Iraq, Kurds “Close to Deal on Oil”

By John Lee.

Reuters reports that Baghdad and Erbil appear to have found a formula that will allow Iraqi Kurdistan to export oil to Turkey through a new pipeline.

Following a meeting in Baghdad on Sunday with Iraq’s Deputy Prime Minister for Energy, Hussain al-Shahristani, Turkey’s Energy Minister, Taner Yildiz, said on Tuesday that an agreement over oil exports and revenue sharing could be reached this month:

We have held talks with both Baghdad and Erbil to set up a three-way mechanism. We have had very positive talks … Both the agreements that Turkey has done with the central government and the contracts with northern Iraq are steps that smooth the path of Iraq.

Iraqi Oil Minister Abdul Kareem Luaibi [Elaibi] commented:

There are no issues … There are some meetings that will be held to set the measures.

Luaibi said the central government would retain control over the oil revenue, which would be shared with the Kurds.

A new pipeline from Kurdistan’s Taq Taq oil field is complete, the KRG’s natural resources minister Ashti Hawrami said on Monday. It is expected to carry around 300,000 bpd of oil, which Hawrami says will be ramped up towards 1 million bpd by 2015.

(Source: Reuters)

(Oil image via Shutterstock)

3 Responses to Iraq, Kurds “Close to Deal on Oil”

  1. abbass hassan December 5, 2013 at 2:08 pm #

    iraq is shrinking , kurd up north and kuwait down in south .