Minister: Revenue from Iraqi oil to be accumulated in Turkish state bank

Oil&Gas Materials 20 November 2013 13:22 (UTC +04:00)

Baku, Azerbaijan, Nov. 20

Rufiz Hafizoglu-Trend:

Revenues from Iraqi oil will be accumulated in the Turkish state bank, Turkish Minister of Energy and Natural Resources Taner Yildiz said, Sabah newspaper reported on Nov.20.

According to the minister, revenue from the oil produced by the Kurdish Administration in Northern Iraq will be divided legally, as 83 per cent falls to Baghdad and 17 per cent to the Kurdish Administration.

Earlier it was reported that Turkish Minister of Energy and Natural Resources Taner Yildiz said energy cooperation between Turkey and the Kurdish Administration in Northern Iraq is being implemented with respect for the law.

According to the minister, Turkey has repeatedly stated its regional energy intentions to the central government of Iraq and the Iraqi government treated this with respect.

He also stressed that the joint energy projects contribute to the normalization of relations between the neighboring countries and Ankara expressed its interest in energy reserves in Northern Iraq.

Earlier, Taner Yıldız said that a new oil pipeline will be constructed for oil supplies from northern Iraq to Turkey. Ankara is ready to buy Iraqi oil, which is delivered by this country to the world markets.

It was also reported that Iraqi Kurdistan will start gas exports to Turkey in late 2016. The initial volumes of gas delivered to Turkey will amount to 20 billion cubic meters per year.

It was earlier reported that the Minister of Natural Resources of Iraq's Kurdish Autonomous Region, Ashti Hawrami said Arbil plans to export gas to Turkey.

It was also reported that the price of gas from Iraq's Kurdish autonomous region will be equal to the half of the price of the Russian gas exports to Turkey.

According to the minister, a new company will be created with the participation of the Turkish private sector and foreign investors to work at the fields in Iraq's Kurdish Autonomy.