Iraq’s Minister of Oil, Hayan Abdul-Ghani, has met with contributors of the Parliamentary Finance Committee, led by Chairman Atwan Al-Atwani, to talk about resuming oil exports from the Kurdistan area thru the Iraq-Turkey Pipeline (ITP) and the Turkish port of Ceyhan.
The assembly targeted on strengthening cooperation between the Ministry of Oil and Kurdistan, and enforcing the cupboard’s decision to transfer local oil manufacturing to Iraq’s kingdom Oil advertising agency (SOMO).
according to the Oil Ministry statement, sales may be located in a unique account, with deductions for production fees. inside 60 days, a jointly authorized representative will re-evaluate production costs, and revenues will drift to the federal price range. It said each federal and nearby authorities intention to align manufacturing contracts with the charter, marking a transitional segment till criminal changes are finished.
The Iraqi cupboard ultimate week approved an modification to the finances regulation, compensating the Kurdistan local authorities (KRG) for manufacturing and transportation charges of oil produced within the region and acquired by means of the kingdom Oil advertising company (SOMO) or the Federal Ministry of Oil. It said the Federal Ministry of Finance will compensate those costs earlier at a fee of $sixteen consistent with barrel.
final night time (Wednesday), the affiliation of the Petroleum enterprise of Kurdistan (APIKUR) said its member agencies welcome the Iraqi Parliament’s concept to amend Article 12 of the budget regulation and believe that there may be sufficient scope inside the cutting-edge wording to cover our preceding requests related to business phrases and surety of price for beyond and destiny exports via the Iraq-Türkiye Pipeline. It addeed:
“We stay geared up to interact in effective discussions with government of Iraq and Kurdistan local government officers to make clear key information and finalize written agreements previous to resuming oil exports through the ITP. We believe Iraqi prime Minister Sudani @mohamedshia and KRG top Minister Barzani @masrourbarzani that the resumption of oil exports thru the ITP blessings all the people of Iraq.”
