KRG state­ment on first oil sales through Cey­han pipe­lines

The Kurdish Globe - - FRONT PAGE -

Fol­low­ing the first sales of Kur­dis­tan Re­gion’s oil through the di­rect Kur­dish-Turk­ish pipe­lines, the Kur­dis­tan Re­gional Govern­ment (KRG) is­sued a state­ment on its of­fi­cial web por­tal on Fri­day, 23 May, 2014.

Fol­low­ing the first sales of Kur­dis­tan Re­gion’s oil through the di­rect Kur­dish-Turk­ish pipe­lines, the Kur­dis­tan Re­gional Govern­ment (KRG) is­sued a state­ment on its of­fi­cial web por­tal on Fri­day, 23 May, 2014. Be­low is the state­ment:

In line with its pol­icy of im­ple­ment­ing the 2005's Con­sti­tu­tion of Iraq and help­ing Iraq to pro­duce, ex­port and at- tain the rev­enue tar­gets, the Kur­dis­tan Re­gional Govern­ment (KRG) has com­pleted the first sales of crude oil pro­duced in the Kur­dis­tan Re­gion and piped to the port of Cey­han.

A tanker loaded with over one mil­lion bar­rels of crude oil de­parted last night from Cey­han to­wards Europe. This is the first of many such sales of oil ex­ported through the newly con­structed pipe­line in the Kur­dis­tan Re­gion.

The rev­enue from the sales will be de­posited in a KRG-con­trolled ac­count in Halk­bank in Turkey and will be treated as part of the KRG’s bud­getary en­ti­tle­ment un­der Iraq’s rev­enue shar­ing and dis­tri­bu­tion as de­fined un­der the 2005's Con­sti­tu­tion of Iraq.

Meet­ing Iraq’s con­tin- ued in­ter­na­tional UN obli­ga­tions, five per­cent of the sales rev­enue will be set aside in a sep­a­rate ac­count for repa­ra­tions.

The KRG has in­vited in­de­pen­dent bod­ies to ob­serve the sales and ex­port process in line with the KRG’s com­mit­ment to trans­parency. KRG also hopes that of­fi­cials from SOMO (the federal Iraqi oil mar­ket­ing or­ga­ni­za­tion) ac­cept KRG’s in­vi­ta­tion to ob­serve the process. The KRG will con­tinue to ex­ert its rights of ex­port and sell oil in­de­pen­dently of SOMO but re­mains com­mit­ted to ne­go­ti­a­tions in good faith with its coun­ter­parts in Bagh­dad to reach a com­pre­hen­sive set­tle­ment on oil is­sues within the frame­work of the Iraq’s Con­sti­tu­tion. The KRG has worked tire­lessly with its in­ter­na­tional part­ners and in­vestors to cre­ate new path­ways to pros­per­ity and eco­nomic de­vel­op­ment for the people of Kur­dis­tan and Iraq and is ready to be­come a re­li­able and sta­ble source of en­ergy both for its im­me­di­ate neigh­bors and in­ter­na­tional mar­kets as well.

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