Turkey ‘ready to sell Kurd oil to global markets’

KT News:

Ceyhan oil terminal

Ceyhan oil terminal

Turkey is ready to sell Kurdish oil stored at its Ceyhan Mediterranean export hub to global markets, Turkish Energy Minister Taner Yıldız said yesterday. Today’s Zaman reports that this signals an imminent end to the protracted dispute over oil revenues between the Kurdistan Regional Government (KRG) and the Iraqi central government.  However, there has been no comment about this yet from either Baghdad and Erbil.

“Our storage tanks in Ceyhan for Northern Iraqi oil are now full. There is not any obstacle for the sale. This oil belongs to Iraqis and they are the ones who will sell that,” said Yıldız. Today’s Zaman reports that Yıldız added that officials from Baghdad, Erbil and Turkey will oversee sales of the Kurdish oil and revenues will be channelled to the country’s state-owned Halk Bank.

Deutsche Bank analyst Tom Robinson announced yesterday that he believes sales of oil from the pipeline between the Kurdistan Region and Turkey are “around the corner” given the burgeoning stockpiles at Ceyhan and the pending Iraqi election results.

“Referred to as the last great oil frontier, after a number of false dawns we believe the Kurdistan region of Iraq (KRI) is poised to become a major exporter of oil,” Robinson said.

“A unique combination of resource scale, low onshore cost and low subsurface risk differentiates ..

“As ever, the risk is politics and investor fatigue if pipeline exports fail to materialise”.

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