“Iraq lost $11 billion.” The Kurdistan Region announces the agreement with Baghdad on the cost of extracting oil
“Iraq lost $11 billion.” The Kurdistan Region announces the agreement with Baghdad on the cost of extracting oil
2024 ,March 07
The Minister of Natural Resources in the Kurdistan Regional Government, Kamal Muhammad, announced today, Thursday, that an agreement had been reached with the federal government regarding the cost of extracting oil, indicating that Baghdad should start exporting Kurdistan oil.
Muhammad said in a press conference followed by (Al-Rabaa) that, “At the beginning of this year, two committees were formed by Prime Minister Muhammad Shiaa Al-Sudani, one ministerial and the other parliamentary, and they reviewed the work of the 11 oil companies operating in the Kurdistan Region, and the two committees reached a conviction With regard to the cost of a barrel of oil, increasing it from 8,900 dinars to 20,061 dinars, an agreement was signed in this regard by the Minister of Oil and Federal Planning and the Minister of Natural Resources in the Kurdistan Government.
He added, “The cessation of the export of Kurdistan oil to global markets for nearly a year has resulted in a loss of more than 11 billion dollars. Now the federal government must begin to resume the export of Kurdistan oil, and we are ready to resume exports when we are asked to do so.”
The minister pointed out, “We have no problem with the issue of selling oil through the SOMO company and for the revenues generated from it to go to the Iraqi state treasury, but the region’s financial rights and entitlements must be fully secured in exchange for that,” noting that “80% of the decisions of the Paris court It was for the benefit of the Kurdistan region, and it consisted of 4 topics, namely extraction, oil management, transportation and storage, and sale.
He continued, “These decisions were supportive of the Kurdistan region and stipulated that they were within its powers, with the exception of the issue of selling oil, which is exclusively within the powers of the Federal Ministry of Oil.”
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