Latest news with #Iraq-Türkiye
Shafaq News
14-07-2025
- Business
- Shafaq News
APIKUR: Ready to resume exports via Turkiye pipeline
Shafaq News – Erbil The Association of the Petroleum Industry of Kurdistan (APIKUR) endorsed, on Monday, renewed talks between the Kurdistan Regional Government (KRG) and Baghdad to resume oil exports through the Iraq–Turkiye pipeline. In a statement, APIKUR—representing eight international oil companies operating in the Kurdistan Region—confirmed that its members joined a high-level meeting with federal and KRG officials two days earlier, declaring its readiness to restart shipments to the Ceyhan port, contingent on clear financial terms and enforceable contract commitments. At a meeting on July 12, @apikur_oil member companies reiterated to Kurdistan Regional Government and Government of Iraq that they are prepared to immediately resume exports through the Iraq-Türkiye pipeline once binding agreements are in place that ensure payment certainty for… — APIKUR (@apikur_oil) July 14, 2025 The association also underscored that any restart must include binding guarantees from Baghdad to honor production-sharing contracts and ensure prompt payment for both outstanding and future oil deliveries. Exports through the pipeline have been suspended since March 2023, following a tribunal ruling that ordered Turkiye to pay Iraq $1.5 billion for unauthorized transfers. Ankara rejected the decision, demanding Erbil to take on the liability, prompting the shutdown.
The Star
08-05-2025
- Business
- The Star
Türkiye, Iraq vow to jointly push for implementation of Development Road project
ANKARA, May 8 (Xinhua) -- Turkish President Recep Tayyip Erdogan and visiting Iraqi Prime Minister Mohammed Shia' al-Sudani vowed here on Thursday to jointly push for the implementation of the regional transportation project Development Road. "The Development Road project will contribute greatly to the stability and prosperity of both Iraq and the entire region. During our meeting, we discussed the steps for the rapid realization of the project," Erdogan said at a joint press conference with al-Sudani. Türkiye will also extend bilateral cooperation with Iraq in electricity, natural gas, and energy, Erdogan added. "We desire to expedite progress on issues such as the resumption of oil shipments through the Iraq-Türkiye pipeline," he noted. In the joint press conference, al-Sudani called Development Road "a great opportunity to further strengthen the integration between the two countries." "It is important for both countries and the entire region," al-Sudani stressed. Development Road, aiming to link the Al-Faw Grand Port in southern Iraq to Türkiye's border and further extend into Europe, was officially initiated following the signing of a quadripartite memorandum of understanding between Türkiye, Iraq, Qatar, and the United Arab Emirates in 2024 during a meeting in Istanbul.
Iraq Business
20-03-2025
- Business
- Iraq Business
US pushes to Resume Oil Exports from Iraqi Kurdistan
By John Lee. The United States has pushed the Iraqi government to finalise an agreement with international oil companies (IOCs) to resume crude oil exports through the Iraq-Turkey Pipeline (ITP). At the daily press briefing on Wednesday, State Department spokesperson Tammy Bruce told reporters: "We're urging the Iraqi Government to reach an agreement ... with the international oil companies to resume oil exports through the Iraq-Türkiye pipeline as soon as possible, and to honor the existing contracts with U.S. companies. So we're - that's part of the issue. Reopening the ITP ensures Iraqi oil can reach global, especially European markets. Iraq benefits from the stability of resilient supply chains, as we all do." (Source: US State Dept)
Asharq Al-Awsat
25-02-2025
- Business
- Asharq Al-Awsat
Iraq Says it is Committed to OPEC+ Cuts
Iraq said Monday that it was committed to OPEC+ group's supply agreement and that it would present an updated plan to compensate for any overproduction of its quotas in recent months. Baghdad, OPEC's second largest producer, said its oil minister Hayan Abdel-Ghani had spoken with Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al-Ghais. Iraq said it will continue its efforts to compensate the accumulated overproduction while taking into account an anticipated handover of oil for export from the Kurdistan Regional Government (KRG). OPEC+, which groups together members of the Organization of Petroleum Exporting Countries and allies such as Russia, is set to begin scheduled supply increases in April. OPEC+ is currently cutting output by 5.85 million barrels per day (bpd), equal to about 5.7% of global supply, agreed in a series of steps since 2022. In December, the group extended its latest layer of cuts through the first quarter of 2025, pushing back a plan to begin raising output to April, the latest of several delays due to weak demand and rising supply outside the group. Baghdad is waiting for Türkiye's approval to restart oil flows from the Iraqi Kurdistan region after a two-year halt which started in March 2022 when the International Chamber of Commerce (ICC) ordered Ankara to pay Baghdad $1.5 billion in damages for unauthorized exports between 2014 and 2018. An Iraqi oil ministry official earlier told Reuters around 185,000 barrels per day would be exported from Kurdistan's oilfields through the Iraq-Türkiye pipeline once the oil shipments resume.
Asharq Al-Awsat
22-02-2025
- Business
- Asharq Al-Awsat
Iraq's Oil Ministry Says Procedures for Oil Exports through Turkish Pipeline Complete
Iraq's oil ministry said in a statement on Saturday that all procedures had been completed to allow the resumption of exports through the Iraq-Türkiye pipeline. Iraq's oil minister said on Monday that oil exports from the semi-autonomous Kurdistan region will resume next week, resolving a near two-year dispute that has disrupted crude flows as ties between Baghdad and Erbil improve. US President Donald Trump's administration is putting pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran, sources have told Reuters. An Iraqi official later denied pressure or the threat of sanctions. The federal government of Iraq and the Kurdistan Regional Government (KRG) held technical talks following the oil minister's statements earlier this week to iron out details necessary for the resumption of exports, such as a payment mechanism acceptable to oil companies. The Iraqi oil minister's announcement comes after the Iraqi parliament approved on February 2 a budget amendment that set a rate of $16 per barrel for oil transport and production costs in Kurdistan. The amendment also requires the KRG transfer its oil output to the state-run State Oil Marketing Organization (SOMO) The oil ministry in its Saturday statement asked the KRG to start delivering crude to SOMO in order for exports to resume.
