Turkey planning to control Iraqi oil revenue
To facilitate its energy deal with Kurdistan, Turkey could send revenue from Iraq's northern oil exports to an escrow account, guaranteeing money for the KRG – and stirring conflict with Baghdad.
A crude oil jetty at Turkey's Ceyhan port. (YORAY LIBERMAN/Getty Images)
ANKARA - Turkish authorities have developed a plan to assume unprecedented control over revenues from Iraq's northern oil exports – a key part of the massive energy partnership being forged between Ankara and the Iraqi Kurdistan region.
Under the prospective arrangement, revenue from all Iraqi oil exports through Turkey – from both the Kurdistan Regional Government (KRG) and federal entities – would flow into a Turkish-controlled escrow account that would ultimately be divided proportionally between Erbil and Baghdad, according to multiple senior Turkish officials who have worked directly on the deal.
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