Ceyhan Kurd oil sale revenues to go in KRG-controlled account, says Ministry

Ceyhan oil terminal

Ceyhan oil terminal

KT News:

The KRG (Kurdistan Regional Government) Ministry of Natural Resources says the revenues from yesterday’s first sales of Kurd oil exported via the Turkish port of Ceyhan will be deposited in a KRG-controlled bank account, adding that these funds “will be treated as part of the KRG’s budgetary entitlement under Iraq’s revenue sharing and distribution as defined under the 2005 Constitution of Iraq”.

There has been no response yet from the Iraqi central government. Previously there had been discussion of the funds being placed under some form of joint control. This latest development indicates that Turkey is siding with the KRG in its ongoing revenue dispute with Baghdad.

The KRG Ministry says these sales are the “first of many” and they will help Iraq “achieve its oil production, export and revenue targets”.

The crude oil was exported to the Turkish port of Ceyhan via a newly-constructed Kurdistan Region pipeline. A tanker loaded with over one million barrels of the oil left Ceyhan last night, heading towards Europe.

According to the Ministry statement, the KRG has invited independent bodies to observe the sales and export process “in line with the KRG’s commitment to transparency”.

It says it “hopes that officials from SOMO (the federal Iraqi oil marketing organization) accept KRG’s invitation to observe the process”.

“The KRG will continue to exert its rights of export and sell oil independently of SOMO”, says the Ministry, “but (it) remains committed to negotiate in good faith with its counterparts in Baghdad to reach a comprehensive settlement on oil issues within the framework of Iraq’s Constitution”.


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