Iraq is yet to amend budget to resume Kurdistan's oil flow: Oil Minister to Bloomberg

[currenzcraze]

Iraq is yet to amend budget to resume Kurdistan's oil flow: Oil Minister to Bloomberg

EconomyIraqOilKurdistanBloomberg

2024-03-22 04:45

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Shafaq News/ Oil Minister Hayyan Abdul Ghani said that the Iraqi government is still studying a proposed amendment to the federal budget that would enable Baghdad to pay international oil companies working in the Kurdistan region. 

The change would allow producers in the semi-autonomous region to resume output — and eventually exports via the Turkish port of Ceyhan. Turkey shut the pipeline bringing crude from Kurdistan last March, and that’s resulted in billions of dollars of lost revenue for the governments and companies involved.

A key hurdle to restarting flows is the production cost of Kurdish oil. Prime Minister Mohammed Shia Al-Sudani in December put that cost at $21 a barrel, compared with just $8 in other regions of Iraq.

“We seek to accelerate the settlement of the cost issue and resume exports as soon as possible,” Bloomberg quoted the Minister. The Oil Ministry hopes to review and amend contracts signed between the Kurdistan Regional Government and the international companies, he said.

Turkiye closed the pipeline after an arbitration court ordered it to pay Iraq $1.5 billion in compensation for transporting oil through the link without Baghdad’s approval. Ankara, which claimed the pipe was shut for repairs, said in October it was ready for operations and it was up to Iraq to resume flows.

Turkish President Recep Tayyip Erdogan is due to visit Baghdad next month, which may help resolve other sticking points, including the fine. Abdul Ghani told Bloomberg that Iraq is keen to restart exports through Ceyhan and to maintain strong economic ties with Turkiye.

[gregp]

Absolute corruption in the Kurdistan region. 
thanks for the article   

[horsesoldier]

Abandon all hope when it comes to what these morons need to do as what they're definitely opposed to doing comes to mind. Too much foot dragging.

IMHO and I don't want to tinkle in anyone's Corn Flakes. 

I hope I'm flat out wrong but I firmly believe these criminals have no interest in a RI/RV this year... maybe '25 or '26 ?Way too much running of the mouths. Perhaps they'll manage to pull a rabbit out of their turban at the last minute & surprise us.

"Hold onto your Dinars they're worth more than dollars"...suppose the question should be: and in what year is this to take place???

Been in this waiting game for 20 years Near to impossible to trust anything coming out of Iraq after 20+ years of lies, treachery, BS & deflections.

We carry on in our daily lives. Time for grenade juggling...I like to stay "frosty"

[screwball]

18 hours ago, currenzcraze said:

The Oil Ministry hopes to review and amend contracts signed between the Kurdistan Regional Government and the international companies, he said.

and this is the the problem......until they resolve this and this is why I dont think the HCL will pass because Oil companies are ripping of the kurds..

[screwball]

18 hours ago, currenzcraze said:

A key hurdle to restarting flows is the production cost of Kurdish oil. Prime Minister Mohammed Shia Al-Sudani in December put that cost at $21 a barrel, compared with just $8 in other regions of Iraq.

here lies the problem! ask yourself why?

[rvmydinar]

10 hours ago, horsesoldier said:

"Hold onto your Dinars they're worth more than dollars"...suppose the question should be: and in what year is this to take place???

Exactly. You got that right.

[md11fr8dawg]

7 hours ago, screwball said:

cost at $21 a barrel, compared with just $8 in other regions of Iraq.

Big Deal! Depending on the type crude. one crude costs more to extract than other type, but the point is Oil is what now, between $80-85/barrel? How much profit do you need you greedy towel heads???