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Iraqi officials discuss resumption of oil exports from northern Iraq
IRAQ Amr Salem November 14, 2024 137 5 min
Iraqi officials discuss resumption of oil exports from northern Iraq
Workers at Tawke oil field in Iraqi Kurdistan. Photo: AFP/Getty Images
Baghdad (IraqiNews.com) – The Parliamentary Finance Committee and the Iraqi Oil Minister, Hayan Abdul-Ghani, discussed on Wednesday the resumption of oil exports from Iraqi Kurdistan.
A meeting held in the Oil Ministry’s headquarters addressed the latest developments and agreements to resolve a dispute related to oil exports between the federal government in Baghdad and the Kurdistan Regional Government (KRG) as well as the main technical challenges.
This meeting coincided with the government’s submission of a draft amendment to the budget law for parliamentary vote, according to Shafaq News.
According to Atwan Al-Atwani, the head of the Parliamentary Finance Committee, the meeting aimed to settle the conflict between Baghdad and Erbil, address unresolved issues in line with the Iraqi constitution, and advance a final agreement to resume oil exports from Iraqi Kurdistan via the Turkish port of Ceyhan.
Al-Atwani suggested that the proposed budget law amendment would be a significant step in resolving the conflict in accordance with a broad national vision.
The Iraqi cabinet decided earlier this month to immediately start delivering oil produced in the Kurdistan region of Iraq to the State Organization for Marketing of Oil (SOMO) or to the Oil Ministry in Baghdad.
The Iraqi Ministry of Finance will compensate the KRG for the production and transportation costs of the oil produced in northern Iraq and delivered to SOMO, or the Oil Ministry, according to a statement issued by the Prime Minister’s Office (PMO).
Before a final settlement takes place, the federal government’s Finance Ministry will pay $16 per barrel until a specialized technical consulting committee has finished calculating fair expenses.
The Acting Minister of Natural Resources in the KRG, Kamal Mohammed, said in July that Iraqi Kurdistan is waiting for Baghdad to agree with international oil firms to resume its oil exports.
Mohammed explained that the resumption of oil exports is related to the expense of oil production in the Kurdistan region of Iraq, Rudaw News reported.
Oil companies operating in the oil sector in Iraqi Kurdistan rejected Baghdad’s allocation of 8,960 dinars (about $6.9).
Talks to resume oil shipments have stumbled, and since March 2023, crude oil flows along the Iraq-Turkey oil pipeline, which formerly handled around 0.5 percent of the world’s oil supply, have been suspended due to legal and financial uncertainty.
One of the main sources of conflict between the federal government in Baghdad and the KRG is the distribution of oil revenues.
After the International Chamber of Commerce (ICC) in Paris decided in March 2023 that Ankara had broken a 1973 treaty by enabling oil exports without the federal government’s approval, flows via the Iraq-Turkey oil pipeline stopped.
The Association of the Petroleum Industry of Kurdistan (APIKUR) refuted earlier media reports that incorrectly attribute the ongoing dispute over the resumption of oil exports via the Iraq-Turkey pipeline to the inflexibility of foreign oil firms.
Media reports said that ongoing negotiations have stopped because international oil companies operating in Iraqi Kurdistan have adopted an inflexible stance. However, since January 2024, there haven’t been any coordinated talks between foreign oil firms, officials from the Iraqi government, and the KRG.
Oil shipments have not yet resumed despite multiple discussions between officials in Iraqi Kurdistan, the federal government in Baghdad, and Turkish authorities.
beernut1
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14/11/2024
06:43 Iraq’s finance committee and Oil Minister discuss resolving oil disputes with Kurdistan
Economy
Oil
Kurdistan Region
Atwan Al-Atawani
Abdul Ghani
Ceyhan Pipeline
Iraq’s finance committee and Oil Minister discuss resolving oil disputes with Kurdistan
2024-11-13 15:02
Font
Shafaq News/ On Wednesday, the Iraqi Parliament's Finance Committee, Atwan al-Atawani, discussed with Minister of Oil Hayyan Abdul Ghani ways to resolve outstanding issues with the Kurdistan Region and resume oil exports from the region.
In the ministry headquarters, the discussion covered the latest developments and agreements to end the oil dispute with the Kurdistan Region, highlighting key technical obstacles. This coincided with the arrival of the proposed draft amendment to the budget law, which was sent by the government to parliament for voting, aimed at addressing this issue.
The meeting also covered Iraq's oil policy, the ministry's negotiation efforts with OPEC to secure Iraq’s production share, and plans to develop the domestic oil industry to meet the country’s fuel needs, particularly for electricity generation and gasoline, toward self-sufficiency.
In this context, the Chairman of Finance Committee stated that "the meeting aims to reach a final agreement on resuming oil exports through the Turkish Ceyhan pipeline."
