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Kurdistan Region Oil Transfer to SOMO started
The minister also revealed that discussions are ongoing with the Turkish government to reactivate the Iraq-Turkey pipeline, which runs through the Turkish Port of Ceyhan, facilitating the resumption of Kurdistan’s oil exports.
6 hours ago
Iraq’s Minister of Oil, Hayan Abdul Ghani. (Photo: INA)Iraq’s Minister of Oil, Hayan Abdul Ghani. (Photo: INA)
Iraq
Hayan Abdul Ghani
Iraqi Oil Minister
Feb. 4, 2025
ERBIL (Kurdistan 24) – Iraq’s Minister of Oil, Hayan Abdul Ghani, announced on Monday that the federal government has officially begun the process of transferring Kurdistan Region’s oil to the State Organization for Marketing of Oil (SOMO).
Speaking to the Iraqi News Agency (INA), Abdul Ghani stated that the Ministry of Oil has formally communicated with the Kurdistan Regional Government (KRG) through an official directive, outlining the procedures for the lawful handover of oil to SOMO.
The minister also revealed that discussions are ongoing with the Turkish government to reactivate the Iraq-Turkey pipeline, which runs through the Turkish Port of Ceyhan, facilitating the resumption of Kurdistan’s oil exports.
"The designated volume for transfer to the federal Ministry of Oil will not be less than 300,000 barrels per day," Abdul Ghani confirmed.
In a similar development, Iraqi Deputy Speaker of the Council of Representatives Dr. Shakhawan Abdullah, affirmed Monday that Kurdistan’s oil exports would resume in the coming days, removing a major point of contention between Erbil and Baghdad.
Addressing a press conference attended by Kurdistan 24, Abdullah stated: "There are no longer any legal obstacles preventing the resumption of Kurdistan Region’s oil exports, and the process will commence soon."
On Sunday, the Iraqi Parliament approved an amendment to the federal budget, aiming to resolve the longstanding dispute between the Kurdistan Region and the federal government over oil revenues.
Read More: Iraqi Parliament Approves Budget Amendment, Clearing Path for Kurdistan Oil Exports
With the legal framework now in place and technical preparations underway, the upcoming days are expected to mark a significant step toward restoring Kurdistan’s oil exports, reinforcing economic stability and cooperation between Erbil and Baghdad. |
Baghdad transfers over $726M to Kurdistan for January salaries
Kurdistan
Erbil
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Baghdad
Salaries
The Kurdistan Regional Government
Baghdad transfers over $726M to Kurdistan for January salaries
2025-02-04 09:54
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Shafaq News/ The Kurdistan Regional Government (KRG) announced, on Tuesday, that the federal government has transferred over 950 billion IQD (approximately $726 million) to the Kurdish Ministry of Finance and Economy to cover the previous month’s salaries.
KRG spokesperson Peshawa Hawramani confirmed that the federal Ministry of Finance deposited 958,012,332,759 IQD ($732,728,551) into the KRG's Ministry of Finance account.
Hawramani stated that the KRG will begin distributing the January salaries as soon as possible, following the procedures established by the Ministry of Finance.
On Monday, the Kurdish Ministry of Finance announced that a final agreement had been reached with Baghdad to resolve the longstanding issue of public sector salaries, following several days of technical meetings between the two sides.
The payment of public sector salaries in the Region has been a contentious issue between Baghdad and Erbil, particularly after the Iraqi Federal Court's decision last year, which mandated both the Iraqi and Kurdistan region’s prime ministers to settle salaries through the federal banking system.
While Baghdad has affirmed its commitment to the court ruling, it has conditioned the submission of detailed employee lists, a point of concern for the KRG Ministry of Finance due to uncertainties surrounding the handling of the lists.
The Kurdistan Region is currently facing a financial crisis and liquidity shortage, worsened by the suspension of oil exports to Turkiye through the Ceyhan pipeline. Ankara halted the flow of oil following an international arbitration ruling requiring Turkiye to compensate Baghdad for damages.
Meanwhile, the federal government is also grappling with a significant budget deficit exceeding 64 trillion Iraqi dinars (approximately $48.9 billion), and domestic debt is reported to have reached roughly 14.5% of Iraq's GDP, according to official data. |
Use google finance It's well goodYou get live share prices |
I'm holding for at least £100 per share. |
Thanks for that |
https://x.com/john78846295/status/1886721801717235845 KurdistanHow quick could exports resume?#GENL CFO: If there is good political will and momentum, it could be pretty quick. |
Investing.com app gives live prices and bid/ask prices.All free. |
The 20 min delay doesn't help for us freebie subscribers. |
I wouldn't take notice of share price movement if I were you. |
I'm surprised to see so many buys and yet a drop in share price. Is ADVFN not reporting correctly? |
https://x.com/john78846295/status/1886717894639095926 Kurdistan #GENL CFO: There is planned upcoming engagement with the regulator (#KRG) on oustanding questions for the implementation of the budget amendment. |
Genel live presents in 2 mins |
Well our CEO needs a further lump of stock, he has only half his share element provided in January, so plenty more mystery, along with the non buying buyback... That expires in 6 weeks....... |
With shares being in short supply,good luck trying to execute a $10M BUYBACK!
Lot's of things can happen here and some could be simultaneous.
It's gonna be fascinating watching this unfold.
GLA. |
Current draft 7.4m. Might be worth keeping an eye on that ? |
It's there for a reason and it's not for the loading of chemical/oil products, it's almost certainly there as part of a test.
That jetty is solely for the export of crude oil and the pipeline has been idle for almost two years so they'll need to flush it and test everything before using it.
It's a big pipe and it's 600 miles long so whatever they flush it with there'll be a lot of it and it'll need to go somewhere. |
https://www.rudaw.net/english/interview/04022025 |
Concur SS. |
Maybe the first batch to come out of the pipe will contain a load of unwanted crud? Just a mull. |
"It is the PORT CAPRI a Chemical/Oil Products Tanker. So not one of 'our' bulk oil tankers."
Indeed, it's a Turkish registered ship of 30,000 tons gross, but what is interesting is that it's the first ship of ANY kind that has been berthed at our jetty since the pipeline was closed.
Maybe BOTAS are going to test the system and load it to make sure everything still works.
That jetty is the terminus for the ITP and is solely used for that purpose, the loading of chemical/oilproducts is from a loading terminal further north.
So what's it doing there and why now. |
Bouncing now. |
Stop chomping on the bit guys myself included. Que será será. |
Phew, thought I was hallucinating, yes noticed it was a slightly smaller vessel. |
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