Anticipation of a US decision against Türkiye requiring it to pay $602 million to Iraq

Anticipation of a US decision against Türkiye requiring it to pay $602 million to Iraq

2023-09-30 03:18

Anticipation of a US decision against Türkiye requiring it to pay 602 million to IraqShafaq News / On Saturday, the “Iraq Oil Report” website revealed a new development related to Iraqi Kurdistan Region’s oil exports to the Turkish port of Ceyhan.

The website stated in news translated by Shafaq News Agency, “Iraq is moving forward with its attempt to enforce a major arbitration award against Turkey, in order for an American court to issue a ruling worth $601.9 million in favor of Iraq.”

He explained, “The new Iraqi move is a sign that Baghdad and Ankara do not seem to be close to the type of diplomatic agreement necessary to reopen the Kurdistan Region’s oil export pipeline, via Turkey, despite a wave of technical talks in mid-September, which were… “We are moving towards resuming export operations.”

This comes days after American assurances to continue working with all concerned parties to reopen the oil pipeline between Iraq and Turkey in the near future.

On September 15, the Turkish Minister of Energy, Alp Arslan Bayrakdar, announced that the inspection of the oil pipeline from the Kurdistan Region to the port of Ceyhan had been completed, and he also confirmed that the line would be “technically” ready for operation soon.

Turkey had stopped flows through the pipeline located in the Kurdistan Region, on March 25, after a ruling in an arbitration case issued by the International Chamber of Commerce ordered Ankara to pay compensation to Baghdad, due to the export of oil through the Kurdistan Region without referring to the federal government between… Years 2014 and 2018.

After that decision, Turkey began maintenance work on the pipeline that passes through a seismically active area, which it says was damaged by floods resulting from the devastating earthquake that struck the southern region on February 6.

It is noteworthy that the Kurdistan Region Oil Industry Association announced late last August that stopping exports to the Turkish port of Ceyhan had cost producers and the Iraqi government losses of about $4 billion, as producers in the region were forced to reduce production since stopping the flow of oil through the pipeline.