The Head of the Finance Committee also suggested that the proposed amendment to the budget law could be a key step toward resolving the oil dispute with a comprehensive national vision, noting that the halt in oil exports from the region “has caused significant financial losses for Iraq.”
For his part, the Minister of Oil emphasized Iraq's commitment to OPEC unity to ensure stable oil prices.
beernut1
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13/11/2024
23:39 APIKUR
@apikur_oil
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🔴Association of the Petroleum Industry of Kurdistan statement on progress to restore oil exports:
APIKUR member companies welcome the Iraqi Parliament’s proposal to amend Article 12 of the Budget Law and believe that there could be sufficient scope in the current wording to cover our previous requests related to commercial terms and surety of payment for past and future exports via the Iraq-Türkiye Pipeline.
We remain ready to engage in productive discussions with Government of Iraq and Kurdistan Regional Government officials to clarify key details and finalize written agreements prior to resuming oil exports through the ITP.
We agree with Iraqi Prime Minister Sudani
@mohamedshia
and KRG Prime Minister Barzani
@masrourbarzani
that the resumption of oil exports through the ITP benefits all of the people of Iraq.
Iraqi officials discuss resumption of oil exports from northern Iraq
IRAQ Amr Salem November 14, 2024 137 5 min
Iraqi officials discuss resumption of oil exports from northern Iraq
Workers at Tawke oil field in Iraqi Kurdistan. Photo: AFP/Getty Images
Baghdad (IraqiNews.com) – The Parliamentary Finance Committee and the Iraqi Oil Minister, Hayan Abdul-Ghani, discussed on Wednesday the resumption of oil exports from Iraqi Kurdistan.
A meeting held in the Oil Ministry’s headquarters addressed the latest developments and agreements to resolve a dispute related to oil exports between the federal government in Baghdad and the Kurdistan Regional Government (KRG) as well as the main technical challenges.
This meeting coincided with the government’s submission of a draft amendment to the budget law for parliamentary vote, according to Shafaq News.
According to Atwan Al-Atwani, the head of the Parliamentary Finance Committee, the meeting aimed to settle the conflict between Baghdad and Erbil, address unresolved issues in line with the Iraqi constitution, and advance a final agreement to resume oil exports from Iraqi Kurdistan via the Turkish port of Ceyhan.
Al-Atwani suggested that the proposed budget law amendment would be a significant step in resolving the conflict in accordance with a broad national vision.
The Iraqi cabinet decided earlier this month to immediately start delivering oil produced in the Kurdistan region of Iraq to the State Organization for Marketing of Oil (SOMO) or to the Oil Ministry in Baghdad.
The Iraqi Ministry of Finance will compensate the KRG for the production and transportation costs of the oil produced in northern Iraq and delivered to SOMO, or the Oil Ministry, according to a statement issued by the Prime Minister’s Office (PMO).
Before a final settlement takes place, the federal government’s Finance Ministry will pay $16 per barrel until a specialized technical consulting committee has finished calculating fair expenses.
The Acting Minister of Natural Resources in the KRG, Kamal Mohammed, said in July that Iraqi Kurdistan is waiting for Baghdad to agree with international oil firms to resume its oil exports.
Mohammed explained that the resumption of oil exports is related to the expense of oil production in the Kurdistan region of Iraq, Rudaw News reported.
Oil companies operating in the oil sector in Iraqi Kurdistan rejected Baghdad’s allocation of 8,960 dinars (about $6.9).
Talks to resume oil shipments have stumbled, and since March 2023, crude oil flows along the Iraq-Turkey oil pipeline, which formerly handled around 0.5 percent of the world’s oil supply, have been suspended due to legal and financial uncertainty.
One of the main sources of conflict between the federal government in Baghdad and the KRG is the distribution of oil revenues.
After the International Chamber of Commerce (ICC) in Paris decided in March 2023 that Ankara had broken a 1973 treaty by enabling oil exports without the federal government’s approval, flows via the Iraq-Turkey oil pipeline stopped.
The Association of the Petroleum Industry of Kurdistan (APIKUR) refuted earlier media reports that incorrectly attribute the ongoing dispute over the resumption of oil exports via the Iraq-Turkey pipeline to the inflexibility of foreign oil firms.
Media reports said that ongoing negotiations have stopped because international oil companies operating in Iraqi Kurdistan have adopted an inflexible stance. However, since January 2024, there haven’t been any coordinated talks between foreign oil firms, officials from the Iraqi government, and the KRG.
