Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, disclosed that the Iraqi governing administration is reviewing an amendment to the country’s common budget to be equipped to pay out international oil firms running in the Kurdistan region of Iraq.
The action will allow for intercontinental oil companies in Iraqi Kurdistan to resume oil output and exports through the Turkish port of Ceyhan, according to Bloomberg.
In March 2023, Turkey halted oil flows by way of the pipeline connecting Iraqi Kurdistan with the port of Ceyhan on the Mediterranean, costing both of those the Iraqi and Turkish governments and the running oil corporations billions of bucks in missing cash flow.
Turkey stopped oil flows through the Iraq-Turkey pipeline just after a ruling issued by the Intercontinental Chamber of Commerce (ICC) ordered Ankara to pay $1.5 billion in payment to Baghdad for unauthorized oil exports between 2014 and 2018.
The ICC’s choice was issued against Turkey for violating the 1973 pipeline settlement and allowing for the export of Iraqi Kurdistan’s oil with out Baghdad’s approval between 2014 and 2018.
The Kurdistan area of Iraq exported somewhere around 450,000 barrels of crude oil per day before the pipeline was closed. Ankara later on began maintenance operate on the pipeline, as a result of which about .5 per cent of global oil provides move.
