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Arbitration Case

All articles tagged with #arbitration case

business3 years ago•2 min saved

Iraqi Government and Kurds Agree to Resume Northern Oil Exports.

Iraq's federal government and the Kurdistan Regional Government (KRG) have reached an initial agreement to resume northern oil exports through Turkey's Ceyhan port this week, following an arbitration case in which Turkey was found to have violated a 1973 agreement with Iraq by exporting oil from the semi-autonomous Kurdish region without Baghdad's consent. The resumption of pipeline flows from the KRG will still need approval from Turkey, which wants a second case tied to the 1973 agreement settled with Iraq before the pipeline reopens.

via Al Jazeera English|

#arbitration-case #business #iraq

business3 years ago•3 min saved

Iraq victorious in Kurdish oil arbitration case against Turkey

Iraq has halted crude exports from the semi-autonomous Kurdistan region and northern Kirkuk fields after winning a longstanding arbitration case against Turkey. The International Chamber of Commerce ruled in favour of Iraq, which claimed that Turkey violated a joint agreement by allowing the Kurdistan Regional Government to export oil through a pipeline to the Turkish port of Ceyhan. Turkey has been ordered to pay Iraq around $1.5 billion before interest, covering 2014-2018. Iraq will hold talks to ensure oil exports through Ceyhan and state-owned SOMO's obligations with oil companies.

via Reuters|

#arbitration-case #business #energy