Iraq, Kurdistan reach agreement on resumption of oil exports
The agreement on Wednesday followed negotiations of nearly a month in Erbil and it ends a dispute that has halted the flow of oil via the Kirkuk-Cehyan pipeline for more than two years.
Officials from the Iraqi oil ministry and the KRG's ministry of natural resources signed the accord on Wednesday after intensive talks and field visits to Kurdistan's oilfields, the KRG Ministry said in a statement on its website.
'Under the agreement, the export quantities will be determined according to daily production at Kurdistan's oilfields and after excluding 50,000 barrels per day for domestic use in Kurdistan,' the statement said.
Produced oil will be handed to Iraq's state oil marketing organisation and crude exports will resume after an agreement between the governments of Iraq and Turkey, it added.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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