Iraq completes procedures to resume oil exports to Türkiye
A section of the Iraq-Türkiye oil pipeline, a crucial route for crude exports from the Iraqi KRG to Türkiye's Ceyhan port. (AA Photo)
The Iraqi Ministry of Oil announced on Saturday that it has completed the necessary procedures to resume crude exports from the Kurdish Regional Government (KRG) to Türkiye via the Ceyhan port.
The ministry also requested that KRG authorities transfer the crude produced from operational fields to the State Organization for Marketing of Oil (SOMO) for export through the Iraq-Türkiye pipeline and the Ceyhan port.
Iraqi Oil Minister Hayyan Abdul Ghani had stated on Feb. 17 that oil exports, which were halted on Mar. 25, 2023, would resume within a week.
Over $23 billion in losses
The Iraqi Parliament had previously approved amendments to the budget law, setting the cost of extracting and transporting each barrel of oil from the KRG at $16.
The suspension of oil flows from Iraq to Türkiye’s Ceyhan port followed a ruling by the Paris-based International Court of Arbitration in a legal dispute between the two countries over oil exports.
The halt in exports is estimated to have caused Iraq economic losses exceeding $23 billion.
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