Oil shipments have not yet resumed despite multiple discussions between officials in Iraqi Kurdistan, the federal government in Baghdad, and Turkish authorities.
beernut1
Read Full Thread
Reply
14/11/2024
06:43 Iraq’s finance committee and Oil Minister discuss resolving oil disputes with Kurdistan
Economy
Oil
Kurdistan Region
Atwan Al-Atawani
Abdul Ghani
Ceyhan Pipeline
Iraq’s finance committee and Oil Minister discuss resolving oil disputes with Kurdistan
2024-11-13 15:02
Font
Shafaq News/ On Wednesday, the Iraqi Parliament's Finance Committee, Atwan al-Atawani, discussed with Minister of Oil Hayyan Abdul Ghani ways to resolve outstanding issues with the Kurdistan Region and resume oil exports from the region.
In the ministry headquarters, the discussion covered the latest developments and agreements to end the oil dispute with the Kurdistan Region, highlighting key technical obstacles. This coincided with the arrival of the proposed draft amendment to the budget law, which was sent by the government to parliament for voting, aimed at addressing this issue.
The meeting also covered Iraq's oil policy, the ministry's negotiation efforts with OPEC to secure Iraq’s production share, and plans to develop the domestic oil industry to meet the country’s fuel needs, particularly for electricity generation and gasoline, toward self-sufficiency.
In this context, the Chairman of Finance Committee stated that "the meeting aims to reach a final agreement on resuming oil exports through the Turkish Ceyhan pipeline."
The Head of the Finance Committee also suggested that the proposed amendment to the budget law could be a key step toward resolving the oil dispute with a comprehensive national vision, noting that the halt in oil exports from the region “has caused significant financial losses for Iraq.”
For his part, the Minister of Oil emphasized Iraq's commitment to OPEC unity to ensure stable oil prices.
beernut1
Read Full Thread
Reply
13/11/2024
23:39 APIKUR
@apikur_oil
Follow
🔴Association of the Petroleum Industry of Kurdistan statement on progress to restore oil exports:
APIKUR member companies welcome the Iraqi Parliament’s proposal to amend Article 12 of the Budget Law and believe that there could be sufficient scope in the current wording to cover our previous requests related to commercial terms and surety of payment for past and future exports via the Iraq-Türkiye Pipeline.
We remain ready to engage in productive discussions with Government of Iraq and Kurdistan Regional Government officials to clarify key details and finalize written agreements prior to resuming oil exports through the ITP.
We agree with Iraqi Prime Minister Sudani
@mohamedshia
and KRG Prime Minister Barzani
@masrourbarzani
that the resumption of oil exports through the ITP benefits all of the people of Iraq.
Anywhere
I dag kl 09:45
641
Vi kan vel kanskje håpe på årets julegave? Gjenåpning av oljerør og sikring av over 3 år med utbytter i tilbakebetalt gjeld.
Det er nok en gang mulighet for å fintes litt av markedets lunefullhet; ex-dag for aksjen, men likevel er det ikke så sikkert man får den særlig ned tilsvarende i kroneverdi i forhold til gårsdagen....
Det er nok en gang mulighet for å fintes litt av markedets lunefullhet; ex-dag for aksjen, men likevel er det ikke så sikkert man får den særlig ned tilsvarende i kroneverdi i forhold til gårsdagen....
Redigert i dag kl 10:02
Du må logge inn for å svare
Vaksine20
I dag kl 10:06
561
Ser at den andre tråden er stengt så jeg svarer her.
Jeg solgte 20% av beholdningen i dag. DNO viser svak utvikling. Og blir det oppgang her skal jeg selge mer. Trist aksje
Jeg solgte 20% av beholdningen i dag. DNO viser svak utvikling. Og blir det oppgang her skal jeg selge mer. Trist aksje
Anywhere
I dag kl 14:15
30
Deler også Omans oppfatning. Jeg tar med meg utbytte, men aksjen oppleves om ikke på alle bunners mor i dag, så temmelig nær.
Aksjen virker nesten som den har hatt utsalgsroboter som har stått i en posisjon i 1 måned med 30% fall, så har man glemt av at man satte ting på kok, og nå er gryten i ferde med å tørrkoke...Selv om DNO var relativt sterk i utvikling i forhold til de aller fleste det siste året, har det nullet seg ut nå, og nå opplever den relativ svakhet i forhold til de aller fleste.
Volumet har skrumpet en smule, så noen har sett at tørrkokingen er i ferd med å skje....
Aksjen virker nesten som den har hatt utsalgsroboter som har stått i en posisjon i 1 måned med 30% fall, så har man glemt av at man satte ting på kok, og nå er gryten i ferde med å tørrkoke...Selv om DNO var relativt sterk i utvikling i forhold til de aller fleste det siste året, har det nullet seg ut nå, og nå opplever den relativ svakhet i forhold til de aller fleste.
Volumet har skrumpet en smule, så noen har sett at tørrkokingen er i ferd med å skje....