Oil: Iraq won the arbitration case in the case of exporting oil through Turkey

Baghdad-INA 

 The Ministry of Oil announced today, Saturday, that Iraq won the arbitration case in the case of exporting oil through Turkey. 

A statement by the ministry, received by the Iraqi News Agency (INA), stated, "The Ministry of Oil welcomed the final ruling in favor of Iraq, which was issued by the Arbitration Tribunal of the International Chamber of Commerce in Paris last Thursday, March 23, 2023.".

The statement added that "in the arbitration case filed by the Republic of Iraq against the Republic of Turkey for violating the provisions of the Iraqi-Turkish pipeline agreement signed in 1973, which stipulates" that the Turkish government must comply with the instructions of the Iraqi side regarding the movement of crude oil exported from Iraq to all storage centers, discharge and final destination.

The ministry expressed, according to the statement, "its appreciation for the efforts of the arbitral tribunal of the International Chamber of Commerce in Paris for its professional and professional handling of the lawsuit filed by Iraq, by providing the opportunity and time for the two parties to defend their positions, especially since the decision requires all parties to respect international agreements and covenants in this regard, and that The Ministry of Oil through the Iraqi Oil Marketing Company "SOMO" is the only entity authorized to manage export operations through the Turkish port of Ceyhan.

The ministry emphasized "the depth of the good historical relations that bind Iraq with Turkey, and that the decision of the arbitral tribunal does not constitute an obstacle to the development and expansion of bilateral relations in order to achieve common interests while Iraq retains its constitutional powers and sovereignty over all its wealth.".

The statement continued, "The ministry will discuss the mechanisms of exporting Iraqi oil through the Turkish port of Ceyhan with the concerned authorities in the region and with the Turkish authorities, according to new data after the issuance of the final ruling by the Arbitral Tribunal in Paris, in a manner that guarantees the continuation of oil exports, and the fulfillment of SOMO's obligations with International companies through the port of Ceyhan, in the interest of the ministry to export the full quantities allocated from all oil fields, including the region, with the aim of maximizing financial revenues, to supplement the federal budget.