PM:07:31:28/03/2023
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SULAIMANI — The International Chamber of Commerce (ICC)
ordered Iraq to pay compensation to Turkey for several violations concerning a
longstanding international arbitration case regarding crude oil exports from
Iraq's Kurdish Regional Government (KRG), Turkey’s Energy Ministry said Tuesday
(March 28) in a statement.
The statement came after reports claimed that Iraq halted
crude exports Saturday from the KRG's northern Kirkuk fields after Iraq won an
arbitration case against Turkey.
"At this stage of the (arbitration) case, members of
the Arbitral Tribunal have rejected four of the five claims Iraq has put
forward," the ministry said, adding that the majority of Turkey’s demands
were accepted.
"They ordered Iraq to pay compensation to Turkey for these
violations," it said.
The ministry said the issue was "a reflection of a
years-long dispute" between the Iraqi central government and KRG about
sharing oil revenues.
"Turkey has always respected the unity and territorial
integrity of Iraq and has been working relentlessly for the political and
economic stability of both Iraq and the KRG government," it said.
Despite instability in the region, the ministry said Turkey
has undertaken billions of dollars in expenditures to keep the Iraq-Türkiye Oil
Pipeline System operational since 1973, which also helped maintain stability in
global oil markets.
"It has conducted intensive diplomacy with both parties
and relevant countries to arrive at an amicable settlement of the
dispute," it said.
The ministry expressed readiness to fulfill the requirements
of international law and to make any contribution to the permanent settlement
of the conflict between Iraq’s central government and the KRG.
With its proven oil reserves of approximately 145 billion
barrels, Iraq is the fifth-largest producer in the world and the second-biggest
OPEC producer with a daily production of more than 4.5 million barrels. The
country has been in a deadlock for years due to the misuse of resources and the
unfair distribution of oil revenues.
(NRT Digital Media/AA)