Turkey - 10:26, 16 November 2014 Sunday
Yildiz: Erbil-Baghdad deal guarantees stability

Agreement between Kurdish Regional Government and Iraq represents keystone for stability, says Turkish Energy Minister

Yildiz Erbil-Baghdad deal guarantees stability

World Bulletin/News Desk

The agreement reached between Baghdad and Erbil on Friday is a guarantee of stability for the two governments, said Taner Yildiz, Turkey's Energy Minister at a press conference Friday in Kocaeli province of Turkey.  

"Stabilization in the country means stabilization for the region, therefore, this is pleasing news," said Yildiz.

Turkey exported 25 million barrels of northern Iraqi oil, which corresponds to revenue of over $2 billion, Yildiz underlined. 

"This revenue is for the people of Iraq. This situation shows that Turkey's foresight and strategies are right to the point and it is a contribution to the region as well," he said. 

Iraq and the Kurdish Regional Government came to an agreement to resolve the dispute over oil exports from the northern Iraqi region on Thursday. 

"We have agreed to resolve the dispute with our Kurdish friends and re-establish trust in a fair and lawful way," Adil Abdul-Mahdi, Iraqi oil minister, said in a statement, released on the oil ministry's website. "The dispute had not only affected economic, security and political events, but also started to affect national unity," he added.

In accordance with the said agreement, the Iraqi government will pay the Kurdish Regional Government, or KRG, $500 million as a start and in exchange Erbil has agreed to put 150,000 barrels of crude oil per day at the disposal of Iraq’s federal government.

Yildiz also answered the questions whether the Barbaros Hayrettin Pasa seismic vessel would continue its natural gas explorations in the east- Mediterranean region,  Yildiz said, "Our vessel is exploring and this exploration is for the whole region. We do not approve that the issue has turned into a crisis."

Greek Cypriot Leader Nicos Anastasiades suspended peace talks with Turkish Cyprus two weeks ago over the divided island after Turkey sent its gas exploration seismic vessel to waters off Cyprus.

Turkey and the Turkish Cypriot government have strongly opposed any unilateral move by the Greek Cypriot administration to explore any hydrocarbon resources around the island, saying that its natural resources should be exploited in a fair manner under a united Cyprus.