World Bulletin / News Desk
Iraq said on Sunday that oil exports from Kurdistan to Turkey by truck were "illegal", warning Ankara that such trade with the autonomous region could damage its relations with the central government in Baghdad.
Iraq's autonomous Kurdistan region, which borders Turkey, is locked in a dispute with the central Iraqi government over oil exports and energy policy has become a very sensitive topic.
Turkey said on Friday it had begun importing 5 to 10 road tankers of crude a day from the northern region of Iraq and the volume could rise to 100-200 tankers per day.
"Exporting oil from Kurdistan to Turkey is illegal and illegitimate," Iraq government spokesman Ali al-Dabbagh said in a statement.
He said that the oil is the property of all Iraqis and that any exports and revenue collection should be organised by the central government.
"Turkey, in doing this, is participating in the smuggling of Iraqi oil and putting itself in a position which we don't wish from a neighbour with which we have broad and large interests," he said.
"This issue will influence the relationships between the two countries, especially economic ones, which will be harmed."
A Kurdistan regional government source said last week that it had sent a small amount of oil to Turkey by trucks in exchange for diesel, adding it needed the refined product to run power stations.
Ankara has increasingly courted Iraqi Kurds as its relations with the Shi'ite-led central government in Baghdad have soured. Turkey is a major investment and trading partner for Iraq, especially for Kurdistan.
The Kurdish government source said last week Kurdistan was not getting enough of the refined product under supplies controlled by the central Iraqi government, making the trade with Turkey necessary to fill the gap.
Kurdistan infuriated Baghdad last year by signing production sharing contracts with U.S. group Exxon Mobil. A provincial governor said earlier this month he would also like to enter into talks with Exxon, the world's largest publicly traded energy company.
BIST 100 index rises 1.40 pct, U.S. dollar up to 3.7910 liras, euro-lira rate climbs to 4.6740
10 Turkish agricultural machinery producers and exporters explore Ethiopian market during visit to Addis Ababa
Turkish firms' know-how' in construction sector is an advantage to have in joint projects in Africa: Japanese bank manager
BIST 100 index gains 0.48 percent at opening; USD/TRY stands at around 3.75
Office workers, farmers and radio hosts are taking on new nationalities, relocating their businesses or looking forward to lucrative alternative trade deals, as politicians struggle to come up with a plan.
The International Monetary Fund was going to be "attentive" to the consequences of the reform, which notably includes a sharply lower corporate tax rate, she told French radio station France Inter.
More than 9,000 new companies established in January, according to major business body
Company reaches settlement with EPA following investigation started in 2014
BIST 100 rises 0.51 percent; USD/TRY exchange rate drops to 3.7660
The European aircraft maker said in a statement that net profit nearly tripled to 2.87 billion euros ($3.6 billion) in 2017 from 995 million euros a year earlier.
BIST 100 rises 1.05 percent; USD/TRY exchange rate drops to 3.7820
Saudi Aramco's crude output in March will be 100,000 barrels per day (bpd) below its February level while exports will be kept below seven million bpd, the energy ministry said.
Turkish Central Bank says annual deficit rose to $47.1B in 2017
The figure follows up growth of 0.9 percent in the first quarter of 2017, 0.6 percent in the second, and 0.7 percent in the third -- all adjusted for price, seasonal and calendar effects.
BIST 100 rises 0.73 percent; USD/TRY exchange rate drops to 3.8040