Economy News – Baghdad
The Kurdish Oil Industry Association, known as “Ebkour,” announced its readiness to resume oil exports via the Iraq-Turkey pipeline, following agreements between Baghdad and Erbil aimed at maintaining the existing contractual, commercial, and economic conditions for oil companies operating in the Kurdistan Region.
In a statement, Ebkour expressed its intent to finalize written sales agreements with both the federal government and the Kurdistan Regional Government. These agreements are designed to ensure transparency and guarantee payments for production and transportation, free from political interference.
On Saturday, the Iraqi Ministry of Oil confirmed that the preparations for the resumption of oil exports from the Kurdistan Region were complete, urging regional authorities to deliver the produced quantities to the national oil marketing company, “SOMO.”
Following this, the negotiating delegation from the Kurdistan Regional Government issued a statement in response to the Ministry of Oil’s announcement. They reaffirmed their commitment to implementing the first amendment law of the federal and private public budget law to facilitate the re-export of oil produced from the region through the SOMO marketing company.
However, the delegation highlighted several obstacles that must be addressed before resuming exports. They noted that it is essential to agree on the quantities allocated for local consumption, based on the actual needs of the region and consistent with obligations across Iraq.
Moreover, the delegation stated that a clear mechanism for compensating production and transport companies is vital. This is in accordance with legal stipulations and was discussed in detail during meetings with representatives of the Federal Oil Ministry. The federal side has indicated that this matter falls under the purview of the Federal Ministry of Finance and requires further discussion.
The delegation urged the federal government to expedite the resolution of these issues and secure the necessary approvals from all relevant authorities. They emphasized the Kurdistan Region’s commitment to swiftly resume oil re-exports via the SOMO company, with a focus on depositing revenues into the federal treasury and maximizing public revenue for the benefit of all.
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