Kurdistan: Resumption of oil exports will begin within the next 48 hours.
The Kurdistan Regional Government’s Ministry of Natural Resources announced on Thursday that the region’s oil exports will resume within the next 48 hours.
The ministry said in a statement received by Shafaq News Agency, “Following the tripartite agreement between the ministry, the federal Ministry of Oil, and the region’s oil production companies, the export process is scheduled to begin within the next 48 hours.”
She added, “The agreement paves the way for a more equitable distribution of oil wealth, strengthens cooperation with Baghdad, and ensures continued flow through approved official ports.”
Iraqi Prime Minister Mohammed Shia al-Sudani announced Thursday evening that he had reached an oil agreement with the Kurdistan Region, describing it as “historic.” The federal Ministry of Oil indicated that this agreement is the result of ongoing efforts over the past months to establish clear mechanisms to ensure smooth export flows and transparency in revenues.
Al-Sudani stated in a post on the “X” platform, followed by Shafaq News Agency, “Today, we reached a historic agreement under which the federal Ministry of Oil will receive crude oil produced from fields located in the Kurdistan Region and export it via the Iraq-Turkey pipeline.”
He considered that “this ensures the equitable distribution of wealth, diversifies export outlets, and encourages investment,” concluding his post by saying, “This is an achievement we have waited 18 years for.”
In turn, the Iraqi Ministry of Oil announced in a statement received by the agency that an agreement had been reached stipulating the commencement of pumping and delivering all crude oil produced from fields located in the Kurdistan Region – except for the quantities allocated for local consumption – to the State Oil Marketing Organization (SOMO), within Iraq, so that the company will export it via the Iraqi-Turkish pipeline via the Turkish port of Ceyhan, in accordance with approved fundamental procedures, the constitution, the provisions of the Federal General Budget Law, and Federal Court decisions.
According to the ministry, “This agreement is the result of intensive efforts and ongoing discussions over the past months, stemming from a shared national vision aimed at strengthening Iraq’s role as a major player in the global energy market, preserving Iraq’s sovereignty, and rigorously defending its national interests and the rights of all Iraqis.”
She explained that “the agreement includes establishing clear technical and regulatory mechanisms to ensure smooth export flow and transparency in oil revenues, which will contribute to strengthening the state’s public finances and increasing federal budget revenues. This will positively impact the government’s ability to implement service and development projects and provide the foundations for economic stability for Iraq and its people from north to south and from east to west.”
Shafaq.com