U.S. to distribute profit from Iraqi oil export

The U.S. has stepped in to solve a political crisis between the Kurdish Regional Government of northern Iraq and Baghdad.

U.S. to distribute profit from Iraqi oil export

World Bulletin / News Desk

While the world talks about the new oil pipelines to be built across the border by Turkey and the northern Iraqi Kurdish regional government, the United States has provided a solution to an ongoing problem between the autonomous government and Baghdad.

Haberturk claimed that profits from the export of Iraqi hydrocarbons (petrol and gas) will be accumulated and distributed in the United States as a formula to solve differences that have occurred between the autonomous regional government of Iraq Kurdistan and the Iraqi government of Baghdad. While the Kurdish government in northern Iraq will receive 17% of the profits, the remaining 83% will be given to the Baghdad administration.

This new development promises to give the green light to two new oil pipelines that have been planned to be built between Turkey and northern Iraq after its construction was blocked by ‘technical’ difficulties. A new pipeline between Kirkuk and Yumurtalik can now be completed by the end of the year. It is believed that the pipeline will be able to deliver up to 400,000 barrels of light crude oil daily when it first opens, and that this figure would later rise to a million barrels a day.

Another pipeline set to be complete by 2015-2016 will carry a million barrels of heavy crude oil a day. According to reports, the regional Kurdish government has granted six sites to the Turkish Energy Company (TEC), where they will extract and export the oil.

Last Mod: 14 Kasım 2013, 15:55
Add Comment
Comments
Faisal
Faisal - 6 yıl Before

This article is the only one that mentions this news.Can you please advise what source this came from?Thank you.