"We (the central government in Baghdad) are not paying debts in billions of dollars for transactions we are not aware of or involved with," the adviser said.Īnother Iraqi oil ministry official said no progress has been yet made on the debt issue. The account would be controlled by the Kurdish government and supervised by Baghdad and would serve for multiple purposes including debt repayments, the adviser said, citing earlier proposals.
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Kurdistan held an independence referendum in 2017, but interventions by the United States and Iran meant it did not lead to a full split from Baghdad.Īn Iraqi oil ministry legal adviser familiar with the discussions with Kurdistan said Baghdad wants to run oil exports via its state marketing firm SOMO and wants oil sales revenues to be deposited in an independent bank account.
Over the past decade, Kurdistan has managed to grow oil exports independently from Baghdad as trading firms provided billions of dollars in loans to the region in exchange for crude cargoes and the region built a new pipeline to Turkey. Some oil firms started shutting down production in Kurdistan this week. Shop Independent Trading Company personalized corporate apparel including custom jackets, sweatshirts, vests and t-shirts for men & women, all complete with. The suspension led to a rise in oil price as the Kurdish exports represent some 0.5% of global oil supply and are an important source of crude for refiners in the Mediterranean. "Let's work out a breakthrough to the oil exports issue and then other issues could be addressed under less pressure," he said. The government of Kurdistan declined to comment.įollowing the court ruling, the government in Kurdistan said that a delegation would visit Baghdad soon to resolve the issues.Īn Iraqi government spokesman declined to comment on the debts. The world's top trader Vitol and a smaller rival Petraco are owed some $750-$800 million each, according to three trading sources, who put Kurdistan's total debts to traders who pre-paid for crude before the suspension at around $6 billion.
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The suspension means Kurdistan cannot repay debts with crude oil supplies and alternative schemes have not been put in place. Jigsaws day trading software and education helps traders learn faster, trade smarter with simple, repeatable methods based on professional order flow. Some 450,000 barrels per day (bpd) of oil exports from Iraqi Kurdistan to Turkey's Mediterranean port of Ceyhan were suspended on Saturday after Iraq won an arbitration case in which it said Turkey had violated an agreement by allowing Kurdistan to export oil without Baghdad's consent.
(TYO: 5255), a global digital transformation consultancy leader, specializing in end-to-end enterprise-level digital solutions, celebrated its debut. LONDON, March 30 (Reuters) - A suspension of Kurdistan's oil exports has halted repayments via crude cargoes of $6 billion owed to energy traders including Vitol and Petraco by the semi-autonomous Iraqi region, trading sources told Reuters. Becomes Independent Publicly Traded Company, Begins Trading on Tokyo Stock Exchange Tuesday, Ma10:01 AM Business Wire via QuoteMedia Monstarlab Holdings Inc.
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