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05-04-23
Iraqi Federal Government, Kurdistan Sign Accord to Resume Kurdish Oil Exports Through Turkey
(MENAFN) The federal government of Iraq and the Kurdistan autonomous region signed an accord on Tuesday to allow Kurdish oil exports to resume through Turkey after they were halted 10 days earlier. The deal, described as temporary, was signed in Baghdad in the presence of Prime Minister Mohamed Shia Al-Sudani and Kurdish Premier Masrour Barzani. The agreement signals the end of independent oil exports by northern Iraq's Kurdish regional government. It comes two days after Iraq, a major oil exporter, announced a sharp reduction in their production from May that sent up global energy prices.
Ankara had stopped handling Iraqi Kurdish oil last month after an international tribunal ruled in a nine-year-old dispute that Baghdad was right to oversee all Iraqi oil exports. The agreement is seen as a crucial step toward ending the long-standing dispute between Irbil and Baghdad. Sales of Kurdistan crude will be managed from now by the State Oil Marketing Organization, a federal government official, and a Kurdish official said. A joint committee formed by the federal and regional governments will supervise the export process.
Revenues will be paid into an account under the control of the Kurdish government, which will be overseen by Baghdad. Oil exports are the key revenue source for both the federal and regional governments and their management has long been a sensitive topic in relations. The deal is temporary until Iraq's parliament agrees a new oil and gas law. Barzani said on Twitter that the deal is temporary, but called it a crucial step toward ending the long-standing dispute between Irbil and Baghdad.
The agreement brings relief to the Kurdistan autonomous region, which has been hit hard by the COVID-19 pandemic and a budget crisis. The region has been unable to pay public sector salaries on time since late last year. The halt in oil exports added to the financial woes of the region. The resumption of Kurdish oil exports through Turkey is expected to boost the region's economy, which has been struggling due to the halt in oil exports. The deal is seen as a positive step toward resolving the dispute between the federal government and the Kurdistan autonomous region over oil exports.
MENAFN05042023000045014228ID1105947583
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