oil to the port of Ceyhan without Baghdad's approval.  

  

The news supported crude prices, with Brent rising more than $3 a barrel on Monday.  

  

Canada-based Forza Petroleum (formerly Oryx Petroleum) said on Monday it would halt production from the 14,500-bpd Hewler concession in the Kurdistan region, as storage capacity neared full.  

  

Dallas-based HKN Energy, which operates the Sarsink complex, said it would shut down operations "within a week if no solution is found" as its storage facilities near full.  

  

The concession area produced 43,038 barrels per day in the fourth quarter of last year.  

  

HKN wrote to US representatives last year to warn that stopping exports through the pipeline would lead to the collapse of the Kurdistan region's economy.  

  

Gulf Keystone Petroleum, which operates the Sheikhan field with a production capacity of 55,000 barrels per day in the Kurdistan region of Iraq, said in a statement on Monday that "its facilities have storage capacity that allows production to continue at a reduced rate over the coming days, after which the company will stop production."  

  

DNO and Genel Energy, which also operate in the region, said they are currently storing oil in warehouses that can hold several days' production.  

  

The two companies own stakes in the Tawki and Bishkabir fields, which produced 107,000 barrels per day of oil last year.  

  

Genel also owns stakes in the Taq Taq and Sarta fields, which produced 4,500 bpd and 4,710 bpd respectively last year, according to the company's annual results.  

  

While production in the Khurmala oil field, which is operated by the Kurdish Kar Group, has not been affected, and it currently stands at about 135,000 barrels per day and is being stored, a source familiar with the field's operations told Reuters.  

  

"The company will remain in close contact with other oil producers in the Kurdistan region and with relevant government officials, and will continue to closely monitor this situation," Shamaran Petroleum, another company operating in the region, said in a statement.  

  

Reuters  

[yota691]

The US State Department asks Iraq and Turkey to continue exporting oil

• Time: 03/27/2023 22:22:35
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• Read: 2,860 times

  

{Politics: Al Furat News} The US State Department announced, on Monday, that it had asked Turkey and Iraq to continue exporting oil.

It indicated that blocking exports "does not serve any party." 
Last Saturday, the Ministry of Oil announced in a statement that the final decision was issued by the arbitral tribunal of the International Chamber of Commerce in Paris in favor of Iraq, on Thursday.
The statement added, "The case was filed by Iraq against Turkey for violating the provisions of the Iraqi-Turkish pipeline agreement signed in 1973, which stipulates that the Turkish government must comply with the instructions of the Iraqi side regarding the movement of exported crude oil to all storage and disposal centers and the final station."
And the Ministry of Natural Resources in the Kurdistan Regional Government said, last Saturday, that the decision of the International Commercial Arbitration Court in Paris "will not hinder our relations" with the federal government in Baghdad, which announced earlier that it had won a legal case in the case of exporting oil from the region via Turkey. 

[yota691]

The region's delegation is discussing with the Ministry of Oil re-export via Türkiye

• Time: 03/28/2023 13:15:25
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• Read: 884 times

  

{Economic: Al Furat News} The Parliamentary Oil and Gas Committee announced that a meeting will be held between the Ministry of Oil and the delegation of the Kurdistan Regional Government, which arrived in the capital, Baghdad, on Tuesday morning.

The second deputy head of the committee, Adnan Al-Jabri, told {Euphrates News} agency: "A meeting is now taking place between a delegation from the Kurdistan region and the Ministry of Oil at the latter's headquarters against the background of stopping the export of the region's oil through the Turkish port of Ceyhan."

He added, "The meeting is being held to reach a formula of understanding to re-export oil through the National Oil Export Company (SOMO)."

A delegation from the Kurdistan Regional Government arrived in the capital, Baghdad, on Tuesday morning, with the aim of discussing oil exports from the region and some other financial issues with the federal government.

 The delegation of the Kurdistan government consists of the Minister of Finance and Economy, Awat Sheikh Janab, the Minister of Natural Resources, Kamal Muhammad Agency, and the Chief of the Cabinet Office, Omid Sabah. 

The delegation of the Kurdistan region will hold several meetings with government officials in Baghdad, where the discussions will mainly focus on resuming the export of the Kurdistan region's oil to global markets.

From.. Raghad Dahham

[yota691]

Oil: stopping the region's exports harms the national economy, and we are looking to expedite it

• Time: 03/28/2023 13:35:41
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• Read: 1,105 times

  

{Economic: Al Furat News} The Ministry of Oil announced that the federal government is working to expedite the resumption of exporting Kurdistan region's oil, warning that stopping exports "will harm the national economy."

The ministry's spokesman, Assem Jihad, said in a press statement, "The federal government and the Ministry of Oil are keen to resume oil export operations from the Kurdistan Region," attributing this to its importance to Iraq as a whole and the Kurdistan Region.

He added, "Iraq aims to maximize oil revenues from exporting Iraqi oil, whether from the central and southern fields, or from the Kurdistan Region, because this will be reflected in Iraqi society with all its sects and nationalities." 

Jihad stressed, "The government and the ministry are working to expedite the process of resuming the export of Iraqi oil from the Kurdistan Region," noting that the delegation of the Kurdistan Region visited Baghdad and held consultations in order to expedite the export process.

He stated that delaying the export process will harm the national economy, the federal budget, and the revenues from exporting Iraqi oil, and every day of delay means more losses, he said.  

He explained that the federal government is obligated to implement the decision of the International Tribunal in France, as well as the Ministry of Oil and the Kurdistan Region. 

And Jihad said, "The current mechanism says that the Iraqi oil export operations should be through the Turkish port of Ceyhan through the federal government, the Ministry of Oil and its representation in Turkey, which is the company responsible for marketing Iraqi oil (SOMO), pointing out that the court's decision must be implemented." 

He believed that Iraq and the Kurdistan Region should "consider today's priorities, which are commitment to the international resolution, followed by research on other issues, such as the oil and gas law, the political agreement, and others." 

He continued, "The technical and economic aspect today necessitates us to accelerate the process of resuming the export of Iraqi oil from the Kurdistan Region through the Turkish port of Ceyhan through the Ministry of Oil, according to mechanisms agreed upon," warning that stopping oil exports from the Kurdistan Region "will harm the national economy." 

[6ly410]

Source for "Economy News": Iraqi oil export in Kurdistan will continue through "SOMO"

Al-Eqtesadia News Agency - A source for "Al-Eqtesad News": Iraqi oil export in Kurdistan will continue through "SOMO" (economy-news.net)

Economy News / Baghdad

An informed source said on Tuesday that oil exports in Kurdistan will continue through the Iraqi Oil Marketing Company "SOMO".

"Baghdad informed Erbil that exports will continue only with SOMO taking over the marketing task in Ceyhan," the source told Al-Eqtisadia News, adding that "all political agreements related to the budget will be discussed after that."

"Both sides are keen to find a solution to the current crisis," he said.

In a related context, economist Nabil Al-Marsoumi said that "the rise in the price of Brent crude to $ 78 is largely related to the decline in oil exports from Kurdistan and Kirkuk."

He added that exports "amounted to half a million barrels per day, constituting 0.5% of global oil production."

He warned that "the halt in exports will lead to a net loss for Iraq of about $ 25 million per day because 400,100 barrels per day of Kurdistan's exports are included in the oil revenues in the budget, as well as a little less than <>,<> barrels per day of Kirkuk's oil exports."

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Added 2023/03/28 - 4:05 PM

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