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Kurdistan Begins Oil Transfer to SOMO: Minister’s Update

Progress on Oil Transfer from Kurdistan to SOMO

The Iraqi Oil Minister has announced that the process of transferring oil operations in the Kurdistan Region to the Iraqi Oil Marketing Company (SOMO) has commenced, along with negotiations regarding outstanding debts attributed to the region.

During a recent statement, Oil Minister Hayan Abdul Ghani confirmed that the Ministry of Oil has initiated actions in collaboration with the Kurdistan Regional Government (KRG) and has formally communicated its intent to transfer oil management to SOMO.

The federal government is set to take charge of oil production in the Kurdistan Region to facilitate exports through the national corporation. “We are currently coordinating with the Turkish government to ensure the effective operation of the Iraq-Turkey pipeline for oil exports via the port of Ceyhan,” Minister Abdul Ghani remarked.

He elaborated that the volume of oil that the Kurdistan Region is expected to deliver for export through this pipeline will not fall below 300,000 barrels. Furthermore, he indicated that an agreement regarding the financial obligations of the Kurdistan Region will be established between the involved parties.

Additionally, it is noteworthy that the Iraqi parliament has approved amendments to the 2023, 2024, and 2025 budget laws, which are pertinent to oil production and transportation matters in the Kurdistan Region.

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