Revenues from Iraqi oil accumulated in Turkish bank

Photo: Revenues from Iraqi oil accumulated in Turkish bank / Oil&Gas

Baku, Azerbaijan, June 23

By Rufiz Hafizoglu - Trend:

The revenues from selling the oil produced in the territory of Kurdistan Regional Government (KRG) of Iraq are accumulated in Turkey's Halkbank, Turkish Minister of Energy and Natural Resources, Taner Yildiz said.

He pointed out that some $97 million worth of revenues from selling the first batch of Iraqi oil has accumulated in the bank.

Yildiz went on to add that this amount will be shared between Baghdad and Erbil [the capital of KRG].

Relations between the central government in Baghdad and the KRG have been strained since the agreement with Turkey was signed in 2012. Despite the fact that 17 percent of the KRG's revenues are supposed to come from oil sales, Baghdad opposes giving local authorities the right to independently export hydrocarbons and sign contracts on their exploration and production.

Iraq's central government and the KRG have also failed to reach an agreement on accumulation of oil revenues.

The Iraqi authorities claim that the revenues from selling the oil produced in the KRG's territory should be transferred to the special account in the U.S. Yet, the KRG leadership has repeatedly stated that the oil revenues will be kept in the accounts of Turkey's Halkbank.

Edited by CN

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