Iraqi Kurdistan to resume oil exports in 48 hours - report

The Iraqi Ministry of Oil said that the Kurdistan Region will resume exporting oil within 48 hours, Rudaw reported.

According to a source from the Iraqi Ministry of Oil, the Kurdistan Regional Government's Ministry of Natural Resources is setting up a joint chamber with the Iraqi National Oil Company SOMO responsible for the sale of oil from both Kurdistan Region and Iraq.

The source revealed that someone from Kurdistan Region would be appointed as the Deputy General Manager of SOMO, and the Kurdish side would be an official part of the sale of oil from Iraq and Kurdistan Region to the world markets.

It is expected that the agreement between the two sides regarding exports will be signed on Saturday and Sunday, and the request to restart oil exports will be presented to Turkey.

Sources informed Rûdaw that "Erbil and Baghdad will take the necessary steps expected of them and wait for Ankara's response."

According to sources familiar with the matter who spoke to Rûdaw, Kurdistan Region and the Iraqi Federal Government on Friday held a meeting to establish a new mechanism for exporting Kurdistan Region's oil. In a positive atmosphere, the two sides reached an agreement on a new mechanism for exporting oil.

Following this initial step, new meetings will be held between the Kurdistan Regional Government and companies to clarify contracts for oil sales and identify new customers for the oil pumped into the Ceyhan port. This will guarantee that the companies producing oil in Kurdistan Region and their customers receive fair prices.

According to Rûdaw's sources, international oil companies that buy oil from Kurdistan Region will sign contracts. Under these contracts, the oil from Kurdistan Region will not be sold at a price lower than 10 dollars, which is the value SOMO sells its oil on the world markets. This contract will legitimize the sale of oil from Kurdistan Region with the approval of the Iraqi government.

Petroleum companies operating in Kurdistan Region believe that an agreement between Kurdistan Regional Government and Iraqi government is likely to be reached soon.

Kurdistan Region President Nechirvan Barzani recently sent a letter to Iraqi Prime Minister Mohammed Shia al-Sudani, and Kurdistan Region Prime Minister Masrour Barzani spoke with Sudani on the phone.

Al Monitor, a US-based news outlet, reported that officials from Iraq and Turkey would meet regarding the Paris Arbitration Court's decision.

Asim Jihad, a spokesperson for the Iraqi Ministry of Oil, stated in an interview with the newspaper that a high-level delegation from the Iraqi government would visit Ankara soon. Jihad said, "Neither the Turkish nor the Kurdistan Region government rejected the arbitration court's decision," and he suggested that this decision would pave the way for a "new beginning" for both parties.