Oil deal reached between Iraq and Kurdistan Regional Government
The Kurdistan Regional Government says an agreement will result in the resumption of oil exports to Turkey after a legal dispute stopped outflows.
The Kurdistan Regional Government (KRG) in Iraq announced on Tuesday that it reached an agreement with the federal government on their oil dispute. The region's oil exports to Turkey, halted following a court ruling, are now set to resume.
The KRG's head of Foreign Media Affairs, Lawk Ghafuri, tweeted that KRG Prime Minister Masrour Barzani and Iraqi Prime Minister Mohamed Shia al-Sudani signed an agreement to resume oil exports from the Kurdistan Region to Turkey via the Ceyhan port. Ghafuri said the exports would resume on Monday.
An agreement on the #Kurdistan Region's oil exports has been signed. pic.twitter.com/cEyIgeMKOW
— Kurdistan Regional Government (@Kurdistan) April 4, 2023
Reuters reported that the agreement stipulates that Iraq's state oil company, SOMO, will have the right to market the Kurdistan Region's oil. Revenues will be deposited into an account at the Iraqi Central Bank that is controlled by the KRG, according to the outlet, which cited anonymous Iraqi sources.
