Latest news with #AliNizarFaiq
Rudaw Net
3 days ago
- Business
- Rudaw Net
Iraq denies oil smuggling after US sanctions Iran-linked network
Also in Iraq Flights to resume at Mosul airport in 2 months after 11-year hiatus Iraq says 'committed' to receiving 230,000 barrels of oil daily from KRG KRG delegation in Baghdad for salary talks after oil export deal KRG to resume oil exports after new agreement with Iraq A+ A- ERBIL, Kurdistan Region - Iraq's oil marketing agency on Friday denied reports of smuggling or blending Iraqi oil with that of neighboring countries, after United States sanctions targeted an Iraqi-linked network accused of disguising Iranian oil. "Talk about the existence of places that allow the smuggling of Iraqi oil and blending it with the oil of neighboring countries is untrue," Ali Nizar Faiq, general director of the State Oil Marketing Organization (SOMO), told state-run Iraqi News Agency (INA). "There are no blending or smuggling operations inside Iraqi ports or regional waters,' he added. Last month, the US Treasury Department announced sanctions against a network accused of smuggling 'billions of dollars' worth of Iranian oil.' The sanctions target companies allegedly controlled by Iraqi-British businessman Salim Ahmed Said, who is accused of using fraudulent documentation and ship-to-ship transfers to disguise Iranian oil as Iraqi, including through blending. 'There is no evidence in any international body that confirms the existence of this kind of blending or smuggling,' Faiq said. The sanctions are part of renewed US pressure on Iran following the reimposition of Washington's 'maximum pressure' policy in February. The July measures came shortly after a 12-day war between Iran and Israel, during which the US struck Iranian nuclear facilities. Kurdistan Region oil exports Faiq also said Iraq is prepared to resume oil exports from the Kurdistan Region once producing companies begin deliveries. SOMO 'has completed all preparations, and has completed contracts with the purchasing companies, and is fully prepared to start exporting oil from the region as soon as the producing companies in the region start delivering the produced quantities,' he said. Under a recent agreement between Erbil and Baghdad, the Kurdistan Regional Government (KRG) committed to exporting its oil - about 230,000 barrels per day - through SOMO. In return, Baghdad agreed to release delayed salaries for the KRG's public servants. Kurdistan Region's oil exports through the Iraq-Turkey pipeline have been halted since March 2023, when a Paris-based arbitration court ruled Ankara had violated a 1973 agreement by allowing the KRG to export oil independently starting in 2014. Talks between Baghdad, Erbil, and international oil companies continue about a long-term framework to fully restore the Region's exports.
Rudaw Net
6 days ago
- Business
- Rudaw Net
Baghdad says ready to receive any amount of oil from KRG
Also in ECONOMY KRG registers over 800k employees for digital financial initiative Erbil hands over oil to Baghdad, receives budget share Baghdad to resume payment of KRG salaries Tuesday: Deputy PM Iraq approves deal to resolve financial, oil disputes with KRG A+ A- ERBIL, Kurdistan Region - The head of the Iraqi Oil Marketing Company (SOMO) said on Monday the Kurdistan Regional Government (KRG) has yet to hand over its oil to the federal company, adding that they are ready to receive any amount. Erbil recently agreed to hand over all oil produced in the Region to Baghdad in return for its share of the federal budget. Ali Nizar Faiq, General Director of SOMO, told the state-run Iraqi News Agency (INA) late Monday that the KRG has not delivered any amount of oil to the company. A recent agreement between Erbil and Baghdad obliges the Kurdish government to export all of the oil produced from its fields - estimated at 230,000 barrels per day - through SOMO while retaining 50,000 barrels per day for local consumption. SOMO 'has completed all contractual procedures for exporting oil through the Turkish port of Ceyhan, and is ready to receive any quantities delivered from the Region,' the head of the company said. The KRG said in a statement last week that it is ready to export all its oil through SOMO, reiterating its adherence to 'mutual understanding between both sides.' Following the agreement, the Iraqi government disbursed May salaries for the KRG's civil servants after nearly three months of delay. The fate of the remaining unpaid salaries remains unclear as Baghdad has conditioned any future payments on the resumption of Kurdish oil exports. Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline have been halted since March 2023 when a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying the latter had violated a 1973 pipeline agreement by allowing Erbil to begin exporting oil independently in 2014. A final agreement between the KRG, the Iraqi government, and international oil companies operating in the Kurdistan Region on the future of Kurdish oil exports has not yet been reached.
