Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kurds offer to export 100,000 bpd oil to resolve 'impasse' with Iraq   Join our daily free Newsletter

MENAFN - Arab Times - 23/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Iraq's autonomous Kurdish region pledged Thursday to export 100,000 barrels of oil per day through central government-controlled pipelines in a bid to resolve an impasse with Baghdad ahead of elections. The Kurds and the government are locked in a row over energy exports, in which Baghdad has choked off funds to the northern region, draining its reserves, as the two sides spar over a national budget that would penalise the Kurds for failing to meet export targets as well as other issues tied to energy sector regulation. As a "goodwill gesture," the Kurdistan regional government said on its website it "has offered to make a contribution to Iraq oil pipeline exports to give the negotiations the maximum chance of success.



The KRG contribution will be 100,000 barrels per day from next month onwards, the statement said, adding that exports will continue "while the negotiations are proceeding in a positive direction." It added that the KRG has not set any preconditions. Earlier this year, Arbil shipped more than one million barrels of crude directly to Turkey without Baghdad's consent, although the oil has not yet been sold on international markets. The decision by Kurdish authorities was the latest in a years-long row between Baghdad and Arbil over energy, and spurred the central government to partly cut off funding to the three-province region



Baghdad also complains that the Kurds do not meet export targets set by the central government but still demand their full budget allotment. The decline in funding from Baghdad has forced Arbil to delay paying some government salaries. Baghdad argues that all oil sales must be overseen by it, and regards any independent exports as tantamount to smuggling. Kurdistan, which enjoys a high level of autonomy from Baghdad and has its own security forces, government and flag, has also drawn Baghdad's ire for unilaterally signing contracts with foreign energy firms. But the two sides appeared to be agreeing on the broad outlines for a permanent deal, according to a senior US official



Such a deal would involve a high committee of representatives from the national oil ministry, the Kurdish region and other major oil producing areas to regulate the hydrocarbons sector and the automation of payments from Baghdad to Arbil. "And then Baghdad wants to see... that the Kurds will continue producing and exporting, and contributing revenues to the national budget base to the extent of their technical capacity... without political interference," said the official, who spoke on condition of anonymity

The official acknowledged that the third point in particular remained "tricky.



"Both sides have long-term grievances and complaints about what is owed and what is not owed," the official said. "That's why it was very hard even just to get an initial step like this done." "It remains extremely extremely difficult. The political scene is super charged as we head into elections and... all the other challenges the country is facing." In addition to disputes over natural resources, the long-standing ambition of Kurdish leaders to incorporate a swathe of territory stretching from Iran to Syria into their region, against Baghdad's strong opposition, is another major point of contention. Diplomats and officials say the multitude of disputes are among the biggest long-term threats to Iraq's stability




 






  MENA News Headlines
 Jul 24 2014 - A forgotten tragedyUN experts call for a stronger response to internal displacement in NigeriaMENAFN Press
(MENAFN Press) GENEVA Switzerland July 23 2014/African Press Organization (APO)/ -- Two United Nations human rights experts today called on the Government of Nigeria and the international community ...

 Jul 24 2014 - Address by Cathy McLeod Parliamentary Secretary to the Minister of LabourMENAFN Press
(MENAFN Press) OTTAWA Canada July 24 2014/African Press Organization (APO)/ -- Check Against Delivery Good morning/afternoon. Thank you for joining us. We are here today to discuss a global ...

 Jul 24 2014 - Flydubai to start Mumbai flights in OctoberspanKhaleej Times
(MENAFN - Khaleej Times) Bai-based flydubai on Wednesday announced the launch of flights to Mumbai bringing the total number of destinations served by the carrier in India to seven with 25 flights a ...

 Jul 24 2014 - Dubai: A vision not an illusionspanKhaleej Times
(MENAFN - Khaleej Times) W laws will reinforce Dubais position as a sought-after global investment and business destination Hisham Abdulla Al Shirawi tells Khaleej Times “Dubai and the UAE as a ...

 Jul 24 2014 - Real estate deals in Dubai hit Dh113 billionspanKhaleej Times
(MENAFN - Khaleej Times) Ga projects and investor confidence behind strong transaction volumes The launch of mega projects and renewed investor confidence have boosted real estate transactions in ...

 Jul 24 2014 - Mashreq bank profit surges 40spanKhaleej Times
(MENAFN - Khaleej Times) Shreq bank announced on Wednesday a 40 per cent increase to Dh1.The bank said it net profit in the second quarter reached Dh585 million an increase of 45 per cent from last ...

 Jul 24 2014 - Marka to list on DFM in SeptemberspanKhaleej Times
(MENAFN - Khaleej Times) Rka a public joint stock company with a capital of Dh500 million on Wednesday announced plan to list its shares on the Dubai Financial Market in the second week of September ...

 Jul 24 2014 - Al Maya opens supermarket in Al Reem IslandspanKhaleej Times
(MENAFN - Khaleej Times) Maya Group has extended its reach in Abu Dhabi by opening its fourth supermarket in the countrys capital and first on Al Reem Island the company said.“The group ...

 Jul 24 2014 - Fees and commission boost FHs H1 earningsspanKhaleej Times
(MENAFN - Khaleej Times) Nance House has posted a robust consolidated net-profit of Dh61.Net fee and commission income grew by a whopping 75 per cent year-on-year to Dh35.8 million. Similarly income ...

 Jul 24 2014 - Majid Al Futtaim revenues jump 14 in first halfspanKhaleej Times
(MENAFN - Khaleej Times) Rong performance across the businesses has boosted Majid Al Futtaims first-half revenues by 14 per cent compared to same period last year the Dubai-based company announced on ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help