The Kar Refinery in Erbil, the Kurdistan region of Iraq. Photo: AFP
Baghdad (IraqiNews.com) – Officials in the oil sector said that a Turkish delegation in the energy sector met with Iraqi officials in the oil sector in Baghdad on Monday to discuss the resumption of oil exports from northern Iraq, Reuters reported.
The Undersecretary of the Iraqi Oil Minister, Basim Mohammed Khudair, told Reuters last Thursday that the two parties agree that it is necessary to resume oil exports as soon as possible, and Iraq is ready to pump 500,000 barrels per day of oil in case both parties agree on the resumption of oil exports.
Turkey halted exports of 450,000 barrels per day from northern Iraq through the Iraq-Turkey pipeline on March 25 after the International Chamber of Commerce (ICC) issued its ruling in an arbitration case.
The ICC obliged Turkey to pay Baghdad $1.5 billion in compensation for damages caused by the Kurdistan Regional Government’s (KRG) export of oil without permission from the federal government in Baghdad between 2014 and 2018.
The 80-day halt of oil exports from the Kurdistan region of Iraq cost the KRG more than $2 billion, according to Reuters.
The crude oil pipeline extends from the Kurdistan region in northern Iraq to the Turkish port of Ceyhan.
The KRG began exporting crude oil independently in 2013, a step Baghdad considered illegal.
Attempts to resume oil exports from Iraqi Kurdistan were delayed because of the Turkish presidential elections and discussions between the State Organization for Marketing of Oil (SOMO) and the KRG over an oil export deal.
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ERBIL (Kurdistan 24) – Kurdistan Region Prime Minister Masrour Barzani on Monday gave a speech at the Invest Kurdistan Launch, where he underlined that Invest Kurdistan will help facilitate local and foreign investors and provide access to information on investment opportunities in the Kurdistan Region.
“I have always said that the public sector and the private sector complement each other. This is not just a slogan, we believe in this and we apprehend the significance of the private sector’s role in the development and progress of the country’s economy,” he said.
Moreover, he said the Kurdistan Region has overcome difficult challenges these past years, including impacts of the coronavirus pandemic, instability of global markets, and political and financial problems of local and regional areas.
“All of these became major obstacles in front of us. Thankfully, with the resilience of Kurdistanis, our plans to overcome that difficult phase were a success, with the direct partnership with Kurdistan’s private sector. Therefore, I take this opportunity to give a special thanks to the private sector of the Kurdistan Region, who have always stood in support in times of crisis and helped the government and our people,” he stated.
‘Invest in Kurdistan’ is a guide, created by the Kurdistan Region’s Board of Investment (BoT). The 64-page guide in English displays investment opportunities for foreign investors.
It aims to promote the Kurdistan Region as a gateway to the growing markets of Kurdistan and Iraq, as well as the wider markets of the Middle East and Europe.
“We want to ensure that investors in the domestic and foreign sectors have greater confidence in Kurdistan Region’s market. We have made tangible progress to remove legal and bureaucratic barriers in our investment strategy. We’ve made progress but we know there’s more to do to make it easier for investors,” PM Barzani said in his speech.
Moreover, he underlined that investment requires a reliable and efficient banking sector. “That’s why in this cabinet we took the initiative to develop this sector. With teams from my office and international experts, we are working to transform the Kurdistan Region from a cash-based market to a market with a reliable banking system.”
He also emphasized that the Kurdistan Region is a stable and peaceful region. “Our region’s environment and geography are encouraging for investment in agriculture, tourism and industry. We have adopted a diversified economic policy, so we support diversified investments in all possible ways,” he added.
Later, he underlined that the growth of the Kurdistan Region will benefit all of Iraq. “We want the Kurdistan Region to be a gateway and the beginning of companies to work here and in other parts of Iraq.”
Barzani stressed that he has a good understanding with Iraqi Prime Minister Mohammed Shia Al-Sudani. “I believe that with the support of all parties, we can face political and economic challenges and together we can bring Iraq to the ranks of developed countries in the world. Because the whole of Iraq is rich in all respects and only requires good and just management.”
“The Kurdistan Region Board of Investment has announced more than 1,000 investment opportunities in different sectors. Now as the KRG, we understand and have strategies to develop our region in the interest of both investors, and our citizens. We want to do this to have created more jobs for our people and revitalize Kurdistan’s economy.”
“And I will personally meet more closely with local and foreign investors, so that we can hear their remarks and suggestions. I hope that this is the start of more investment in Kurdistan across all sectors. Let’s all work together to have a prosperous and stronger Kurdistan.”
Earth News / The Minister of Commerce, Atheer Daoud Al-Ghurairy, announced today, Monday, the completion of the technical and logistical procedures to pay the amounts owed by Iraq to the benefit of the World Trade Organization (WTO).
