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Breakthrough Oil Export Deal in Iraqi Kurdistan: A New Dawn for Crude Flow
International oil companies in Iraqi Kurdistan have reached an agreement with Iraqi federal and Kurdish governments to resume oil exports. The framework, once signed, will allow for the export of 230,000 barrels per day through the Iraq-Turkey pipeline, suspended since March 2023. DNO and Genel Energy are yet to sign.
In a significant development, international oil companies operating in Iraqi Kurdistan have reached a preliminary deal with both the Iraqi federal and Kurdish regional governments to restart oil exports. This move comes after extensive negotiations, according to an IOC statement seen by Reuters.
The agreed-upon framework will enable exports to resume “in the coming days” following its official signing and implementation. However, oil companies DNO and its partner Genel Energy have yet to formalize their participation, as reported by a reliable source with direct information on the matter.
The agreement, once fully e------d, will facilitate the flow of approximately 230,000 barrels of crude daily through the Iraq-Turkey pipeline, a crucial artery that has been non-operational since March 2023. Efforts to reach DNO and Genel Energy for comments were not immediately successful. (LINK)
Miles Caggins: The Kurdistan Regional Government will export 230,000 barrels of oil per day.
Miles Caggins, spokesman for the Kurdistan Region’s Petroleum Industry Association (APICOR), said on Thursday that today is a very important day. An agreement has been signed to resume oil exports, and the process is scheduled to begin in the next few days.
In an interview with Kurdistan 24, he added that exports are expected to begin within two or three days.
He pointed out that, according to the agreement, the Kurdistan Regional Government will export 230,000 barrels of oil per day through SOMO, while 50,000 to 60,000 barrels will be allocated for domestic consumption.
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In the same context, the Kurdistan Region’s Oil Industry Association (APICOR) said on Thursday that resuming oil exports from the region will contribute to strengthening global energy markets.
On the occasion of the tripartite agreement to resume exports, the association commended, in a statement, Kurdistan Regional Government Prime Minister Masrour Barzani and Federal Prime Minister Mohammed Shia al-Sudani.
APICORP emphasized that the resumption of Kurdistan Region oil exports will benefit all Iraqis and will play a role in supporting the position of global energy markets. It is expected that exports will begin within the next few days.
The Federal Ministry of Oil announced today, Thursday, an agreement stipulating the commencement of pumping and delivering all crude oil produced from the Kurdistan Region’s fields, except for the quantities allocated for domestic consumption, to the State Oil Marketing Organization (SOMO), which will export it via the Iraq-Turkey pipeline via the Turkish port of Ceyhan.
The ministry indicated that the agreement was concluded in accordance with the approved legal procedures, the constitution, the provisions of the Federal General Budget Law, and Federal Court decisions.
The Ministry reiterated its unwavering commitment to managing oil resources in accordance with the principles of national sovereignty and the country’s supreme interest, ensuring a fair distribution of wealth among all Iraqis, in accordance with the constitution. (LINK)
Vietnamese, Iraqi Presidents hail development of bilateral ties
President Cường affirmed that Việt Nam always treasures and wishes to strengthen multifaceted cooperation with Iraq, particularly in the areas of economy, trade, culture, tourism, and people-to-people exchanges.
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Vietnamese President Lương Cường and his Iraqi counterpart Abdul Latif Rashid praised the progress of their countries’ long-standing friendship during a meeting in New York on the morning of Wednesday (local time).
The event took place on the sidelines of the High-Level General Debate of the 80th Session of the United Nations General Assembly and bilateral activities in the US.
President Cường affirmed that Việt Nam always treasures and wishes to strengthen multifaceted cooperation with Iraq, particularly in the areas of economy, trade, culture, tourism, and people-to-people exchanges.
He proposed increasing delegation exchanges, especially business missions, to explore cooperation opportunities in potential sectors and boost access to the Halal market.
He also expressed his hope that Iraq will create favourable conditions for Vietnamese enterprises to invest in areas aligned with Iraq’s reconstruction needs.
For his part, the Iraqi leader expressed admiration for Việt Nam’s achievements in national development, stressing that Iraq views Việt Nam as an important partner and wishes to advance cooperation in economy, trade, investment, water management, agriculture, and infrastructure development serving its reconstruction.
Both sides agreed to further improve the effectiveness of existing bilateral cooperation mechanisms, and consider the establishment of new ones and the signing of agreements in potential sectors.
On this occasion, the two leaders also consented to step up cooperation and mutual support at multilateral forums.
President Cường extended an invitation to President Abdul Latif Rashid to visit Việt Nam and attend the signing ceremony of the United Nations Convention against Cybercrime in Hà Nội next month. (LINK)
Source: Dinar Recaps
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