Iraqi Oil Minister takes hardline stance as Turkey arbitration decision looms
If successful, Baghdad could potentially win tens of billions of dollars in damages and undermine Kurdistan’s ability to export oil independently via Turkey.
The original start of the Iraq-Turkey Pipeline in Kirkuk on Aug. 17, 2010. (BEN LANDO/Iraq Oil Report)
Iraqi Oil Minister Ihsan Ismaael has set an April deadline to resolve a long-running legal action against Turkey for enabling Kurdistan’s independent oil exports — either through a negotiated deal or a ruling from a Paris arbitration panel.
According to members of Parliament briefed by Ismaael, the minister said Iraq has asked the International Chamber of Commerce's International Court of Arbitration for $26 billion in damages, based on allegations that Turkey has violated the Iraq-Turkey Pipeline (ITP) treaty by facilitating crude exports from the semi-autonomous Kurdistan Regional Government (KRG), in defiance of Baghdad’s objections.
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