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May 24, 2024

Iraq, Turkiye yet to agree on northern oil exports resumption

https://arab.news/c67ye BAGHDAD: Iraq’s oil minister and his Turkish counterpart did not reach an agreement to immediately resume Iraq’s northern oil exports but agreed to hold more talks in the

https://arab.news/c67ye

BAGHDAD: Iraq’s oil minister and his Turkish counterpart did not reach an agreement to immediately resume Iraq’s northern oil exports but agreed to hold more talks in the future, said two energy sources with knowledge of the ministers’ meeting in Ankara on Tuesday.

Turkiye halted flows on March 25 after an arbitration ruling by the International Chamber of Commerce ordered Ankara to pay Baghdad damages of $1.5 billion for unauthorized exports by the Kurdistan Regional Government between 2014 and 2018.

The block consists mainly of oil originating from Iraq’s semi-autonomous Kurdish region.

The results of the meeting were to allow Turkiye and Iraq to finalize pipeline maintenance before resuming oil flow, said an Oil Ministry statement.

Iraq’s Oil Minister Hayan Abdel-Ghani had arrived in the Turkish capital to discuss issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister’s office said earlier.

An Iraqi Oil Ministry official who is close to the northern oil exports operations said on Tuesday that the Turkish Energy Ministry informed Iraq’s state-owned marketer SOMO last month that it needed more time to check the technical feasibility of the pipeline to resume flows.

“Turkish Energy Ministry informed SOMO last month that more time is needed to check the pipeline and crude storage tanks in Ceyhan for any damages resulting from the earthquake-hit Turkiye,” said the Iraqi official.