Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Iraqi Kurds slam Baghdad legal action over oil shipment  Join our daily free Newsletter

MENAFN - AFP - 25/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) Iraq's Kurdistan region on Sunday slammed legal action filed by the central government against Turkey, saying it was illegitimate and likely to fail, in the latest sign of worsening ties with Baghdad.

The Kurdish Ministry of Natural Resources statement came just days after Baghdad's Oil Ministry filed a request for arbitration against Ankara at the Paris-based International Chamber of Commerce after crude from Kurdistan was exported to international markets via a Turkish port.

Relations between Iraq and its Kurdish region, and between Baghdad and Ankara, were already fragile and are likely to chill further over the row, with the latest shipments flying in the face of the Iraqi government's insistence that it has the sole right to sell its prized natural resources.

"The MOO (Ministry of Oil) is, with its behaviour, isolating itself... (and) potentially damaging Iraq's petroleum industry and Iraq's petroleum reserves," the statement said.

"The MOO is also... now prepared to damage Iraq's relations with Turkey and other friends of Iraq."

The statement said the arbitration request is "self-defeating" and "illegitimate", and that it would "not allow hollow threats from the MOO to interfere with the KRG's (Kurdistan Regional Government's) oil export regime."

It also acknowledged that Kurdish authorities had been "exporting oil by trucking through Turkey and Iran for many years," insisting it was done with the knowledge of the federal government.

Baghdad has branded the trucking of oil as "smuggling".

The dispute between Baghdad and Kurdish authorities centres around interpretations of Iraq's constitution, with both sides insisting they are behaving legally.

The central government insists it has the sole right to export Iraqi crude, and also says contracts between Kurdish authorities and foreign energy firms without its expressed consent are illegal.

But the row took on a new dimension after Turkey confirmed shipments of oil pumped from the autonomous northern Iraqi region and stored at Ceyhan port began on Thursday.

Iraq responded by filing the arbitration request on Friday, asking the ICC to order Turkey and its state-owned pipeline company to "cease all unauthorised transport, storage and loading of crude oil," and added it was seeking financial damages of more than 250 million (180 million euros).

Oil expert Ruba Husari said Baghdad's move "might not stop the exports immediately but it will increase the perception of risk of doing business with KRG."

"This will hurt many businesses and the business environment in the Kurdistan region," said Husari, the Dubai-based editor of www.iraqoilforum.com.

Washington has warned that the oil export move could destabilise Iraq.

The tensions come as Prime Minister Nuri al-Maliki looks to secure a third term in power after April 30 elections in which his bloc emerged with by far the most seats in parliament, though well short of a majority.

Maliki is likely to need some Kurdish support if he is to secure the seats necessary to win re-election, but the latest row threatens to further complicate any potential talks for government formation.


 


AFP




  MENA News Headlines
 Nov 26 2014 - Kuwait's Mabanee to invest USD910m on projectMENAFN
(MENAFN) Mabanee, the Kuwaiti real estate firm, announced it is planning to spend USD910 million on building the fourth phase of its development of The Avenues mall, Arabian Business reported.The ...

 Nov 26 2014 - Oman's Sezad, OOC sign MoU on Duqm refineryMENAFN
(MENAFN) The Special Economic Zone Authority of Duqm (Sezad) announced it has signed a Memorandum of Understanding with the Oman Oil Company (OOC) regarding construction work on the planned refinery ...

 Nov 26 2014 - Emirates Airlines adds new flight to Maldives routeMENAFN
(MENAFN) Dubai's Emirates Airline announced it has added a third daily service to Mal", the capital of the Maldives, which will begin servicing passengers on December 1, Arabian Business reported.The ...

 Nov 26 2014 - Abu Dhabi Int'l passenger traffic up 17 percent in OctoberMENAFN
(MENAFN) Abu Dhabi International Airport announced that it registered an increase by 17 percent in its passenger in October, Arabian Business reported.The airport said that it has registered a total ...

 Nov 26 2014 - Oman's Rolls-Royce sales grow 46 percent in Jan.-Oct.MENAFN
(MENAFN) Rolls-Royce Motors announced it has registered an increase in its sales in Oman by 46 percent during the January-October period, compared to the same period last year, Times of Oman ...

 Nov 26 2014 - GCC petrochemical industry to decline on falling oil pricesMENAFN
(MENAFN) Gulf countries' petrochemical industry is expected to begin facing challenges due to the falling of oil prices, US shale gas and China's polyethylene, Khaleej Times reported.These factors ...

 Nov 26 2014 - Syrian economy decline 40 percentMENAFN
(MENAFN) According to the Undersecretary General for Humanitarian Affairs and Emergency Relief Coordinator, Syria's economy has declined by almost 40 percent since 2011, due to the effects of the ...

 Nov 26 2014 - Qatar to invest USD43.62b on railways infrastructureMENAFN
Qatar's Ministry of Transportation announced it is currently working on the development of advanced transport infrastructure in the country, with several projects currently in the planning stages or ...

 Nov 26 2014 - Dubai's Kcal to expand to EgyptMENAFN
(MENAFN) Kcal, the Dubai-based restaurant chain announced it is planning to expand its business in the MENA region with its first store slated to open in Egypt by December this year, followed by 14 ...

 Nov 26 2014 - MENA's value of M&A deals hit USD9.3b in Q3MENAFN
(MENAFN) The Middle East and North Africa's (MENA) merger and acquisition activity increased by 17 percent during the July-September period of this year, with 109 deals announced compared with 93 ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help