Iraqi Oil Export Through Kurdistan Region to be Done As Per The Iraqi Constitution, Turkish Energy Minister

Iraq NewsTatar Yaldiz, the Turkish energy minister told that exporting crude oil through Turkey will be favorable not only for Kurdistan but also for the Iraq. The Turkey Minister hoped that it can also be a good solution for recent tension between Kurdistan and Iraq government. He assured that the contract will be according to the constitution of Iraq. The officials of Iraq government also considered it as a positive step towards development of oil export in the regions.

According to this contract, 100,000 barrel oil will be exported in the international market through Turkey. The profit generated from this contract will be distributed between government of Iraq and the Kurdistan regional government in 83% and 17% respectively, according to constitution of Iraq. The operational cost of this contract will also be minimized through this route and both of the regions will be benefited from this contract with the full swing. Instead of exporting crude oil through Baghdad pipelines in the international market, it will be a better option to minimize the operational cost of this project and it will maximize return on investment. In this way the Kurdistan will not asked to export specific quantity through Baghdad and it may be the first step to minimize the tension between Iraq and Kurdistan.

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