Economy Update – Baghdad
On Wednesday, Hayyan Abdul Ghani, the Deputy Prime Minister for Energy Affairs and Minister of Oil, announced a significant agreement with the Kurdistan Region aimed at facilitating the operation of the Turkish port of Jihan.
Abdul Ghani remarked, “We have conducted a series of meetings with the Ministry of Wealth in the Kurdistan Region, which have led to vital understandings.” He further elaborated, “We have reached an agreement that ensures collaborative efforts to operate the Turkish port of Jihan.”
Last Monday, Minister Abdul Ghani confirmed that the export pipeline to Jihan Port is prepared for operation, indicating that discussions with the Turkish authorities are underway to resume oil exports within the next two days.
Additionally, the Undersecretary of the Ministry of Oil for Extraction Affairs, Muhammad Khudair, previously stated that the ministry anticipates receiving approximately 185,000 barrels per day from the Kurdistan Region as an initial step following the resumption of oil exports through the Turkish port. This volume is expected to gradually increase to 400,000 barrels per day.
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