A tripartite meeting tomorrow between oil companies and the Ministries of Federal Oil and Natural Resources, 9 JUNE

 A tripartite meeting tomorrow between oil companies and the Ministries of Federal Oil and Natural Resources

6/8/2024

Rudaw Media Network learned from sources in oil companies operating in the Kurdistan Region that a tripartite meeting will be held tomorrow, Sunday, between the Ministries of Federal Oil and Natural Resources and oil companies, to discuss resuming the export of Kurdistan Region oil via the pipeline to Turkey.

A senior official in one of the oil companies operating in the Kurdistan Region told the Rudaw Media Network today, Saturday (June 8, 2024), that the oil companies have observations on the Iraqi government’s conditions for resuming exports.

The official, who did not want to reveal his name, added: “The Iraqi Oil Ministry set a condition for our participation in the meeting, during which we were asked to submit a copy of our contracts.”

According to the official, oil companies are afraid of this condition, because the Ministry of Oil has previously filed a lawsuit against these contracts.

He continued: “The Iraqi government should either withdraw its lawsuit against our contracts or grant legal guarantees to oil companies after we present our contracts during the meeting.”

The Federal Ministry of Oil responded positively to the oil companies’ request to hold a tripartite meeting to discuss their financial dues.

On May 28, the Ministry invited the international oil companies operating fields in the Kurdistan Region, and the Ministry of Natural Resources, to a meeting with the aim of “discussing and discussing the issue and reaching an agreement to accelerate the restart of production and resume the export of oil produced through the Turkish port of Ceyhan and according to the quantities specified in the budget law.”

The Minister of Natural Resources in the Kurdistan Regional Government, Kamal Muhammad, noted, for his part, that “the main problem facing the resumption of exports is that the Ministry of Oil sees the cost of production as high.”

In this regard, Kamal Muhammad pointed out that “Iraq annually allocates trillions of dinars to its oil sector.”

Sunday’s meeting comes one year and two months after the Kurdistan Region’s oil exports stopped, which caused billions of dollars in losses to the Iraqi economy, the Kurdistan Region, and oil companies.

According to information, there are two main problems facing the resumption of oil exports from the Kurdistan Region, which are the cost of production and contracts.   LINK