Masrour Barzani: Halt of KRI's oil exports causes billions in losses to the state treasury

Shafaq News / The Prime Minister of the Kurdistan Region (KRI), Masrour Barzani, affirmed on Sunday that the suspension of oil exports from the Region has cost the Iraqi state's public treasury losses estimated in billions of dollars.

Oil exports from KRI and Kirkuk governorate through the Turkish port of Ceyhan came to a halt after the federal government won a ruling on March 25, 2013, which it presented to the International Chamber of Commerce's arbitration body in Paris.

Barzani met with the Deputy Prime Minister and the Federal Oil Minister, Hayan Abdul Ghani, along with his accompanying delegation comprising deputy ministers, directors-general of the ministry, and the general director of the National oil Marketing Company "SOMO". The two sides exchanged views on procedures and steps for oil exports from KRI.

Masrour Barzani, during the meeting, reiterated KRI's readiness to resume oil exports within the framework of a mutual understanding to meet the financial and technical requirements of the export process. This is to be conducted per constitutional principles and contracts, respecting the constitutional rights of all parties and finding an appropriate solution to provide the necessary funds for the transportation and production of the Region's oil as specified in the federal budget.

He added that the suspension of oil exports has resulted in losses of billions of dollars to the state's public treasury, emphasizing the need to resume them as soon as possible.

The Prime Minister of the Region directed the Minister of Natural Resources to coordinate fully with the team from the federal Ministry of Oil, which is expected to remain in Erbil for several days.

In turn, the Deputy Prime Minister and Oil Minister in the Iraqi government expressed the federal government's desire to resume oil exports, presenting this desire on behalf of the Prime Minister of the federal government. This is through providing a suitable common ground within the framework of the constitution and removing obstacles to the process.

It was also decided that the two ministries would continue to discuss and exchange legal, financial, and technical details to present solutions by mutual agreement for the resumption of oil exports as soon as possible. This move is expected to significantly increase the general financial revenues of both Iraq and KRI, with the spending directed towards the public interest.