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Baghdad Discusses Resuming Oil Exports from Iraqi Kurdistan

By John Lee.

Iraq's Minister of Oil, Hayan Abdul-Ghani, has met with members of the Parliamentary Finance Committee, led by Chairman Atwan Al-Atwani, to discuss resuming oil exports from the Kurdistan region via the Iraq-Turkey Pipeline (ITP) and the Turkish port of Ceyhan.

The meeting focused on strengthening cooperation between the Ministry of Oil and Kurdistan, and implementing the Cabinet's decision to transfer regional oil production to Iraq's State Oil Marketing Organization (SOMO).

According to the Oil Ministry statement, revenues will be placed in a special account, with deductions for production costs. Within 60 days, a jointly approved consultant will reassess production costs, and revenues will flow to the federal budget. It said both federal and regional authorities aim to align production contracts with the constitution, marking a transitional phase until legal adjustments are completed.

The Iraqi Cabinet last week approved an amendment to the Budget Law, compensating the Kurdistan Regional Government (KRG) for production and transportation costs of oil produced in the region and received by the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil. It said the Federal Ministry of Finance will compensate these costs in advance at a rate of $16 per barrel.

Last night (Wednesday), the Association of the Petroleum Industry of Kurdistan (APIKUR) said its member companies welcome the Iraqi Parliament's proposal to amend Article 12 of the Budget Law and believe that there could be sufficient scope in the current wording to cover our previous requests related to commercial terms and surety of payment for past and future exports via the Iraq-Türkiye Pipeline. It addeed :

"We remain ready to engage in productive discussions with Government of Iraq and Kurdistan Regional Government officials to clarify key details and finalize written agreements prior to resuming oil exports through the ITP. We agree with Iraqi Prime Minister Sudani @mohamedshia and KRG Prime Minister Barzani @masrourbarzani that the resumption of oil exports through the ITP benefits all of the people of Iraq."

(Sources: Ministry of Oil, APIKUR)