The ministry said in a statement, quoting the media office, and received by Earth News, that “the Department of Foreign Economic Relations, in coordination with the administrative and financial department of the ministry, was able, with exceptional efforts to complete all procedures related to the payment of the amounts resulting from Iraq for the benefit of the organization due to its membership in it as an observer, because the contribution had accumulated for previous years as a result of the delay in the adoption of the general budget of Iraq in addition to reducing its percentage due to austerity measures followed since 2018.”
The statement added that “the Minister of Commerce and the Chairman of the National Committee on Iraq’s accession to the Organization had issued his directives to give the utmost importance to the subject.”
The Director General of the Ministry’s Relations Department, Riad Al-Hashemi, stressed “addressing the concerned authorities on the need to resolve the file and implement the recommendations of the Diwani Order Committee No. 6 of 2022 regarding financial contributions to international and regional organizations, in addition to the fact that this issue is consistent with the paragraphs of the government curriculum, which was given to cooperation with international organizations, especially important for its wide-ranging impact on the global economy.”
He pointed out that “his circle gave the WTO file special importance in its plan prepared for the coming period, which supervises the implementation of the part related to it by coordinating efforts for all government sectors in the interest and status of Iraq.”
President Abdul Latif Jamal Rashid confirmed today, Monday, during his reception with the President of the Strategic Council for Foreign Relations of the Islamic Republic of Iran Kamal Kharrazi, that Iraq is on the verging of an urban renaissance after the House of Representatives approved the general budget.
The Media Office of the President of the Republic said in a statement that responded to Alsumaria News, “the latter” received at the Baghdad Palace, the President of the Strategic Council for Foreign Relations in the Islamic Republic of Iran Kamal Kharrazi and his accompanying delegation, stressing “the development witnessed by the Iraqi provinces and cities in light of the consolidation of security and stability in the country. He also welcomed the delegation’s visit to the city of Basra.”
He pointed out that “the depth of social, geographical, historical and religious ties and economic interests that bind the two neighboring peoples and the nature of relations between the two countries.”
The President of the Republic indicated that “Iraq is on the vernaissance of an urban renaissance after the House of Representatives approved the general budget,” adding that “the establishment of strategic studies centers is one of the indicators of the development of countries as it provides a clear vision for decision makers in light of the many changes in the world is witnessing in the fields of energy and water.”
For his part, the Chairman of the Strategic Council for Foreign Relations in the Islamic Republic of Iran expressed his “hapiness for this visit and meeting with the President of the Republic,” stressing that “the Islamic Republic of Iran supports the security and stability of Iraq.”
Kharrazi referred to “the efforts made by the late Mam Jalal to expand relations,” and praised “the role of the president in promoting cooperation between the Iraqi and Iranian peoples.”
The Chairman of the Strategic Council stressed “interest in developing relations between the two countries,” noting that “Iraq is the gateway to communicate with Arab countries, as he praised in this context Iraq’s efforts to bring views closer with the Kingdom of Saudi Arabia.”
National Security Adviser Qassem al-Araji arrived in New York City on Monday for the Third United Nations High-Level Conference of Heads of Counterterrorism Agencies. “National Security Adviser Qassem Al-Araji arrived in New York City, to attend the Third United Nations High-Level Conference of Heads of Counter-Terrorism Agencies,” the National Security Adviser’s Information Office said in a statement received by Mawazine News. He added that “Al-Arji will deliver Iraq’s speech at the conference, and will also hold several meetings with the Under-Secretary-General of the United Nations for Counter-Terrorism, the Executive Director of the Counter-Terrorism Committee and the Analytical Support and Sanctions Monitoring Team, as well as international security officials.” Finished 29/A
Shafaq News / The President of the Kurdistan Regional Government, Masroor Barzani, received today, Monday, June 19, 2023, a delegation from the US Chamber of Commerce.
At the meeting, which was attended by the US Consul General to the Kurdistan Region, Irvin Hicks, Vice President of the American Chamber of Commerce for Middle East Affairs Steve Lotus, gave an overview of the objectives of the visit and the composition of the delegation that included representatives of a number of American companies in the field of agricultural development.
The Prime Minister thanked the United States of America for its interest in strengthening its relations with the region through the private sector, highlighting the reforms implemented by the Ninth Ministerial Form in the field of economic diversification, attention to the agricultural sector, establishing a solid economic structure, activating the banking system and providing public services electronically.
The Prime Minister pointed out that our goal is to make the Kurdistan Region an important agricultural and commercial center in the region in order to provide food security, and encourage American companies to enhance their investments in the Kurdistan Region, especially in the field of renewable energy and banking affairs, and renewed the readiness of the Kurdistan Region to provide all the necessary facilities and coordination in this regard.
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