Iraq’s central government and Iraqi Kurdistan authorities signed an agreement Tuesday to resume oil exports from the semi-autonomous region, after months of talks to try to resolve their disputes amid a severe economic crisis in the Asian country.
The Iraqi Prime Minister, Mohamed Shia al Sudani, said after the signing of the agreement that »stopping the export of oil from the region damages Iraq’s revenues» and stressed that »the technical authorities must immediately implement the agreement and find legal ways to do so», as reported by the Iraqi television channel Al Sumaria.
»This agreement confirms the serious desire of the federal and regional governments to face all the obstacles inherited during the last years», he explained, before stressing that »facing this situation derives from the public interest».
We appreciate the efforts of the federal and regional government teams for their professional negotiations», said Al Sudani, who also expressed his hope that this agreement »will pave the way for the approval of the budget», given that »there is political will to move forward on these issues».
For his part, the Prime Minister of Iraqi Kurdistan, Masrur Barzani, has stressed that »this agreement is temporary, but all its principles will be reflected in the budgets and in the laws on oil and gas», as reported by the Kurdish television channel Rudaw.
The agreement thus unblocks oil exports to Turkey following a recent ruling by a Paris arbitration court in Baghdad’s favor on crude transit rights. The International Chamber of Commerce found that Ankara had taken irregular advantage of an Iraqi pipeline by importing oil from Kurdistan, prompting the immediate suspension of transit until a new understanding was reached.
The suspension of exports jeopardized the production of about 450,000 barrels of oil per day, while contributing to a 5.7 percent increase in oil prices on international markets.
Source: (EUROPA PRESS)
