Iraq-Turkey Oil Pipeline “Nearly Ready”; Turkey to Appeal to ICC

Iraq-Turkey Oil Pipeline "Nearly Ready"; Turkey to Appeal to ICC

The Kirkuk-Ceyhan oil pipeline, the main route for oil exports from Iraqi Kurdistan, is reportedly set to resume operations soon.

According to various media reports, Turkish Energy Minister Alparslan Bayraktar announced that earthquake damage assessments are almost complete.

On Friday, the shares of Gulf Keystone Petroleum (GKP) closed the day up by over 15%, while Genel Energy rose by more than 4%.

Reports suggest that Turkey is planning to submit an application to the International Chamber of Commerce (ICC) to reverse the arbitration verdict, which orders Turkey to pay $1.4 billion as compensation to Iraq for crude oil exports from the Kurdistan area.